people never learn their lessons since the minibonds saga.
this is what you get if you keep pursuing wealth.
more worries and sleepless nights.
this is what you get if you keep pursuing wealth.
more worries and sleepless nights.
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Gold investors up in arms after another buyback scheme goes wrong
- Thread starter PStanley
- Start date
Gold investors up in arms after another buyback scheme goes wrong
By Lip Kwok Wai / Melissa Chong | Posted: 06 March 2013 2005 hrs
Gold bars are displayed at the Bureau of Engraving and Printing (BEP) in Washington, DC on August 27, 2012. (AFP/File - Paul J. Richards)
SINGAPORE: Some gold investors are up in arms, after another buyback scheme went wrong. This followed a previous incident involving Genneva Pte Ltd in September 2012.
More than a hundred investors gathered at Hong Lim Park after the CEO of The Gold Guarantee went missing in January -- along with their money.
TGG said it had run out of gold and had asked investors to pay a S$2,000 deposit for a kilo of gold. But soon after, CEO Lee Song Teck disappeared.
The petition by the investors has gathered 140 signatures -- which they said will be sent to the Prime Minister's Office. They hope their efforts will expedite investigations.
Litus Tan, a family member of one of the investors, said: "My family lost about close to a million dollars. We want to raise awareness, because (of organisations like) Sunrise Empire, Geneva, and now, TGG.
"We got wind that new spin-off companies are coming up and if the government isn't going to do anything, more people are going to get scammed."
Another investor, Ow Bin Bing, said: "A lot of my friends also buy this gold and now they're suffering and very frustrated. So many are upset because all the money is gone. There are no updates from the CAD at all.
"They said we need time. In a few years, (we would've) all died already. We are investors you know, all our hard earned money, they don't drop from the sky."
-CNA/ac
as for the guy whose family lost a million bucks................i really wonder how they have a million in the 1st place...............i don't pity them...........not becoz they're stupid or greedy..........
but becoz they hoped to gain without doing a thing...............just like those Ah Nehs...........
the company ran out of gold and need deposit to buy more gold ???.................you don't get a better warning than that liao...........
There is always ignorant people who will fall for scams. In the past , we had min-bonds, high notes, Sunshine empire and now gold gurantee , etc. Once they got cheated, they say government did not act to stop it. They blame everyone but they did not blame themselves.
Two categories of people:
a. those who hold on to the gold bars - problem is they bought at an inflated price with promised buyback prices giving about 40% annual return
b. those who agreed not to hold the gold bars in return for additional return!
a. those who hold on to the gold bars - problem is they bought at an inflated price with promised buyback prices giving about 40% annual return
b. those who agreed not to hold the gold bars in return for additional return!
Shake head. Face palm. Disbelief. Fools aplenty. Nobody likes fixed deposits anymore ?
///
Litus Tan, you asked for it.
yr family was GREEDY...thats their consequences.
no need KPKB!!
///
xxx
if plain greedy still forgivable.............these goondus were Greedy and Gong!
https://uniservices1.uobgroup.com/secure/online_rates/gold_and_silver_prices.jsp
For those whom want to buy gold, please compare the price with UOB physical gold price.
UOB also sell gold coins since decade ago.
For those whom want to buy gold, please compare the price with UOB physical gold price.
UOB also sell gold coins since decade ago.
Which goes to show the highly paid civil servants in MAS are
Please loh. You want MAS to check everything meh. Unlike the minibonds thingy where it can be argued that the government should be more involved, this case is clearly the fault of the investors cos they choose to invest in un-regulated products.
Lessons learnt for them loh. If they want to blame the govt for this, govt also lan lan.
wow any of you guys hoping to start some company to get money from these foolish ppl?
Is safe box really safe?
I ask because I remember DBS safe boxes in HK were dumped off with valuables still inside.
Compensations were like shit.
Here i kena by HSBC.....useless shit banks all
What a bunch of non-observant idiots.
The rally at Chinatown is useless.
The rally at Chinatown is useless.
the mother of all ponzi scam is upon us.
cpf got audit?
mas web site got blacklist bucket shop
cpf got audit?
mas web site got blacklist bucket shop
there is another virgin gold council
local celebrities involved
google "panama virgin gold scam"
local celebrities involved
google "panama virgin gold scam"
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