Man charged for CPF scam
ANOTHER man was charged yesterday on 107 counts of buying shares
using cash and selling them to himself at higher prices, to deceive
the Central Provident Fund (CPF) Board into releasing his money
earlier.
Chen Gin Seng, 49, had apparently bought shares of Lum Chang
Holdings Limited, Pokka Corporation, PNE Industries and Shining
Corporation using cash via trading accounts with brokers.
Then, he sold the shares to himself at higher prices, paid for
through his CPF Investment Scheme (CPFIS) account. He also sold the
shares from his CPFIS account to his own self at lower prices. He
gained the difference in price.
These acts, which took place between April 19 last year and Feb 15
this year, was to get the Board to release money he would otherwise
obtain only when he reached 55.
Chen was charged under the Securities and Futures Act, which
carries a maximum fine of $250,000 or a jail term of up to 7 years,
or both. He was not offered bail.
Earlier, company director Eric Tan, 45, was fined $7,000 after he
pleaded guilty to 11 charges of contravening the CPF Act.
He had bought and sold shares to himself, in the process pocketing
$6,855 from his CPF account.
ANOTHER man was charged yesterday on 107 counts of buying shares
using cash and selling them to himself at higher prices, to deceive
the Central Provident Fund (CPF) Board into releasing his money
earlier.
Chen Gin Seng, 49, had apparently bought shares of Lum Chang
Holdings Limited, Pokka Corporation, PNE Industries and Shining
Corporation using cash via trading accounts with brokers.
Then, he sold the shares to himself at higher prices, paid for
through his CPF Investment Scheme (CPFIS) account. He also sold the
shares from his CPFIS account to his own self at lower prices. He
gained the difference in price.
These acts, which took place between April 19 last year and Feb 15
this year, was to get the Board to release money he would otherwise
obtain only when he reached 55.
Chen was charged under the Securities and Futures Act, which
carries a maximum fine of $250,000 or a jail term of up to 7 years,
or both. He was not offered bail.
Earlier, company director Eric Tan, 45, was fined $7,000 after he
pleaded guilty to 11 charges of contravening the CPF Act.
He had bought and sold shares to himself, in the process pocketing
$6,855 from his CPF account. ANOTHER man was charged yesterday on
107 counts of buying shares using cash and selling them to himself
at higher prices, to deceive the Central Provident Fund (CPF) Board
into releasing his money earlier.
Chen Gin Seng, 49, had apparently bought shares of Lum Chang
Holdings Limited, Pokka Corporation, PNE Industries and Shining
Corporation using cash via trading accounts with brokers.
Then, he sold the shares to himself at higher prices, paid for
through his CPF Investment Scheme (CPFIS) account. He also sold the
shares from his CPFIS account to his own self at lower prices. He
gained the difference in price.
These acts, which took place between April 19 last year and Feb 15
this year, was to get the Board to release money he would otherwise
obtain only when he reached 55.
Chen was charged under the Securities and Futures Act, which
carries a maximum fine of $250,000 or a jail term of up to 7 years,
or both. He was not offered bail.
Earlier, company director Eric Tan, 45, was fined $7,000 after he
pleaded guilty to 11 charges of contravening the CPF Act.
He had bought and sold shares to himself, in the process pocketing
$6,855 from his CPF account. ANOTHER man was charged yesterday on
107 counts of buying shares using cash and selling them to himself
at higher prices, to deceive the Central Provident Fund (CPF) Board
into releasing his money earlier.
Chen Gin Seng, 49, had apparently bought shares of Lum Chang
Holdings Limited, Pokka Corporation, PNE Industries and Shining
Corporation using cash via trading accounts with brokers.
Then, he sold the shares to himself at higher prices, paid for
through his CPF Investment Scheme (CPFIS) account. He also sold the
shares from his CPFIS account to his own self at lower prices. He
gained the difference in price.
These acts, which took place between April 19 last year and Feb 15
this year, was to get the Board to release money he would otherwise
obtain only when he reached 55.
Chen was charged under the Securities and Futures Act, which
carries a maximum fine of $250,000 or a jail term of up to 7 years,
or both. He was not offered bail.
Earlier, company director Eric Tan, 45, was fined $7,000 after he
pleaded guilty to 11 charges of contravening the CPF Act.
He had bought and sold shares to himself, in the process pocketing
$6,855 from his CPF account.
