High Court Justice Tay Yong Kwang dismissed the court appeals by Sunshine Empire trio, company founder James Phang, former director Jackie Hoo Choon Cheat and Phang’s wife Neo Kuon Huay, reports the November 22nd 2011 edition of The Straits Times (Sunshine Empire appeals dismissed).
James Phang, Jackie Hoo and Neo Kuon Huay was given sentences of nine years jail plus $60,000 fine, seven years jail and $60,000 fine respectively. The court decision means that Phang and Hoo would have to start serving their sentence next month.
Judge Tay was quoted as saying that the scam was “well thought-out scheme designed to defraud participants under an aura of legitimacy and respectability“.
About $180m was brought in by Sunshine Empire using almost 26,000 packages from August 2006 to October 2007. The company was listed under the Investors’ Alert List by MAS before the Commercial Affairs Department stepped in in November ...
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