Tan ran his scheme as a sideline to his insurance job.
Dickson Tan Jing Yun (picture), 37, had received a total of about S$6 million from 46 investors. But he paid out only about S$1.5 million to them.
The remaining sum was either lost in the course of trading or converted for his personal use. Tan admitted that he had misappropriated about S$1.4 million in all.
He pleaded guilty to 10 counts of criminal breach of trust (CBT) and one count of carrying on a fund management business without holding a capital markets licence. Twenty-two other CBT charges were taken into consideration during sentencing.
The former insurance agent was yesterday jailed 80 months.
ORIGINAL SOURCE
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