SINGAPORE: Two former directors of a company that sold gold bars in a buyback arrangement which turned out to be a multimillion-dollar Ponzi scheme were sentenced to jail on Monday .
They were found guilty of a charge each of being a party to a business for the fraudulent purpose of selling gold bars under a scheme promising returns. In exchange, customers were promised guaranteed returns as high as 24 per cent per annum. At the end of the contract period, customers could sell the gold bars back to The Gold Label at the same price that they had bought the gold bars.
During its operations, The Gold Label drew more than 2,000 customers and accumulated sales of about S$150 million.
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