Tan Kin Lian's Blog: Get Rich Quick Schemes

Sunday, May 09, 2010

Get Rich Quick Schemes

Hi Mr Tan,

Central Bank of Malaysia (i.e. Bank Negara Malaysia) recently probes an illegal deposit company - "The Gold Label Sdn Bhd" - as stated in this report, 8-May-2010.

There are just too many fraudalent & illegal get-rich-schemes (with empty promises and empty 'guarantees') designed to cheat consumers nowaday. As long as those being cheated stands out and notify the Central Bank or other authorised regulatory agencies, these regulators could conduct checks and investigations protecting the general public.

I believe there is similar authorities in Singapore too.

Philip

My comment
There is a law against illegal deposit taking in Malaysia. I believe that a similar law applies in Singapore. The financial products sold in Singapore that offer a buyback option option with interest at a high rate is a form of deposit taking. It should be regulated by the authority in Singapore.

8 comments:

Anonymous said...: How to know if their heads are stuck in the sand? Better don't know otherwise a lot of unnecessary work and investigation. What if someone they know is involved? balls kenna stuck too.; May 09, 2010 9:48 AM
Anonymous said...: There is also another law that applies in Singapore.

It's called "Buyer beware."

Perhaps this law carries more weight?; May 09, 2010 10:02 AM
Anonymous said...: Other than these "get rich" financial products, there are also many "get rich" financial education courses ( stocks, forex, options etc) in Spore.

i have attended several of these courses but none live up to it. Some even give you money back guarantee which doesnt come true

Beware of such "get rich" courses too

Jerome; May 09, 2010 3:07 PM
Anonymous said...: It is a different operating environment. In Singapore, it is a eyes open big big environment so you cannot compared with Malaysia. Nothing wrong, just different approach and people just need to be smarter either to makan others or not get makan.; May 09, 2010 3:23 PM
Anonymous said...: No greed, no loss, no problem!; May 09, 2010 4:17 PM
Anonymous said...: Due to the "not so good" quarterly results compares to UOB and OCBC, one of the FIs going to hire hundreds of RM to improve future earning.

I just want to say good luck to their customers especially those who they classify as "valuable" customers.; May 09, 2010 5:25 PM
Anonymous said...: Many people joined life insurance as a get rich quick scheme. Have ever attended a recruitment talk or business promotion talk by insurance companies? The speaker would tell you about the earning potentials, sky the limit potentials. Did you hear anything mentioned about the great responsibility and the financial and social role of insurance agents? NO, NO, nothing. The talk is about money , commission and money and how the wannabees will be taught to earn the money , the commission.What products pay the highest commission? Sell only these products and you will qualify for mdrt , cot or tot.
You see the conspiracy? You see the promise the company wil work hand in glove with their agents to fleece the customers?
It is wrong from the start...
Ethics, conscience, honesty, competence are never mentioned.; May 09, 2010 11:11 PM
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