Ponzi mastermind gets 4 years' jail
2010/07/10
Share |
KUALA LUMPUR: A businessman, who became the country's first person to be charged with running an illegal Ponzi scheme through an Internet investment scam involving RM65 million, was yesterday found guilty by the Sessions Court and sentenced to four years' jail.
Phazaluddin Abu, 49, from Kluang, Johor, was charged with claiming to be a fund manager, through the Internet website www.danafutures.com, without holding a fund manager's licence.
(A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors rather than any actual profit earned.)
He also faced three other charges of money laundering involving a total of RM1.33 million.
All four offences were alleged to have been committed at a multimedia e-trading company, Affiliate Shoppers Network, in Shah Alam between Jan 3 and June 22, 2007.
Judge S.M. Komathy Suppiah ruled that the evidence clearly showed that the accused's defence was a complete fabrication, an after thought and contrary to the facts in the case.
In passing sentence, Komathy said she took into account that the financial crimes committed by the accused were serious as he held himself out as a fund manager but did not have a fund manager's licence.
She said it would not be in the public's interest if white collar offenders, who perpetrate financial scams of this magnitude, were not punished with substantial sentences.
"I acknowledge that the court has a duty to send a strong and clear message to potential offenders that those who commit financial scams of this nature can expect a deterrent sentence and would not be let off with a mere fine."
She said in this case a total of 52,000 accounts were opened and a staggering sum of RM65 million was invested in the scheme by gullible victims.
Phazaluddin was sentenced to four years' jail on the first charge, and two years' jail on each of the other three charges, the sentences to run concurrently.
Komathy also ordered the accused to report at the Kluang police station once a month and granted a stay of execution pending appeal.
Read more: Ponzi mastermind gets 4 years' jail http://www.nst.com.my/nst/articles/14ponzil/Article/index_html#ixzz0taXJMI8w
sometimes better luaran je kafir tapi dalaman islam berbanding sebaliknya... klik imej.
bila si badot bersuara selepas world cup 2010, sometimes better luaran je kafir tapi dalaman islam berbanding sebaliknya & jepun/korea pun simbol agama jugak... klik imej. so apa kes jika penaja tuh firma judi, gay/lesbo, pelacuran, syarikat daging babi bukan hanya arak? yang penting adalah niat sebab kalau pakai songkok cam ngah gadot tapi munafik, apa barang!
No comments:
Post a Comment