Top Singapore graduate turns serial gambler

[Watchman]

He cheated victims of nearly $1.5million to pay off debts, maintain gambling habits
Top grad turns serial gambler
By Arul John

April 27, 2010

A 37-year-old man was sentenced to five years' jail on April 8 after pleading guilty to seven charges of cheating and two of not informing people that he was an undischarged bankrupt when he borrowed money from them.

The reason for Soon Bock Kiat's predicament: The one-time high-flyer was a "closet" gambler and had resorted to borrowing and a life of crime to feed his addiction.

The first-class honours accountancy graduate became an addict after he won $200,000 in

4D soon after he graduated.


He started gambling on 4D, football pools and at casinos but his luck did not hold out.

The one-time director of a health-care products distribution firm would then make bigger bets and began borrowing from friends and moneylenders – including $300,000 from his mother-in-law.

After being declared a bankrupt in February 2005, Soon convinced three of his subordinates in the company to invest in bogus investment schemes, called Lobang schemes, which he claimed could yield returns of between 15 per cent and 200 per cent.

One of them lodged a police report when he realised that Soon had cheated him.

In all, Soon repaid his victims only about $324,000 of the nearly $1.5million he cheated them of or borrowed from them.

Nineteen other charges were taken into consideration.

 

[krafty]

I also heard of an ex RI boy,did mechanical engr in local uni,he induged in horse racing so much that one race can win $80K. He also turn out to be big time loser.

 

[downgrader]

Aiyah, I said so many times until saliva dry

Why are people so addicted to gambling? I really don't undertsand the pull.

Perhaps I am lucky to have music in my life. A good hobby to past the time rather than being bored and becoming addicted to this totally unproductive and soul-destroying activity

Unfortunately 80% of the people I know are gamblers - whether football, horses, casino. They just can't stay away.

 

[Jah_rastafar_I]

I also heard of an ex RI boy,did mechanical engr in local uni,he induged in horse racing so much that one race can win $80K. He also turn out to be big time loser.

did he win any money in racing before? The prize looks nice but still it's more of luck rather than skill correct?

 

[po2wq]

bestest is 2 gamble wif other ppl's hard-earned moni ... n losing dem wifout regrets ...

 

[borom]

Most of those who borrowed money to buy properties in Singapore in the last 12 months are also gamblers. Despite the China bubble,default by Greece,chances of interest rising,election coming ect2, they still jumped in.

Even if they can pay off the loan ,they will be living in fear(of losing their jobs, interest rise, prices dropping ect2) and misery ( little disposable income left to enjoy life or retire ) for the next 30 years.

 

[jw5]

Most of those who borrowed money to buy properties in Singapore in the last 12 months are also gamblers. Despite the China bubble,default by Greece,chances of interest rising,election coming ect2, they still jumped in.

Even if they can pay off the loan ,they will be living in fear(of losing their jobs, interest rise, prices dropping ect2) and misery ( little disposable income left to enjoy life or retire ) for the next 30 years.

There are 2 criteria which needs to be present for an individual to be classified as a gambler:
1. He does something for which he does not know if the outcome will be a net gain or net loss to himself.
2. He borrows money to do that something.
If both criteria are present, he is a gambler. That's why I always worry for people who borrow money to "invest in property" or to "do business".
If someone borrows money to buy a flat or condo to live in, that is not gambling, because his purpose is to live in the property, not in anticipation of a gain.
Similarly, if someone buys 3 properties with cash he has in the bank or he spends $100 a month on 4D when he earns $10000, he is not gambling in my view.

 

[Received_by_Kings]

I'm sure an anonymous nick would one day surface between now and a long long long time later and making lots of posts putting the blame on Singapore Pools.

He cheated victims of nearly $1.5million to pay off debts, maintain gambling habits
Top grad turns serial gambler
By Arul John

April 27, 2010

A 37-year-old man was sentenced to five years' jail on April 8 after pleading guilty to seven charges of cheating and two of not informing people that he was an undischarged bankrupt when he borrowed money from them.

The reason for Soon Bock Kiat's predicament: The one-time high-flyer was a "closet" gambler and had resorted to borrowing and a life of crime to feed his addiction.

The first-class honours accountancy graduate became an addict after he won $200,000 in

4D soon after he graduated.


He started gambling on 4D, football pools and at casinos but his luck did not hold out.

The one-time director of a health-care products distribution firm would then make bigger bets and began borrowing from friends and moneylenders – including $300,000 from his mother-in-law.

After being declared a bankrupt in February 2005, Soon convinced three of his subordinates in the company to invest in bogus investment schemes, called Lobang schemes, which he claimed could yield returns of between 15 per cent and 200 per cent.

One of them lodged a police report when he realised that Soon had cheated him.

In all, Soon repaid his victims only about $324,000 of the nearly $1.5million he cheated them of or borrowed from them.

Nineteen other charges were taken into consideration.

 

[Received_by_Kings]

There are 2 criteria which needs to be present for an individual to be classified as a gambler:
1. He does something for which he does not know if the outcome will be a net gain or net loss to himself.
2. He borrows money to do that something.
If both criteria are present, he is a gambler. That's why I always worry for people who borrow money to "invest in property" or to "do business".
If someone borrows money to buy a flat or condo to live in, that is not gambling, because his purpose is to live in the property, not in anticipation of a gain.
Similarly, if someone buys 3 properties with cash he has in the bank or he spends $100 a month on 4D when he earns $10000, he is not gambling in my view.

Everyone figuratively is a gambler, which I think the poster above you was saying too. On life's choices and chances.

 

[makapaaa]

After being declared a bankrupt in February 2005, Soon convinced three of his subordinates in the company to invest in bogus investment schemes, called Lobang schemes, which he claimed could yield returns of between 15 per cent and 200 per cent.

=> The Ultimate Lobang Scam

http://mycpf.cpf.gov.sg/Members/home.htm

 

[Received_by_Kings]

I also heard of an ex RI boy,did mechanical engr in local uni,he induged in horse racing so much that one race can win $80K. He also turn out to be big time loser.

Better than the ex-ACS boy who earned the salutation of Doctor but indulged in taxi fee overclaims and political gaming so much that one defamation lawsuit can lose $150,000 to a senior FELLOW OPPOSITION POLITICIAN before losing much more like $500,000 in two more suits to ruling party politicians. He turn out to be a big-time winner.