Kong Hee pee in his pants, Sunshine Empire James Phang Jailed 9 yrs

[RonRon]

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.

 

[manokie]

Why isn't his wife jailed????

 

[RonRon]

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[SIFU]

Phang was sentenced to nine years jail and fined $60,000 while Hoo was jailed for seven years.

only fine 60k

KNNB if u kena sued for defamation by PAP, sure kena fine a few hundred k. this james guy con ppl 180 million, only fine 60k??

 

[wikiphile]

9 years only, slap in the wrist only lah. 九年之后还是一条好汉, he will come out still filthy rich

 

[Charlie258]

Motherfucker "Lao Da" i hope they make him "Kui Huay"(open flower big big) in Changi Prison. After 9 years of "Kui Huay," he comes out not worth 5 cents in Changi Village already. Ponzi Scheme asshole!!!!

Kong Hee the next to "Kui Huay." And that Indian secret society idiot, Princie Boy will be the next to join them. Maybe the 3 can form a Gay Brothel in Changi Prison.

 

[rickws8437]

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.

Wow $8million - only 9 years. After discount 6 years..- Dat works out to be $1.3 millions a year. Free accomodation and 3 meals somemore. Very lubcrative ley. Looks like it pays to run a ponzi scheme here. (For every month in changi chalet, he gets over 100k)

 

[RonRon]

 

[eatshitndie]

Why isn't his wife jailed????

women usually have lighter sentences in sg. it's a double standard when punishment is involved. their votes are needed. next time, if you wish to commit a crime, get a woman to do it.

 

[kingrant]

Iz that why they got HC to do it?

women usually have lighter sentences in sg. it's a double standard when punishment is involved. their votes are needed. next time, if you wish to commit a crime, get a woman to do it.

 

[Balls2U]

9 yrs after one third remission for gd behaviour plus tagging means that he'll only spend about 4 yrs in Changi resort. Come out still 一条好汉! That farker should be locked up for life and throw the keys away! :oIo:

 

[halsey02]

Iz that why they got HC to do it?

Ahh!...you getting the idea!...that was why...good year, became bad year....he is a man, while she is a woMAN!

 

[Queen Seok Duk]

So James Phang is the boss of NOP ? The company that used to sell 'slimming underwear' ?

I attended one of their D&D at Suntec. It was a mega event !

 

[meburns]

This kind of consters catch 1 pop out another 2 next day, bottomline is there is a sucker born every minute

 

[halsey02]

So James Phang is the boss of NOP ? The company that used to sell 'slimming underwear' ?

I attended one of their D&D at Suntec. It was a mega event !

Did it work?....your wallet got slimmer, I bet!

 

[jw5]

Does anyone know whether he had to make restitution to the people he conned?
How much did they get back?
His assets should be seized and distributed to the people he conned, otherwise there is no justice despite the sentence he received.

 

[Conan the Barbarian]

Wow, 9 years, with good behaviour, released in 6 years. Made 8 million bucks,
that is 1.33 million bucks a year.

Very good returns. I think it is very light, but for some strange reasons, I got this
feeling that the prosecutor will not appeal.

 

[cooleo]

Why blame him? Blame the morons who gave him money willingly.

 

[blackmore]

Does anyone know whether he had to make restitution to the people he conned?
How much did they get back?
His assets should be seized and distributed to the people he conned, otherwise there is no justice despite the sentence he received.

I doubt those silly victims will ever see their money.

The ultimate winners is still James Phang; how many millions did he stash away from Sinkiepore or the assets for that matter. Now he only needs to wait 9 years for it.

Now I understand why his fortune teller brother meant stressful when he showed me his stash of passports and subsequently closing his practice in Tiong Bahru Plaza.

 

[Queen Seok Duk]

I wasn't invited as a guest. I was with one of the show organizer in charge of the lightings and lasers.