Debt collection firm founder who pocketed cash, currency notes worth over $1m gets 81 months’ jail

Farm Boon Tet, a Malaysian permanent resident in Singapore, has been sentenced to 81 months in jail for misappropriating nearly $1 million from three debt collection companies. The founder of Empire Debt Collection, Empire DC Holdings, and Empire SG Debt Recovery, Farm used his position to pocket funds from these companies over 90 times.

He also stole $280,000 worth of currency notes from a woman selling rare items. Farm pleaded guilty to four counts of criminal breach of trust and one unrelated charge. His co-conspirator, Chua Yi An, was also involved in the money misappropriation from the debt collection firms. After being caught, Farm returned $4,000 to the woman and has not made any further restitution.