Moneylender and firm fined $17,000 for giving false information, breaching procedures

A moneylender and his company has been fined a total of $17,000 for supplying wrong information to the authorities and failing to carry out proper procedures.

Alvin Cho Hong Chye, director of Money Plant, pleaded guilty on Monday.

As a director of the firm, Cho was in charge of authorising all loans granted by the company, according to a statement from the Registry of Moneylenders. He was also responsible for updating the registry about the company's business.

Cho was convicted of one charge of recklessly furnishing false information, while the firm itself was convicted of failing to provide a copy of a completed loan application to a borrower.

Money Plant held its moneylending licence for a year till November 2011.

Since 2011, 12 licenced lenders have been convicted and fined.

Just last week, the highest fine ever imposed on an errant licensed moneylender - $314,000 - was slapped on James Lee Pit Chin, a real estate company director.

Those found guilty of breaching the Moneylenders Act could face fines of up to $40,000 and a two-year imprisonment per charge.

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