Gold investors up in arms after another buyback scheme goes wrong

[songsongpunggol]

people never learn their lessons since the minibonds saga.

this is what you get if you keep pursuing wealth.

more worries and sleepless nights.

 

[GOD IS MY DOG]

Gold investors up in arms after another buyback scheme goes wrong
By Lip Kwok Wai / Melissa Chong | Posted: 06 March 2013 2005 hrs

Gold bars are displayed at the Bureau of Engraving and Printing (BEP) in Washington, DC on August 27, 2012. (AFP/File - Paul J. Richards)

SINGAPORE: Some gold investors are up in arms, after another buyback scheme went wrong. This followed a previous incident involving Genneva Pte Ltd in September 2012.

More than a hundred investors gathered at Hong Lim Park after the CEO of The Gold Guarantee went missing in January -- along with their money.

TGG said it had run out of gold and had asked investors to pay a S$2,000 deposit for a kilo of gold. But soon after, CEO Lee Song Teck disappeared.

The petition by the investors has gathered 140 signatures -- which they said will be sent to the Prime Minister's Office. They hope their efforts will expedite investigations.

Litus Tan, a family member of one of the investors, said: "My family lost about close to a million dollars. We want to raise awareness, because (of organisations like) Sunrise Empire, Geneva, and now, TGG.

"We got wind that new spin-off companies are coming up and if the government isn't going to do anything, more people are going to get scammed."

Another investor, Ow Bin Bing, said: "A lot of my friends also buy this gold and now they're suffering and very frustrated. So many are upset because all the money is gone. There are no updates from the CAD at all.

"They said we need time. In a few years, (we would've) all died already. We are investors you know, all our hard earned money, they don't drop from the sky."

-CNA/ac

as for the guy whose family lost a million bucks................i really wonder how they have a million in the 1st place...............i don't pity them...........not becoz they're stupid or greedy..........

but becoz they hoped to gain without doing a thing...............just like those Ah Nehs...........



the company ran out of gold and need deposit to buy more gold ???.................you don't get a better warning than that liao...........

 

[laksaboy]

You sure they're gold bars? Not tungsten bars coated with gold paint?

All that glitters is not gold, and a fool and his/her money are soon parted.

 

[Microsoft]

In case u spot dis con artist on de street...buy de man a tiger...

 

[OracleMasia]

"fools rushes in where Angels fear to tread" "there is a sucker born, every minute"...

There is always ignorant people who will fall for scams. In the past , we had min-bonds, high notes, Sunshine empire and now gold gurantee , etc. Once they got cheated, they say government did not act to stop it. They blame everyone but they did not blame themselves.

 

[cass888]

Two categories of people:

a. those who hold on to the gold bars - problem is they bought at an inflated price with promised buyback prices giving about 40% annual return
b. those who agreed not to hold the gold bars in return for additional return!

All money is gone!!!. I thought they are holding on to the gold bars?

 

[g3abc]

what happened to Walton Land Banking & Profitable Plots ?
Any latest updates ?
Thanks

 

[Grace]

Shake head. Face palm. Disbelief. Fools aplenty. Nobody likes fixed deposits anymore ?

///
Litus Tan, you asked for it.
yr family was GREEDY...thats their consequences.
no need KPKB!!
///
xxx

 

[zhihau]

"They said we need time. In a few years, (we would've) all died already. We are investors you know, all our hard earned money, they don't drop from the sky."

apparently the gold isn't guaranteed... thought that it was :(:(:(

 

[Grace]

Those investors deserve it.

If want to invest in gold just buy from UOB Gold counter at UOB plaza 1 basement.
Buy physical gold and store it in Certis Cisco Safe Box.

Laziness plus greed equal "deserve to be punish".

Will you buy a kilo of gold and safekeeping by a third party? I know I will never allow that to happened.

///GREEDY pigs....you asked for it.
Dont KPKB!!!!
///
xxx

 

[Narong Wongwan]

///
Litus Tan, you asked for it.
yr family was GREEDY...thats their consequences.
no need KPKB!!
///
xxx

if plain greedy still forgivable.............these goondus were Greedy and Gong!

 

[lifeafter41]

Two categories of people:

a. those who hold on to the gold bars - problem is they bought at an inflated price with promised buyback prices giving about 40% annual return
b. those who agreed not to hold the gold bars in return for additional return!

I guess those in group b are screwed even harder....

 

[shctaw]

https://uniservices1.uobgroup.com/secure/online_rates/gold_and_silver_prices.jsp

For those whom want to buy gold, please compare the price with UOB physical gold price.

UOB also sell gold coins since decade ago.

 

[shOUTloud]

Which goes to show the highly paid civil servants in MAS are

Please loh. You want MAS to check everything meh. Unlike the minibonds thingy where it can be argued that the government should be more involved, this case is clearly the fault of the investors cos they choose to invest in un-regulated products.

Lessons learnt for them loh. If they want to blame the govt for this, govt also lan lan.

 

[Jah_rastafar_I]

wow any of you guys hoping to start some company to get money from these foolish ppl?

 

[ZombieFart]

Buy physical gold and store it in Certis Cisco Safe Box.

Is safe box really safe?
I ask because I remember DBS safe boxes in HK were dumped off with valuables still inside.
Compensations were like shit.

 

[Narong Wongwan]

Is safe box really safe?
I ask because I remember DBS safe boxes in HK were dumped off with valuables still inside.
Compensations were like shit.

Here i kena by HSBC.....useless shit banks all

 

[AlphaLover]

What a bunch of non-observant idiots.

The rally at Chinatown is useless.

 

[songsongjurong]

the mother of all ponzi scam is upon us.
cpf got audit?

mas web site got blacklist bucket shop

 

[songsongjurong]

there is another virgin gold council
local celebrities involved

google "panama virgin gold scam"