Investors of The Gold Guarantee sign Petition
http://www.straitstimes.com/breaking-news/singapore/story/ex-investors-gold-guarantee-gather-hong-lim-park-petition-quicker-acti
It is quite sad to have another group of investors lose so much of their savings. They are partly to be blamed, because they wanted to earn the high interest rate, which is really impossible.
So many people are involved due to the activities of the financial advisers, who sold these products to them. As the financial advisers are licensed by MAS, the investors may not realize that the products are not approved by MAS. It is necessary for MAS to ban financial advisers from selling non-approved products, to avoid any misunderstanding.
The petitioners asked MAS to stop similar schemes from being sold to the public. I agree with this request. MAS should step in and regulate all financial products, instead of leaving some of them as unregulated. A financial product can be defined as one that promises a full or partial return of the principal, or payment of regular interest.
http://www.straitstimes.com/breaking-news/singapore/story/ex-investors-gold-guarantee-gather-hong-lim-park-petition-quicker-acti
It is quite sad to have another group of investors lose so much of their savings. They are partly to be blamed, because they wanted to earn the high interest rate, which is really impossible.
So many people are involved due to the activities of the financial advisers, who sold these products to them. As the financial advisers are licensed by MAS, the investors may not realize that the products are not approved by MAS. It is necessary for MAS to ban financial advisers from selling non-approved products, to avoid any misunderstanding.
The petitioners asked MAS to stop similar schemes from being sold to the public. I agree with this request. MAS should step in and regulate all financial products, instead of leaving some of them as unregulated. A financial product can be defined as one that promises a full or partial return of the principal, or payment of regular interest.
Been hearing the excuse that MAS did not or will not regulate certain financial institutions or investment instruments......since the Mini Bonds/ Notes days.
ReplyDeleteAre they understaffed or what ?
Very sad.
Pardon my cruel thoughts, but wish some of those left in the lurch include some of the relatives of those in power or "coverment" !
Statistics always needed for the Authorities to act, no ?
These advisers should have their license canceled by MAS for engaging in illegal activities,ie. selling unregulated products to their trusting clients.
ReplyDeleteDun understand fellow citizens at all, all these after the Minibonds, High 5 notes saga, other Gold Trading Fly by Night Operators, still so naive.
ReplyDeleteInstead of "blaming" the Authorities for lack of action, why dun people exercise logic in investing their moneys. There is no glittering metal for us to pick up quickly, else people here dun have to work their butts off, sometimes clocking a tedious 12 to 13 hour work day. But human weakness could allow Greed and Impatience to over ride even the highly educated brain. May as well gamble on the stock market, at least when get caught on the wrong end of stick, still have bones and some meat left plus future hope to recover your capital, meanwhile receiving dividends while waiting.
Really a big yawn, such news dun arouse interest anymore.
On the other end, the Authorities could take a leaf from the American Govt on how to handle such fly by night scams, if willing to do.
ReplyDeleteThe Americans dealt with the Madoff Ponzi by making it a criminal case,
forcing the earlier investors who cashed out to return their profits, and added on to the residual pool of funds recovered from Madoff, deduct whatever admin expenses incurred, and the recovered funds to be shared equally by all investors. This is real Justice at play.
Singapore Gold Scheme investors always think they could be smart alecky enough to get off the train and cash out in time, leaving other investors to carry the baby, but the train could stop suddenly, catching you instead to carry the baby. May as well carry the stock market baby, at least this Equity baby has a chance to grow up to make back the money lost.