A Poly student consulted me about this investment. He was introduced by his friend to two companies which made vague presentations promising high return through landing bank, convertible bonds and pre-IPO shares allotted through private placement.
He carried out his research on these two companies and their management from their websites and had a hunch that this could be another Ponzi scheme. Several of his friends and other teenagers that had invested tens of thousand of dollars into these companies. If this is a scam, he wanted them to be stopped before more people are caught in it.
I told him to collect evidence of the investments made by his friend. There is a law that issue of shares to the public require approval to be obtained from the Monetary Authority of Singapore These two companies could be breaking the law.
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