Infinity treasures

[makav31i]

Who is absolving Infinity of any responsibility?
I am merely stating they are not the main perpetrators.

The investment is in the USA,
Infinity Treasures visited the operation - there were pictures on their website of their inspection trip to the USA.
It looks to me that the problem with this investment is the inability of the developer (Right Buy Properties) to sell the properties. The investment was sold on "we have a clear route to market" which appears not to have been the case.
I have searched for the many 1000's of families who claim to have been rehoused by the Exit Strategy but cannot find a testimonial by one of them, this is where I think Infinity have let their clients down, they could have dug a little deeper.

If Infinity have committed a crime then it is clear they will face the appropriate course of action. I have yet to be convinced though that a crime has been done here.
One could argue the system is flawed and that Infinity are part of a system of greed?

Wait for CAD which is investigating them at the moment to decide what charges or any crime commited and whether to press against Infinity Treasures...

If The Exit Strategy is found to be running a ponzi or multi-level marketing or pyramid selling, on top of my head can only think of "Marketing or promoting MLM or Pyramid scheme" which is an offence in Singapore...

 

[Shiny Things]

Gullible is a good word to describe the behaviour if Infinity treasures. I do think they were gullible for too long too, not realising the extent of the behaviour of Right Buy Properties early enough. It is very likely that they were told everything was fine, right up to the point it failed.

Yeah, it could go either way. But even if they were stupid instead of malicious, I don't think stupidity's a defence for fraud.

(And I love that their website's still up and promoting this implausible "crude oil in Canada" thing. If they're stupid, they're also gluttons for punishment.)

 

[alexchia01]

Who is absolving Infinity of any responsibility?
I am merely stating they are not the main perpetrators.

The investment is in the USA,
Infinity Treasures visited the operation - there were pictures on their website of their inspection trip to the USA.
It looks to me that the problem with this investment is the inability of the developer (Right Buy Properties) to sell the properties. The investment was sold on "we have a clear route to market" which appears not to have been the case.
I have searched for the many 1000's of families who claim to have been rehoused by the Exit Strategy but cannot find a testimonial by one of them, this is where I think Infinity have let their clients down, they could have dug a little deeper.

If Infinity have committed a crime then it is clear they will face the appropriate course of action. I have yet to be convinced though that a crime has been done here.
One could argue the system is flawed and that Infinity are part of a system of greed?

They are not the main perpetrators, but they play an important part of the scam.

Without them, this scam would not work and nobody here would be defrauded.

Infinity Treauses did went to US to inspect the houses, but they didn't set up a system to protect their clients while they were there, instead they used the visit as a marketing gimmick to promote this product. This tells you that they are not interested in making the developer keep their words, but just a visit to make the project looks authentic so it's easy for them to sell.

The goes the same with all the current projects they are promoting here.

You cannot run a business with everyone are either sales or admin, which is what Infinity Treasures comprises of. There must be operation and corporate governance personnel to ensure business promises are meet and delivered, which they don't have.

This is why I know they are not serious in their long-term investment promises. They are just going to keep on promoting as many scams as possible until one day it grows too big and bomb.

They are not guillible, they are greedy and they know it. The top management most likely have an disappearing plan already.

 

[archcherub]

I feel that the authority should make all marketing agents that promote any form of alternative investment, to put up sizable security deposit. How much depends on how much the company plan to rise.

If the alternative investment turn out to be a scam, this deposit can be used to repay victims.

This way, marketing agents will be more careful in choosing their partners and to be realistic, a marketing agent for an alternative investment, who is asking of millions of dollars, cannot be a $2 company, which essentially what Inifinity Treasures is.

Usually white collar crimes face lower punishment than blue collar crimes.
I am against this, as the crimes probably reach out to many more victims than small blue collar crimes...

Ideally any director, management, and even the agent involved should face heavy punishment, even for "unknowingly" in scams.
It will force everyone to be very careful and think twice about marketing agent for any products...

though i doubt it will ever happen la....

 

[makav31i]

Usually white collar crimes face lower punishment than blue collar crimes.
I am against this, as the crimes probably reach out to many more victims than small blue collar crimes...

Ideally any director, management, and even the agent involved should face heavy punishment, even for "unknowingly" in scams.
It will force everyone to be very careful and think twice about marketing agent for any products...

though i doubt it will ever happen la....

