Pinnacle Notes

[oppoguy]

Many years ago, i was one of those that kena scam by morgan stanley and hong leong into buying pinnacle notes which went bust.

when the notes went bust, i went to hong leong and lodge my protest. hong leong gave me back 3k. plus the interest i got back only 5k out of 20k invested, not to mention the time lost. i was told that i have to give up my future rights to the notes.

just a few months back, i received a letter from lawyers that went to fight against morgan stanley about the scam. i was told to submit my documents to them about the notes that i bought. i also have to state how much compensation i received from hong leong.

just two weeks back, i receive a 2.2k cheque from the lawyers. then hong leong write in to me to ask me to pay back the 2.2k to them because they say i have given up my rights to the notes.

do i have to give the money back to hong leong? even if i am not entitled to the 2k, i rather give it back to the lawyers. it was the hong leong sales person that helped morgan stanley to scam me in the first place. also it is a transaction between me and the lawyers. hong leong was never in the picture.

 

[Asphodeli]

I think you better check with the lawyers first since they sorta did this pro-bono for you.

 

[V_for_Vanilla]

I would ignore Hong Leong.

 

[wahkao3]

if you signed black and white to agree to give up future rights, then you got to honor that agreement

in court, you will be ordered to pay back

 

[Perisher]

Not sure what the law says but if they scam you first, it means they cheated your $$, don't see any reasonable excuse for them to ask any amount back. They haven't even pay you back what they owe. Then again, it could be two very different company you are dealing with.

Like someone else said, consult a lawyer if possible.

 

[V_for_Vanilla]

if you signed black and white to agree to give up future rights, then you got to honor that agreement

in court, you will be ordered to pay back

Only if the 2.2k is from hong leong.

 

[Josie Lan]

Hi @oppoguy,
So how does it end? Did Hong Leong insist in taking back your settlement?

 

[AnTiLooP]

If the check is issued by the Lawyers as part of a class action suit to you then its pretty much like a compensation thingy or damages payable where you and/or the group are the beneficaries right?

I'd just ignore HL but to be safe, ask the Lawyers who issued the check to you what you should do about this. i'm pretty sure they will know.

 

[oppoguy]

just want to share my own experience.

i ignored many of hong leong's letter. until finally, hong leong sent a registered mail. i then wrote in an email to them.

i said that i was scammed and not properly compensated the last time.

this is the main point on how dirty hong leong is.
i mentioned that if my claim was illegal, that hong leong should have informed me of it. instead they let me go ahead and make the claim. the reason is hong leong is an agent, they are not allowed to lodge a claim. so they made me lodge a claim such that they can claim it from me.

they say they would compensate me a further 200 for lodging the claim for them.

i told them that i would return the cheque to the class action if they force me to and i will see them in the courts.

 

[Hongleongvictim]

I am also a victim of hong leong finance. I am in the exact situation as u r. Hong leong finance kept chasing me for the compensation. I seek help from fidrec and was told in order to file a case against hlf, I need black and white. So I emailed to hlf to make an appeal to keep the compensation based on various reasons last mar 2017. Hlf neither reply nor acknowledged.
Then today in Jan 2018 I received their solicitors letter demanding to pay up the compensation within 7 days. Otherwise further action Wil be taken against me.

Totally lack integrity when hlf provided me with the contract which allow to proceed to claim the compensation, without informing me that I m not entitled to it. And then come after me for the compensation after I rec it.

 

[Hongleongvictim]

just want to share my own experience.

i ignored many of hong leong's letter. until finally, hong leong sent a registered mail. i then wrote in an email to them.

i said that i was scammed and not properly compensated the last time.

this is the main point on how dirty hong leong is.
i mentioned that if my claim was illegal, that hong leong should have informed me of it. instead they let me go ahead and make the claim. the reason is hong leong is an agent, they are not allowed to lodge a claim. so they made me lodge a claim such that they can claim it from me.

they say they would compensate me a further 200 for lodging the claim for them.

i told them that i would return the cheque to the class action if they force me to and i will see them in the courts.

Hi oppoguy,
Care to share the status of ur case?

 

[oppoguy]

I am also a victim of hong leong finance. I am in the exact situation as u r. Hong leong finance kept chasing me for the compensation. I seek help from fidrec and was told in order to file a case against hlf, I need black and white. So I emailed to hlf to make an appeal to keep the compensation based on various reasons last mar 2017. Hlf neither reply nor acknowledged.
Then today in Jan 2018 I received their solicitors letter demanding to pay up the compensation within 7 days. Otherwise further action Wil be taken against me.

Totally lack integrity when hlf provided me with the contract which allow to proceed to claim the compensation, without informing me that I m not entitled to it. And then come after me for the compensation after I rec it.

hi, i also just received a letter from Hong Leong.

i have done some research on this sort of claim. Because my sum is small 2k+, they will probably have to go to small claims tribunal. i do not intend to pay up. my intention is to let the judges know of the history.

i agree that hong leong finance is a rubbish company.

i will pm you my info. you can call me if you would like to have a discussion.

 

[Hongleongvictim]

My relative who bought the pinnacles notes from another local bank, DID NOT have to return the compensation at all.
This sure tells me a lot about hlf.