SINGAPORE - He was one of three directors of a firm that sold gold to more than 2,000 unsuspecting customers under a"buyback" arrangement, bringing in revenues totalling more than $120 million.But a district court heard on Friday that TGL had perpetrated a Ponzi scheme.
Wong, a Malaysian, was on Friday sentenced to two years and 10 months' jail after he pleaded guilty to an offence under the Companies Act.The cases involving another two of its former directors, Singaporean Iseli Rudolf James Maitland, 62, and Malaysian How Soo Feng, 47, are pending.The prosecutors said that the gold buyback scheme was the trio's brainchild.
At the end of the contract, the client had the option to sell the gold bars back to TGL or keep the gold bars.
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