Another errant moneylender has been found guilty of breaching the Moneylenders Act and Rules, and has been fined $82,000.
48-year-old Koo Guan San, the sole proprietor of moneylending business JBM Credit, pleaded guilty and was convicted 18 out of 62 charges, according to TODAY.
His charges included granting unsecured loans exceeding the prescribed limits, falling to supply statements of account to borrowers and failing to extend completed loan application forms to borrowers, along with providing false information to the Registry of Moneylenders.
His license as a moneylender was not renewed after it expired in 2010, and further investigations revealed that Koo had committed offences which warranted prosecution.
If Koo fails to pay the fine, he will be jailed for 164 days.
Photo: aenri05 via Flickr
Another errant moneylender has been found guilty of breaching the Moneylenders Act and Rules, and has been fined $82,000.
48-year-old Koo Guan San, the sole proprietor of moneylending business JBM Credit, pleaded guilty and was convicted 18 out of 62 charges, according to TODAY.
His charges included granting unsecured loans exceeding the prescribed limits, falling to supply statements of account to borrowers and failing to extend completed loan application forms to borrowers, along with providing false information to the Registry of Moneylenders.
His license as a moneylender was not renewed after it expired in 2010, and further investigations revealed that Koo had committed offences which warranted prosecution.
If Koo fails to pay the fine, he will be jailed for 164 days.
Photo: aenri05 via Flickr