Jail for man who devised bogus wine investment scheme, pocketed $12.67m of investors' funds
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SINGAPORE — A man, who set up a company that dealt with wines, and an alleged accomplice devised a fraudulent investment scheme involving the beverage to cheat over 200 investors of millions of dollars between 2008 and 2011. Based on police investigationsJail for man who devised bogus wine investment scheme, pocketed $12.67m of investors' funds
SINGAPORE — A man, who set up a company that dealt with wines, and an alleged accomplice devised a fraudulent investment scheme involving the beverage to cheat over 200 investors of millions of dollars between 2008 and 2011. Based on police investigations, victims linked to the company's fraudulent sale of wines paid more than $14 million in total. Eldric Ko, 51, who incorporated Premium Liquid Assets (PLASG) in October 2005 and jointly ran its business with Koo Han Jet, went on to misappropriate $12.67 million of the investors' funds. Deputy Public Prosecutor Michelle Tay said that Ko, a Singaporean, then squirreled away $8 million for his and Koo's personal benefits. On May 22, Ko, who has made no restitution, was sentenced to seven years and two months' jail after he pleaded guilty to one count of criminal breach of trust (CBT) involving more than $10 million, and two counts of dealing with his ill-gotten gains. Twelve other charges were considered during his sentencing. Koo is still at large after he left Singapore in May 2011.