Y
Yip Hon
Guest
Bros , anyone know identities of those cheated ???
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_804000.html
Investors cry foul over $10m start-up 'scam'
They claim they were tricked into thinking company was doing well
By Jalelah Abu Baker
They thought they were investing in the next Google or Yahoo, but after sinking more than $10 million into a start-up fronted by an entrepreneur from Hong Kong, a group of Singaporean investors have now lodged a police report alleging the proposal was a scam.
More than 20 investors had put money into a website touted to be the first business-to-business portal for suppliers in the region to market their products in China. But they say the start-up has failed to take off.
Among the investors are a former MP, businessmen and lawyers who requested anonymity to avoid embarrassment. Aged 50 to 60, some are seasoned investors while others are first-timers.
Speaking to The Straits Times, eight of them claimed they were approached by a stockbroker, who used to be a trading representative at a securities firm here, in 2006 and 2007. They said they trusted him as he was senior and had several years of experience.
http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_804000.html
Investors cry foul over $10m start-up 'scam'
They claim they were tricked into thinking company was doing well
By Jalelah Abu Baker
They thought they were investing in the next Google or Yahoo, but after sinking more than $10 million into a start-up fronted by an entrepreneur from Hong Kong, a group of Singaporean investors have now lodged a police report alleging the proposal was a scam.
More than 20 investors had put money into a website touted to be the first business-to-business portal for suppliers in the region to market their products in China. But they say the start-up has failed to take off.
Among the investors are a former MP, businessmen and lawyers who requested anonymity to avoid embarrassment. Aged 50 to 60, some are seasoned investors while others are first-timers.
Speaking to The Straits Times, eight of them claimed they were approached by a stockbroker, who used to be a trading representative at a securities firm here, in 2006 and 2007. They said they trusted him as he was senior and had several years of experience.
