Jail for ex-director of firm who pocketed at least $598k in Ponzi scheme

Source: asianewsday.com asianewsday.com

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SINGAPORE – He was one of three directors of a firm that sold gold to more than 2,000 unsuspecting customers under a “buyback” arrangement, bringing in revenues totalling more than $120 million. Wong Kwan Sing, 50, who was part of The Gold Label (TGL), pocketed at least $598,000 for himself. But a district court heard on Friday (Jan 14) that TGL had perpetrated a Ponzi scheme. Deputy Public Prosecutors Edwin Soh and Grace Teo stated in court documents: “This buyback scheme guaranteed the clients a return on their initial investment to purchase the gold, in addition to high payouts. “Behind...