SEBERANG PERAI, March 17 — Lloyd George Bedwell, 48, and Roger Hoi Wing Wu, 46, had a plan to make easy money and perhaps imagined they could spend it in Penang, regularly ranked as one of the top 15 islands for retirement worldwide.
Bedwell and Hoi pled guilty when the charges, framed under Section 417 of the Penal Code for cheating, were read aloud to them in English before Sessions Court judge Zulhazmi Abdullah. According to the facts of the case, the modus operandi of this syndicate bear a striking resemblance to many other scams that have formed worldwide.
Investigations revealed that Bedwell, jointly with Yazdi who is believed to be the manager of the boiler room, contacted Curtis on December 16 last year, where the latter was cheated into purchasing 100 units of Devon Energy Corporation shares at a value of US$60.06 per unit bringing the total to US$6,096.09 including administrative costs.