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May 18, 2016 · It is a scam in which investors are promised high rates of return, but with little risk. The returns come from the funds put in by new investors. Earlier investors may see some returns, but...
Jan 8, 2018 · The fraudster had set up an elaborate Ponzi scheme that swindled 20,000 Singaporeans - including students and retirees - out of nearly $190 million. Only $21 million was ever recovered. Phang was...
Mar 22, 2021 · SINGAPORE - A businessman charged on Monday (March 22) has been linked to an alleged fraud involving at least $1 billion, the largest in Singapore's history. Ng Yu Zhi, 33, is the director of...
Mar 29, 2021 · Through Sunshine Empire, thousands of unsuspecting Singaporeans had purchased close to 26,000 “lifestyle packages” ranging from S$240 to S$12,000 for 15 months between Aug 2006 and Nov 2007, lured by the promise of high returns at little to no investment risk.
After investigation by the Commercial Affairs Department (CAD) of the Singapore Police and a court trial, Sunshine Empire's Directors were charged with and found guilty of fraud, criminal breach of trust and falsifying accounts.
Dec 20, 2017 · His Multi-Level Marketing (MLM) company, Sunshine Empire, lured Singaporeans into handing over nearly $190 million.
Dec 21, 2017 · A day after his release from a jail sentence in Singapore for fraud, the former director of multi-level marketing (MLM) company Sunshine Empire was charged in a Kuala Lumpur court for allegedly...
Mar 30, 2019 · James Phang, the mastermind of the Sunshine scheme, received the heaviest sentence with a 9-year jail sentence and $60,000 fine. Phang’s 46-year-old wife, Neo Kuon Huay was also fined $60,000 while their other partner, Jackie Hoo Choon Cheat was sentenced to seven years’ jail.
Sunshine Empire owner James Phang Wah swindled some 20,000 Singaporeans of nearly S$190 million through a Ponzi scheme from 2006 to 2007. The scheme, which promised high yields through the company’s investment plan, scammed victims into purchasing nearly 26,000 “lifestyle packages” costing anywhere from S$240 to S$12,000.
Mar 29, 2021 · Prosecuting office Alvin Ong believes the scheme had involved a total of RM230 million (S$76 million), of which over RM20 million (S$6.5 million) was forfeited by the Malaysian High Court in 2013 under an anti-money laundering and anti-terrorism financing law.
