A 34 year old man, who was a director of a pawnshop, will be charged in court on June 16 for allegedly siphoning $5.4 million from his workplace to gamble, buy branded watches and purchasing a luxury car.
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To cover up what he did, he would create fake pawn tickets not backed by pledges and falsified corresponding entries in the company’s database.
The man is accused of using the misappropriated funds to gamble at casinos, service the interest payments for the monthly renews of the fake pawn tickets, and make dividends distributions to shareholders of the company.
In total, he faces 11 charges including:
- Two counts of criminal breach of trust, which carries a jail term of up to 15 years and a fine
- Two counts of falsification of accounts, which carries a jail term of up to 10 years and a fine
- One count of cheating, which carries a jail term of up to three years and fine
- One count of cheating and dishonestly inducing a delivery of property, which carries a jail term of up to 10 years and a fine
- Four counts of converting benefits of criminal conduct (money laundering), which carries a jail term of up to 10 years and a fine of up to S$500,000, or both
- One count of using the benefits of criminal conduct (money laundering), which carries a jail term of up to 10 years, a fine of up to S$500,000, or both