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Yewheng
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when will sinkieland's biggest ponzi scheme get busted ?

 

i think it will take another 15 yrs for CPF to become insolvent 

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i think it will take another 15 yrs for CPF to become insolvent 

COe not Ponzi scheme ?? play on everyone's emotions [:p]    

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COE only $60k a pop

 

CPF is $600K.  [laugh]

What about those whom popped it to 90K level , reverse Ponzi maybe this one , govt.  play on emo (tweak here n there) also lah! this one! and then after that is auto pilot by people to play each others out  

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COe not Ponzi scheme ?? play on everyone's emotions [:p]

si-Hor-yi is not ponzi, it is "按住搶“ in Cantonese.....

 

 

actually sinkies "buy things" always 貨不對版......pay and pay and get crap....

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Serial cheat who posed as lawyer to scam victims of $1.8m sentenced to more than 7 years' jail
PUBLISHED1 HOUR AGO
Ng Huiwen
 
 
simtheepeng12.jpg?itok=ui0_fj-2
ST PHOTO: LAU FOOK KONG
 
SINGAPORE - A serial cheat, who posed as a lawyer to trick 21 victims out of nearly $1.8 million, was sentenced to more than seven years' jail on Friday (Feb 12).
 
Sim Tee Peng, 39, had last month pleaded guilty to 23 charges, which included cheating, criminal misappropriation, theft, forgery and giving false information. Another 41 charges were taken into consideration.
 
For these offences, the salesman was jailed seven years and two months.
 
He received an additional 12 weeks' jail for three charges of counterfeiting stamp duty certificates for property transactions.
 
Over a period of 14 months, Sim collected stamp duty payments and other conveyancing-related fees from property buyers supposedly on behalf of four law firms.
 
He received between $17,088 and $312,000 from each victim from June 2011 to September 2012.
 
Although he previously worked as paralegal, with about four years of conveyancing experience, Sim was never formally employed by the law firms and did not have a valid practising certificate. Thus, he was not authorised to practise law or act as an advocate and solicitor in Singapore.
 
His modus operandi involved instructing the property buyers to deposit the monies into his personal bank account or his company's bank account. He would inform them that he had issued his own personal cheques for the payments.
 
At that time, Sim was the director of general wholesale company WW Hub.
 
To further deceive his clients that the fees were paid, Sim would present fake documents, such as false invoices using a law firm's letterhead or copies of unissued personal cheques.
 
On one occasion, Sim even used the title "partner" on name cards given to property buyers.
 
His scheme also involved creating forged stamp certificates to dupe a law firm into giving him reimbursements.
 
On these occasions, his clients had made payments directly to the law firm's account instead. Sim then falsely represented to the law firm that he had already assisted to pay the stamp duties on their behalf using his personal funds.
 
Sim used the money he amassed to fund his personal expenses, such as buying a BMW 5 Series car, which he had also driven with an expired vehicle licence number.
 
His offences came to light when the Inland Revenue Authority of Singapore conducted investigations over a forged stamp certificate for a property transaction handled by him.
 
For cheating, Sim could have been jailed up to 10 years and fined.

 

 

 
 
remind me of this movie  [laugh]
 
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i think it will take another 15 yrs for CPF to become insolvent 

 

How can CPF ever become insolvent when govt can just print money?

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received a whatsapp from +249 ... Sudan.

 

can't understand the message, want to scam also scam in English mah ... [:p]

 

I got incoming call from prefix +0. from heaven or hell ah?

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Investors cry foul over tree investments gone wrong
Firm that sold them aquilaria tree scheme has folded
Invest Editor/Senior Correspondent
 
 

About 70 investors, including Singaporeans and foreigners working here, are crying foul over a scheme that effectively promised that their money could grow on trees.

 

In 2013, the investors poured sums ranging from $5,000 to $60,000 into a scheme to grow aquilaria trees - a prized tree that is harvested for valuable agarwood or oud oil, used in perfumes and spas.

