Profitable plots

[Fabiaman]

U guys heard of the ponzi scheme. Where the ponzi will be be raising new money from new investors so as to give great returns to existing investors. In such cases, the "investments" is never genuine. Check out the news today on ST on the 50bn USD fraud. Thats a ponzi.

 

I shan't say anything more.

[Tohdj]

:)

Edited December 13, 2008 by Tohdj

[Sfhuang]

Yep ... greed at work.

[Enye]

Another one bites the dust....

Two Profitable Plots directors get jail

Judge finds third director had no role in making false representations to investors

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TWO of three directors of land-banking firm Profitable Plots were yesterday jailed for conspiring to cheat investors in a bond scam that involved losses of some $3 million. For cheating 18 investors, Timothy Nicholas Goldring, 60, was sentenced to a seven-year term, and John Andrew Nordmann, 55, eight years.

The two Britons, who could each have been jailed up to 10 years on each count, have indicated that they intend to appeal against the conviction and the sentence. A third director, Geraldine Anthony Thomas, Nordmann's wife, was acquitted of the 18 charges following the 64-day joint trial.

The prosecution stood down a further 68 charges for each of the three. These will be dealt with later. A pre-trial conference has been fixed for July 7.

The court heard that investors lost $3.1 million in the Boron scheme between November 2008 and August 2010. This scheme involved using investors' money to finance the purchase of the Boron CLS Bond.

Two representations were made to the investors, who were told at the first that their money would be used exclusively to buy the Boron products. At the second representation, the investors were told that the Boron product had been pre-sold to major corporations, creating the illusion that the investment was safe and able to generate the required returns for Profitable Plots to pay investors their principal sum plus a fixed 12.5 per cent return within six months of the date of investment.

In his written grounds for decision, District Judge Chay Yuen Fatt found Goldring and Nordmann to have been "instrumental in conceiving and launching the Boron Scheme to the public". He said that the firm did not sell Boron products to major corporations as claimed, and that there was also no intention to use the investors' monies exclusively to purchase Boron products.

"The intention was to use a substantial portion of the investment monies to pay off existing obligations owed to investors of land products and, after some time, Boron unit investors," wrote the judge. He disagreed with the prosecution's case that the Boron scheme had been a sham, saying that he found that the scheme was dishonest only to the extent of the two false representations that were made to the investors.

He rejected Nordmann's argument that the criminal charges were just contractual breaches and that investors' negative blog posts had resulted in the firm's inability to repay the investors.

During the trial, Goldring and Thomas chose to remain silent but the judge drew a negative inference from this against Goldring, citing the damning evidence. As for Thomas, the judge said that she had no role to play in the making or authorisation of the false representations to the investors.

Bail has been set at between $200,000 and $240,000 for each of the accused.

It is estimated that about 1,500 Singaporeans and 4,000 foreigners invested in Profitable Plots, which was set up in 2004. The company's clients, mostly retail investors, had put their money into various investments it offered, including land in Britain and the Philippines, and bonds for Boron, an industrial lubricant.

 

[The_Bear]

They really had a very profitable plot...

[Ktglfc]

 

Another one bites the dust....

Two Profitable Plots directors get jail

Judge finds third director had no role in making false representations to investors

PRINT |EMAIL THIS ARTICLE

 

 

TWO of three directors of land-banking firm Profitable Plots were yesterday jailed for conspiring to cheat investors in a bond scam that involved losses of some $3 million. For cheating 18 investors, Timothy Nicholas Goldring, 60, was sentenced to a seven-year term, and John Andrew Nordmann, 55, eight years.

The two Britons, who could each have been jailed up to 10 years on each count, have indicated that they intend to appeal against the conviction and the sentence. A third director, Geraldine Anthony Thomas, Nordmann's wife, was acquitted of the 18 charges following the 64-day joint trial.

The prosecution stood down a further 68 charges for each of the three. These will be dealt with later. A pre-trial conference has been fixed for July 7.

The court heard that investors lost $3.1 million in the Boron scheme between November 2008 and August 2010. This scheme involved using investors' money to finance the purchase of the Boron CLS Bond.

Two representations were made to the investors, who were told at the first that their money would be used exclusively to buy the Boron products. At the second representation, the investors were told that the Boron product had been pre-sold to major corporations, creating the illusion that the investment was safe and able to generate the required returns for Profitable Plots to pay investors their principal sum plus a fixed 12.5 per cent return within six months of the date of investment.

In his written grounds for decision, District Judge Chay Yuen Fatt found Goldring and Nordmann to have been "instrumental in conceiving and launching the Boron Scheme to the public". He said that the firm did not sell Boron products to major corporations as claimed, and that there was also no intention to use the investors' monies exclusively to purchase Boron products.

"The intention was to use a substantial portion of the investment monies to pay off existing obligations owed to investors of land products and, after some time, Boron unit investors," wrote the judge. He disagreed with the prosecution's case that the Boron scheme had been a sham, saying that he found that the scheme was dishonest only to the extent of the two false representations that were made to the investors.

He rejected Nordmann's argument that the criminal charges were just contractual breaches and that investors' negative blog posts had resulted in the firm's inability to repay the investors.

During the trial, Goldring and Thomas chose to remain silent but the judge drew a negative inference from this against Goldring, citing the damning evidence. As for Thomas, the judge said that she had no role to play in the making or authorisation of the false representations to the investors.

Bail has been set at between $200,000 and $240,000 for each of the accused.

It is estimated that about 1,500 Singaporeans and 4,000 foreigners invested in Profitable Plots, which was set up in 2004. The company's clients, mostly retail investors, had put their money into various investments it offered, including land in Britain and the Philippines, and bonds for Boron, an industrial lubricant.

 

 

 

Never ever believe in all these.

Always invest in something you can see and feel :)

[TJX]

When it is too good to be true, it's probably not. Always keep that in mind and you will not be cheated..

[Mustank]

They really had a very profitable plot...

Whoa!!!!!

 

Never ever believe in all these.

Always invest in something you can see and feel :)

Can see can feel is the bestest