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Re: PIPS Bryan Marsden & Wife Charged In Court
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Originally Posted by Optional
If that is all they have been found to have done wrong...
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Couple charged with money laundering
SEREMBAN: A couple was charged with 41 counts on money laundering involving more than RM26mil at the Session Court here in the first such case investigated by Bank Negara.
Bryan John Marsden - a 58-year-old British national - and his Malaysian wife Phan Sew Ken, 50, allegedly committed the offences by receiving money that were proceeds of unlawful activities in between Aug 12, 2003 and Jan 4, 2005.
The transactions, amounting to USD 7,020,887.25 (RM26, 679,371), were done through their company - New Mark Business Centres Sdn Bhd - account with EON Bank Group in Nilai, Negri Sembilan.
The couple were charged under Section 4 (1) of the Anti-Money Laundering Act 2001, which read together with Section 87 (1) of the same act, separately before Session Court judge Mohd Zaki Abd Wahab yesterday.
If convicted, they can be fined not more than RM5mil or a jail term of not more than five years or both.
They claimed trial to all charges.
Mohd Zaki set bail at RM500, 000 in two sureties for both of them separately. He also ordered them to surrender all their travel documents.
He fixed Sept 13 for mention.
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SEREMBAN: Angry words and tears flowed freely when a local woman and her British husband were produced at the Sessions Courts in Seremban and Kuala Lumpur yesterday to answer charges of money laundering.
Phan Sew Ken, 55, and Bryan John Marsden, 58, were charged with 48 counts of money laundering involving RM34.2 million.
At the Seremban Sessions Court, the couple was separately charged with 41 counts, while later at the Kuala Lumpur Sessions Court, Marsden was charged with another seven counts.
Phan was on the verge of breaking down when she, handcuffed to her husband, waited at the foyer of the court complex before proceedings.
Some 30 minutes later, Phan was produced before Sessions judge Mohd Zaki Abd Wahab and claimed trial to all 41 charges.
Phan was charged in her capacity as managing director of New Mark Business Centres Sdn Bhd.
She was accused of receiving between US$39,253.48 (RM143,667.74) and US$499,963 in 41 transactions through the company’s account at EON Bank’s Nilai branch.
The offences were allegedly committed between Aug 12, 2003 and Jan 4, 2005.
The offence, under Section 4(1) of the Anti-Money Laundering Act 2001 is punishable with a fine up to RM5 million, or jail up to five years, or both.
The drama began when the issue of bail was raised by deputy public prosecutor Dzulkifli Ahmad.
Dzulkifli proposed bail of RM1 million in view of the seriousness of the offence and the amount involved.
Phan immediately asked Zaki for permission to speak and lamented that all of their personal and company assets had been frozen by Bank Negara for almost 12 months pending investigations into the case.
She said both of them have been on police bail since then, and during that period, had always co-operated with the authorities.
As she spoke, Phan, from Bandar Sunway in Petaling Jaya, began to sob uncontrollably.
"Your Honour, we are just trying to build our business and I was just giving moral support to my husband.
"Our lives are now destroyed and we have nowhere to go for help."
Zaki stopped her and said that the bail proposed had nothing to do with her business but to ensure her continued attendance in court.
Marsden’s turn was next and he too claimed trial to the charges.
Zaki fixed bail of RM500,000 in two sureties each for both husband and wife and also ordered for their travel documents to be surrendered to the court.
Zaki fixed Sept 13 for mention of the case to allow more time for the couple, who was unrepresented, to engage counsel
The couple could not raise bail and before they were taken away, they hugged each other in the lock-up.
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Online scam attracted 100,000 global investors
Operating for the past three years, a couple had allegedly attracted more than 100,000 investors worldwide, offering them two per cent returns daily on their investments.
Investigations by a team from Bank Negara revealed that the couple had allegedly accepted deposits in the form of investments.
The trouble was, they were not licensed by Bank Negara to collect deposits, thus contravening the Bank and Financial Institution Act (BAFIA).
Investigations showed that the couple had offices in Labuan, Nilai and Desa Pandan. They stayed at an apartment in Bandar Sunway.
Bank Negara has now, for the first time, used provisions provided for under the Anti-Money Laundering Act 2001, to act against the couple. It was also said to be a first by Bank Negara in uncovering an elaborate illegal deposit-taking scam, which was carried out through the Internet.
Bank Negara also froze the couple’s assets since investigations began a year ago, and "blacked out" the websites which they were allegedly used to collect funds.
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Couple suspected of pyramid scheme in Nebraska busted in Malaysia
By RICHARD PIERSOL/Lincoln Journal Star
A couple accused of bilking Nebraskans out of half a million dollars in an international pyramid scheme has been arrested in Malaysia by that country’s securities authorities, the Nebraska Department of Banking and Finance said.
The department issued a cease and desist order in June 2005 against an organization that called itself People in Profit System Inc., which the department had been investigating since January 2005.
The organization was a global Ponzi, or pyramid scheme, promoted as a Web-based private investment club by Bryan Marsden, a British subject living in Malaysia, and several others named in the department’s order, according to the department.
Marsden and his wife, Phan Sew Ken, were arrested in Malaysia earlier this month for their participation in the scheme, which investigators estimate netted them nearly $10 million illegally, the department said.
They’re in custody there and will be prosecuted there, said Nora Tallmon, spokeswoman for the department.
Ponzi, or pyramid schemes, are illegal to operate in Nebraska and elsewhere. They work by taking new investors’ money to pay off others who invested earlier in the scam. Most investors are usually left with nothing, while the organizers escape with the investments.
The department said its securities bureau first became aware of the organization’s presence in January 2005, but learned of an organized Internet attempt to form a “PIPS Club” in Nebraska later.
In June of last year, the department reported the organization offering investment products that promised from 5,000 to 14,000 percent annual interest returns on investors “loans” of $450 to $1,000, or lump-sum returns of almost $88,000 with more than $9,000 in dividends, “for the duration of their life.”
Approximately 70 people had responded to the scam in Nebraska by the time the department issued its cease and desist order last year. The department said its securities bureau received dozens of calls and eight formal complaints over the last year and a half from Nebraskans who claimed they lost a total of $500,000.
The department would not identify any of those who have claimed they lost money.
Their recovery of any money is uncertain.
“It will depend on a lot of factors, none of which we can predict at this time, said Jerry McFarland, a department securities analyst.
Other states and nations that were after those involved in the scheme were: Alaska, Texas, Iowa, Oregon, Pennsylvania, South Dakota, Missouri, Connecticut, Australia and Ireland.
“We want Nebraskans to know that this type of scam is common and ask them not to let their guard down,” said McFarland. “Pyramid schemes never pay off in the long run. As the scheme begins to collapse, victims are given a constant stream of flimsy excuses, double-talk or no response at all, while the operators of the schemes are pulling out and disappearing with others’ hard-earned money, or reinventing themselves under a new name—as Marsden did several times before his arrest.”
On the phone or on the Web: Nebraska Department of Banking and Finance:
(402)471-2171, toll free at (877)471-3445, or online at State of Nebraska: Department of Banking and Finance.
Reach Richard Piersol at 473-7241 or at dpiersol@journalstar.com
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