Woman jailed over 5 years for cheating investors into putting S$2.2m into fake trading firm

SINGAPORE — 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 funds in any genuine investments.

On Tuesday , 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 running forex trading 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)

Singapore Latest News, Singapore Headlines

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

Single mother jailed over Citibank cheating case, 13th person to dateKiran Kaur, 29, was sentenced to six months' jail for cheating. Read more at straitstimes.com.
Source: straits_times - 🏆 5. / 69 Read more »

9 weeks' jail for man who defaulted on NS for over 4 years while studying in TaiwanSINGAPORE — A 25-year-old man was jailed for nine weeks on Tuesday (Aug 30) for defaulting on his National Service (NS) obligations for more than four years to pursue university studies.
Source: TODAYonline - 🏆 1. / 99 Read more »

China state-owned firms' profit falls 2.1% year on year in January-JulyBEIJING: Profit at China's state-owned firms fell 2.1 per cent to 2.68 trillion yuan (US$387.54 billion) in the first seven months of the year versus the same period last year, the Ministry of Finance said. That matched a 2.1 per cent decline in profit in the first six months of the year.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Single mother jailed over Citibank cheating case, 13th person to dateA single mother has become the thirteenth person to be handed a jail sentence for her role in a ruse that saw forged documents submitted to Citibank to secure loans. Kiran Kaur, 29, was on Monday (Aug 29) sentenced to six months' jail for cheating. The court...
Source: thenewpaper - 🏆 7. / 63 Read more »

Woman jailed for scalding ex-boyfriend with hot water during argumentSINGAPORE — A woman was on Monday (Aug 29) jailed for three weeks for scalding her ex-boyfriend with hot water during an argument.
Source: TODAYonline - 🏆 1. / 99 Read more »