PinoyMoneyTalk.com

Former PIPS CEO and owner Bryan Marsden and his wife became the first people in Malaysia to be charged with operating an online investment scam, reports a Malaysian newspaper.

The Star confirmed that Briton Bryan John Marsden and Malaysian wife Phan Sew Ken on September 25 pleaded not guilty in a Kuala Lumpur court to charges of illegally collecting deposits through two Internet-based companies between 2004 and 2005.

The couple are accused of collecting deposits from investors around the world without a valid license, including at least 18 Malaysian depositors who were allegedly duped of 650,000 ringgit (US$185,710).

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Pictures of Bryan John Marsden, ex-CEO of PIPS, and wife Phan Sew Ken, in merrier and troublesome times.

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Discuss the PIPS scam in the PIPS board of the PMT Forum.

 

 

Profiles taken from the original PIPS website. Be wary of the positive writing and the hype.

Bryan Marsden
Founder and CEO of PureInvestor

Born in England, Bryan was trained and qualified as an Electrical Engineer in 1967. Working for the General Post Office, he developed his knowledge and skills in the areas of facilities Management until 1970 when he joined the Royal Air Force for a period of 5 years.

On leaving the Royal Air Force, Bryan continued his Facilities Management career with the National Health Service and various Facilities management organisations in the private sector. In 1986, Bryan established a Facilities Management partnership which successfully undertook major projects for corporate and public sector clients including IBM, LIFFE, London Stock Exchange, Credit Suisse First Boston Bank, Texaco and British Railways.

In 1994, he ventured into Malaysia to develop Facilities Management business inetrest and undertook Consultancy / Project Management projects at Kuala Lumpur International Airport, Guthrie and IOI in the palm industry. Utilising the finance, analytical and business skills gained through many years in the Facilities Management industry, Bryan began the process of designing the Pure Investor model and initiated its launched in 2002. Bryan's experience and expertise in wide variety of businesses and industry sectors has been the guiding light for the growth and development of the Pure Investor Group.

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Malaysia's The New Straits Times reported on October 11 that Bryan Marsden and his wife Phan Sew Ken of the now infamous PIPS scam program had their bail reduced by the trial court, but the day did not end well for the two as additional charges of money laundering were filed against them that same day.

Here's a copy of the news report from the Malaysian newspaper (online link now inaccessible):

Dirty money accused faces 7 more charges

SEREMBAN: A British national and his Malaysian wife, facing 97 counts of money laundering amounting to RM77 million, had their bail reduced by RM100,000 on appeal yesterday.

After hearing arguments from the prosecution and defence counsel, Sessions Court judge Allaudeen Ismail allowed the two — Bryan John Marsden and Phan Sew Ken — bail of RM400,000 instead of RM500,000 imposed when they were first charged on Aug 30.

Marsden, 58, had appealed for his bail to be reduced to RM100,000 and Phan, 50, asked the court to set hers at RM50,000.

They were each charged at the Sessions Court here with 41 counts of collecting funds, totalling RM26.7 million, from illegal online activities.

Later, Marsden was taken to the Kuala Lumpur Sessions Court to face seven more charges involving funds totalling RM7 million. All the offences were allegedly committed between Aug 12, 2003 and Jan 4, 2005.

These offences, under Section 4(1) of the Anti-Money Laundering Act 2001, are punishable by a fine of up to RM5 million, or a maximum of five years’ jail, or both, on each count.

On Sept 19, they were back at the Sessions Court here to face another six charges of accepting a total of RM11.78 million.

The couple allegedly committed the offences between Jan 4 and June 14 last year at the EON Bank in Taman Semarak, Nilai, near here.

Allaudeen fixed Nov 24 for re-mention of the case.

Here's an update to the continuing saga of Bryan Marsden and the failed People in Profit Systems (PIPS) program.

Marsdens face more charges

A couple who claimed trial to at least 41 counts of money laundering have been slapped with more similar charges

British national Bryan John Marsden, 58, and his Malaysian wife Phan Sew Ken, 50, were accused of a further seven counts of money laundering at the Session Court here yesterday.

They allegedly received money that were proceeds of unlawful activities between Jan 4 and June 14 last year. 

The transactions, amounting to US$3,100,799.33 (RM11.45mil), were said to have been done through their company Pic Pay Dot Com Sdn Bhd's account with EON Bank Group in Nilai, Negri Sembilan. 

Marsden was charged with committing two more counts of the offence involving RM106,000 through his personal account with the same bank on Jan 28 and Feb 20, 2004. 

The couple were charged separately under the Anti-Money Laundering Act before Sessions Court judge Allaudeen Ismail. 

The couple claimed trial to all charges. 

To date, Marsden has claimed trial to a total 57 charges involving nearly RM46mil while Phan has 48 charges against her involving more than RM38mil. 

This is the country’s first online money laundering case investigated by Bank Negara. 

Deputy Public Prosecutor Muhammad Saifuddin Hashim Musaimi proposed that bail be set at RM500,000 with two Malaysian sureties for each of them. 

However, their lawyers appealed for a lower amount. 

Justice Allaudeen Ismail demanded for a written application to be submitted to the court and fixed Oct 10 for mention. 

On Aug 30, the couple were charged with 41 counts of money laundering, involving more than RM26mil, at a Sessions Court here. 

Later that day, Marsden was slapped with an additional seven charges involving RM7.5mil at a Kuala Lumpur Sessions Court.

From the Malaysian newspaper The Star:

Couple charged with money laundering
Wednesday, August 30, 2006

A couple was charged with 41 counts on money laundering involving more than RM26mil at the Session Court here in the first such case investigated by Bank Negara.

Bryan John Marsden - a 58-year-old British national - and his Malaysian wife Phan Sew Ken, 50, allegedly committed the offences by receiving money that were proceeds of unlawful activities in between Aug 12, 2003 and Jan 4, 2005.

The transactions, amounting to USD 7,020,887.25 (RM26, 679,371), were done through their company - New Mark Business Centres Sdn Bhd - account with EON Bank Group in Nilai, Negri Sembilan.

The couple were charged under Section 4 (1) of the Anti-Money Laundering Act 2001, which read together with Section 87 (1) of the same act, separately before Session Court judge Mohd Zaki Abd Wahab yesterday.

If convicted, they can be fined not more than RM5mil or a jail term of not more than five years or both.

They claimed trial to all charges.

Mohd Zaki set bail at RM500, 000 in two sureties for both of them separately. He also ordered them to surrender all their travel documents.

He fixed Sept 13 for mention.

But is there hope for PIPS investors to get their money back? Discuss this in the PIPS News thread in the PMT Forum.