Maxim Trader (Ponzi) In the News in Taiwan

[sibehtulan]

Fraudulent company crushed by the Bureau of Investigation


违法吸金30亿新台币台马胜总裁等4人收押

These guys are pretty active in Singapore and Malaysia. Fund collection by wire transfers to overseas entities. Hard to nail down. Anyone knows where is the Dragon Head? Don't think it is Taiwan.

I'm wondering if the authorities are doing anything about it.... if wait until the scheme collapses, a lot of people will be kachng pit jia.

Cheers

 

[laksaboy]

All MLMs are the same:

1) Selling hopes and dreams to the gullible ('own your own business!' 'be your own boss!' 'be financially independent!')

2) Recruiting more people to populate the lower levels of the food chain.

The authorities are not going to do anything about it, because it's entirely legal.

 

[sibehtulan]

Well it depends.

In this case, no physical products are involved. Only cash is "invested" with the promise of superb "returns". Hence, it is much more sinister than your typical Amway/Nuskin. Electronic fund balances can be cleaned out in the blink of an eye and the operators can just disappear into the night What's more, the operators don't have any meaningful presence here (or anywhere), unlike your typical MLM. They just conduct opportunity sessions in transient locations like hotels.

Well to be fair to the authorities, since the modus operandi of such investment "schemes" is usually to collect funds via TT to some foreign bank accounts (instead of registering local entities locally), to a certain degree it is beyond the jurisdiction of local authorities. However, considering that they are organising meetings physically in Singapore, they should have clamped down on such marketing activities once they got wind of it. They should also cooperate with foreign jurisdictions like Taiwan to share information and coordinate enforcement actions.

While "investors" should seriously think twice about handing over their hard earned money (especially low income people) to unregulated entities overseas, I think considering many "investors" are ill informed + greedy, the authorities should also aggressively educate this group of people who are so gullible.

Wah si sibeh tulan.

Cheers