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Profitable Boron Gone Wrong
Yesterday, the three directors of Profitable Plots were charged in court for cheating over an investment scheme sold by their company.
Under the scheme, investors were promised a return of 12.5% in six months. The monies that investors put in were supposed to be used to finance the purchase of a chemical-based lubricant, Boron CLS Bond.
Once the lubricant was sold to commercial end-users, investors would be paid their capital and returns.
It is not known how many investors got their money back eventually.
The three directors have been granted bail at $400,000 and a hearing has been set for 10th April 2012.
Profitable Plots Directors Charged with Cheating (Straits Times)