We must be firm with him. We can't simply allow people to use
their own money when they are in financial difficulty, or when they
have children to feed,.
If we did that WE FILL BE FINISHED !!!
Originally posted by Rock^Star:
HAHAHA!
I had a good laugh reading. Hope you too.
-------------------------
[b]Man Convicted For Cheating Himself
I thought this was a really rather clever trick. Also, although his
act was technically a criminal offence, I find it difficult to
think of it as morally wrong. He was only stealing his OWN money,
after all. That could be a crime only in a place like
Singapore.
Sept 23, 2005
Man fined for pulling scam to siphon off CPF money
By Khushwant Singh
COMPANY director Eric Tan, 45, hit on a plan to get his hands on
Central Provident Fund money that was off-limits.
He bought shares with his own money on the stock market and sold
them to himself at higher prices - with money from his CPF account.
He also sold shares from his CPF account back to himself at lower
prices. And he pocketed the difference.
The round-tripping scam enabled Tan to siphon off $6,855 from his
CPF account - funds he was allowed to withdraw only when he reached
55.
However, he was caught and fined $7,000 after he pleaded guilty to
11 charges of contravening the CPF Act by selling and buying 88,000
Dayen Environmental shares and 40,000 Megachem shares.
There's another part of the article which I found noteworthy:
Tan's lawyer, Mr Lawrence Goh, pleaded for a light sentence, saying
Tan regrets his foolish act and realises it was 'very
stupid'.
The money Tan took was used for his daily expenses as he was in
financial difficulties then.
This reminds me of all those people in recent times who were
retrenched and unemployed and struggling to get by from day to day.
Their children could not afford to go to school or to have proper
meals. Meanwhile their CPF accounts bulged with huge amounts of
their OWN money that the government would not allow them to
touch.
Only in a country like Singapore.
http://commentarysingapore.blogspot.com/2005/09/man-convicted-for-cheating-himself.html[/b]
