A YUGOSLAVIAN national who cheated his clients into believing that he would invest their money was jailed for 64 months on Monday.
Stefanovic Nenad, 34, who cheated three people a total of about $800,000, pleaded guilty to four of 11 charges.
He made partial restitution of about $100,000.
At the time, he was self-employed as a non-clearing member of Singapore Exchange Derivatives Trading and could trade in derivatives using funds belonging to himself or others.
Deputy Public Prosecutor Ng Der Lim said between February 2004 and May 2007, he kept an account with Fimat Singapore, which was part of the Fimat Group fully owned by Societe Generale.
In late 2006, he told Mr David Hamilton Skinner, 41, a Briton, that he could invest money for him, which would yield 30 per cent returns in one year.
On two occasions, Mr Skinner paid $50,000 and $100,000 to him.
Stefanovic used the money for his own expenses and repay other victims whom he had cheated.
Mr Skinner, who got back $136,000, lost $14,000, the court heard.
Stefanovic similarly cheated Madam Margaret Ng Hong Neo, 45, of 60,000 pounds (S$130,560) in March last year, and Mr Andrew James Greenville, 45, of $165,000 in July 2007.
Seven other charges were considered.
He could have been jailed for up to seven years and fined on each charge.