 

The investors, who were approached via telemarketing, complain that the firm they gave their money to - Singapore-based Tropical Forestry Venture (TFV) - has folded. It vacated its office at Sago Street more than a year ago.

 

And so far, they have had no luck pursuing their grievances with the authorities here.

 

Under the scheme, an investor paid about $230 per sapling or $550 per semi-mature tree. In return, he could expect potential returns of three to seven times when the saplings matured in six to seven years.

 

For semi-mature trees, the timespan was shorter.

The consumer watchdog said it has received nine complaints against TFV but the complainants were mainly counselled or rejected as the association does not handle such investment cases.

 

The sales agreements typically state that there is a guaranteed return of $400 to $600 for every tola of agarwood oil harvested. A tola is an old Indian unit of weight, and is 11.66g.

 

Each tree could potentially yield at least four tolas. The harvesting cost and sales commission added up to 13 to 15 per cent of the sales proceeds.

Depending on the firm, the tree plantations could be in Kelantan in Malaysia or Kanchanaburi in Thailand.

 

Further complicating the investors' woes is their claim that another firm, Tropical Forestry Assets Management (TFAM), had asked them for cash top-ups to maintain or upgrade their trees before they could be harvested for profits.

 

When contacted, Mr Ben Soo, founder and managing director of TFAM, said the claims that his firm collected payments related to TFV's past sales were "untrue".

 

He said he has informed TFV's customers that the payments are for fresh batches of agarwood trees.

 

Mr Soo said TFAM was in no way related to TFV.

 

Several of the affected investors have made police reports against the two firms over the past 12 months.

 

When contacted, the police said it is inappropriate to comment on police investigations, if any.

 

Retiree Eugene Kwong, 53, told The Straits Times that he paid TFV for 150 saplings at $230 each in November 2013 and 25 semi-mature trees at $550 apiece in January 2014, which worked out to a total of $48,250. He was given an additional 15 trees for free.

 

Mr Kwong received a certificate of ownership from TFV for his saplings but not for the semi-mature trees.

 

He alleged that in May last year, he was notified by TFAM that TFV had folded and TFAM had taken over the marketing responsibility for the trees. However, TFAM had no marketing rights for TFV's customers, he claimed.

 

Subsequently, he bought 50 two-year old trees at $100 apiece from TFAM to try to recoup his investment. These trees will mature in about four years' time. Mr Kwong has filed a police report against TFV.

 

A 33-year-old investor, who declined to be named, said she bought two batches of 25 semi-mature trees each from TFV in September 2013. Each batch cost $5,250 - $210 per tree - and she paid for the first batch. She was given four trees for free. She said TFV told her at the time that September 2015 was the earliest that she could profit from her trees - and that did not happen.

 

She alleged that she was informed by TFAM at the end of 2014 that it was taking over the customer accounts from TFV which had ceased operations, and that she could continue her agarwood investments with TFAM. She later paid $7,950 ($310 per tree and $200 to upgrade two free trees) to TFAM in January last year, which she believed was balance payment of her transaction with TFV.

 

She later found out that TFAM did not consider her payment to be the balance payment of her agreement with TFV, but as payment for a new batch of trees with TFAM.

 

"I'm very frustrated. I hope TFAM will refund me as it has given the impression that it took over TFV's business," said the investor, who has filed a police report against TFV and TFAM.

 

The Consumers Association of Singapore said it has received nine complaints against TFV but the complainants were mainly counselled or rejected as the association does not handle such investment cases.

 

It also received a query relating to another agarwood firm, Asia Plantation Singapore - which is currently on the alert list of the Monetary Authority of Singapore - involving agarwood investments, said the consumer watchdog.

 

 

Edited by Showster
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Investors cry foul over tree investments gone wrong

 

Firm that sold them aquilaria tree scheme has folded

 

 

 

Lorna Tan

Invest Editor/Senior Correspondent

 

 

 

About 70 investors, including Singaporeans and foreigners working here, are crying foul over a scheme that effectively promised that their money could grow on trees.

