The co-founder of bankrupt Zetta Jet has been charged in Singapore with embezzling $7.6 million from the defunct private jet charter operator
In its 2017 bankruptcy filing, defunct Zetta Jet listed 58 pages of creditors owed between $50 million and $100 million.
A 2019 report from its Chapter 7 trustee determined the private jet charter and jet card operator was in financial distress from the start.
Now, Geoffrey Cassidy, managing director and co-founder of Zetta Jet, is facing charges in Singapore that he embezzled $7.6 million.
Three years ago, the trustee wrote, “With customers consisting of ultra-high net worth individuals and celebrities who could afford a $200,000-plus price tag for a roundtrip international flight on a private luxury jet, the luxury jet market provided Cassidy with an opportunity to succeed with a new and more ambitious fraud scheme than he had attempted in the past.”
According to a report in Channel News Asia, Cassidy now faces 34 charges. They include criminal breach of trust by misappropriation, abetting the forgery of invoices, and instigating others to record payments that were never made falsely.
The Zetta Jet boss is accused of using the funds to buy property.
June Tang Kim Choo, a former director, was also charged. She is accused of failing to use reasonable diligence.
Choo allegedly authorized $3.5 million in payments without checking if they were for business purposes.