Expired topic 
http://www.sgforums.com/forums/3317/topics/395030
THE flamboyant founder of Sunshine Empire, who amassed $180
million in 15 months, and his former director were jailed by a
court on Friday for running a fraudulent scheme and for faking
accounts.
James Phang Wah, 50, and former director Jackie Hoo Choon Cheat,
30, had enriched themselves by at least $8 million through
Sunshine's multi-level marketing scheme.
Phang was sentenced to nine years jail and fined $60,000 while
Hoo was jailed for seven years.
Phang's wife Neo Kuon Huay, 47, who was found guilty of
falsifying payment vouchers together with Phang, was fined $60,000.
They did this so that she could receive commissions amounting to
nearly $1 million.
Some 20,000 people bought into the flashy scheme, which promised
high returns on its lifestyle packages.
Sunshine sold these packages at its plush Toa Payoh Central
office for over 15 months, before it was raided by officers from
the Commercial Affairs Department (CAD) in November 2007. The
packages ranged from $240 to $12,000 and offered attractive bonuses
and incentives.
What was unique was its customer rebate points (CRP) system,
which allowed participants to use the points to buy goods online.
Phang and Hoo had assured participants that CRP was derived from
the firm's turnover on its e-commerce platform.
Like other Ponzi-like schemes, rewards for participants came
from fresh money secured from those joining later.
-- ST
Heard from some don-know-reliable-or-not-source that the two
fellow are going to appeal wor....... zhun
bo???
