Ill-gotten $2m splurged on Porsche cars, luxury goods

[youallhumsup]

Ill-gotten $2m splurged on Porsche cars, luxury goods

Published on Oct 7, 2011​

Matthew Yeo Kay Keng, 35, lived a luxurious lifestyle by splurging the ill-gotten proceeds on Porsche cars, branded watches and bags. He also made some investments to grow the proceeds. -- PHOTO: PORSCHE

By Elena Chong

An account manager from local telco M1 made about $2 million from selling more than 3,000 handsets from the company through falsifying contracts, a district court heard on Friday.

Matthew Yeo Kay Keng, 35, lived a luxurious lifestyle by splurging the ill-gotten proceeds on Porsche cars, branded watches and bags.

He also made some investments to grow the proceeds.

A district court heard that he misappropriated 3,085 handsets between April 2008 and November 2010, and sold them to third parties.

His modus operandi was to create falsified subscription contracts for mobile services purportedly made by corporate customers.

Read the full story in Friday's edition of The Straits Times.

 

[youallhumsup]

6 years' jail for embezzler who splurged $2m on cars, watches
Published on Oct 28, 2011

By Khushwant Singh

An M1 account manager pocketed $2 million in two years from selling stolen phones to third parties.

Matthew Yeo Kay Keng blew most of it on luxury cars including Porsches, watches and bags.

He even invested $300,000 in a science-fiction movie project called Metalgraves as he thought he would be famous in Hollywood if the film took off.

However, he would not be going anywhere for the next six years.

The 35-year-old was on Friday jailed for five years for criminal breach of trust and another year for money laundering. He had pleaded guilty earlier this month.

Yeo had misappropriated 3,085 handsets belonging to M1 between 2008 and 2010.

The account manager first created subscription contracts for mobile services purportedly made for corporate customers.

Then, on the pretext that he would deliver these personally to the customers, he would sell off the handsets at near their retail prices to resellers.

The offences were uncovered by M1 during an internal reorganisation last November.

Read the full story in Friday's edition of The Straits Times.

 

[JohnnyQuid]

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