The masterminds of the ponzi scam Sunshine Empire were sentenced last week.
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.
While this sends a strong deferent message to those people who are considering to operate or who are already operating similar scams, it brings little consolation to the affected victims. They are expected to recover very little of their money as there is not much money left over. Even the fines that are collected goes to the State and not to the victims!
Affected victims can call the CAD office at 65575459 during office hours to find out the process for lodging a claim. This will also be posted on the CAD website.
In cases of fraud, there would be more justice if the personal assets of the fraudsters be seized to pay off victims. Otherwise, these people are going to retire as multi-millionaires after serving their jail terms.