​Fraudsters fined: Conviction after group fund is lost | Phnom Penh Post

Fraudsters fined: Conviction after group fund is lost

National

Publication date
12 June 2014 | 08:56 ICT

Reporter : Buth Reaksmey Kongkea

More Topic

Cows graze freely in the unflooded part of Srekor.

A gambling couple’s luck ran out yesterday when a judge sentenced them to two years in prison and issued $82,000 in fines and restitution after finding them guilty of taking a group investment and blowing it at the casino.

Phnom Penh municipal judge Kim Dany convicted Pin Chanthy, 33, of fraud for taking $80,000 of 20 people’s mutually invested money and spending it, rather than saving or investing it. Her 30-year-old husband, Kong Ratha, evaded arrest but was convicted in absentia.

“The court sentenced them both to two years in prison and 8 million ($2,000) riel in fines,” Dany said. “They are also ordered to jointly pay $80,000 to the victims.”

In the so-called tontine, a complex investment agreement that can take various forms, 20 members pooled their cash together. Each month, a different member managed the fund. But after Chanthy and Ratha took their turn, the money was gone.

Chanthy declined to comment yesterday. During her May 26 trial, however, she said she had squandered the money on ill-fated bets.

Contact PhnomPenh Post for full article

Post Media Co Ltd
The Elements Condominium, Level 7
Hun Sen Boulevard

Phum Tuol Roka III
Sangkat Chak Angre Krom, Khan Meanchey
12353 Phnom Penh
Cambodia

Telegram: 092 555 741
Email: [email protected]