Singapore agent jailed 3 months in Australia scheme that lost S$16m
What's new: Prosecutors said 347 investors lost S$16 million, while the wider Pilbara-linked scheme raised about S$122 million globally.
A Singapore property agent was sentenced to three months in jail after her company promoted an Australian housing investment scheme without the required license, a case tied to S$16 million in investor losses. Wendy Kwek Siang Ling, 55, pleaded guilty to consenting to WK Events dealing in securities without a capital markets services license from the Monetary Authority of Singapore.
The court heard that from January to August 2015, WK Events marketed the Macro Group's Pilbara property scheme to past course participants and others in Kwek's investment network. Prosecutors said 347 investors who entered finance agreements through her company's introduction services lost a total of S$16 million. Kwek's companies received about S$2.7 million in commissions. The broader scheme, linked to Australian businesswoman Veronica Macpherson, raised roughly S$122 million from 1,800 investors across several markets.