Mr. Goh (not his real name) is in his late 50s and now works as a security guard at Midview City. He told me that he had invested his life savings in a land banking product and is not able to get his money back. It must be the product which guarantees a return of the principal and interest at 10% after one year. His wife is very angry with him.
Without any savings, he now has to work long hours as a security guard at a miserable pay. He is very angry at the Government and Monetary Authority of Singapore for failing to stop this land banking company to cheat people like him.
Mr. Lee (not his real name) sought my help a few months ago. His wife had wanted to invest in the gold scheme, which pays 2% every month for and promised to return the 100% of the capital at the end of 3 months. She had stayed away from the product for one year, after reading my advice to avoid it.
Her friends had had invested in the scheme and were able to collect the 2% return quite safely. To catch up for the lost time, the wife and her family had put in a large part of their savings in the scheme, against the advice of Mr. Lee.
Mr. Lee has now read in the newspaper that the company promoting the gold scheme had been sued by another investor and did not appear in court to contest the case. Mr. Lee is worried that his wife still had a lot of money invested in that company, and could suffer the loss. He wondered why the Government did not take action earlier to stop this operation.
The lack of action of the authority has led to so many losses from naive investors. In Malaysia, these operations had been closed down by the Government, but they were allowed to continue in Singapore, leading to a false sense of security of the public.
Our government leaders can say that these investors did not open their eyes and were greedy. This is not such a simple matter. Like Mr Lee, he tried to tell his wife to avoid the investment, but she would not listen.
Without any savings, he now has to work long hours as a security guard at a miserable pay. He is very angry at the Government and Monetary Authority of Singapore for failing to stop this land banking company to cheat people like him.
Mr. Lee (not his real name) sought my help a few months ago. His wife had wanted to invest in the gold scheme, which pays 2% every month for and promised to return the 100% of the capital at the end of 3 months. She had stayed away from the product for one year, after reading my advice to avoid it.
Her friends had had invested in the scheme and were able to collect the 2% return quite safely. To catch up for the lost time, the wife and her family had put in a large part of their savings in the scheme, against the advice of Mr. Lee.
Mr. Lee has now read in the newspaper that the company promoting the gold scheme had been sued by another investor and did not appear in court to contest the case. Mr. Lee is worried that his wife still had a lot of money invested in that company, and could suffer the loss. He wondered why the Government did not take action earlier to stop this operation.
The lack of action of the authority has led to so many losses from naive investors. In Malaysia, these operations had been closed down by the Government, but they were allowed to continue in Singapore, leading to a false sense of security of the public.
Our government leaders can say that these investors did not open their eyes and were greedy. This is not such a simple matter. Like Mr Lee, he tried to tell his wife to avoid the investment, but she would not listen.
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