A former financial planner in Singapore has been charged for allegedly cheating seven clients out of a total of SG$185,000 by leading them to believe that an endowment plan he was offering would give guaranteed returns of between 10% and 20%.
Daniel Ross Harland, 32, is said to have altered some documents to cheat his victims, who transferred into his account between SG$5,000 and SG$80,000 each.
Two of the alleged victims said that they were promised investment returns of 20% by Harland, court documents showed. Meanwhile, the other five victims said that they were guaranteed a return of 10%.
The Singapore permanent resident was on Tuesday charged with cheating his victims of SG$185,000 in total, the Straits Times reported.
Harland is accused of using PRUinvestor Guaranteed Plus policy documents from insurance company Prudential for his ruse.
His LinkedIn account has him claiming that he worked at Prudential between November 2016 and July last year.
Harland is accused of committing the offences between 2017 and last year.
He was arrested on August 14. He posted bail of SG$15,000, and will be summoned to appear in court on September 24. If convicted of the cheating charges, Harland faces up to 10 years in jail plus hefty fines.