Boiler Room Scam: Can SC tell us more?
Australian newspaper The Age reported February 23 that international regulators have arrested people involved in a so-called boiler room scam that targeted Australian and Singaporean investors, resulting in an estimated loss of at least $US600,000 ($A760,150).
Incidentally, Malaysia is implicated. The Age reported that unsuspecting investors have been duped into transfering money to a bank account in Malaysia. Quote:
Three were arrested in Malaysia following an international investigation led by the Dubai Financial Services Authority (DFSA), which is led by former Australian Securities and Investments Commission chairman David Knott.
When it caught them, the Malaysian Securities Commission froze $US350,000 in an account linked to the scammers.
There was also one arrest in Dubai last week after the DFSA obtained court orders and closed down the sham websites.
Can the Security Commission (SC) tell us more since it has acted?
Talk of a Malaysian bank account being involved in the scam, can Bank Negara shed some light in the name of transparency?
Comments
Hi Jeff,
U might want to alert the readers about this site too. It promised over 300% returns in 100 days http://www.danafutures.com. I heard it from a friend in johore bahru who asked me to invest. After looking at the site,I told it that he's is more likely to loose his money than ever see returns like that. U wont find any address, affliations, informations about the people running the company, where it is registered. From what i understand,a few people are beggining to invest in this company. Do any readers know anout this company ?
Posted by: StanSukhwant![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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February 26, 2007 08:32 AM
I am always curious about these 'investment' companies, not that I have a lot to invest! Recently, some guys I know, told me of this internet investment site, that one of their buddies invested in, and over twn months, his RM168 investment gave him over RM12k in returns!
Unbelievable...because that is simply what the 'pyramid' system is built on. Reward the few who 'started' and by roping in more people, convince the few that they have recvd their returns, 100fold only to take from the others before vanishing into thin air!
If it is really genuine, good for them, but how long before the bubble burst??
Posted by: alliedmartster![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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February 26, 2007 09:51 AM