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Sep 25, 2009
Man laundered $2m, jailed <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Khushwant Singh </td></tr> </tbody></table>
A 47-YEAR-OLD man was sentenced to 3 1/2 years in jail by a district court on Friday for money-laundering some $2 million. The prosecution had urged the court to impose a deterrent sentence as Tan Yong Sua's fraudulent share brokerage scheme had tarnished Singapore's reputation as a financial centre. During the 10-day trial which ended in July, the court heard that the Singaporean had opened a bank account in the name of Halifax Baldwin International, a company he set up in May 2007.
Although it did not conduct any business, money was transferred by clients of the Scott Fitzgerald Group (SFG), which claimed to be an offshore share brokerage firm. SFG had hooked unwary investors by promising good investment opportunities in shares listed in the United States. Investigations revealed that no shares were purchased. Between September 2007 and January last year, Tan withdrew nearly $2 million and handed it to an accomplice known only as Ah Tiong.
Sep 25, 2009
Man laundered $2m, jailed <!--10 min-->
<!-- headline one : start --> <!-- headline one : end --> <!-- Author --> <!-- show image if available --> <table border="0" cellpadding="0" cellspacing="0" width="100%"> <tbody><tr></tr> <tr> </tr> <tr> </tr> <tr><td colspan="2" class="padlrt8 georgia11 darkgrey bold">By Khushwant Singh </td></tr> </tbody></table>
A 47-YEAR-OLD man was sentenced to 3 1/2 years in jail by a district court on Friday for money-laundering some $2 million. The prosecution had urged the court to impose a deterrent sentence as Tan Yong Sua's fraudulent share brokerage scheme had tarnished Singapore's reputation as a financial centre. During the 10-day trial which ended in July, the court heard that the Singaporean had opened a bank account in the name of Halifax Baldwin International, a company he set up in May 2007.
Although it did not conduct any business, money was transferred by clients of the Scott Fitzgerald Group (SFG), which claimed to be an offshore share brokerage firm. SFG had hooked unwary investors by promising good investment opportunities in shares listed in the United States. Investigations revealed that no shares were purchased. Between September 2007 and January last year, Tan withdrew nearly $2 million and handed it to an accomplice known only as Ah Tiong.
