Two British directors of land-banking firm Profitable Profits in Singapore have been convicted of conspiring to cheat investors out of $2.5 million in a bond scam.

Two British directors of land-banking firm Profitable Profits in Singapore have been convicted of conspiring to cheat investors out of $2.5 million in a bond scam, according to The Straits Times.

Timothy Nicholas Goldring, 60, was sentenced to seven years in jail, while John Andrew Nordman, 55, was sentenced for eight years, for 18 charges of cheating. A third director, Geraldine Anthony Thomas, Nordmann's wife, was acquitted of the 18 charges.

The two men were part of a sham investment scheme which mislead investors into believing their money would be used to purchase boron products between November 2008 and August 2010, when in fact it was used to fund the operations of Profitable Profits. Both men also told investors that boron products had been pre-sold to major corporations, when this was not true.

Boron is a non-metallic element extracted from kernite and borax that is used in the nuclear power industry and agriculture. It is also used to make glass, ceramics, enamels, fibreglass, soaps and detergents.

The trio still face further charges after the prosecution stood down 68 charges. Goldring and Nordman both plan to appeal against the decision.