There is a law under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act which states:

Unlawful to promote or participate in, or hold out that person is promoting or participating in, pyramid selling scheme or arrangement

3.—(1) It shall be unlawful for any person to promote or participate in a multi-level marketing scheme or arrangement or a pyramid selling scheme or arrangement or to hold out that he is promoting or participating in such a scheme or arrangement.

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 or to imprisonment for a term not exceeding 5 years or to both.

Me not a law expert but any expert can clarify further...

 

[JamesPP]

I feel that the authority should make all marketing agents that promote any form of alternative investment, to put up sizable security deposit. How much depends on how much the company plan to rise.

If the alternative investment turn out to be a scam, this deposit can be used to repay victims.

This way, marketing agents will be more careful in choosing their partners and to be realistic, a marketing agent for an alternative investment, who is asking of millions of dollars, cannot be a $2 company, which essentially what Inifinity Treasures is.

I must say, this is the first time I have heard of such an idea and in principle, I really like it. The reality could prove difficult to control but if a company had to demonstrate a level of wealth before taking client monies, that would be a step forward....)

 

[JamesPP]

They are not the main perpetrators, but they play an important part of the scam.

Without them, this scam would not work and nobody here would be defrauded.

Infinity Treauses did went to US to inspect the houses, but they didn't set up a system to protect their clients while they were there, instead they used the visit as a marketing gimmick to promote this product. This tells you that they are not interested in making the developer keep their words, but just a visit to make the project looks authentic so it's easy for them to sell.

The goes the same with all the current projects they are promoting here.

You cannot run a business with everyone are either sales or admin, which is what Infinity Treasures comprises of. There must be operation and corporate governance personnel to ensure business promises are meet and delivered, which they don't have.

This is why I know they are not serious in their long-term investment promises. They are just going to keep on promoting as many scams as possible until one day it grows too big and bomb.

They are not guillible, they are greedy and they know it. The top management most likely have an disappearing plan already.

The big issue here is knowledge - did the staff at Infinity know what we happening on the ground. I wonder what they were being told and I wonder what actions they took to check things through.
Infinity relied heavily on Project Kudos who were their partner in the Exit Strategy. In my opinion it was Project Kudos who could and should have been doing a lot more to protect the Singaporean investors. Project Kudos were regularly present in the US and spent a lot of time with the development team (Right Buy Properties). Project Kudos were somewhat acting as compliance for Infinity, whose role it was to bring in the money only.

On your final point, I do not think many Singaporeans will be wanting to invest with Infinity in the future. The faintest company checks should see most clients running as far from Infinity Treasures as possible, especially if they come across this thread.

One thing that disappoints me is Infinity have never tried to defend their position. Personally I would like to hear from some of the management at Infinity Treasures. They are taking a lot of heat here, and rightly so.

Come on Infinity, help us to understand your position. Maybe even Right Buy Properties or Project Kudos might like to join in too? We could then have a proper debate.

 

[CptCaveman]

The big issue here is knowledge - did the staff at Infinity know what we happening on the ground. I wonder what they were being told and I wonder what actions they took to check things through.
Infinity relied heavily on Project Kudos who were their partner in the Exit Strategy. In my opinion it was Project Kudos who could and should have been doing a lot more to protect the Singaporean investors. Project Kudos were regularly present in the US and spent a lot of time with the development team (Right Buy Properties). Project Kudos were somewhat acting as compliance for Infinity, whose role it was to bring in the money only.

On your final point, I do not think many Singaporeans will be wanting to invest with Infinity in the future. The faintest company checks should see most clients running as far from Infinity Treasures as possible, especially if they come across this thread.

One thing that disappoints me is Infinity have never tried to defend their position. Personally I would like to hear from some of the management at Infinity Treasures. They are taking a lot of heat here, and rightly so.

Come on Infinity, help us to understand your position. Maybe even Right Buy Properties or Project Kudos might like to join in too? We could then have a proper debate.

These people may think themselves too high and mighty (ham) to consider coming into this thread for us to thrash.

