Two directors and shareholders of Profitable Plots were on Monday (June 9) convicted of conspiracy to cheat investors of about S$979,000.
Timothy Nicholas Goldring was handed a seven-year jail term, while another director, John Andrew Nordmann was given eight years’ jail. Nordmann’s wife, Geraldine Anthony Thomas, was acquitted.
District Judge Chay Yuen Fatt found that Goldring and Nordmann had dishonestly represented the investment scheme, known as Boron CLS Bond, to investors. The Britons had told investors their funds would be used for the purchase of Boron products, but the bulk of the money went to Profitable Plots’ operations and other expenses. They also told investors the Boron products had been pre-sold to major corporations, but this was not true.
Each of them had faced 86 charges for cheating investors of over S$3.1 million in total. However, the Prosecution proceeded on a joint trial of 18 of the 86 charges, with the remaining 68 charges stood down for the time being.
Both men plan to appeal.
Source : Channel NewsAsia – 9 Jun 2014