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Thanks to PinoyMoneyTalk for this update, I have been watching closely on this PIPS incident since it started in 2005. Yes, this is pretty similar to SwissCash as far as I can see since it’s based in Malaysia.

I bet Bryan will be in jail for a long time to come, it grew too big and involved too many innocent people’s money.

Excerpts from The Star, one of Malaysia leading publication.

He said Marsden had been charged at Seremban Sessions Court for 50 counts under the Anti-Money Laundering Act while his wife faced 48 similar charges there but could not higher bail imposed by the court and had to spend a year under remand.

He said Bank Negara had frozen his clients’ assets adding that investigating officer Abdul Halim Mohamed Dalib had affirmed an affidavit stating that RM8.34mil worth of properties and company assets belonging to the couple had been frozen by Bank Negara.

“I apply for this court to take into consideration the amount which had been frozen by Bank Negara as a surety to ensure their attendance in court,” he said.

He said the couple did not have money for bail and urged the court to set their bail at RM20,000 in one surety for each accused.

Judge Rozana Ali Yusoff set bail at RM400,000 in one Malaysian surety for Marsden while fixed bail at RM300,000 in one Malaysian surety for Phan. The couple failed to post bail.

Rozana also impounded their passports and set three days from May 6 next year for trial.

May 6 next year. It’ll involve alot of people I’m sure.

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