Thursday, December 23, 2010

Sometimes, all that glitters ...

Gold investment firm placed on MAS' Investor Alert List
Former NTUC Income chief executive and consumer rights advocate Tan Kin Lian said such gold investment schemes could be operating on the basis that money from later investors is used to pay the earlier ones.

He also urged for greater regulation, saying: "The Government should make it illegal for any company to operate an investment scheme without getting a licence from MAS. They should not be allowed to collect deposits or investments and promise a high return, when they do not have the assets to back up their liabilities."

http://www.todayonline.com/Singapore/EDC101223-0000225/Gold-investment-firm-placed-on-MAS-Investor-Alert-List
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4 comments:

yujuan said...

Very irritating.
Singaporeans must be loaded with money, with nowhere to invest other than in too good to be true investment schemes. And so gullible and greedy too.
Simply put, these people ask for it, and truly deserve to be cheated. So stop crying foul.

December 23, 2010 5:29 PM
silverybay said...

About time they come down hard on these guys. Been telling people all along that its unsustainable but so many choose to ignore because of greed.

Such investment scams are like cockroaches, you squash a few of them but more will resurface later.

You just got to keep squashing them.

December 23, 2010 7:00 PM
Anonymous said...

Hi,
I was approached by my wife's relative regarding this type of gold investment a few years ago. And the gold bars he showed me was from reputable banks.
But I told him it on the face that it was too good to be true. It seemed there was no risk for the investors. I hope he hasn't been trapped.
To me any investment that seems to carry no risk for the investor is a "no, no". it must be a trap.

December 23, 2010 9:01 PM
silverybay said...

I hope the relevant enforcement agencies will fine or charge the agents as well. This will serve to deter people from selling such dubious investment in future as the consequence will make them think twice.

Regulated agents get penalise for the sligthest mistake. Unregulated agents get away with no punishment at all. Don't make any sense at all.

December 24, 2010 10:49 AM

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