PIPS Bryan Marsden & Wife Charged In Court at Nobullshit Network Forum

nobshyip · 10-01-2007, 01:13 PM

Thanks to PinoyMoneyTalk for this update, I have been watching closely on this PIPS incident since it started in 2005. Yes, this is pretty similar to SwissCash as far as I can see since it’s based in Malaysia. I bet Bryan will be in jail for a long time to come, it grew too big [...]

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gp118 · 01-22-2008, 08:22 AM

Quote:

Originally Posted by nobshyip

Thanks to PinoyMoneyTalk for this update, I have been watching closely on this PIPS incident since it started in 2005. Yes, this is pretty similar to SwissCash as far as I can see since it’s based in Malaysia. I bet Bryan will be in jail for a long time to come, it grew too big [...]

More...

Interesting.

**Jude** · 01-22-2008, 03:23 PM

You really think so? lol

okosh · 01-23-2008, 12:55 AM

November 2006...

The Marsdens are STILL sitting in a Malaysian gaol, awaiting trial...

okosh · 01-23-2008, 01:06 AM

Quote:

Tuesday September 25, 2007
MYT 5:48:40 PM

Couple charged with illegal online activities

By M. MAGESWARI

KUALA LUMPUR: A couple was charged in a Sessions Court here with a total of six charges of illegal deposit-taking involving two Internet-based companies.

This is the country’s first online illegal deposit-taking case which involved 18 local depositors for RM650,000 that was investigated by Bank Negara.

British national Bryan John Marsden, 59, claimed trial to four charges while his Malaysian wife Phan Sew Ken, 52, pleaded not guilty to two such charges Tuesday.

The duo, who are directors of the New Mark Business Centres Sdn Bhd and PicPay Dot Com Sdn Bhd, appeared relaxed upon hearing their charges.

The two were said to have accepted deposits from the depositors without a valid licence under Section 6(4) of the Banking and Financial Institutions Act 1989 to carry on banking business, finance company, merchant bank or discount house.

Marsden, who also represented for the said companies, was accused of committing the offences at Bandar Baru Nilai in Seremban between April 10, 2004 and July 4, 2005.

Phan, a former teacher, was alleged to have committed the offences at the same place and period.

If convicted, each accused can be fined up to RM10mil or sentenced up to 10 years’ jail or both under Section 103(1)(a) of the same Act.

Prosecuting officer Fahmi Ab.Moin, from Bank Negara, applied for a joint-trial saying that the case involved same witnesses. Fahmi said the prosecution would be calling 15 witnesses to testify in the trial.

Fahmi also offered bail at RM500,000 for each accused in two Malaysian sureties and asked the court to impound their international passport.

Pleading for lower bail, lawyer J. Kuldeep Kumar claimed that Marsden, a former project manager for KLIA and KLCC, and his wife had co-operated with the Bank Negara throughout the investigations of the case.

Kuldeep Kumar said both had been released on police bail of RM100,000 for a year with the condition to report to the Nilai police station.

“It is unreasonable to ask for a higher bail now,” he said.

He said Marsden had been charged at Seremban Sessions Court for 50 counts under the Anti-Money Laundering Act while his wife faced 48 similar charges there but could not higher bail imposed by the court and had to spend a year under remand.

He said Bank Negara had frozen his clients’ assets adding that investigating officer Abdul Halim Mohamed Dalib had affirmed an affidavit stating that RM8.34mil worth of properties and company assets belonging to the couple had been frozen by Bank Negara.

“I apply for this court to take into consideration the amount which had been frozen by Bank Negara as a surety to ensure their attendance in court,” he said.

He said the couple did not have money for bail and urged the court to set their bail at RM20,000 in one surety for each accused.

Judge Rozana Ali Yusoff set bail at RM400,000 in one Malaysian surety for Marsden while fixed bail at RM300,000 in one Malaysian surety for Phan. The couple failed to post bail.

Rozana also impounded their passports and set three days from May 6 next year for trial.

The Star Online : TechCentral - Malaysia Technology

Optional · 01-24-2008, 05:50 AM

Accepting money from 16 locals without a license... that doesn't sound like being charged with theft or fraud or some serious crime.

If that is all they have been found to have done wrong after 2 or 3 years of Bank Negara investigation it seems a bit strange to me.

okosh · 01-24-2008, 07:14 AM

Quote:

Originally Posted by Optional

If that is all they have been found to have done wrong...

Quote:

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.

Quote:

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.

Quote:

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.

Quote:

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

No links cos they no longer work

okosh · 01-24-2008, 07:25 AM

Marsden talks with his lawyer...

Does marsden look worried??....

**Unrelated case...but is this off topic??....

On the BBC website...

BBC NEWS | Asia-Pacific | Death penalty over China ant scam

Quote:

Death penalty over China ant scam
Map of China showing Liaoning province
A Chinese company chairman has been sentenced to death for running a scam involving giant ants.

Wang Zhendong promised investors returns of up to 60% if they put money into the fictitious ant-breeding project, the court heard.

Wang, from Liaoning province, raised 3bn yuan ($390m; £200m) in three years, prosecutors said.

The ants are used in traditional medicines and remedies in parts of China.

Fifteen other staff members were fined and given jail terms of between five and 10 years.

More than 10,000 investors signed 100,000 contracts with the company before the case was investigated in June 2005, Xinhua news agency reported.

Only 10m yuan was recovered before the case was brought to court, it said.

One investor committed suicide after realising he had been duped, according to the court.

Wang's actions also caused huge economic losses for investors and many subsequently suffered from depression, it added.

All the marsden/pips stuff is at WWSN..

**Jude** · 01-24-2008, 03:01 PM

wow this is great entertainment. thanks for sharing okosh

okosh · 01-25-2008, 03:02 AM

They last went to court in October...

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