The Minibond pool was very big and very publicised but what happened?
Hence depends very much on whether the authorities want to act, not so much on how many affected or how big the $ is. They see and evaluate things and impact from their perspective first and foremost, not that of ordinary folks.
1) The pool of people in land banking is very small compared to MB. Unless they gather at HLP, then it will be a issue
2) If no petition to MAS, then how to get media attention?
3) No Town Council, Stats board, MPs or Ministers lost money. So why MAS bother?
MAS under SM is selective of issues. As long as it is other people problem, they will get involve. If they are involved in the problem, likely they will not even reply your petition.
From time to time, MAS receives information on persons who are possibly conducting activities regulated by MAS without authorisation. These persons may target Singapore consumers, or overseas consumers by giving them the false impression that they are operating in Singapore. Some of these unregulated persons may sometimes use names similar to that of entities regulated by MAS.
Consumers should exercise care when dealing with these persons. Overseas consumers who receive solicitations by persons who claim to have an operation in Singapore should also exercise care and check if they are in fact dealing with persons who are regulated by MAS.
Below is a list of persons, on whom MAS has received information, who are not authorised by MAS in respect of the carrying on of regulated activities. The list is not exhaustive and will be updated.
Look under T The Profitable Group (Profitable Plots Pte Ltd)
11B Stanley Street Singapore 068730 Website: http://www.profitablegroup.com
My parents recently invested in this company 'The Gold Label' who promises a return of 1% every month. It has since closed down and a portion of their money has been wiped out.
They do have some 'gold bars' as collateral though, but the value of the gold is merely 70% of the actual price they paid for.
What is your take regarding Gold instruments then? Is there any way to help regulate such schemes? It seems like a Ponzi scam to me after my parents told me, but it's too late now.
Mr Tan, do you have any views about Walton International group? Literature suggests that only Canadian land banking schemes are trustworthy. I was told that they are Canada based? TQ.
Grace Leong from the Singapore Business Times (22 Feb 2012) has written about another Canadian Land Banking firm EDGEWORTH that will return 0% (yes, ZERO, ZILCH, nothing) back to its investors.
Thanks Mr Tan! My friend has been caught in such product and I will inform him of your post.
ReplyDeleteThis is another Credit linked notes alike disater
ReplyDeleteSurely, if you have a pool of complainants, the relevant authorities will act or redress the subject issue.
ReplyDelete2:16 pm
ReplyDeleteThe Minibond pool was very big and very publicised but what happened?
Hence depends very much on whether the authorities want to act, not so much on how many affected or how big the $ is. They see and evaluate things and impact from their perspective first and foremost, not that of ordinary folks.
1) The pool of people in land banking is very small compared to MB. Unless they gather at HLP, then it will be a issue
ReplyDelete2) If no petition to MAS, then how to get media attention?
3) No Town Council, Stats board, MPs or Ministers lost money. So why MAS bother?
MAS under SM is selective of issues. As long as it is other people problem, they will get involve. If they are involved in the problem, likely they will not even reply your petition.
I do not see any newspaper or media reporting on land banking cheats. What is our media coming to?
ReplyDeleteI thought you might find this of interest.
ReplyDeletehttp://www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html#t
The Investor Alert List
From time to time, MAS receives information on persons who are possibly conducting activities regulated by MAS without authorisation. These persons may target Singapore consumers, or overseas consumers by giving them the false impression that they are operating in Singapore. Some of these unregulated persons may sometimes use names similar to that of entities regulated by MAS.
Consumers should exercise care when dealing with these persons. Overseas consumers who receive solicitations by persons who claim to have an operation in Singapore should also exercise care and check if they are in fact dealing with persons who are regulated by MAS.
Below is a list of persons, on whom MAS has received information, who are not authorised by MAS in respect of the carrying on of
regulated activities. The list is not exhaustive and will be updated.
Look under T
The Profitable Group (Profitable Plots Pte Ltd)
11B Stanley Street
Singapore 068730
Website: http://www.profitablegroup.com
Where can we view the interview? Is it uploaded anywhere?
ReplyDeleteHi Sir,
ReplyDeleteMy parents recently invested in this company 'The Gold Label' who promises a return of 1% every month. It has since closed down and a portion of their money has been wiped out.
They do have some 'gold bars' as collateral though, but the value of the gold is merely 70% of the actual price they paid for.
What is your take regarding Gold instruments then? Is there any way to help regulate such schemes? It seems like a Ponzi scam to me after my parents told me, but it's too late now.
Mr Tan, do you have any views about Walton International group? Literature suggests that only Canadian land banking schemes are trustworthy. I was told that they are Canada based? TQ.
ReplyDeleteGrace Leong from the Singapore Business Times (22 Feb 2012) has written about another Canadian Land Banking firm EDGEWORTH that will return 0% (yes, ZERO, ZILCH, nothing) back to its investors.
ReplyDelete