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Wah, this one really *jia lat*. A 55-year-old property agent, Wendy Kwek, just got three months’ jail because of a failed Australian property scheme. Back in 2014 and 2015, she ran investment courses and convinced her students to invest in an Australian project building housing for miners. She promised “assured” returns of 14% to 16% a year, claiming she checked the site herself and even put in her own money. Because people trusted her, she managed to pocket a massive S$2.735 million just in commissions. In the end, the whole thing collapsed and *bo liao*—everything vanished. A total of 347 investors, mostly Singaporeans, lost over S$16 million. The authorities caught her because she didn’t have the required Capital Markets Services licence from MAS to deal with this kind of financial scheme. Even though she surrendered S$500,000 for compensation, the judge still sent her to jail for dragging so many people into the mess. Moral of the story: Next time someone promises 16% “assured” returns, just drink your kopi in peace.
