BRUNEIAN investors in Ponzi schemes (get-rich quick scams) should really take heed! Last Wednesday’s Singapore Straits Times’ (February 4, 2009) report: http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_334011.html?vgnmr=1 on Sunshine Empire founder James Phang must not be taken lightly.
The flamboyant and maverick ‘conman’ (together with three others, including his wife) has been charged in the Singapore Subordinate Court with 20 charges of fraudulent business and criminal breach of trust (CBT) i.e. cheating 20,000 people from mostly Asian countries.
Phew! Sing$189 million down the drain and my wild guess is that probably almost half a million are Bruneian investors’ money! I suppose it’d take a miracle for them to salvage their cash back from that scam, disguised as Multi-Level Marketing (MLM)…😦
I know quite a big number of Bruneians are gullible and had been duped over the years by such financial rip-offs ala ‘American Bernard Madoff’s’ USD50 billion fraud case!😦
When will our people ever learn that there’s never any short-cut to impossible high-yield investments in the long run? A very, very costly lesson was supposed to have been gained by Bruneian ‘get-rich quick dreamers’ in the early 90s when millions of dollars went up in the air via Promail!😦
Now, a few hundred Bruneians (and new members are still investing!) are stubborn enough to part with their hard-earned dollars to put into a so-called Malaysian ‘Islamic’ highly-profitable business scheme, with a minimum of BND5,000 deposit and a monthly return of BND400 guaranteed?! Even though, the country’s Ministry of Finance have been advising and warning them of the risky outcome they may be faced with at the end of the day, they simply won’t listen to reasons! I guess they’re filthy rich enough to not bother losing their ‘disposable income’?😉
In Japan last Thursday, Tokyo police have arrested 75-year-old Kazutsugi Nami, who’s accused of having conned some 37,000 people of a total of USD2 billion in possibly, the country’s biggest fraud case in history…
My own financial woes are putting me in dire straits already. I shouldn’t bother too much with other cash-rich people’s problems, should I? I’ve dug my own grave myself… unfortunately.😦 But it’s not the end of the world for me.🙂