I note that in the Madoff case the prosecutors are considering prosecuting the programmers and perhaps the heads of the feeder funds. Presumably this is on the basis that they must have been aware that
something was not right but did nothing about it. They also took huge payments for supporting a scam..
It takes many parties to operate a scam. I am often amazed that when investment schemes fail that the sales people and agents blame the owners. The owners blame the agents and salepeople. All parties claim
complete innocence of any wrong doing. With some of the investment schemes such as land banking plots, various oil Investment schemes, sunshine investments etc it is obvious that many people involved know
that the investment scheme cannot work but choose to be involved anyway.
These people enable the scam and give it credibility by their involvement.
Singapore has a reputation for providing rigourous punishment to a few individuals to discouorage anti-social or criminal behaviour by the rest of the population. As an example:- jail sentences being applied
for using mobile phones while driving.
Perhaps applying very stiff penalties to one or two company directors, sale people and agents for their involvement in fraudulent investment schemes would encourage others to think more carefully about what they
allow themselves to be involved in and earn commission for.
I agree with your views. I am unhappy with the passive response of the Authority in Singapore towards these investment scams. I will do my best to argue the case for the Authority to be more actively involved in stopping these scams.