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.
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.