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Sunday, 26 May 2019

Investor who promoted pyramid scheme fined $120,000

Read? Police reports filed against fintech company

Read? Investor who promoted pyramid scheme fined $120,000

CW8888: It is so easy to convince people that it is easy to earn passive income. I am earning passive income. You want to earn? Come and join me! Your trusted friends and relatives are your worst enemy when come to making easy money from the market. You tend to believe them!

2,000 investors! It is 2,000 bei kambing! Walau!

SINGAPORE - An investor in a pyramid selling scheme which left thousands of Singaporeans out of pocket has been fined $120,000 after he admitted helping to promote it.

Chin Ming Kam, 45, organised seminars to promote Maxim Trader, an international "fund management" scheme run by financial trading firm Maxim Capital, which collected more than $50 million from over 2,000 investors here before ceasing operations.

Chin had 53 people directly under him who invested a total of about US$755,000 (S$1 million), and as a result he earned US$75,500 in commission for referring them to the scheme.

However, in July 2015, investors received information that it would cease operating in Singapore, and later found they were unable to recover their investments or obtain returns.

Police were alerted.

Cases against two Singaporean alleged accomplices - Goh Seow Mooi, 60, and Andrew Lim Ann Hoe, 61 - are pending.

The court heard that Maxim Trader allowed investors to delegate trading decisions to Maxim Capital.

Investment packages ranged from US$1,000 to US$30,000, with investors promised 3 to 8 per cent monthly returns with a lock-in period of 18 months and a capital guarantee. There were no policies for refunds.

Individuals who wished to invest would have to be referred by an existing investor via the Maxim Trader website, which required a referral ID to register. 

The court heard that Maxim Trader was promoted via seminars and events, and that Chin and Goh organised at least 13 such seminars between May 2014 and July 2015.

Existing investors were invited to take along friends and other interested individuals.

The total amount of losses directly attributed to Chin was unclear. Court documents stated that he is "self employed".

Offenders convicted of promoting a pyramid selling scheme can be jailed for up to five years and fined up to $200,000.


  1. {Investment packages ranged from US$1,000 to US$30,000, with investors promised 3 to 8 per cent monthly returns with a lock-in period of 18 months and a capital guarantee. There were no policies for refunds.}


    U & me will straight away know "where got so many bull frogs jumping all over on the street"?

    Sad case so many up to 2000 people.

    DIY by nature people will know no such things exist in this world except TOTO or something similar.

    Sad indeed.

    1. So easy to scam people. Education is all over the place to know what is scam. People never bother to learn?

    2. These are people i suppose looking for the easy money and don't want to find out what is the "normal" rate of return investing in the stock markets.

      CW8888 display your chart of normal stock market returns for them to see.

      Believe or not, go and ask Riley lol!

      No offence intended.

  2. "who wished to invest would have to be referred by an existing investor"


    Just remind me of Madoff's tactics of only for "exclusive club effect"-aka no any Tom Dick or harry acn join.

  3. yes even if one month 1% will U join?

  4. 3%-8% monthly returns? Perhaps only if illegal activities and/or in 3rd world countries with high inflation.

    I used to have couple of foreigner colleagues who had loanshark investment back in their home country --- min USD10K, lock-in 12 mths, 5% monthly cash returns, non-compounding.

    I tongpang them USD10K for 1 year, but stopped after my wife told me off. Unsavoury business & you can imagine what they do to those who can't pay, especially in 3rd world countries...

    1. Kudos to your wife.

      i think my wife will say same thing to me.

      And kudos to U for listening to your wife.

      But i am a bit surprised that your intellectual caliber( aka highly intelligent) was influenced by your foreigner colleagues.

      What happened?

      No offence intended just like to know how so smart U can be influenced by them?

      It's o. K. if stop here but thanks for the sharing of real world we live in (aka can be very cruel).

      Even if 1% a month is too much ROI under current investment climate.

      Everything in life should be measured in relative terms.


  5. 2. Why do scams sting otherwise smart people?
    People often don’t want to hear the truth. These come-ons hit them in a place where they might be vulnerable.
    3. How can an investor spot a con artist?
    A con artist is somebody who harnesses a person or the public trust for the sole purpose of using that trust against them, to separate them from their money.
    Con artists take their time to research potential victims and markets. You think that your contact is random. But he would have already been sizing you up. Rice, for example, had a direct-marketing list he called his “sucker list.”
    A good con artist can be on friendly terms with any individual in 15 minutes. He’ll find out your appetite for risk, how much money you have, and he’ll do this in a conversational way, to find out if you had a shared desire to participate in a get-rich-quick swindle.
    The con artists bleed you dry. They’ll dangle illicit riches in the form of a too-good-to-be-true proposition. They’ll let you make a small teaser profit. It costs nothing to make up a stock tip. If they’re right, and you make a small amount of money, that emboldens your confidence.

    5. How can people sharpen their radar so they’re not an easy target?
    If you keep hearing about some form of insider activity in the broader marketplace, it’s going to make you suspicious. That opens the door for an iconoclast like Rice to gain a foothold. Here’s this guy riding in on a white horse who is going to protect you. Rice was masking his own frauds with large denunciations of others.
    Take everything with a grain of salt. Question everything. Be a probing investor. One tool con artists like Rice use, which people use even in legitimate areas of business, is confusion. Rice would spell out this deal, and it was such a complicated deal. It’s complicated, he’d say, because it’s going to make money, and it’s going to make money because it’s complicated. As intelligent as we all like to think we are, we’ve all been in a position where someone explains an investment with confidence and charisma, and you can only ask someone so many times to explain something to you without looking foolish.
    We see that in the investment world today. Investments are pitched to people behind layers of complexity. If they pared it down in a fully explainable and understandable way, you’d probably run.
    Look at the underlying product, and not the story behind the product. The public demands to be mystified. People want those stories. When you tell somebody they can’t see something, it makes them want it more. There’s tremendous power in telling people that something is exclusive to them; people are fearful of missing out. Anything that is pressuring you to make the deal now is an obvious red flag.
    Until we can find a way to change people’s fundamental human nature, you can only hope to make a dent in their awareness by educating them. That offer doesn’t just randomly land in your inbox. There are reasons you’re being targeted and you have to remain constantly vigilant. We all would like to get rich quick overnight. You have to resist the temptation to buy into that and raise your awareness. These technologies that we think are going to make our lives easier and ease our path to riches are being controlled by other people, and you just have to remain hyper-vigilant and hyper-skeptical. Uneducated investors don’t know when to cut their losses and get out.

    A few years ago, as i was walking in a HDB's corridoor, i received a phone call out of the blue asking me to invest in something that "sure makes money". i was not surprised but what the FXXX... So keeping a low profile is quite important.

    My 2 cents to keep scammers and con artists far away to enter into my world though they may have targeted me & you already!!!!

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