Recent news about Sunshine Empire in the Singapore Chinese newspapers!
Many people are blinded by greed which is why they fell into such scams like Sunshine Empire, Swisscash and others etc.. (I used to be one of them who invested a few thousand dollars into Swisscash and Megaeforex). If a person has sufficient financial knowledge and financial literacy, such scams are quite easy to spot and one would have easily avoided being conned. I've shared on this forum and other forums tips on "How to avoid falling into scams" I actually know of people who are highly educated (graduates like me) and yet still fell into this scam. It shows that High education does not equate to Financial Literacy. Thus, raising one's financial literacy can really help one to avoid scams and losses and increase likelihood of growing one's money.
It's unfortunate that many people I know (friends, colleagues, relatives) had put in a lot of money into hair-brained get rich money scheme (not recruited by me as I did not sponsor anyone into money games but I am one of the gullible investor). Funny thing is that the people I know are very much savvy with their money and supposed to possess higher financial literacy but yet many of them had placed their faith with James Phang of Sunshine Empire. In your opinion, do you think there is any way for aggrieved investors to recover any of their capital? I would think 10 cents on the dollar would be a possible scenario, or perhaps it is too optimistic.....
While James Phang and his cohorts might get his deserved punishment done, there are many others who have left thousands of investors broke and gone free unnoticed like the defunct Swisscash, Megaeforex, BuyeBarrel, Xthreem, WCI and many others etc. Many feel that this group should be bought to justice too! Old scammers might have gone but many new ones will emerge. People are governed by greed and desires to obtain benefits with the least effort so there are always people who will never learn from their bad experiences. They will continue to explore, accept Ponzi or easy money making schemes and exploit others from it.
It's unfortunate that many people I know (friends, colleagues, relatives) had put in a lot of money into hair-brained get rich money scheme (not recruited by me as I did not sponsor anyone into money games but I am one of the gullible investor). Funny thing is that the people I know are very much savvy with their money and supposed to possess higher financial literacy but yet many of them had placed their faith with James Phang of Sunshine Empire. In your opinion, do you think there is any way for aggrieved investors to recover any of their capital? I would think 10 cents on the dollar would be a possible scenario, or perhaps it is too optimistic.....
While James Phang and his cohorts might get his deserved punishment done, there are many others who have left thousands of investors broke and gone free unnoticed like the defunct Swisscash, Megaeforex, BuyeBarrel, Xthreem, WCI and many others etc. Many feel that this group should be bought to justice too! Old scammers might have gone but many new ones will emerge. People are governed by greed and desires to obtain benefits with the least effort so there are always people who will never learn from their bad experiences. They will continue to explore, accept Ponzi or easy money making schemes and exploit others from it.
James Phang finally pay the price of scamming thousands of Singaporeans out of their $180 million. I heard some of them are retirees who sold their HDB flats and invested all their money into the Ponzi scheme which is disguised as legitimate investment business. 3/4 of the money are not recovered. When James Phang comes out from his jail terms, will he still get to enjoy the remaining spread?
ReplyDeleteDid anyone came across this guy from Singapore? Allan Tan Lian Heng. A guy somehere around 60 yrs old acting as a decent man or poor man. Be careful of him as he is running about everywhere asking for money and hoping to survive. He is actually cheating your money. He is a real wolves in sheep clothing. He's worse than anyone else. Worse than James Phang. I can guarantee your money wont come back after that. He has cheated millions of dollars in moneygame. Now is his retribution! A bankrupt man.
ReplyDeleteSo Sad. This Allan Tan not only deserved to get it. But to be strike by lightning. Many people find it hard to sue him bcause he did not declare alot of things and put company under his name. He will get wht he has planted the seeds.
ReplyDeleteyes I agree. This Allan Tan lian Heng the bastard and mother fucker. I hate him. Hope all his family go to hell! His mother never teach him manners. His mother and family will be in Hell. He will also be chopped into pieces when I saw him!
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