Admins of the Monspace Ponzi scheme have been arrested in Malaysia.
CEO Lai Chai Shuang (Jessy Lai), Wong Tat Foong and Chai Ling Mooi plead not responsible to expenses referring to fraud.
Particular expenses embody violations of Malaysia’s Direct Gross sales and Anti-Pyramid Scheme Acts.
Jessy Lai (proper) is dealing with two expenses.
As Director of Monspace, Lai is dealing with a RM500,000 to RM5 million fantastic ($120,462 to $1.2 million USD), or 5 years in jail for selling a pyramid scheme.
The second rely pertains to not having an MLM license and carries a separate RM200,000 fantastic ($48,185 USD), or once more as much as 5 years in jail.
Lai’s co-conspirators are every dealing with solely the second rely.
Bail was set at RM400,000 for Lai ($96,370 USD), RM20,000 for Wong ($4818 USD) and RM200,000 for Chai ($48,185 USD). The trio’s passports had been additionally confiscated.
BehindMLM reviewed Monspace in June 2017 and, based mostly on its enterprise mannequin, concluded it was a Ponzi/pyramid hybrid.
Up till September 2017, Monspace buyers had been nonetheless claiming the scheme was professional.
The subsequent listening to within the Monspace case is scheduled for June 14th. Keep tuned…