Two Britons, Timothy Nicholas Goldring (58-year-old) and John Andrew Nordmann (53-year-old) along with his Singaporean wife (44-year-old) were directors of investment firm Profitable Plots Pte Ltd (UEN:200502453D) of Prince Edward Road. They were charged with conspiring to cheat investors of US$2.4 million.
They faced 86 counts of conspiracy to defraud investors in an investment scam. They allegedly duped their victims into investing in a scheme to buy a product, Boron CLS Bond, a chemical-based lubricant technology. The victims were then allegedly deceived into forking out between US$2,000 and US$300,000 each time. It was allegedly promised a 12.5 per cent return-on-investment in six months.
For abetment by conspiracy, they could each be jailed up to 10 years and fined.