Sunday, July 18, 2010

Sun not shining on Trio of Sunshine Empire Scam

Court convicts Sunshine Empire trio - The Straits Times Saturday, July 17 2010 Another scam. Can you believe the number of scams out there and the number of people falling for them? Greed is really a sin.


In 15 months, Sunshine Empire actually amassed $180million from 20,000 people.The trio pocketed the following amounts in this short time: James Phang Wah - $7million, Jackie Hoo Choon Cheat - $1 million and Neo Kuon Huay (James Phang's wife) $1 million!


When reporters went undercover and first broke the news, their Posh office in Toa Payoh was pictured, details of their investment projects such as underwater hotel was revealed! For a fee of $240 to $12,000 victims were promised 160 per cent of the value with its customer rebate points. 60% returns on your investments. Immediate with no risks?! Alarm bells should have been blaring.


If you know of anybody who fell victim to Sunshine Empire's Ponzi-like scheme,
there was a How to get money back section.


Visit Commercial Affairs Department website at www.cad.gov.sg for information.


I had paid money to Sunshine Empire. When will I recover the money?
A We need to comply with the legal requirements for disposal of the seized monies. These funds cannot be dealt with pending court proceedings.
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Q What is the progress of the proceedings in the Subordinate Court?  
A The Subordinate Court delivered the following verdict on 16 July 2010:

a. Jackie Hoo Choon Cheat was convicted on the charge of fraudulent trading under the Companies Act and all the charges involving criminal breach of trust as an agent of Sunshine Empire under the Penal Code. 

b. James Phang Wah was convicted on the charge of fraudulent trading under fraudulent trading under the Companies Act and all the charges involving criminal breach of trust as an agent and falsification of Sunshine Empire’s accounts under the Penal Code. 

c. Neo Kuon Huay was convicted on all charges involving the falsification of Sunshine Empire’s accounts under the Penal Code.  

Sentence will be passed on 30 July 2010 at 9.30 am in Subordinate Court 7.   
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Q I have paid money to Sunshine Empire.  Do I need to make a report?
A There is no need to make a report to police at this point in time.  

Q

What will happen after I provide CAD with my particulars and details of my dealings with Sunshine Empire?
A The CAD will contact you, if you are required to further assist in the investigation.  Updates of significant developments on the investigation will be posted in the CAD website at ww.cad.gov.sg.
Q I have already reported the matter to CAD.  Do I have to report the matter to the Police again?
A CAD is a unit of the Singapore Police Force.  There is no need to lodge another police report, if a report has been made to the CAD.
Q What can I do now? 
A If you have reported your dealings with Sunshine Empire to the CAD and provided your personal particulars and details of your dealings, including payment of monies to Sunshine Empire, you should wait for updates from the CAD.

Q

Are there any hotlines that I can call if I have queries on the matter?
A You can contact the CAD office at 6557 5459 during office hours. Our office hours are 8.30 am to 6.00 pm on Mondays to Thursdays and 8.30 am to 5.30 pm on Fridays. 

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