Mr. Wong (not his real name) invested over $1 million in the gold bar scheme of the gold trading company that was recently in the news. It represented his entire life savings. He was not aware that the company was on the MAS Alert List. He stopped receiving payment and, to make matters worse, he had deposited his gold bars with the company. He is afraid that his entire savings would be gone. Mr. Wong asked for my advice on the steps that he should take now.
I told Mr. Wong that he should make a Police report. This report may be useful to the Commercial Affairs Department, as they had recently started to investigate the company.
I told Mr. Wong that there is no point to engage a lawyer at this stage, as he would be incurring legal fees and, even if he obtained judgment against the gold trading company, they would probably ignore the judgment.
Other investors in the same situation as Mr. Wong should lodge their Police report as soon as possible, unless they are informed by CAD that this is not necessary.
I told Mr. Wong that he should make a Police report. This report may be useful to the Commercial Affairs Department, as they had recently started to investigate the company.
I told Mr. Wong that there is no point to engage a lawyer at this stage, as he would be incurring legal fees and, even if he obtained judgment against the gold trading company, they would probably ignore the judgment.
Other investors in the same situation as Mr. Wong should lodge their Police report as soon as possible, unless they are informed by CAD that this is not necessary.
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