Two directors and shareholders of Profitable Plots were convicted in Singapore yesterday of conspiracy to cheat investors out of about S$979,000.
In 2007 the company set up offices in Bangkok, and for three years it was actively marketing investments throughout the region including in Thailand, The company was offering land investments in the U.K. and the Philippines, as well as investments in Southeast Asian art. Singapore’s Commercial Affairs Department siezed documents and computer equipment from the company’s Singapore office in August 2010.
Timothy Nicholas Goldring was handed a seven year jail term and John Andrew Nordmann was given eight years’ jail. Nordmann’s wife, Geraldine Anthony Thomas, was acquitted. Both men plan to appeal.
Goldring and Nordmann were found to have dishonestly represented an investment scheme, known as a Boron CLS Bond, to investors. They told investors their funds would be used to purchase Boron products however most of the money went to Profitable Plots’ business operations. They also falsely told investors the Boron products had been pre-sold to major corporations.
Each of them had faced a total of 86 charges for cheating investors of more than S$3.1 million, however the prosecution went ahead on a joint trial of 18 of the 86 charges. The remaining 68 charges have been stood down for the time being.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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If you have a news story or comment for publication about Thailand property or real estate email: andrew@propertyguru.com.sg