James Phang Wah

Phang grew up at a vegetable farm in Lim Chu Kang, Singapore. Phang left school after his O levels and worked at a shipyard. He would study at night after work for his A levels and entered National University of Singapore (NUS). He graduated from NUS in 1983 with a degree in economics and statistics.

Since Phang was 19, he started doing door-to-door sales selling various products..

After graduation, Phang worked at Shin Min Daily News for six years from 1984 to 1990 as a feature writer. He left Shin Min and started multi-level marketing firm Number One Product in 1990, which sold magnetic mattresses.

In 2003, Phang set up Empire Group Alliance which had a complex network of different businesses which included Sunshine Empire of which he was the advisor. Sunshine Empire pursued investors into investing various business projects which are effective Ponzi schemes.

Phang is married to Neo Kuon Huay. He has four children.

Commercial Affairs Department investigation

Phang was investigated by Commercial Affairs Department in November 2007, two months after the Monetary Authority of Singapore placed Sunshine Empire on the investor alert list.

On 2 February 2009, Phang, his wife and Hoo were arrested and were remanded overnight. They were subsequently released on bail of $600,000 each and their passports impounded. They were driven away in a convoy of Mercedes-Benzes and BMWs. He was addressed as 'Lao Da' ('chief' in Mandarin) as he got into his car.

On 3 February 2009, Phang, with three others including Jackie Hoo Choon Cheat, a director of Sunshine Empire were charged with fraudulent trading, failure to maintain proper accounting records of Sunshine Empire and criminal breach of trust as an agent of Sunshine Empire.

Phang faced six charges of falsification of Sunshine Empire’s accounts and one charge of false declaration of the share capital of Empire Communications Technology Pte Ltd. He also faced three charges for possession of uncensored and obscene films at his Westwood Avenue home.

His wife, Neo Kuon Huay, a director of Empire Emall (S) Pte Ltd faced six charges of falsification of Sunshine Empire’s accounts under Section 477A of the Penal Code and one charge of false declaration of the share capital of Empire Emall (S) Pte Ltd.

Phang, with three others, claimed trial with Subhas Anandan representing all four.

On 16 July 2010, Phang and Hoo were found guilty of perpetuating fraud and criminal breach of trust. Phang and his wife were also found guilty of falsifying accounts. On 30 July 2010, Phang has been sentenced to nine years' jail and fined $60,000 while his wife was also fined $60,000.

A total of nearly S$190 million was swindled from the participants, of which only S$21 million was recovered by the Singapore authorities.