SINGAPORE- A serial cheat who had “shown no moral compunction about enriching himself (by) using deceptive means” – according to the prosecution – scammed 17 victims of more than $550,000 in a Ponzi scheme.
Joel Soon Yong Hao was later charged in court and was out on bail when he committed more offences, including forging a letter purportedly from a deputy public prosecutor from the Attorney-General’s Chambers (AGC).
Details about this DPP were not disclosed in court documents.
On Thursday (Nov 10), Soon was sentenced to five years, two months and 12 weeks’ jail.
The 29-year-old Singaporean was also disqualified from driving all classes of vehicles for three years.
He had been convicted of 20 charges for crimes including traffic offences and multiple counts of cheating.
The court heard that from May to July 2015, Soon operated an investment scam, claiming to be the chief executive and founder of a firm called Scarlett Strategies. It purportedly provided event management services to wealthy clients.
DPP David Koh said: “The accused would claim that the business of Scarlett Strategies was to rent venues and sub-rent them to wealthy clients.
“He represented to the victims that if they were to invest with Scarlett Strategies, their principal would be utilised to provide services to clients and they would receive their principal and a 40 per cent profit in one week.”
In reality, Scarlett Strategies did not exist and there was no business in place to generate the…