{"id":90612,"date":"2018-06-06T11:35:48","date_gmt":"2018-06-06T04:35:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/ex-property-agent-fined-for-deal-linked-to-10-8b-ponzi-scheme\/"},"modified":"2018-06-06T12:02:51","modified_gmt":"2018-06-06T05:02:51","slug":"ex-property-agent-fined-for-deal-linked-to-10-8b-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ex-property-agent-fined-for-deal-linked-to-10-8b-ponzi-scheme\/","title":{"rendered":"Ex-property agent fined for deal linked to $10.8b Ponzi scheme"},"content":{"rendered":"


\nThe former agent failed to alert the authorities that his client likely used money obtained from illegal activities to buy a Sentosa Cove bungalow costing $23.8 million.
\nThe court has imposed a $10,000 fine on a former property agent for failing to alert the authorities that his client likely used money obtained from illegal activities to buy a bungalow costing $23.8 million in Sentosa Cove\u2019s Lakeshore View, reported the Straits Times.
\nThe defendant is 37-year-old Tan Yen Hsi, a former senior marketing director at CBRE Realty Associates, who admitted the wrongdoing.
\nMore: Lawyer Fined $10,000 For Failure To Report Suspicious Property Transaction
\n\u201cYour failure to do your duty as a property agent is liable to impose significant reputational risks on the image of Singapore as an incorrupt and transparent jurisdiction to invest and conduct business in,\u201d said District Judge Marvin Bay when reading out the sentence on Tuesday (5 June).
\nTan previously brokered the sale of the Lakeshore View property to Chinese national Zhang Min, the ex-president of Yucheng International Holdings Group, which had operated China\u2019s biggest online peer-to-peer lender Ezubao.
\nShe made a downpayment of nearly $5.5 million, but before the completion of the transaction and the due date for the remaining balance in January 2016, the attorney handling the conveyancing informed Tan that Zhang had become uncontactable.
\nThis prompted Tan to check on Yucheng Group. He later found out that the company was investigated for fraud. Later, the agent saw a video where Zhang admitted to running a Ponzi scheme, with Ezubao scamming 50 billion yuan (S$10.8 billion) from around 900,000 investors.
\nWhile Tan shared this with CBRE\u2019s higher-ups, who instructed him to file a suspicious transaction report, he failed to do so. The agent said \u201cyou do not get money out of it\u201d and he \u201chates to do paperwork\u201d.
\nFind properties for sale in Sentosa Cove or read our step-by-step buying guide.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Ex-property agent fined for deal linked to .8b Ponzi scheme<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The former agent failed to alert the authorities that his client likely used money obtained...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-90612","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-nzu","jetpack-related-posts":[{"id":85778,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lawyer-fined-10000-for-failure-to-report-suspicious-property-transaction\/","url_meta":{"origin":90612,"position":0},"title":"Lawyer fined $10,000 for failure to report suspicious property transaction","date":"April 18, 2018","format":false,"excerpt":"\r Sterling Law Corporation MD Kang Bee Leng suspected that the money used for the Sentosa Cove property purchase was linked to a multi-billion dollar Ponzi scheme. A conveyancing lawyer has been fined $10,000 over her failure to notify the authorities of a suspicious property transaction in Sentosa Cove despite\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96591,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-bungalow-snapped-up-for-33-3mil\/","url_meta":{"origin":90612,"position":1},"title":"Sentosa Cove bungalow snapped up for $33.3mil","date":"August 24, 2018","format":false,"excerpt":"\r A single-storey bungalow in Sentosa Cove has been sold to a Singapore permanent resident (PR) for $33.3 million \u2013 the highest price achieved for a Sentosa Cove bungalow since 2013. The property fetched a $33.3 million price, which worked out to $1,795 per sq ft, due to several unique\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":60068,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sentosa-cove-bungalow-up-for-sale-for-s20-8mil\/","url_meta":{"origin":90612,"position":2},"title":"Sentosa Cove bungalow up for sale for S$20.8mil","date":"July 7, 2017","format":false,"excerpt":"\r A two-storey bungalow in Sentosa Cove has been put up for sale for S$20.8 million, which works out to S$2,378 per sq ft. based on the property\u2019s 8,746 sq ft. land area, reported New Straits Times. Marketing agent List Sotheby\u2019s Singapore revealed that the property on 65 Ocean Drive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22468,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-bungalow-sales-seen-in-sentosa-cove\/","url_meta":{"origin":90612,"position":3},"title":"More bungalow sales seen in Sentosa Cove","date":"August 10, 2016","format":false,"excerpt":"\r View of waterfront bungalows in Sentosa Cove. Sentosa Cove has witnessed an improvement in bungalow deals lately, with the bulk sale for the 10 remaining bungalows on Pearl Island, one of the district\u2019s five man-made islands, entered into, reported The Business Times. The transaction, which will be done via\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59052,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-sentosa-cove-homes-rebound\/","url_meta":{"origin":90612,"position":4},"title":"Sales of Sentosa Cove homes rebound","date":"June 27, 2017","format":false,"excerpt":"\r \u00a0 Sales of upscale houses in Sentosa Cove is starting to pick up despite reports of many unoccupied units and home owners selling their homes houses at huge losses, reported The Straits Times. So far this year, caveats have been lodged for seven bungalows at the posh enclave collectively\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120009,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/growing-demand-for-sentosa-cove-bungalows\/","url_meta":{"origin":90612,"position":5},"title":"Growing demand for Sentosa Cove bungalows","date":"January 15, 2021","format":false,"excerpt":"\r Singapore continues to draw foreign buyers despite travel restrictions, partly due to\u00a0its success in handling the pandemic.\u00a0Sentosa Cove is the only place where a foreigner may seek approval to acquire a\u00a0landed residential property\u00a0for their own use. Real estate agents expect the healthy sales momentum for bungalows within Sentosa Cove\u2019s\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/sentosa_cove.original.jpg?fit=840%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/90612"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=90612"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/90612\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=90612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=90612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=90612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}