Three Profitable Plots directors have been charged with 86 criminal counts of cheating investors of US$2.4 million (S$3.017 million) on investments for an industrial lubricant called Boron, according to The Business Times.
The charged were named as John Andrew Nordmann, Geraldine Anthony Thomas and Timothy Nicholas Goldring, who were each charged at the Subordinate Courts with abetment for conspiracy to defraud 86 investors. This was based on charges brought by Deputy Public Prosecutor Kevin Yong for the Attorney-General’s Chambers, on behalf of the Commercial Affairs Department.
They were accused of authorising an unidentified Profitable Plots agent to mislead investors that their funds “would be used exclusively to finance the purchase of Boron CLS Bond, that had purportedly been pre-sold to major corporations, which representation (they) knew to be untrue.”
Wendell Wong, who serves as Profitable Plots’ lawyer, said he requested the bail of his clients be reduced as the S$600,000 asked from each defendant was “grossly excessive to secure the defendants’ attendance in court.”
The court has reduced the bail to S$400,000 each. “But since all three can’t post bail at S$400,000 each, they’re remanded at Singapore Changi Remand Prison pending a criminal case disclosure conference on April 20,” noted Wong.
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