Errant licensed moneylender fined $50k for various offences
An errant licensed moneylender was fined $50,000 for supplying false information to the authorities, and failing to carry out proper procedures. Phua Chin Meng, the sole proprietor of AA Credit, pleaded guilty on Monday.
Phua held a moneylending licence from June 9, 2009 to June 8, 2010, but the licence was not renewed after expiration.
Phua was convicted of 20 charges, including fifteen charges of failing to keep loan documents as prescribed. Since 2011, 14 errant licensed moneylenders have been convicted and fined.
Those found guilty of breaching the Moneylenders Act could face fines of up to $40,000 and a two-year imprisonment per offence.