BUTTERWORTH: The Sessions Court here penalised the founder of controversial investment scheme JJ Poor to Rich (JJPTR) with an RM18,000 fine, in default five months’ imprisonment, after the accused changed his plea.

Johnson Lee (pic), 29, pleaded guilty yesterday with falsifying the Companies Commission of Malaysia (SSM) documents when applying to strike off his company’s name – JJ Global Networks Sdn Bhd – off the registrar under Section 308(1) of the Companies Act 1965.

Lee allegedly declared at the SSM office in Seberang Jaya on Dec 15, 2016, that the company had never started a business since it was incorporated.

The offence under Section 364(2) of the Companies Act 1965 (Act 125) carries a jail term of 10 years, RM250,000 fine, or both, upon conviction.

Sessions judge Noor Aini Yusof fined Lee RM18,000, in default five months’ jail.

He was represented by lawyers Datuk G. Jaya Prem and Nick Tan Meow Khoon while SSM officers Faizal Mahdi Mahmud and Mohd Fairuz Othman prosecuted.

Early last year, JJPTR collapsed in April after the company claimed to have lost US$400mil (RM1.5bil) to a purported hacking job.

More than 400,000 people were believed to have invested in it then.