Two British businessmen were sent to jail yesterday for a bonds scam in which investors lost more than $3 million.
Timothy Nicholas Goldring, 60, was sentenced to seven years and John Andrew Nordmann, 55, to eight years. They were convicted on 18 charges of cheating involving more than $900,000 worth of investments after a joint trial. They faced a total of 86 charges.
Both men plan to appeal.
Investors lost some $3.1 million in the Boron bonds scheme between November 2008 and August 2010.
The two directors of land banking firm Profitable Plots promised 12.5 per cent in returns within six months.
Most of the money ended up being used for unrelated purposes, including paying off debts to investors from the firm’s UK business.
A third director, Nordmann’s wife Geraldine Anthony Thomas, 46, was acquitted after District Judge Chay Yuen Fatt found no evidence to suggest she was involved in either the sale of the Boron investment units or Boron products.
A pre-trial conference has been fixed on July 7 for the 68 remaining charges, The Straits Times reported online.
The men could have been sentenced to up to 10 years in jail on each count of cheating.