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Category Archives for Scams

Genneva Gold Set to Lose Lawsuit

Genneva Gold, or more correctly known as Genneva Pte Ltd, was recently sued for their failure to return customer’s gold and money. A plaintiff, Lee Bee Ghok, has won an interlocutory judgment against Genneva in the Subordinate Court. The judgement might very well be a hallow victory because based on the latest filings, Genneva has liabilities […]

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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 […]

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What Now for Oilpod Investors?

I received an email from someone asking about whether there were any updates on the Oilpods investment scheme. For those who have not been following the story, Oilpods is an investment into working interests in Canadian oil wells, with monthly returns generated from the sale of the oil and gas. Eventually, it was discovered that […]

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Citi Asia Fined Over ex-Staff Alleged Ponzi

Came across this enforcement news about the Securities and Futures Commission (SFC) of Hong Kong giving a reprimand to Citigroup Global Markets Asia Limited (Citi Asia) as well as a fine of $6 million for failing to detect a ponzi scheme. Apparently, a staff at Citi Asia had promised clients guaranteed returns which were fictitious. […]

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Boiler Room Fraudsters Taken to Task

Seven men who were involved in a boiler room scam that cheated investors of millions of dollars over a two year span were sentenced to a total of forty years in jail. The Spanish-based operation targeted thousands of investors in the UK by applying high pressure telemarketing techniques to push shares in a bio-diesel company, […]

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