Singapore property agent Wendy Kwek Siang Ling, 55, has apologized before starting her 3-month jail sentence.

She promoted an Australian housing scheme through her company WK Events, without a Capital Markets Services licence from MAS.

The scheme collapsed, leaving 347 investors with losses of about S$16 million. Most were local investors.

Kwek earned S$2.7 million in commission from the deals. She invested S$100,000 of her own money and has handed over S$500,000 as voluntary restitution to the Commercial Affairs Department.

The Australian woman behind the alleged scheme, Veronica Macpherson, was declared bankrupt in 2018.

A reminder to always check if investment schemes are regulated by MAS before committing funds.

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