Errant licensed moneylender fined $14,000, licence not renewed

SINGAPORE - The director of the moneylending company Money3 Pte Ltd was fined $14,000 on Monday for her errant actions.

Jennie Anne Opperman faced 10 charges and was convicted on three of them, including one charge for recklessly furnishing false information to the Registrar and another for failing to supply a statement of accounts to a borrower.

This conviction is the latest brought against errant moneylenders.

Since 2011, 33 licensed moneylenders have been convicted and fined. The penalties have ranged from $5,000 to $314,000.

Money3 Pte Ltd held a moneylending licence from Feb 2, 2010 to Feb 1 this year, when its licence was not renewed.

The Registry of Moneylenders, under the Ministry of Law, is responsible for carrying out regular inspections of licensed moneylenders.

Enforcement measures against errant companies include suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions.

Those convicted of breaches of the Moneylenders Act face a fine of up to $40,000 and/or a maximum jail term of two years on each charge.