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SINGAPORE: The head of the now-defunct multi-level marketing firm, Sunshine Empire, 49-year old Phang Wah has been sentenced to nine years' jail and fined $60,000.
He was convicted earlier this month on July 16 for several offences, including running a fraudulent trading company and falsifying accounts.
Phang's 46-year-old wife, Neo Kuon Huay was also fined $60,000 for her involvement in what is believed to be the biggest Ponzi-like scheme in Singapore.
The ex-company director, 29-year old Jackie Hoo Choon Cheat was sentenced to seven years' jail.
Phang and Hoo are each guilty of eight charges related to criminal breach of trust involving nearly a million dollars.
Phang and his spouse are also guilty of six counts of falsifying accounts involving nearly $600,000.
For running a fraudulent business, Phang and Hoo could have been jailed for up to seven years and fined a maximum of $15,000.
And for criminal breach of trust, they could have been jailed for up to 10 years and fined or face life imprisonment.
For falsifying accounts, Phang and Neo could have been jailed for up to seven years and fined.
- CNA/jm
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