Man Convicted For Cheating Himself

[Altivo]

This was a really rather clever trick. Also, although his act was technically a criminal offence, I find it difficult to think of it as morally wrong. He was only stealing his OWN money, after all.

 

Sept 23, 2005

Man fined for pulling scam to siphon off CPF money

 

By Khushwant Singh

COMPANY director Eric Tan, 45, hit on a plan to get his hands on Central Provident Fund money that was off-limits.

 

He bought shares with his own money on the stock market and sold them to himself at higher prices - with money from his CPF account. He also sold shares from his CPF account back to himself at lower prices. And he pocketed the difference.

 

The round-tripping scam enabled Tan to siphon off $6,855 from his CPF account - funds he was allowed to withdraw only when he reached 55.

 

However, he was caught and fined $7,000 after he pleaded guilty to 11 charges of contravening the CPF Act by selling and buying 88,000 Dayen Environmental shares and 40,000 Megachem shares.

 

There's another part of the article which I found noteworthy:

 

Tan's lawyer, Mr Lawrence Goh, pleaded for a light sentence, saying Tan regrets his foolish act and realises it was 'very stupid'.

 

The money Tan took was used for his daily expenses as he was in financial difficulties then.

 

This reminds me of all those people in recent times who were retrenched and unemployed and struggling to get by from day to day. Their children could not afford to go to school or to have proper meals. Meanwhile their CPF accounts bulged with huge amounts of their OWN money that the government would not allow them to touch.

 

Only in a country like Singapore.

 

http://commentarysingapore.blogspot.com/20...ng-himself.html

[Sfhuang]

Yeah, only in Singapore.

[Sony]

sad case indeed.

 

worry now or worry later?

 

but if problem can't be solved now, what "later" or future would there be?

[Altivo]

exactly... all these recent CPF changes are indeed worrying. I'm not even confident of living til 85 yo

 

then how?? dies before 85 and can't touch my $$$? Live beyond 85 but must still work til 85 cos gahment say u cannot touch your $$$ before 85.

 

CRAP!

[Mercuri]

if i m not wrong, you can touch still "your own" money...

but must give up your citizenship!

[Minicop]

Well it would depend what citizenship you change to.

[Nolicense]

so which citizenship can which cannot?

[Friendstar]

wat about malaysian citizen?

then everytime come over to singapore. lol

[Beei]

Well, this is one country where u can get fined or even jailed for stealing own money..

Edited October 1, 2007 by Beei

[Juniorsg]

i find that the way our gahment operate is just like running a commercial company.

and the people are like employee "working" for them.

 

i guess the only way to beat the current CPF system is to stay healthy.

[Poortraveller]

bro ... think u better get ur facts right ... since when CPF $$ is ur $$????

 

 

 

 

[Acemundo]

stay healthy also no use===>all those medisave monies idling there....

 

fall sick also no use, must have surgery or op before can use medisave

 

surgery and hospitalised also little use, medisave cap cannot pay for better wards.....

[Altivo]

it's our money... except we dont get to touch it....

[Trex101]

This is really sad man, the fella get fine for using "his own" money in times of desperation.

[Altivo]

 

sad sad case!!

[Viviobluerex]

Silly.

 

Where else in the world have such system man.

 

Can you imagine a hungry family in Singapore with money in CPF but can't touch and continue starving?

[Mzrmazda3]

sad case indeed.

 

worry now or worry later?

 

but if problem can't be solved now, what "later" or future would there be?

 

Agree Bro

[Altivo]

exactly... the only good thing which i can think of for CPF is to use it for housing... other than that....