 

In 2013, the investors poured sums ranging from $5,000 to $60,000 into a scheme to grow aquilaria trees - a prized tree that is harvested for valuable agarwood or oud oil, used in perfumes and spas.

 

The investors, who were approached via telemarketing, complain that the firm they gave their money to - Singapore-based Tropical Forestry Venture (TFV) - has folded. It vacated its office at Sago Street more than a year ago.

 

And so far, they have had no luck pursuing their grievances with the authorities here.

 

Under the scheme, an investor paid about $230 per sapling or $550 per semi-mature tree. In return, he could expect potential returns of three to seven times when the saplings matured in six to seven years.

 

For semi-mature trees, the timespan was shorter.

The consumer watchdog said it has received nine complaints against TFV but the complainants were mainly counselled or rejected as the association does not handle such investment cases.

The sales agreements typically state that there is a guaranteed return of $400 to $600 for every tola of agarwood oil harvested. A tola is an old Indian unit of weight, and is 11.66g.

 

Each tree could potentially yield at least four tolas. The harvesting cost and sales commission added up to 13 to 15 per cent of the sales proceeds.

Depending on the firm, the tree plantations could be in Kelantan in Malaysia or Kanchanaburi in Thailand.

 

Further complicating the investors' woes is their claim that another firm, Tropical Forestry Assets Management (TFAM), had asked them for cash top-ups to maintain or upgrade their trees before they could be harvested for profits.

 

When contacted, Mr Ben Soo, founder and managing director of TFAM, said the claims that his firm collected payments related to TFV's past sales were "untrue".

 

He said he has informed TFV's customers that the payments are for fresh batches of agarwood trees.

 

Mr Soo said TFAM was in no way related to TFV.

 

Several of the affected investors have made police reports against the two firms over the past 12 months.

 

When contacted, the police said it is inappropriate to comment on police investigations, if any.

 

Retiree Eugene Kwong, 53, told The Straits Times that he paid TFV for 150 saplings at $230 each in November 2013 and 25 semi-mature trees at $550 apiece in January 2014, which worked out to a total of $48,250. He was given an additional 15 trees for free.

 

Mr Kwong received a certificate of ownership from TFV for his saplings but not for the semi-mature trees.

 

He alleged that in May last year, he was notified by TFAM that TFV had folded and TFAM had taken over the marketing responsibility for the trees. However, TFAM had no marketing rights for TFV's customers, he claimed.

 

Subsequently, he bought 50 two-year old trees at $100 apiece from TFAM to try to recoup his investment. These trees will mature in about four years' time. Mr Kwong has filed a police report against TFV.

 

A 33-year-old investor, who declined to be named, said she bought two batches of 25 semi-mature trees each from TFV in September 2013. Each batch cost $5,250 - $210 per tree - and she paid for the first batch. She was given four trees for free. She said TFV told her at the time that September 2015 was the earliest that she could profit from her trees - and that did not happen.

 

She alleged that she was informed by TFAM at the end of 2014 that it was taking over the customer accounts from TFV which had ceased operations, and that she could continue her agarwood investments with TFAM. She later paid $7,950 ($310 per tree and $200 to upgrade two free trees) to TFAM in January last year, which she believed was balance payment of her transaction with TFV.

 

She later found out that TFAM did not consider her payment to be the balance payment of her agreement with TFV, but as payment for a new batch of trees with TFAM.

 

"I'm very frustrated. I hope TFAM will refund me as it has given the impression that it took over TFV's business," said the investor, who has filed a police report against TFV and TFAM.

 

The Consumers Association of Singapore said it has received nine complaints against TFV but the complainants were mainly counselled or rejected as the association does not handle such investment cases.

 

It also received a query relating to another agarwood firm, Asia Plantation Singapore - which is currently on the alert list of the Monetary Authority of Singapore - involving agarwood investments, said the consumer watchdog.

Such a strange scam, hope pple stop believing in money growing from such investments

 

Keep money as savings in the bank is better

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