JAMES Phang was in the news back in October 2007 after his multilevel marketing firm Sunshine Empire was placed on alert lists by the authorities both here and in Malaysia.
Sunshine Empire
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So who still believe in him?
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http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_334011.htmlFeb 4, 2009Sunshine chief charged
He and three others are accused of running a fraudulent scheme
By Lorna Tan & Elena Chong 
Sunshine's president (Asia Pacific) Jackie Hoo Choon Cheat (left), 29, faced 10 charges including running a fraudulent business. Two other people, including Phang's wife, also faced related charges in court yesterday. -- ST PHOTOTHE man behind multilevel marketer Sunshine Empire, which pulled in $189 million from investors here, is facing 20 charges, including running a fraudulent business and criminal breach of trust.
James Phang Wah, 49, appeared in the Subordinate Court yesterday, more than a year after the Commercial Affairs Department (CAD) launched a probe into the alleged scam which attracted tens of thousands of unwitting investors.
#related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} Another man, Sunshine's president (Asia Pacific) Jackie Hoo Choon Cheat, 29, faced 10 charges including running a fraudulent business. Two other people, including Phang's wife, also faced related charges in court yesterday.
The main charge alleged that the two central figures were running a Ponzi-like scheme involving many millions of dollars raised from members of the public.
In Ponzi schemes, investors are lured to hand over cash on the promise of high returns - but the returns simply come from funds pumped in by new investors.
The charges allege that Sunshine, based at Toa Payoh HDB Hub, was selling packages which offered returns in the form of cash rebates. The returns were paid from the proceeds of packages bought by later Sunshine participants.
According to Deputy Public Prosecutor April Phang, the revenue generated by Sunshine, which has a paid-up capital of $150,000, between August 2006 and November 2007 totalled $189 million.
It is believed that many investors have their money stuck with the company and it is unclear whether they can get it back in full.
Phang and Hoo also faced charges of failing to maintain proper accounts.
The criminal breach of trust charges involve nearly $1 million. Criminal breach of trust takes place when an offender has the responsibility of holding money or assets on behalf of others but misuses the funds by using them for other purposes. The maximum penalty is life imprisonment, along with possible fines.
In addition, Phang faced six charges of falsifying accounts and two related to possessing obscene films. Phang's wife, Neo Kuon Huay, 46, was charged with falsifying accounts in relation to sums exceeding $592,800.
A director of Empire Investment Group, Yong Wai Hong, 27, was charged with making false declarations involving $1.45 million. This had allegedly given Sunshine participants the false sense that its affiliated firms have strong financial standing.
Yong is also chairman and chief executive of a Hong Kong-listed firm Emcom International, which was acquired using Sunshine's sale proceeds.
The prosecutor, Ms Phang, added that the bulk of Phang and Neo's assets are in Hong Kong bank accounts.
Three of the accused, apart from Yong, were arrested on Monday afternoon and spent that night in remand. Yong was on police bail then.
Ms Phang stated that all four are considered a 'high flight risk' as CAD has information that they are involved in some business in Hong Kong.
Their passports were impounded and bail was set at $600,000 for each of them. Last evening, they were released on bail and were driven away in a convoy of Mercedes-Benzes and BMWs.
They were represented by lawyers Noor Mohamed Marican and Subhas Anandan.
Phang, who has four children aged 15 to 23, was addressed as 'Lao Da' ('chief' in Mandarin) as he got into his car.
The Empire Group Alliance, a group spanning several Asian countries, was set up in 2003. It claimed to have interests in network marketing, entertainment, energy, real estate and telecommunications.
