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Tuesday, September 6, 2011

Freelance forex trader jailed for misappropriation of funds

Sulaiman Kamal | 2:25 PM | | | | | Best Blogger Tips

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SINGAPORE - A freelance foreign exchange investment trader who misappropriated S$106,986 of her clients' money was sentenced on Monday to seven months' jail.
Julaiha Juraimi received S$75,000 from Mr Chia Quee Khee after entering into an agreement with him for a three-month contractual period starting 3 May 2010.

Julaiha told 66-year-old Mr Chia that she would invest the money and he would receive monthly profits on top of the principal amount invested.
She also promised him cash totalling more than S$100,000 by the end of the contractual period.
The court heard that 40-year-old Julaiha issued two cheques to Mr Chia in August that year but both were dishonoured. She became uncontactable shortly after that.
Julaiha's other client was 42-year-old Mr Mustafa Kamal Sidek who gave her S$50,000 to trade with between April and August last year.
He did not hear from her during this period and when it ended, tried to contact her to retrieve his money but failed.
Deputy Public Prosecutor Yau Pui Man said that Julaiha only invested about S$18,000 of Mr Mustafa's money and spent the remainder.
In his mitigation, defence counsel, Mr Paul told the court that Julaiha has made full restitution to Chia.
However, she only managed to pay S$10,000 to Mr Mustafa and intends to pay the balance once she is released from jail.
The lawyer added that Julaiha had misappropriated the monies to finance her nephew's studies at Australia's Queensland University.

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