Errant licensed moneylender fined $24,000

Errant licensed moneylender fined $24,000

SINGAPORE - Errant licensed moneylender Chng Wee Soon (庄伟舜) on Monday pleaded guilty for contravening the Moneylenders Act. He was convicted of six charges and fined $24,000, or 10 weeks' imprisonment in default. 

The 37-year-old was the sole proprietor of the moneylending business, SOS Credit. He held a moneylending licence since Mar 19, 2010.

He voluntarily terminated his licence on Jan 13, 2014 while he was under investigation for offences which warranted prosecution.

The Registry of Moneylenders, a division of the Insolvency and Public Trustee's Office, brought charges in the State Courts on April 14, 2014 against Chng.

Today, Chng was convicted of six out of 18 charges for the following offences, according to the Insolvency and Public Trustee's Office:

- One charge relates to a breach under Section 15(2)(a) read with Section 5(4) of the Moneylenders Act for contravention of licence conditions.

- Four charges relate to breaches under Section 21(5)(a) of the Moneylenders Act for failure to obtain on licensee's copy of the receipt a signature of the borrower acknowledging that he has received the said receipt.

- One charge relates to a breach under Section 24(7) of the Moneylenders Act for recklessly furnishing false information to the Registrar.

- The remaining 12 charges were taken into consideration by the Court for the purposes of sentencing.

Twenty-six other licensed moneylenders have been convicted and fined since 2011, said the Insolvency and Public Trustee's Office.

The Registry carries out regular inspections of licensed moneylenders. Where breaches of moneylending laws are found, enforcement measures are taken, including the suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions. Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.



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