Ex-financial adviser jailed 22 months for cheating clients
Published on Mar 14, 2012
A financial adviser gained the trust of his clients by chalking up healthy returns on their Central Provident Fund (CPF) investments through his firm, Elpis Financial. -- PHOTO: SINGAPORE POLICE FORCE
By Khushwant Singh
A financial adviser gained the trust of his clients by chalking up healthy returns on their Central Provident Fund (CPF) investments through his firm, Elpis Financial.
Edwin Lim Gee Chai then cooked up an investment scam that purportedly guaranteed the principal amount while paying high interest.
These investments had to be in cash and three clients lost a total of $265,000 between 2006 and 2008.
He pleaded guilty on Wednesday to cheating and forgery and was sentenced to a year and 10 months in jail. He had forged documents with the Elpis letterhead to fool his victims.
A district court heard that in 2006, air-con technician Yong Si, 59, invested $4,800 of his CPF funds through Elpis.
Read the full story in Wednesday's edition of The Straits Times.
A financial adviser gained the trust of his clients by chalking up healthy returns on their Central Provident Fund (CPF) investments through his firm, Elpis Financial. -- PHOTO: SINGAPORE POLICE FORCE
By Khushwant Singh
A financial adviser gained the trust of his clients by chalking up healthy returns on their Central Provident Fund (CPF) investments through his firm, Elpis Financial.
Edwin Lim Gee Chai then cooked up an investment scam that purportedly guaranteed the principal amount while paying high interest.
These investments had to be in cash and three clients lost a total of $265,000 between 2006 and 2008.
He pleaded guilty on Wednesday to cheating and forgery and was sentenced to a year and 10 months in jail. He had forged documents with the Elpis letterhead to fool his victims.
A district court heard that in 2006, air-con technician Yong Si, 59, invested $4,800 of his CPF funds through Elpis.
Read the full story in Wednesday's edition of The Straits Times.
