Thursday, November 17, 2011

Cheating - as defined in the Penal Code of Singapore

Cheating – Whoever, by deceiving any person, fraudulently or dishonestly induces the person so deceived to deliver any property to any person, or to consent that any person shall retain any property, or intentionally induces the person so deceived to do or omit to do anything which he or she would not do or omit if he or she were not so deceived, and which act or omission causes or is likely to cause damage or harm to that person in body, mind, reputation or property, is said to "cheat".For example, A cheats if he intentionally deceives Z into a belief that A means to repay any money that Z may lend to him when A does not intend to repay it, and thereby dishonestly induces Z to lend him money.Cheating is punished with imprisonment of up to one year, or a fine, or both.
Cheating is a crime and action has to be taken by the state, i.e. it is not a civil matter. If a person deceives another person and receives money from the victim, the person is committing the crime of "cheating".

If a forex trainer claims that his technique is guaranteed to make money, and the representations are false, the trainer is deceiving the students and can be charged for the crime of "cheating" them of the fees that are being paid.


zhummmeng said...

Is it cheating if the insurance salesman knowingly fails to disclose material facts that are important to their clients to make informed decision?
Also is not disclosing the commission the insurance agent can earn from the product he is pushing cheating?

Miko said...

Hi Mr.Tan

If a forex coach claims his trading strategy average returns is very impressive during the preview , a beginner can easily make 6 to 9% per mth and the returns will increase to 20 to 30% for experience student.

His claims might be true but it could be every 5 out of 100 students can achieve that, can we say the coach is cheating or mis-selling?

Solomon said...

The trainer can always claim that the student does not apply what he has been taught properly, and this is very diffcult to argue against in court.

Just wondering who has made any money consistently from trading in FX for the last 3 years. Professional and novice traders who I know all packed up and went back to make money the old fashioned way, work.

Tan Kin Lian said...

If the forex trainer claims that his method is 100% guaranteed to make a profit, and there is no basis for that claim, the trainer is cheating the student. This does not matter if the student has applied the method correctly or not. The test is - does the method really work?

Tan Kin Lian said...

Reply to Miko
Mis-selling is selling the wrong product that does not suit the purpose.
Cheating is deceiving someone and taking money from them.
The forex coach is cheating as his statements are not true, and they is deceiving someone to attend his course and pay money to him.

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