RadX Moderator March 9, 2011 Share March 9, 2011 (edited) ..i lend Hell money Elderly man, four maids jailed for loan shark racket By Tham Yuen-C Lawrence Yeo pleaded guilty to five of seven charges of illegal moneylending. He was yesterday jailed for two years. -- PHOTO: LIANHE ZAOBAO A 68-YEAR-OLD Singaporean man who ran a loan shark racket along with four Filipino maids, from last June until it was busted early this year, was yesterday jailed for two years and fined $150,000. Lawrence Yeo, who was arrested in January, pleaded guilty to five of seven charges of illegal moneylending. He started the illegal operation with one maid and roped in three others who had become his debtors. The court also sentenced the first maid, Honey Irene Busto Pande, to 18 months' jail and a fine of $150,000. The other three, who played a lesser part in the racket, were sentenced to three to six months in jail and given fines of up to $60,000. All five had pleaded guilty to the charges last week. Yeo first began loan-sharking with 27-year-old Pande in June last year, with a sum of $80,000. He operated out of his flat in Bukit Batok, where he used computers and a mobile phone to keep track of borrowers and loans. The pair charged 15 per cent interest on the loans. Even with the high rate of interest, they illegally lent money to 300 people between June 2010 and January 2011 - sums mostly within the range of $100 to $700. In those six months, Yeo and Pande loaned out an estimated $10,000 - all of it to Filipino maids. In court yesterday, Deputy Public Prosecutor Qiu Huixiang said they made about $12,000 in profit from the loans they gave out - and split it equally. As their business grew, they roped in three of their debtors - Amparo Cacayuran Gayo, 36, Monalisa Carlos Siriban, 30, and Ma Consuelo Gonzales Deinla, 44, to work for them. The three worked as runners, lending money at an interest rate of 20 per cent and collecting payments from other debtors. They also made 5 per cent from the loans they issued. In mitigation, one of the maids said her mother had suffered a heart attack from the stress the case had caused her, while another said she was her family's sole breadwinner. But all four will spend between three and 18 months in jail, with Pande getting the stiffest sentence for playing a bigger role in the racket. Edited March 9, 2011 by RadX ↡ Advertisement Link to post Share on other sites More sharing options...
Mustank Hypersonic March 9, 2011 Share March 9, 2011 whoa!!!! fierce uncle!!!! Link to post Share on other sites More sharing options...
Jman888 Moderator March 9, 2011 Share March 9, 2011 wrong business model, apparently he doesn't know about the business [laugh] Link to post Share on other sites More sharing options...
RadX Moderator March 9, 2011 Author Share March 9, 2011 whoa!!!! fierce uncle!!!! acherlee unker quite entrepreneur leh Link to post Share on other sites More sharing options...
RadX Moderator March 9, 2011 Author Share March 9, 2011 wrong business model, apparently he doesn't know about the business eh 15% u duwan ah Link to post Share on other sites More sharing options...
Jman888 Moderator March 9, 2011 Share March 9, 2011 eh 15% u duwan ah not about the return lah Link to post Share on other sites More sharing options...
Gearoil 1st Gear March 9, 2011 Share March 9, 2011 This is one glaring reason why the MIWs... CANNOT ALLOW RETIREES ( particularly males) TO TAKE OUT THEIR ENTIRE CPF FUNDS UPON TURNING 55! Link to post Share on other sites More sharing options...
Timex1441 1st Gear March 9, 2011 Share March 9, 2011 stupid man.....this is singapore, how can he get away with this money-lending racket? dumbo Link to post Share on other sites More sharing options...
Mustank Hypersonic March 9, 2011 Share March 9, 2011 that is true Link to post Share on other sites More sharing options...
Ichibawa 5th Gear March 9, 2011 Share March 9, 2011 MIB catch small fry to appease the public... unker is scapegoat for the bigger fish. Link to post Share on other sites More sharing options...
Stanong11 Clutched March 9, 2011 Share March 9, 2011 Dumb point. Link to post Share on other sites More sharing options...
