Updated: 06/28/2013 01:55
Director of French wine investment company jailed and fined for forgery and CBT
A company director has been sentenced to 11 months' jail and fined $7,000 for forgery and criminal breach of trust offences.
55-year-old Mohan Nainan Nainan admitted to committing criminal breach of trust amounting to more than $175,000 between June and September 2011.
The director of Assetton Pte Ltd, a company that sells French wines as investments, also admitted to multiple counts of abetting forgery and one charge of providing false and misleading information under the Companies Act.
Court documents stated that investors would buy bottles of French wine from Assetton.
They received certificates purportedly issued by Grand Cru Storage confirming their wines were stored in its facility in France.
But Assetton did not purchase those wines.
Other times, Nainan was found to have misappropriated investors' wines by selling them without his customers' permission.
He would then pocket the proceeds.
The court heard that the accused has made no restitution so far.
