Martin Lee @ Sg
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Sunshine Empire Verdict

THE founder of Sunshine Empire, James Phang Wah, his wife Neo Kuon Huay and Sunshine director Jackie Hoo Choon Cheat were found guilty by the court for their roles in running a fraudulent ponzi scam.sunshine-empire

The three of them will be sentenced on 30th July 2010.

Some 20,000 people bought into their lifestyle packages which promised high returns through a rebate system. In reality, the returns were derived from the money that were put in by newer investors.

The packages were sold for over 15 months before Sunshine Empire was raided by officers from the Commercial Affairs Department (CAD) in November 2007.

Affected investors can refer to this FAQ which was posted by the CAD.

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4 comments
gigolophang says 9 years ago

What if sunshine is a terrorist organisation. 20,000 will perish!

Reply
Jasmin says 9 years ago

If the deal is too good to be true, why CAD took 15 months before it jumped into action?

Reply
    lobster says 9 years ago

    cos they must have sufficient evidence in order 2 apply 4 search warrant n press charges, which is jumping in action from your point of view. and sufficient evidence to bring charges is not equivalent to sufficient for court to pass sentence, so after they bring people in to aid investigation and ensure that the evidence is concrete, meaning, it upholds the law and fair to all parties for the judge/ court to pass a fair and reasonable judgment. if the “defendant” (sunshine in this case)finds that sentence is unfair, they can appeal.

    Things in reality doesn’t work like TV shows drama, where the case can be closed in a week.

    I dunno if ur qns is a rhetorical qns… but ya, tat’s hw it works if it’s a genuine qns.

    Reply
    lioninvestor says 9 years ago

    Most of the time, CAD is reactive rather than pre-emptive.

    Which means it acts after it receives complaints or tip-offs.

    Reply
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