Martin Lee @ Sg
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Profitable Group Staff to be Paid Salary

Profitable Group, a company that provides UK land investment opportunities, managed to get the High Court to release $218,000 from its frozen bank accounts to pay the outstanding wages of its staff.

After this payment, Profitable Plots will be left with only $60,000 in its coffers.

While Profitable Plots is currently under investigation by CAD, no criminal charges have been pressed against the company yet. The Attorney-General’s Chambers would have to update the court on the CAD’s investigations next Thursday.

Profitable Plots Staff to be Paid (Today)

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15 comments
Eden says 8 years ago

MAS stop regulating the gold trade since 1978. Even if it is not regulated under MAS, it is still registered under Singapore law and activities, as usual for business organizations are declared. It is not Gold Insignia’s fault if MAS does not want to regulate it.

Anyway, MAS regulated means that only the old and uneducated get a kind of a help for minibonds, and such but their decision to help came way too late so that even the old and uneducated would have settled for whatever partial compensation which the financial institutions offered earlier.

For any not so old and can read English quite well, MAS regulated or not do not mean very much. MAS is way probably more concerned about the reputation of the financial institutions in Singapore then the money anyone lost.

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fact says 8 years ago

Collecting money from the public for investment and paying investment returns requires license. No matter how you try to diguise it, the law will catch up with you eventually.

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Anon says 8 years ago

I know someone who is a customer and he tells me they never claimed to be MAS approved.

Probably on the IAL because misinformed people go around, well, misinforming? Like almost all directly sold products, the integrity (and product knowledge) of the agent is paramount.

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Anonymous says 8 years ago

Gold Insignia LLP has been listed on MAS Investor Alert List.

http://www.moneysense.gov.sg/check_our_list/Consumer_Portal_IAL.html

Search for Gold Insignia LLP.

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?? says 8 years ago

What is the diff between Gold Insignia vs Genneva vs Gold Label??

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Joe P says 8 years ago

” GOLD INSIGNIA LLP. The minimum investment sum is $5000 and you would be given a gold bar equivalent to 70% of your investment amount as collateral. The 30% is left with them to generate income by investments to pay for the interests”

Why i wonder do you need the gold bar for 70%. If you are that convinced of their investment ability just give them 30% to invest and buy your own gold (diversify). Me I wouldnt touch this because I suspect at minimum you are paying 43% too much for gold (do the math) and there will be no investment returns beyond an initial payment which they will ask you to roll forward and get “extra” returns . If they hold the gold for you then you are probably paying 143% too much for gold.

A search for GOLD INSIGNIA LLP reveals nothing except this blog post and one “linked in reference” so I strongly doubt they are “MAS approved”

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Steve F says 8 years ago

As an Ang Moh let me say that cheats come in all sorts of colours and races.

While it is reasonable that administrative staff get paid I would feel uncomfortable if sales, directors accountants etc are being paid before CAD makes a report.

Anyone who is a middle manager or above in these companies must be aware of what goes on and either chooses to ignore it or actively supports it.

Everyone denies guilt in these cases. My personal measure of guilt or innocence is Adults are responsible for what they are aware of, and for what they can reasonably control or influence. Everyone involved in Profitable Group should be tested against that measure by themselves and the authorities.

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Singaporean says 8 years ago

The Ang Mohs are the mastermind. The millions have already cross into their swiss accounts and they are enjoying their high rolling lifestyles in the Bahamas, smoking cigars and slurping pussies. The staff are rewarded with the remaining crumbs on the table since they are the working arms and accomplices. The regulators who are blind, deaf and mute are the silent bystanders, rewarded with their high salaries and coming bonuses. The only true victims are the gullible local aunties and uncles whose retirement savings have been canabalised by the foreign sharks, let in by our local leaders, aided by the local tiger barbs to have a feeding frenzy of our local guppies in the small pond called Singapore.

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Jai Lai says 8 years ago

I was recently introduced to a new gold investment scheme by a newly formed company called GOLD INSIGNIA LLP.

This company promises 4% interest every 3 months (18% per annum) and would continue to do so if you stay on the programme. The minimum investment sum is $5000 and you would be given a gold bar equivalent to 70% of your investment amount as collateral. The 30% is left with them to generate income by investments to pay for the interests

You can terminate your contract with them at anytime and redeem the gold bar at prevailing market rate. However, the 4% interest would only be paid for each 3 months cyle. The agent claimed that their company is MAS approved and comply with the various pertinent authourities.

Do you think it is “safe” to invest with them considering the high interest (18%) promised?

Jai Lai

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    lioninvestor says 8 years ago

    Jai,

    So they company is using your 30% capital to generate returns of 4% every 3 months? Which means they can deliver returns of 13+% every 3 months?

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    Unknown says 8 years ago

    I came across this as well, but the agent came clean with me that they are not MAS approved.

    I am not agent or pro-GOLD Insignia. just to point out another thing that Singaporean so often forget.

    MAS approved doesn’t prove anything.

    REMEMBER Lehman Brother? They were approved by MAS, and what happend?

    Whichever company and whatever investment we made, has to based on our research and not because MAS approved.

    I know this listed company are managing it so badly but their shares is still CPFIS…….

    There is only so much authority and regulating body can do…

    Let’s us all be careful!

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    Audrey says 7 years ago

    You are not alone. I am one of the latest victims. I had asked to get back my money but was told to write a letter with 3 months’ notice dated September 2011. I took action when I learned that Gold Insignia is on MAS investor alert list.
    Now I do not know what to do except waiting for one month to go.
    Anyone can help me on how to get back my money as soon as possible?

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Not Conned says 8 years ago

That’s why conman & conwoman love S’pore so much. So easy to con gullible people and the law here is so pro-business. Even better if you’re ang moh, coz your natural speaking & presentation skills (talk cock & bullshit skills) usually mesmerise asians into opening their wallets. That’s why there are so many funny ang moh operated “investment” firms in S’pore now.

And the BS on employees not being complicit in their operations. Come on, you believe that? Just becoz they will obviously claim innocence and feign ignorance of what is actually going on. What these people were doing are no different from selling magic stones. Just that the authorities are so far behind the curve — they can’t even comprehend that all those landbanking and boron or whatever crap are basically magic stones wrapped in legalese.

I bet none of those employees even put $1 into their own stuff that they claimed were so wonderful and sure to make returns, profits blah blah. If they were so innocent and truly passionate about their jobs & products, why is this so?? Why do you get those conman & conwoman coming onto internet forums to diss critics and claim that their products were so good?

And where are those ang moh directors and managing director etc?!? I bet all of them have already skipped town more than 6 months ago. S’pore should just issue an international warrant of arrest for the whole lot of them, for grand larceny, fraud and conspiracy to cheat.

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    S says 8 years ago

    My friend used to work in Profitable Group and she was fired cause of company close. Nowadays, she and her friend didn’t get any salary from firm that they say. Profitable Group might be lie to CAD. CAD please check up.

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      S says 8 years ago

      I forgot to tell you that the situation occur in Thailand.

      Reply
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