Martin Lee @ Sg
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OilPods Victim Wins Suit, but Might Get Nothing

A victim of OilPods, a company that sold investment opportunities in oil related investments, had won his lawsuit against the company and its sole director Mark Chang over his investment losses.

The suit was initiated in 2009 but was only decided last month.

The victim was awarded almost US$40,000 by the district judge but ironically, the legal costs that he needs to pay could easily exceed that amount.

The victim  had initiated another lawsuit against the agent who sold him the investment but that suit was dismissed with costs by the judge.

Back in 2008, Colorado-based Powder River Petroleum, had run into problems with allegations of being a ponzi scheme. This was the company that marketing agent OilPods had used to structure the oil investment opportunity.

It had then filed for bankruptcy and investors were left hanging.

Mr Chang is now an Australian permanent resident living in Perth.

Victim of Ponzi Scheme to get a Refund (Straits Times)

 

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