Scam (Time Sharing etc...) Companies Active Again-Be Careful
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CAD has come in to investigate on Geneva Gold. There is no reason that Asia Gold Bullion or Gold Guarantee or Singapore Precious Metals won’t be in their scrutiny.
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http://www.asiaone.com/News/Latest%2BNews/Singapore/Story/A1Story20121002-374909.html
Raid at Gold Guarantee can start anytime as it was alleged that they brought in large amount of gold to Malaysia and cash out to Singapore without proper declaration to the relevant authorities. -
its about time these bastards get caught, their days are numbered. What I don’t understand is why in the owner of the premises sublet their premises to these bastards to operate business in the evening. The owner of the premise is also guilty for subletting their offices to allow these crooks to run their business.
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Be careful of Lee Song Teck and his companies.
It appears to me that he is not up to something good. Why do I say that?
In an interview by reporters 2 days ago. He commented that his companies are venturing into gold mining in Sarawak (or some part in Malaysia). This appears just like a response to doubt about how his companies have been able to make profit to pay out the hefty interest that it promised to its customers. Then why only now is he venturing into mining?
It also appear to me that by quoting mining as part of his company business portfolio, he will be to evade any authority, should there be one, investigation of any involvement in ponzi scheme in his companies. it is not illegal for him to simply own a piece of cheap forest land and make an empty claim that he is in mining business. However, by making the move, it helps him to maneuver into a grey zone where authority will be difficult to convict him of any fraudulent scheme. Unless he makes a blatant mistake of false claiming that he owns a mine but in fact he don’t have any.
Making a claim of a lucrative mining business can be attractive in luring many naive and uninformed members of the public into his scamming scheme too. As far as I know, Malaysia is not known for rich gold mineral deposits. And even if there is any, it takes years to develop and require huge infrastructure investment. Moreover, Lee isn’t a geologist or has he been in any mining business before to make good judgement whether a piece of land contain high gold deposits.
In short, it appears to me that Lee is making frivolous claim and it is with an ulterior motive. -
whether it is Gold investment or Gold Mining, they are both the same scam plot from Lee Song Teck. He thinks he is so clever and likes evades the law but the question is how far and how long can he evade the law? He can run but he can’t hide forever. The law is also not stupid either, and definately Lee is now under scrutiny by the law, wait till he make one single blunder and thats it, the law hunt him down.
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There is a serious loophole in our commercial legal framework.
Apparently, a company can be setup, make promises to deliver goods, collect money from customers. Then close down the physical office and register a virtual office.
In the above case, even if the court were to rule that the mentioned company has to pay back the amount of money collected from customers or from suppliers for failure to deliver goods or services, no effective enforcement of the court order is possible since the company has no physical office anymore. The affected party cannot claim the money, ordered by court, from any of the directors of the company since it is a private limited company. Applying for Bailiff at the court is also useless since there isn’t a physical office present for the bailiff to be enforced.
Potentially, the above loophole in the legal framework can be exploited unlimited until the whole commercial system breakdown.
I mention the above scenario because it is real. Victims of timeshare companies have won the court ruling but Jerry tan’s has stopped operating in a physical office and have registered most of his scam companies in a virtual office. The affected party is not able to claim back their, court ordered money since the company is not contactable and a physical location of the office is not present to enforce the Bailiff. -
AceTutors123:
I was very fortunate to get the same message... It's not actually a ponzi at all...
Anyway please be careful people, I stumbled upon a ponzi scheme happening right in Singapore. Received the following message from 82294005:
\"Hi [myname], thought you may want to know, a local entrepreneur with NO networking experience found an investment opportunity where he invested $2000 to secure a return of $10500 in ONLY 10 days. He has repeated this over and over. Be among the First to use this amazing system. http://www.asianmillionaires.com.sg.\"
Please don't fall for it! I'm surprised they even put up a picture of the founder on the website.
Obviously you never attended the free talk AceTutor.
I actually invested my $2,000 and secured a full return of $10,500 in a three week period which is in fact more than the 10 days he claimed...
But I do understand some people have done it in a lot shorter time than me.
I have re-invested for a second round and should have my returns out in the next few days.
This is the best return I have ever had on any investment
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anybody received phone call from lawyer firm saying that they can refund your timeshare monies?
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KoalaMummy:
anybody received phone call from lawyer firm saying that they can refund your timeshare monies?
Don't believe them and fall into another scam. -
Another "gold company" is now being investigated. The Gold Guarantee owned by Lee Song Teck.
There is a link between Jerry Tan Kim Huat and Lee Song Teck. Jerry tan previously sold his time-share company Discovery VIII to Lee song Teck. He set up another "gold company" himself with the name of "Singapore Precious Metals Private Limited" at Robinson road. According to public members, Jerry Tan is closing down his office at Robinson rd and many clients can’t contact them through the phone…and the same story repeat itself.
I hope that CAD will soon get Jerry Tan.
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