Dear Mr Tan
Today's straits times A37 - "Bank Negara: Some gold traders run Ponzi
schemes. KL Central banks raids four firms, has another 20 on
consumer alert list"
It is interesting to know what our Authorities intend to do? Are they
currently allowing some of these companies to liquidate their assets
before taking action or they just deem that their schemes are not
under their preview and they should not take any action.
This has happened in the past with the Minibonds and we are still
allowing such things to happen.
David
Today's straits times A37 - "Bank Negara: Some gold traders run Ponzi
schemes. KL Central banks raids four firms, has another 20 on
consumer alert list"
It is interesting to know what our Authorities intend to do? Are they
currently allowing some of these companies to liquidate their assets
before taking action or they just deem that their schemes are not
under their preview and they should not take any action.
This has happened in the past with the Minibonds and we are still
allowing such things to happen.
David
1 comment:
It's very lucrative to copy from the greatest Ponzi inventor, Madoff, making use of new clients to pay off the old clients, making the ball roll on and on until no more clients come on board, and the whole scheme collapses.
In Singapore, it takes about 3 years, plus and minus for the Ponzi scheme to fall apart, by the time the reluctant Authorities start to investigate, the schemers have collected a huge fortune and siphoned abroad.
And why not? After some years in jail, would come out still a good man, enjoying what he had hidden abroad, living like a king.
But our religion forbids us to cheat, dun wan to go to hell after death.
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