Monspace Ponzi scammers arrested and charged in Malaysia
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 guilty to charges relating to fraud.
Specific charges include violations of Malaysia’s Direct Sales and Anti-Pyramid Scheme Acts.
Jessy Lai (right) is facing two charges.
As Director of Monspace, Lai is facing a RM500,000 to RM5 million fine ($120,462 to $1.2 million USD), or five years in prison for promoting a pyramid scheme.
The second count relates to not having an MLM license and carries a separate RM200,000 fine ($48,185 USD), or again up to five years in prison.
Lai’s co-conspirators are each facing only the second count.
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 were also confiscated.
BehindMLM reviewed Monspace in June 2017 and, based on its business model, concluded it was a Ponzi/pyramid hybrid.
Up until September 2017, Monspace investors were still claiming the scheme was legitimate.
The next hearing in the Monspace case is scheduled for June 14th. Stay tuned…