http://www.straitstimes.com/singapo...90000-to-ponzi-scheme?login=true&xtor=CS11-86
Mr Choo alone lost about $90,000 of his savings.
He fell into the scheme in July 2007 when a friend and neighbour, Ms Stella Chau, persuaded him to join, emphasising high returns.
"She heard about the business from her colleague, who heard about it from a friend, who heard about it from someone else. It was like a whole chain of people signed up together," he told The Straits Times on Thursday (Dec 28).
"I didn't know it was a con. I don't know much about investments or trading, so I just followed Stella. We both trusted that it was real."
Mr Choo bought four Gold Prime packages costing between $9,600 and $12,000 each after attending a seminar run by a Sunshine associate.
A month later, he received returns of $14,000.
He used this to buy 10 more Gold Prime packages and one Silver Merchant package for $1,200.
Mr Joseph Kwok, president of the Financial Planning Association of Singapore, said the laws are comprehensive in protecting consumers and the punishment in Phang's case was stiff enough to deter potential offenders from defrauding consumers.
But he also said people needed to be responsible for their own choices: "No law is enough if one is willing to be 'cheated' by getting into get-rich-quick schemes."
Mr Kwok advised consumers to first ask if the investment scheme is registered with authorities here.
"If it is not, then consumers need to be alert and ask tough questions with regard to how the return is generated." he said.
"If the return sounds too attractive without requiring the consumers to do much, then one needs to be worried."
Mr Choo claimed he was no longer angry about falling prey to the scam: "The game is over, our money is lost and we cannot get it back.,"
But the experience has soured him on ever making more financial investments.
"It's just not possible anymore. I'll never invest again."
Mr Choo alone lost about $90,000 of his savings.
He fell into the scheme in July 2007 when a friend and neighbour, Ms Stella Chau, persuaded him to join, emphasising high returns.
"She heard about the business from her colleague, who heard about it from a friend, who heard about it from someone else. It was like a whole chain of people signed up together," he told The Straits Times on Thursday (Dec 28).
"I didn't know it was a con. I don't know much about investments or trading, so I just followed Stella. We both trusted that it was real."
Mr Choo bought four Gold Prime packages costing between $9,600 and $12,000 each after attending a seminar run by a Sunshine associate.
A month later, he received returns of $14,000.
He used this to buy 10 more Gold Prime packages and one Silver Merchant package for $1,200.
Mr Joseph Kwok, president of the Financial Planning Association of Singapore, said the laws are comprehensive in protecting consumers and the punishment in Phang's case was stiff enough to deter potential offenders from defrauding consumers.
But he also said people needed to be responsible for their own choices: "No law is enough if one is willing to be 'cheated' by getting into get-rich-quick schemes."
Mr Kwok advised consumers to first ask if the investment scheme is registered with authorities here.
"If it is not, then consumers need to be alert and ask tough questions with regard to how the return is generated." he said.
"If the return sounds too attractive without requiring the consumers to do much, then one needs to be worried."
Mr Choo claimed he was no longer angry about falling prey to the scam: "The game is over, our money is lost and we cannot get it back.,"
But the experience has soured him on ever making more financial investments.
"It's just not possible anymore. I'll never invest again."
