SINGAPORE - A housewife who ran a ponzi scheme from 2010 to 2015 and cheated 53 people of more than $35 million in total was jailed for 14 years.
Leong Lai Yee duped her victims into believing that she would use the funds they had invested to buy "distressed properties" and sell them for a profit.
A distressed property is usually the result of a home owner who is unable to keep up with its mortgage. Such properties are commonly sold below the market value.
The court heard that Leong, 55, also told her victims that she would use their investments to fund start-ups and reap "lucrative monthly returns". However, she did not use her victims' funds for their intended purposes.