 

[alexchia01]

The big issue here is knowledge - did the staff at Infinity know what we happening on the ground. I wonder what they were being told and I wonder what actions they took to check things through.
Infinity relied heavily on Project Kudos who were their partner in the Exit Strategy. In my opinion it was Project Kudos who could and should have been doing a lot more to protect the Singaporean investors. Project Kudos were regularly present in the US and spent a lot of time with the development team (Right Buy Properties). Project Kudos were somewhat acting as compliance for Infinity, whose role it was to bring in the money only.

On your final point, I do not think many Singaporeans will be wanting to invest with Infinity in the future. The faintest company checks should see most clients running as far from Infinity Treasures as possible, especially if they come across this thread.

One thing that disappoints me is Infinity have never tried to defend their position. Personally I would like to hear from some of the management at Infinity Treasures. They are taking a lot of heat here, and rightly so.

Come on Infinity, help us to understand your position. Maybe even Right Buy Properties or Project Kudos might like to join in too? We could then have a proper debate.

Firstly, I don't know what Project Kudos people had done to protect the clients. On their website, they only said they are partners, that's it. It never mentioned what they did and there is no report.

Secondly, protection system must put in place before a single cent can be collected, not after. When I setup my company, the first thing I did was corporate governance. Investors money must be protected first, before I can start asking for money. This is not the case for them.

Thirdly, I'm sure Infinity Treasures people are reading this forum and knows our discussion. The management probability ask their employees and clients not to engage us fearing this may add fuel to their already fierce fire. Beside, it's not us they are worry about, but the CAD investigation.

But, I do like to hear from someone from Infinity Treasures.

 

[alexchia01]

US scheme late in paying $64.8m to Singapore investors

For those that missed the report.

 

[JamesPP]

Firstly, I don't know what Project Kudos people had done to protect the clients. On their website, they only said they are partners, that's it. It never mentioned what they did and there is no report.

Secondly, protection system must put in place before a single cent can be collected, not after. When I setup my company, the first thing I did was corporate governance. Investors money must be protected first, before I can start asking for money. This is not the case for them.

Thirdly, I'm sure Infinity Treasures people are reading this forum and knows our discussion. The management probability ask their employees and clients not to engage us fearing this may add fuel to their already fierce fire. Beside, it's not us they are worry about, but the CAD investigation.

But, I do like to hear from someone from Infinity Treasures.

It appears that Project Kudos did nothing at all to protect the client interest until it was too late, your point about corporate governance is spot on. I do not know what Project Kudos made from this debacle but I suspect it is substantial. They were often in Singapore, pictured throughout the Infinity website, grinning away as the cheques rolled in.

Do you think CAD will investigate??

 

[CptCaveman]

It appears that Project Kudos did nothing at all to protect the client interest until it was too late, your point about corporate governance is spot on. I do not know what Project Kudos made from this debacle but I suspect it is substantial. They were often in Singapore, pictured throughout the Infinity website, grinning away as the cheques rolled in.

Do you think CAD will investigate??

CAD will investigate because these are public's money and a possible case of fraud.

 

[JamesPP]

CAD will investigate because these are public's money and a possible case of fraud.

What power do CAD have in chasing overseas partners - in this case Project Kudos or Right Buy Properties?

 

[makav31i]

What power do CAD have in chasing overseas partners - in this case Project Kudos or Right Buy Properties?

Firstly, why should CAD even investigate the Project Kudos and Right Buy Properties, if the two companies are not based in Singapore?

Secondly, Infinity Treasures is the one marketing the crap products, so if for example Apple do not sell their iphone in Singapore and a parallel importer brought in and sold the items in Singapore and it just so happen that the iPhone exploded or catches fire, the authorities will look for apple which have no base in Singapore or the parallel importer?

Project Kudos and Right Buy Properties even if they are running a Ponzi scheme is only made possible by Infinity Treasures marketing their investment...Just like to set up a local company will require one local director to be liable for any problems of the company...If you are that stupid and promote such scheme in the first place, you should be answerable for your action...

 

[alexchia01]

Firstly, why should CAD even investigate the Project Kudos and Right Buy Properties, if the two companies are not based in Singapore?

Secondly, Infinity Treasures is the one marketing the crap products, so if for example Apple do not sell their iphone in Singapore and a parallel importer brought in and sold the items in Singapore and it just so happen that the iPhone exploded or catches fire, the authorities will look for apple which have no base in Singapore or the parallel importer?

