Malaysian businesswoman gets 120 years for fraud
By IANSMonday, January 10, 2011
KUALA LUMPUR - A former woman director of a Malaysian company has been sentenced to 120 years in prison for swindling investors and money laundering, a media report said Monday.
The 49-year-old unnamed accused was also fined five million ringgit ($1.63 million) by a court in Kuala Lumpur Monday, Xinhua reported.
The businesswoman admitted in court she had deceived investors by futures transaction contracts and was also involved in money laundering.
The amount of money invested by some 4,000 victims in the company run by the businesswoman totalled 100 million ringgit ($32.5 million).
However, as the judge ordered the jail terms to run concurrently, the woman would only have to serve seven years in jail.
The woman was also ordered to return 7.52 million ringgit ($2.45 million) to the investors.
