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Ex-licensed moneylender fined $214k on 30 charges
Published on Oct 18, 2011
By Elena Chong
A former licensed moneylender who committed a series of breaches under the Moneylenders Act and Rules was fined a total of $214,000 on Tuesday.
George Phua Chye Hee, 41, who was running Capital Alliance Credit, had admitted to 30 of 90 charges.
Among the charges were for granting loans without having received the borrowers' completed application forms; granting unsecured loans of more than $3,000 with annual incomes below $20,000; and knowingly or recklessly furnishing information which was false or misleading in a material particular.
The court heard that the offences came to light when a borrower lodged a complaint in August 2009 that he had been charged a higher interest rate than what was stated in the loan documents.
Read the full story in Tuesday's edition of The Straits Times.
