In Singapore, woman jailed over five years for cheating investors into putting S$2.2m into fake trading firm

SINGAPORE, Aug 31 — Her “clients” thought their money was being used in foreign exchange trading for profit but in reality, Wan Lai Kuan never intended to use the money in any genuine investments.

Yesterday, the 34-year-old was jailed for five years and nine months, after she pleaded guilty to six counts of cheating. Thirteen similar charges were taken into consideration during sentencing. The court heard that Wan had started Skycastle with two partners Chan Xuan Feng and Ang Shi Yi in December 2014 as a fund management business. It ran forex trading by using leveraged, or borrowed, funds for profit.

Through written contracts, clients of Skycastle were promised a monthly performance return of up to 5 per cent of their invested funds. They were, however, not allowed to withdraw their capital for a period of between three and six months. Seeking a jail term of between 70 and 76 months, DPP Lee argued that Wan should be considered a serial offender for cheating multiple victims over a period of close to three years.

Source: Digital Coin News (digitalcoinnews.net)

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singapore police probe case of security guard allegedly abused in condo liftSINGAPORE, Aug 31 — A security officer who was deployed at a condominium in the western region of Singapore was allegedly assaulted while on duty on Monday (Aug 29), in yet... Umpteen People didn't want to respect their security guards but they didn't know as actually they acted as our another watchful eyes... To our properties etc., it's being behoved to respect them.
Source: malaymail - 🏆 1. / 86 Read more »

Covid-19 (Aug 29): 1,946 new cases, 8 deathsDeaths in August has exceeded previous month.
Source: malaysiakini - 🏆 20. / 51 Read more »

Bursa Malaysia, subsidiaries to close on Aug 31KUALA LUMPUR: Bursa Malaysia and its subsidiaries will be closed on Wednesday, Aug 31, 2022 in conjunction with National Day.
Source: staronline - 🏆 4. / 75 Read more »

Reported to have resigned, Azalina says still PM’s special adviser as of Aug 31KUALA LUMPUR, Aug 31 — Pengerang MP Datuk Seri Azalina Othman Said today denied rumours that she had quit as special law and human rights adviser to Prime Minister Datuk Seri... Wow kesian adik niii …. bila boleh main ATV Why's she looked so plump? Will pregnancy cause this? 😂😂😂😂
Source: malaymail - 🏆 1. / 86 Read more »