Project Kudos and Right Buy Properties even if they are running a Ponzi scheme is only made possible by Infinity Treasures marketing their investment...Just like to set up a local company will require one local director to be liable for any problems of the company...If you are that stupid and promote such scheme in the first place, you should be answerable for your action...

CAD can only go after Infinity Treasures.

For Project Kudos and Right Buy Properties, the victims must go to US to file their claims.

It's difficult to go after them.

This is why so many scams want to come to Singapore. It's so easy for them to escape the law here.

 

[makav31i]

CAD can only go after Infinity Treasures.

For Project Kudos and Right Buy Properties, the victims must go to US to file their claims.

It's difficult to go after them.

This is why so many scams want to come to Singapore. It's so easy for them to escape the law here.

Yup...and the local who market this products are stupid to think that they are immune from the laws just by being "Marketing Agents" or because they are a Pte Ltd company...

This is running a high risk company with very low returns if you look at your potential liability vs the profits that you earned...

Just like victims are stupid for not doing their due dilligence and Infinity Treasures are stupid for not doing their due dilligence...It is the classic example of "The Blind leading the blind"...

 

[makav31i]

Just to add on, even after so many scams that failed or have been uncovered, Singaporeans keep on becoming victims of new scams which is a repackage version of old scams that had failed...I seriously don't know why but every scam seems to have a lot of victims and not all of them are old people with poor education...

Maybe greed, ignorance, naive or just plain stupid or gullible is the reason why schemes like this continue to thrive in Singapore...

I personally feel that people are just plain lazy to do their own research on any investment or business...They would rather listen to tips on what stocks to purchase, those shady investment products that promises high returns and etc...If people can afford to invest without doing a bit of research on their part, it just mean that they can afford to lose their money...I always thought that you only invest money that you are willing to lose...If you lose money because of your own stupidity or lack of research, you only have yourself to blame for whatever happened...

There is no such things as guaranteed returns from an investment...Past performance is not an indicator of future performance...Company can close down...Your risk of investing with unregulated business or investment is higher as compared to those that are regulated...If someone can guarantee you any investment returns which is very high and the principal amount invested, you should take it with a truckload of salt...Always do your own research on what you are about to invest and not what an agent or promoter is telling you to read only...

 

[alexchia01]

Just to add on, even after so many scams that failed or have been uncovered, Singaporeans keep on becoming victims of new scams which is a repackage version of old scams that had failed...I seriously don't know why but every scam seems to have a lot of victims and not all of them are old people with poor education...

Maybe greed, ignorance, naive or just plain stupid or gullible is the reason why schemes like this continue to thrive in Singapore...

I personally feel that people are just plain lazy to do their own research on any investment or business...They would rather listen to tips on what stocks to purchase, those shady investment products that promises high returns and etc...If people can afford to invest without doing a bit of research on their part, it just mean that they can afford to lose their money...I always thought that you only invest money that you are willing to lose...If you lose money because of your own stupidity or lack of research, you only have yourself to blame for whatever happened...

There is no such things as guaranteed returns from an investment...Past performance is not an indicator of future performance...Company can close down...Your risk of investing with unregulated business or investment is higher as compared to those that are regulated...If someone can guarantee you any investment returns which is very high and the principal amount invested, you should take it with a truckload of salt...Always do your own research on what you are about to invest and not what an agent or promoter is telling you to read only...

One thing for sure, is that this thing will never ends.

All we can do is warn as many people as possible.

The rest is up to their own Karma.

 

[archcherub]

One thing for sure, is that this thing will never ends.

All we can do is warn as many people as possible.

The rest is up to their own Karma.

im very sad that this thing will never end.
I joined this forum 10yrs ago as a young stupid kid... and i dunno read through how many scams liao... land lah, oil, trees, bird nests, casino seats, houses, forever and ever one leh...

makes me feel sad that our citizens are so foolish to keep throwing good money away. if im a foreigner and i've no morals, i will definitely come here and set up an investment company...

 

[CptCaveman]

I do agree that the investors need to do their own checks. More importantly is the marketing agents. They are those that spearhead these investments and should do their due diligence as well as constant and regular checks and updates from such investment schemes. Once they find something amiss, they should immediately stop marketing the product and openly tell the affected investors. In this way, they are addressing the issue and not avoiding it.