On July 16, a certified accountant suffering from serious gambling addiction was jailed 25 years & 10 months. This was the justified penalty for misappropriation of his clients’ funds (about $41 million).
Chan Seng Onn, a judge of High Court noted that gambling addiction may very negatively affect financial well-being of others, emphasising that about $24m remained unrecovered.
Ewe Pang Kooi, a 65 yo Singaporean man cheated 22 companies when performing his duties in two companies: Ewe, Loke & Partners and E&M Management Consultants. He created a difficult scheme of payment which allowed him to go undetected for about 10 years. However, some mitigating circumstances like the age of the person, his participation in investigation etc. were taken into account. The judge applied jail term which may allow the sentenced to be released before his natural death.
Ewe’s “Singapore startup” involved embezzlement of funds, fake company formation and movement of funds between several entities.