Zenithpool 2nd Gear March 9, 2011 Share March 9, 2011 He is lucky enff to spare the rotan due to his age Link to post Share on other sites More sharing options...
Whathefish 5th Gear March 9, 2011 Share March 9, 2011 look at his face like damm KL type... cannot blame him...gahmen want Singapore to work longer mah...at 68...wat can he do with $$ to lend Link to post Share on other sites More sharing options...
Branteo Clutched March 9, 2011 Share March 9, 2011 This is one glaring reason why the MIWs... CANNOT ALLOW RETIREES ( particularly males) TO TAKE OUT THEIR ENTIRE CPF FUNDS UPON TURNING 55! Hmmm ... he is 68 years old liaoz leh ... U defer till 65 years old also doesn't affect him. Link to post Share on other sites More sharing options...
Kyrios Turbocharged March 9, 2011 Share March 9, 2011 And the winner is the Singapore Gahmen again..for netting fines of 150K each from the folks!! woohoo..more good years of high pay..for the ministars!! Link to post Share on other sites More sharing options...
Jman888 Moderator March 11, 2011 Share March 11, 2011 Oops.... father of the swim queen cum NMP :o Former swim queen's father jailed for loanshark activities AsiaOne Thu, Mar 10, 2011 SINGAPORE - A 68-year-old retiree who was sentenced to jail yesterday and fined $150,000 for running a loan shark racket was identified by Shin Min Daily News as the father of Singapore's retired swim queen, Joscelin Yeo, who is also currently a Nominated Member of Parliament (NMP). The Straits Times reported yesterday that Lawrence Yeo was arrested in January and pleaded guilty to five of seven charges of illegal money lending. He had forked out $80,000 to set up his illegal money-lending operation with one maid, 27-year-old Honey Irene Busto Pande. He and Pande charged 15 per cent on the loans, and illegally lent money to 300 people - all of them maids - between June 2010 and January 2011, with sums between $100 and $700. He lent out an estimated $10,000 and made $12,000 in profit from the loans they gave out - which he split equally with Pande, according to Deputy Public Prosecutor Qiu Huixiang. He later roped in three more maids, who were also his debtors, to be his runners. The three, Amparo Cacayuran Gayo, 36, Monalisa Carlos Siriban, 30 and Ma Consuelo Gonzales Deinla, 44, lent out money at an interest rate of 20 per cent, and made 5 per cent from the loans they issued. Pande was sentenced to 18 months' jail and a fine of $150,000. The other three maids were sentenced to three to six months' imprisonment and given fines of up to $60,000 as they had played lesser parts in the operation. A reporter from the Chinese evening daily visited the family's home in Bukit Batok. A domestic helper there confirmed that the house belonged to Yeo. But she stopped answering questions after further enquiries on whether she knew Joscelin Yeo. Neighbours said that the family moved into the house about four to five years ago, but only Yeo, one of his sons and the maid remained in the house, after Joscelin got married last year, and his wife passed away in 2009. The family does not interact often with the neighbours. Joscelin has two other brothers, older brother, Leonard, and younger brother, Gerard, who were also former national swimmers. The Chinese daily did not manage to contact Joscelin Yeo for comments. In 2001, Yeo also had a brush with the law. On Nov 19, 1999, he molested his former Indonesian maid at his home in Namly Drive when she was in the kitchen pouring him a glass of water. He was jailed for 10 months, but escaped caning because of his age. Link to post Share on other sites More sharing options...
Altivo 3rd Gear March 11, 2011 Share March 11, 2011 Oops.... father of the swim queen cum NMP :o He molested his previous maid too... DOM! Link to post Share on other sites More sharing options...
Zuoom 1st Gear March 11, 2011 Share March 11, 2011 since he had a record of molesting his maid. how come he's still allow to hire maid again? isn't there some sort of blacklisting? ↡ Advertisement Link to post Share on other sites More sharing options...
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