Trial of alleged conspirators of Boron Scheme starts

[StarshipTroopers]

Trial of alleged conspirators of Boron Scheme starts

By Leong Wai Kit
POSTED: 22 Apr 2013 10:58 PM

The trial of three people who designed a complex investment scheme, known as the Boron Scheme to raise cash flow for their failing business, began on Monday.

SINGAPORE: The trial of three people who designed a complex investment scheme, known as the Boron Scheme to raise cash flow for their failing business, began on Monday.

Timothy Nicholas Goldring, as well as married couple Geraldine Anthony Thomas and John Andrew Nordmann came up with the scheme between November 2008 and August 2010.

They allegedly told investors of their company, Profitable Plots, that they would be providing financing, exclusively for the purchase of a pre-sold, high-demand lubricant based on breakthrough technology.

Describing the case as one of greed and lying, the prosecution said Singapore investors lost over US$8 million.

The trial continues.

- CNA/ck

 

[StarshipTroopers]

More information on the Boron scheme in the Profitable Plots trial revealed

By Claire Huang
POSTED: 23 Apr 2013 9:46 PM

An expert witness on Tuesday shed light on the Boron scheme in the trial involving Profitable Plots.

SINGAPORE: An expert witness on Tuesday shed light on the Boron scheme in the trial involving Profitable Plots.

Three directors of the company - Timothy Nicholas Goldring, 58, John Andrew Nordmann, 54, and Nordmann's wife Geraldine Anthony Thomas, 44, - are charged with cheating 86 clients in Singapore, of more than US$8 million in a sham investment scheme.

Each of the accused faces 86 charges of allegedly conspiring with one other to cheat clients by offering a 12.5 per cent return within a maximum period of six months.

The prosecution's case is that the group was hit hard by the 2007 and 2008 global financial meltdown.

To ease cash-flow problems, the prosecution is alleging the trio hatched a plan to get clients to pump money in the Boron scheme.

Boron is an industrial lubricant.

The scheme involved financing the sale of a fuel additive known as Boron CLS Bond to major corporations.

On Tuesday, an expert witness from auditing firm Ernst and Young, Andre Toh, took the court through Profitable Plots' brochure.

He said the brochure made it seem like the scheme would "sell like hotcakes".

But the court heard that while more than US$9.5 million were raked in for Boron units, only US$215 of the products were sold.

The trial continues.

- CNA/ck