High court dismisses appeal by Profitable Plots
The end of the saga:-
TWO directors of land-banking firm Profitable Plots, who were jailed a total of 15 years for cheating investors, have had their appeals against their sentences dismissed by the High Court.
Britons Timothy Goldring, 60, and John Nordmann, 55, were both convicted in the State Courts a year ago on 18 charges of cheating after a 64-day joint trial that began in April 2013.
Goldring was jailed for seven years and Nordmann got an eight-year sentence after investors lost around $915,000.
Justice Tay Yong Kwang, in judgment grounds released yesterday, said their jail terms were neither "unduly harsh" nor "too lenient". Pointing to aggravating factors, he said that despite the evidence against them, they blamed "virtually everyone else except themselves" for Profitable Plots' downfall and failed to provide restitution to those they cheated.
This despite receiving just over US$1 million (S$1.3 million) in remuneration along with fellow director Geraldine Thomas, 46, from the Boron investment scheme they used. They had lured clients to invest in it by promising 12.5 per cent returns within six months. Instead, they lost $3.1 million after part of the returns was used to pay Profitable Plots' existing debts.
- See more at:
http://www.straitstimes.com/singapo...sses-appeals-by-directors-of-profitable-plots