14 May 2013
Editor, Forum Page
Straits Times
It is quite common for the public to be invited for a
free preview on a training course to trade foreign exchange,
commodities, futures and other financial products.
During the preview, the presenter may make some
exaggerated claims on the effectiveness of their trading
techniques or even offer verbal promises of guaranteed
success.
It is easy for the public to be taken in by these exaggerated
claims and to sign up for a course costing a few thousand
dollars.
Their subsequent trading experience is often a
disappointment. Some have incurred large losses, based on
anecdotal evidence.
Some of the public signed up after seeing other people
rushed to the signing tables. These could be agents
who were planted to create a false impression.
The authority appears to be reluctant to put a stop to
these practices,
I suggest the authority should make it a requirement for
the preview talks to be video recorded, so that they can
be accountable for false or baseless claims, which can
amount to the crime of cheating.
This could be a sufficient deterrent for the time being.
Tan Kin Lian
President
Financial Services Consumer Association
Clemen Chiang comes to mind. Thank goodness he is sued. His gangantuan claims of profits is ringing alarm bells. At those rates can overshoot Warren Buffett.
ReplyDeleteUnfortunately common sense goes out the window for some when big profits are mentioned.
There's another guy named Kishore. As i no longer read Shit Times i have no idea if he is still running his courses.
Authorities ought to put him out of commission to save the public angst.