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YouTube Video
A controversial video titled 'Sunshine Empire Car Achievers 2007' was uploaded onto Youtube on October 09, 2008[14]. The video was categorized as Comedy by the owner 'mlmgod'[15] who also indicated that the video is 'Back online, due to popular demand...' The video has a unnamed narrator introducing the video in mandarin. The opening shot shows a BMW car that is registered as 'SGT 8554C' being driven. 17 Sunshine Empire Merchants were subsequently introduced with their vehicle and each Merchant had a short 'thank you' speech in mandarin except Andrew Boo, Ho Ming Jie, 22, Tan Yuan Jie, 23. A Volkswagon Beetle was also seen and linked to Loy Mei Khay, 24 the first female to appear in the video who also thanked 'Mr Jackie'. A BMW Z4 linked to Xu Jia Yuan was not seen clearly in the video and a Mercedes Benz linked to Sally Cheng & Goh Tiam Hai was also not seen. The second last closing shot shows a BMW car that is registered 'SFX 4086D' being driven along roads in Singapore. The video end with the Logo of Sunshine Empire being shown. No specific details were given by the 17 merchants on how they attained or achieved their car, their roles or position in Sunshine Empire were also not given. The video has a total view of 5783 as of February 2009. It is notable that for those appearing in the video, that the first person practically all of the recipients professed their gratitude to, was James Phang with only a few exceptions. The method of addressing him as "Lao Da" were existent in the days of James' earlier MLM incarnation NOP, which folded up in 2001.
In order of appearance (Name, Sex, Age)
Ken Pang Zhiwei, M, 26
Robert Wang, M, Unknown
Ron Lee Wai Kin, M, 27
Soh Guan Xiang, M, 24
Andrew Boo, M, Unknown
Jason Loh, M, 24
Loy Mei Khay, F, 24
Oh Ming Jie, M, 22
Rick Tan Chuan Choon, M, 26
Ang Zhao Hui, M, 21
Tan Yuan Jie, M, 23
Benny Lee, M, 23
Alex Leow, M, 26
Xu Jia Yuan, M, 26
Desmond Teo, M, 29
Sally Cheng & Goh Tiam Hai, F, M, Unknown
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I'm a "China Dream" victim. I knew it was a scam only when I was not able to contact my "upline". Is there any means to report this to authority? The main person behind this China Dream is Keith and I believed JP is the boss. The "sales" person who I can remember is Sunny & Serena, they are husband & wife.
Pls advise. :(
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Originally posted by CD Victim:
I'm a "China Dream" victim. I knew it was a scam only when I was not able to contact my "upline". Is there any means to report this to authority? The main person behind this China Dream is Keith and I believed JP is the boss. The "sales" person who I can remember is Sunny & Serena, they are husband & wife.
Pls advise. :(
Report to CASE if you want.
Yesterday's Sunday Times got mention about the after-effects of clients who 'invested' in the investment of Sunshine Empire. You can bring along any useful information/ privacy policy/contract/agreement which you got upon signing up to the trip to CASE to help with the reporting.
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K, see how to help this old relative. Pity him...... If really cant get back the $$, at least must get all these "suckers" to justice.
Thanks for the advice.
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http://www.bt.com.bn/en/home_news/2009/02/18/bruneians_may_lose_millions_as_sunshine_empire_charged
Bruneians may lose millions as Sunshine Empire charged
Wednesday, February 18, 2009
MORE than 6,000 Bruneians, who had invested millions of dollars in Sunshine Empire, a Singapore-based company, face uncertain future as the company has been recently charged with running a Ponzi-like scheme.
The company's CEO James Phang Wah, 49, and President James Hoo Choon Cheat, 29, were charged by Singapore authorities with nearly 20 charges including running a fraudulent business and criminal breach of trust as reported by the Straits Times in Singapore, three days ago.
The
individuals, who were interviewed by The Brunei Times prefer to remain
anonymous for security reasons, were also considered as "merchants" for
the country, in-charge of being the centre for the exchange of the
"e-points", the term the company used for the monthly "dividends" paid
out electronically based on US dollars, and cash collection from new
investors.
However, the individuals said they were lured into the business by its extravagant offers and were victims themselves due to the legal representation the company posed during its marketing campaigns and extravagant offerings. Some even said that their lives have been ruined financially and they have lost all credibility in the eyes of the public, who labelled them as "cheats".
