Well-known singer Yingyong Yodbuangam and two others have been sentenced by the Min Buri provincial court to 20 years in jail each with no suspension of their term for deceiving people into investing in agricultural firms.
The court, however, commuted the sentence from 33 years, calculated for many counts of wrongdoing, to 20.
Besides Yingyong, the two others facing prison terms are Parinya Nilratkhun and Ritthiwat Pongrapeemongkol.
The three were granted bail after they posted a bond of 500,000 baht.
However, they were banned from travelling overseas, unless permitted by the court.
The three were among 15 individuals and companies charged with luring people into investing in four farm companies with promises of high returns.
Thirteen investors, led by Jiraporn Suwannakru, took Yingyong and others, who allegedly acted as executives of companies, to the court.
The four agricultural companies -- Than Khun Pandin Siam, Kaset Sabai, Sood Yod Idea and Pasit Pui Thai Inter -- were fined 130,000 baht each for committing the fraud.
Earlier, the plaintiffs withdrew charges against three individuals. Yesterday, the court acquitted five other individuals.
That left Yingyong, Parinya and Ritthiwat facing prison terms and the four firms a potential fine.
The court found that the three defendants and the companies had colluded and disseminated false information to people with an intent to defraud them.
Yingyong said he will lodge an appeal.
He said he accepted the court ruling and thanked the court for allowing him bail.
He insisted he was only promoting the farm products.
His wife, Monthathip, said her husband was only hired as a presenter of the farm products of Than Khun Pandin Siam company.
Yingyong and Ms Monthathip were given 10% and 5% shares respectively of the company in lieu of Yingyong's fee for acting as the presenter, she said.
