Two Profitable Plots directors get jail

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http://www.businesstimes.com.sg/premium/singapore/two-profitable-plots-directors-get-jail-20140610

Two of three directors of land-banking firm Profitable Plots were yesterday jailed for conspiring to cheat investors in a bond scam that involved losses of some $3 million.

For cheating 18 investors, Timothy Nicholas Goldring, 60, was sentenced to a seven-year term, and John Andrew Nordmann, 55, eight years.

The two Britons, who could each have been jailed up to 10 years on each count, have indicated that they intend to appeal against the conviction and the sentence.

A third director, Geraldine Anthony Thomas, Nordmann's wife, was acquitted of the 18 charges following the 64-day joint trial.

The prosecution stood down a further 68 charges for each of the three. These will be dealt with later. A pre-trial conference has been fixed for July 7.

The court heard that investors lost $3.1 million in the Boron scheme between November 2008 and August 2010. This scheme involved using investors' money to finance the purchase of the Boron CLS Bond.