An errant licensed moneylender was fined $17,000 on Monday after being convicted on three offences under the Moneylenders Act.
Peh Teck Tiong, 51, the sole proprietor of moneylending business Heedmasters Credit, pleaded guilty in the State Courts to one count of commencing business of moneylending at a place of business without approval of the Registrar, one count of failure to issue receipts for cash payments made by borrowers and one count of recklessly furnishing false information to the Registrar.
Nine charges were brought against Peh in December last year by the Registry of Moneylenders, a division of the Insolvency and Public Trustee's Office. The remaining six were taken into consideration by the court for purposes of sentencing.
Peh held a moneylending licence from May 6, 2009 to May 5, 2010 but it was not renewed after it expired as he was then under investigation for the offences.
Since 2011, 24 licensed moneylenders have been convicted and fined. Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.