Harun, a previous "merchant", said that the president of the company, James Hoo, used to visit Brunei Darussalam frequently during the early stages for marketing. The company through its investors had also set up an establishment here which closed down early last year when Sunshine Empire stopped its payments, last year.
As the establishment attracted more investors, the tasks of marketing were handed to executives from Malaysia and locals, he said, adding that the all expenses paid training courses abroad dubbed 'Leadership courses' were held in Genting Highlands, Malaysia and Jakarta.
Cash incentives amounting to hundreds of thousands of US dollars and luxury vehicles were also given to "extraordinary" achievers, he said which drove them to market company's products aggressively.
Kamal, who gave up his position as a teacher, was also offered an executive role plus commission on profits from the company. "All I had to do is spend around $12,000 to buy 'GP's' or merchant status and I was earning almost $3,000- 6,000 a month in dividends, excluding the amount I earned through the exchange rates and commission on my group's earnings, which I was entitled to due to my leadership status," he said. He said he lost it all when he re-invested into another company in Hong Kong.
The dividends, both said, were given through personal online accounts and were either wired to their respective bank accounts or had to be sold to new "investors" which led to a form of trade involving unregulated foreign exchange rates.
Due to the benchmark with the US Dollar, the latter mode of withdrawal was said to be the most profitable and the most common way to get fast income as the foreign exchange rate could be fixed higher than finance institutions and cash was used.
Hjh K, a government official who had just retired, had almost exhausted her entire life savings by investing in the company. "I invested about $60,000 when I attended their leadership course. I know some other individuals who invested thrice that amount. The company had a lot of projects which I later found out did not exist. I will never see that money again," she said.
To guard public against such schemes, the Ministry of Finance (MoF) is stepping up awareness programmes against Ponzi-like, illegal or fraudulent schemes and to curb such activities. The ministry has also urged that public members could contact it should they need clarification on companies offering investment products. (JNB1)
The Brunei Timeshttp://www.bt.com.bn/en/home_news/2009/02/18/bruneians_may_lose_millions_as_sunshine_empire_charged
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To me, it doesn't make sense to grow rich unethically. There is such a thing as karma.
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I got a system that has all the advantages of MLM but none of the pitfalls. It is even free to join and how you grow your downline is entirely up to you and how you want to reap the rewards. This is true passive income. Come, join the Email Cash Pro programme at my website. The system pays you just to read emails!
www.imacheebai.com
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Originally posted by PassiveIncome1:
I got a system that has all the advantages of MLM but none of the pitfalls. It is even free to join and how you grow your downline is entirely up to you and how you want to reap the rewards. This is true passive income. Come, join the Email Cash Pro programme at my website. The system pays you just to read emails!
www.imacheebai.com
muahahahahahahahaha ..........
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Anyone got the letter issued by empire property venture saying we can pay to epv using sunshine empire e-points? I need that letter urgently please. My money stuck for downpayment on this scam project. Hope somone can help post the letter and EPV presentation slide please. tq
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Originally posted by PassiveIncome1:
I got a system that has all the advantages of MLM but none of the pitfalls. It is even free to join and how you grow your downline is entirely up to you and how you want to reap the rewards. This is true passive income. Come, join the Email Cash Pro programme at my website. The system pays you just to read emails!
www.imacheebai.com
hahahahaha!!!!! Im a Chee Bai!!!!!!!!! hahahahahahahahaha!!!!!!!!
If i join you, Im really a chee bai.
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Btw, why that stupid idiot Desmond Teo not being charged? He is that cretin Jackie Hoo's partner! Also scam a lot of people's money.
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Whats the deal with Yuan Zhong Siu Sdn ? It seems to have been the proxy company that was set up in the wake of the CAD investigations into SunshineEmp.
