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Category Archives for Scams
MAS Investor Alert List Update
From time to time, MAS receives information on persons who are possibly conducting activities regulated by MAS without authorisation. Some of these unregulated persons may sometimes use names similar to that of entities regulated by MAS. MAS maintains an investor alert list, on whom MAS has received information and who are not authorised by MAS […]
Conned by Sure-Win Scam
Today, I read in the newspapers about a woman called Rose Tan who managed to con her victims of $421,000 by promising an investment that gives 10% returns a month. The money was never invested but was instead used by Rose for her personal expenses. To make her story believable, she even used some of […]
Swisscash Scam Refund
Swisscash was a ponzi scam that started from Malaysia and involved more than S$100 million affecting investors from all over the world. In one of the largest ever case in the history of the prosecution of such scams, the Securities Commission (SC) entered into a consent judgement with two of the defendants in the case […]
Sunshine Empire
The trial of Sunshine Empire founders James Phang Wah, his wife Neo Kuon Huay, and ex-director Jackie Hoo Choon Cheat is currently underway as they are charged by the public prosecutor of running a Ponzi scheme. Within a period of just 15 months, Sunshine Empire managed to raise $180 million from investors enticed by the […]
Beware of Fake Online Banking Sites
Our three local banks – DBS, UOB and OCBC have been the target of scammers/phishers recently. Computer trojan programs installed into infected computers can trick users into revealing their internet banking passwords. The login page looks very similar to the actual one, except are a minor difference. Here’s how the fake DBS login page looks […]