The trial of the bosses of the Sunshine Empire has just started. James Phang, his wife Neo Kuon Huay, and ex-direcror Jackie Hoo Choon Cheat have been charged with their roles in this affair.
The prosecution has alleged that they masterminded what is Singapore's largest Ponzi scheme involving more than $180 million. Ponzi schemes are a scam where monies from new investors is used to pay off previous investors, thus giving the appearance of a successful business model.In this way, more investments are attracted.
Ponzi schemes have been in the news in the last 12 months because of the enormous scam run by American Bernie Madoff. Please search this blog if you want more information on some of Madoff's tactics.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment