Man behind timeshare scams of nearly $1 million jailed
He told clients that he could recover their money after they terminated their timeshare memberships. They just had to pay Mohamed Yasin Karuli a fee, but it turned out to be untrue.
Yasin, 42, used Solution One to run his fraudulent timeshare recovery scheme. He even recruited and trained a team to pitch sales to potential clients.
Forty-seven timeshare membership owners took up the offer between August 2013 and September 2015, paying a total of nearly $1 million.
Yasin pleaded guilty to one count of fraudulent trading on June 28.
In a separate charge, Yasin solicited $315,237 from 18 investors to finance the production of Tamil movies through another of his companies, Allied Solution Group.
They were promised 150 per cent of their investment and a percentage of the box-office revenue. However, the scheme was unable to pay due to poor ticket sales.
He also pleaded guilty to five counts of offering a collective investment scheme (CIS) that was not authorised by the Monetary Authority of Singapore and five counts of offering a CIS without a prospectus. For his crimes, Yasin was sentenced to a total of four years and two weeks' jail.
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