SINGAPORE (The Straits Times/Asia News Network): 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 S$120 million.
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Ex-directors of gold investment firm on trial over fraudulent multimillion-dollar scheme
File photo of gold bars seen at a gold and silver separating plant. (Photo: Reuters/Leonhard Foeger/File Photo)
08 Feb 2021 04:40PM) Share this content
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SINGAPORE: Two former directors of a company that sold gold bars to the public in a buyback scheme went on trial on Monday (Feb 8) for fraudulent trading. They were allegedly involved in a multimillion-dollar Ponzi scheme that drew more than 2,000 investors.
Iseli Rudolf James Maitland, 59, and Malaysian How Soo Feng, 44, are contesting a charge each of being part of a business that fraudulently sold gold bars under a buyback scheme promising returns, when there was no substantive profit-generating business and no sustainable means of honouring its payment and buyback obligati