I'm helping an Uncle who invested $100,000 of his life savings into Sunshine - but when I went through the records with the old man - it was a payment to Yuan Zhong in late Oct.. but when through in late Jan
I'm guessing that the funds were diverted to Yuan Zhong as Sunshine's assets were frozen.
Does anyone know whether the CAD investigations will also target Yuan Zhong.
I think the stupid old man got screwed. But how to tell the bstard that?
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Originally posted by smoothcoffee:
Whats the deal with Yuan Zhong Siu Sdn ? It seems to have been the proxy company that was set up in the wake of the CAD investigations into SunshineEmp.
I'm helping an Uncle who invested $100,000 of his life savings into Sunshine - but when I went through the records with the old man - it was a payment to Yuan Zhong in late Oct.. but when through in late Jan
I'm guessing that the funds were diverted to Yuan Zhong as Sunshine's assets were frozen.
Does anyone know whether the CAD investigations will also target Yuan Zhong.
I think the stupid old man got screwed. But how to tell the bstard that?
Just tell him "GAME OVER"
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Originally posted by smoothcoffee:
Whats the deal with Yuan Zhong Siu Sdn ? It seems to have been the proxy company that was set up in the wake of the CAD investigations into SunshineEmp.
I'm helping an Uncle who invested $100,000 of his life savings into Sunshine - but when I went through the records with the old man - it was a payment to Yuan Zhong in late Oct.. but when through in late Jan
I'm guessing that the funds were diverted to Yuan Zhong as Sunshine's assets were frozen.
Does anyone know whether the CAD investigations will also target Yuan Zhong.
I think the stupid old man got screwed. But how to tell the bstard that?
Make a police report
Yuan Zhong Xiu is run by Peng Zhong Hua, James Phang's brother.
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http://www.bnm.gov.my/index.php?ch=8&pg=14&ac=1785
Ref No: 03/09/07
Embargo: For immediate release
Bank Negara Malaysia Charged Sunshine Empire Sdn Bhd for Illegal Deposit Taking
On 13 March 2009, Bank Negara Malaysia charged Sunshine Empire Sdn. Bhd at the Kuala Lumpur Sessions Court under section 25(1) of the Banking and Financial Institutions Act 1989 (BAFIA) for accepting deposits from depositors without a valid licence.
The company was charged for accepting deposits without a valid licence at its premises in the following addresses:
- Block A-11-1 (13 Floor) Penthouse, Menara Uncang Emas, 85 Jalan Loke Yew, Dang Wangi, Kuala Lumpur between 14 July 2006 to 17 October 2006 and;
- Ground Floor and First Floor of KUB.com Building, 12 Jalan Yap Kwan Seng, Dang Wangi, Kuala Lumpur between 18 October 2006 to 4 April 2008.
Sunshine Empire Sdn Bhd represented by its director Mohd Azlan Bin Azman pleaded not guilty to the charge. The mention date for this case is fixed on 10 April 2009.
Members of the public are advised to be cautious not to place money or deposits with companies not licensed by Bank Negara Malaysia or other regulatory authorities. A list of all licensed institutions that accept deposits and licensed by Bank Negara Malaysia is available at www.bnm.gov.my . For further enquiries, members of the public can contact or visit Bank Negara Malaysia at:BNMTELELINK (Customer Service Call Centre)
Tel: 1-300-88-5465
Fax: 03-2174 1515
Email: [email protected]
BNMLINK (Walk-in Customer Service Centre)
Block D, Bank Negara Malaysia,
Jalan Dato' Onn, 50480 Kuala Lumpur
(Business hours: Monday - Friday, 9:00 am - 5:00 pm )Bank Negara Malaysia
17 March 2009© Bank Negara Malaysia, 2009. All rights reserved.
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StarElise.com
VerioCash.com
Forwincity.comGrandElitia.com
4 websites.
No office.
Founder - James Phang Wah.
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it seemed like the wretches are coming to a wretch end.
^_____________^
1 less burden to worry about now.