Martin Lee @ Sg
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Profitable Plots Directors Jailed

Today, Singapore courts found the two Directors of Profitable Plots, Timothy Nicholas Goldring and John Andrew Nordmann guilty of cheating.

It was found that Timothy Goldring and John Nordmann had misrepresented an investment scheme called Boron. Profitable Plots Directors Jailed

Investors were told that their funds would be used for the purchase of Boron products, but most of the money actually went to pay for the operations of Profitable Plots and other investors. The information that Boron products had been pre-sold to major corporations was also not true.

Timothy was sentenced to seven years in jail, while John was sentenced to eight years in jail. The two directors intend to appeal the conviction.

This might be a hollow victory for investors, as it is unclear whether they will be getting back any of their money.

Added : More reporting in the Business Times article below.

Two Profitable Plots Directors Get Jail (Business Times)

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17 comments
John says 3 years ago

Hello Martin,is there any more news regarding Profitable plots? thank you
John

Reply
    Martin Lee says 3 years ago

    Dear John,

    Unfortunately, it’s already game over for this company. I don’t see a way out for investors.

    Reply
Jagdev Singh Gill says 4 years ago

Hi Martin
I invested too, luckily only one plot.
Just days ago a rep of “Masakau Consolidations” called me and asked if I wish to sell my plot, for
USD 100,000.
I can’t seem to find ANYTHING online about this group.
Any chance you’ve heard about this?
The catch is we have to pay USD7000 first but “will be refunded later”.
Would be so good to know if you’ve heard anything – I’m worried this is a NEW scam building on the old one.
Grateful thanks
Jag -17th April

Reply
    tasy says 4 years ago

    Hi. May I ask how had it go? Thanks

    Reply
      ABC says 4 years ago

      Did you also get an Acquisition Agreement from Masakau Consolidations? Anything happened to you?

      Reply
    ABC says 4 years ago

    Totally disappointed. My advice is don’t do anything with Masakau Consolidations. Had a bad experience already.

    Reply
      Mahs says 3 years ago

      any update news on this masakau consolidation? What bad experience do you ABC get? Do advice

      Reply
        CKT says 3 years ago

        Do you think the Masakau scam too?
        They call me up to sign the acquisition form and pay usd7k per plot.
        I am asking for reference on successful buy who get paid, but they refused.
        I am seriously doubt the genuine of this deal!

        Reply
          Sandi says 3 years ago

          Masakau Consolidations is not real. Its just another scam.

          Reply
        ABC says 3 years ago

        According to the contract, they ask you to pay the association dues and within 5 business days payout for land will be transferred to your account in US Dollars. They make it sound so simple. Of course, it didn’t happen that way. They did not deliver what was promised in the contract. They come up with more issues and ask you to pay for something else that you are not liable for. It’s a mess. Just don’t get into it.

        Reply
    Natsarut says 4 years ago

    Hi,

    I got a call and they need me to pay 61,000 USD.

    Reply
    Rone says 4 years ago

    So do you sell the land? did the buyer still contacting you?

    Reply
      Mamj says 3 years ago

      Yes you are right they are asking your money first. Then what, obviously? They ask you to send the money to Philippines? How is that possible? Their base is in Japan based on their website. It is a scam definitely though claiming that they are professionals helping investors to sell their plots

      Reply
xyz says 5 years ago

Pls note that S’pore unable to charge them for unethical selling per se. They were charged becoz they broke the letter of the contract they themselves signed with customers — criminal breach of trust. SG is strictly by the numbers, by the alphabets and by the letter of the law. It is not a crime to sell you something worth only $10 for $100,000. Nor is it a crime to say that the product has 99.99% chance of sextuplating your money when they know 100% that it will be worthless.

Reply
    Martin Lee says 5 years ago

    Dear xyz,

    Yes, the charge was for mis-representing boron, and not the land. Even then, the judge did not want to label it as a outright scam.

    Reply
    Steve F says 5 years ago

    “Nor is it a crime to say that the product has 99.99% chance of sextuplating your money when they know 100% that it will be worthless.”

    I think that may be called fraud. Often hard to prove though. You are right though the land isnt worthless. Once you take selling expenses and legal fees into account it is probably worthless 🙂

    Reply
Steve F says 5 years ago

Hopefully sends a clear message to those currently cold calling UK Land Banking, Asian Plantations, Brazilian House building, Carbon Credits and various Gold investment schemes in Singapore. Suing critics into silence doesn’t work long term and the truth will out eventually.

Reply
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