According to this report , the Police are looking for a woman who was alleged to have cheated some people by soliciting money from them on the pretext that her husband had been hospitalized. Presumably, she was telling a lie. She collected sums varying form $50 to $450 from sympathizers. I do not know how much was involved, but it was probably less than $5,000 in total. I wonder why the Police would be so keen to take action on this case.
There is another person who has been advertising for many years that he is an expert in forex trading and is able to teach the trainees on the techniques of trading that are guaranteed to make profit.
These claims are not true, but there are enough trainees who believe the statements to fill up a class each month. Each trainee paid a few thousand dollars for three days of training. The total amount collected in training fees over the years must have amounted to several million dollars. Although several complaints were made to the Police, the activity of this trainer was not investigated.
It is clear to me that the untruths and misrepresentations told by the forex trainer were of the same kind as those told by the woman, and the amounts were several hundred times larger. When someone tells an untruth, and collect money from a person who was misled by the untruth, the perpetrator is "cheating" the victim. The same investigative action should be applied to both situations.
It would have been a simple matter for the Police to call the forex trainer and ask him to provide evidence to back up his advertising claims, and to show that he is not misleading or cheating the trainees. A simple interview would probably convince the forex trainer to stop or minimize the questionable activity. This would have saved the victims a lot of lost money not only in the training fees, but in actual losses on the forex transactions.
Tan Kin Lian
http://www.todayonline.com/Singapore/Singaporeinbrief/EDC120425-0000039/Police-looking-for-this-woman-to-assist-them-in-scam-investigation
There is another person who has been advertising for many years that he is an expert in forex trading and is able to teach the trainees on the techniques of trading that are guaranteed to make profit.
These claims are not true, but there are enough trainees who believe the statements to fill up a class each month. Each trainee paid a few thousand dollars for three days of training. The total amount collected in training fees over the years must have amounted to several million dollars. Although several complaints were made to the Police, the activity of this trainer was not investigated.
It is clear to me that the untruths and misrepresentations told by the forex trainer were of the same kind as those told by the woman, and the amounts were several hundred times larger. When someone tells an untruth, and collect money from a person who was misled by the untruth, the perpetrator is "cheating" the victim. The same investigative action should be applied to both situations.
It would have been a simple matter for the Police to call the forex trainer and ask him to provide evidence to back up his advertising claims, and to show that he is not misleading or cheating the trainees. A simple interview would probably convince the forex trainer to stop or minimize the questionable activity. This would have saved the victims a lot of lost money not only in the training fees, but in actual losses on the forex transactions.
Tan Kin Lian
http://www.todayonline.com/Singapore/Singaporeinbrief/EDC120425-0000039/Police-looking-for-this-woman-to-assist-them-in-scam-investigation
There is a difference.
ReplyDeleteOne is a registered business the other is not.
Registered businesses falls under commercial law.
Commercial crimes are not part of local police work but under Commercial Affairs Department.
This is a numbers game. Every time you need only a few victims. Insurance pushing is also a numbers game. Call enough people there bound to be some who would fall for the pitch. At roadshows too. Keep talking to passers by and every 10 they get one dumb one to fall for the scam. This is how the numbers game works. History keeps repeating. People have short memory too.Victims are not in short supply.
ReplyDeleteWhy selling life insurance doesn't need knowledge and skill . Why after so many years there are only few who have tertiary education in financial planning or investment? Because they don't need it. The agents don't need to help with the clients' financial goal. They need to outsmart them, to con them of their money. Does this need financial knowledge? All they need is ability to talk, call, lie and misrepresent. Glib tongue is an asset. Boldness is another. That is why MAS must wipe them out to protect the consumers.
Interesting to learn that "local police" -SPF do not handle commercial crimes.... Who is the minister in charge of the CAD then ?
ReplyDeleteThe buck somehow do not seem to stop at any minister's door step in Singapore. Can someone enlighten?
[ One is a registered business the other is not. ]
ReplyDeleteif a registered business hired underage girl to give free sex, would it be under commercial law or criminal law?
the idea that because you are a business, you have a different set of rules applied, make no sense.