Profitable Group - is it credible?

[probono]

Boron, as explained to us by PG, involves a simple transaction. First, PG secures a contract from an end customer for a certain quantity of Boron (an industrial lubricating oil). For PG to buy the Boron and deliver to the customer, it needs money.

I thought it had lots of money - it was making something like 2000% margins on its land banking plots.

They use the money to buy Boron, and in other words, the investors actually own the underlying Boron. When PG delivers Boron to the customer eventually, it will receives payment and make a profit, a portion of which can then be used to pay back the investors.

OK so if i get you correctly they get a Boron order and fulfill it with your money and make a big margin. They pass part of that margin back to you with your original investment sum.

So for PG to make money, its returns from this deal certainly has to be more than 12.5%/6 months, which is easily achievable! In the commercial world, the mark up can be easily 50% if not more! As the transaction is in USD, forex risk is inherent in this investment. Personally, I don't think the promised return for Boron is unrealistic or un-achievable. We aren't talking about 200% or 300% return.

OK assume they have to pay a commission to the sales guy who reels you in (and his manager and general manager) Lets say the total of all those comissions is 40%. Then they have adminstrative costs and the expense of procuring these big international customers on the other side . (Big companies need big expensive sales people to sell high volumes to them) which lets be generous and say they run at another 30% but more likley 50%). Then they need to pay you 12%. Then they need to make money. We've already got 82% in selling and administrative expenses so they probably need to make at least 120% on a distributed product. They dont make it or refine it Boron and it sounds like a simple product so anyone with a big boat and distribution network could bring it in.

For them not to have paid you they only have 3 valid reasons

1: Have not sold the Boron yet
2: Have not delivered the Boron
3: Have not been paid for the Boron

Any other reason suggest you are in some kind of ponzi or fraud..


They should be able to tell yhou status of all Boron orders I would have thought and where you are in the cycle.

 

[LordBevan]

not a simple thread
do you think edgeworth and walton are the same?

 

[belledonne99]

...

For them not to have paid you they only have 3 valid reasons

1: Have not sold the Boron yet
2: Have not delivered the Boron
3: Have not been paid for the Boron

Any other reason suggest you are in some kind of ponzi or fraud..


They should be able to tell yhou status of all Boron orders I would have thought and where you are in the cycle.

Hello PG, would you mind answering the above please?

Anyway, it doesn't matter what happens to the underlying Boron, the point is: time's up, it's time to pay up.

 

[probono]

It doesnt matter - pay up

Anyway, it doesn't matter what happens to the underlying Boron, the point is: time's up, it's time to pay up.

I agree with you 100%. But getting some written statements about where your money actually is in the cycle would help you understand what future action to take. They should communicate to you in writing that you will get paid and when you will get paid.

If you owed the bank money they will as quickly as possible assess
1: whether you have the funds to pay
2: the chance that you will actually pay within a reasonable time frame.
3: if they take legal action whether there are any assets to recover against

You are the bank in this case. Dont wait too long to figure out what to do.

 

[belledonne99]

I agree with you 100%. But getting some written statements about where your money actually is in the cycle would help you understand what future action to take. They should communicate to you in writing that you will get paid and when you will get paid.

If you owed the bank money they will as quickly as possible assess
1: whether you have the funds to pay
2: the chance that you will actually pay within a reasonable time frame.
3: if they take legal action whether there are any assets to recover against

You are the bank in this case. Dont wait too long to figure out what to do.

Thanks for your advice. You are right, I'll demand PG for a reply on that.

So far, PG manager has promised me a payout date in early Dec (in black & white). In parallel, I have also reported PG's unfair practice to the Police.

 

[probono]

Christmas Greetings

Well it is early December from now until the 15th .

I sincerely wish good luck in getting paid to everyone who is owed money.

 

[Adeius]

Hi All,

I just recieved several phone calls from two CSOs, Michael Schuhle and Frederic Gumboc of Profitable Group. After some hard selling, I did a Google search and found this thread.

They claimed that they are going sue some of you here as you have defamed their organisation for not honouring your payment (after I have directed them to this thread). They also claimed that you can sue them if they have not honoured their words (as written in your contract).

To prove that they or you are right or wrong, I am going to openly publish here and monitor this progress before I am convinced.

I hope all of you could keep this information public, i.e., If they have paid you on time and in full as claimed in 12.5%/2Q profit, publish it; If they have not honoured their words, publish it too. Most importantly, to both Profitable Group and the posters here... Make sure the mass media in Singapore gets involved, especially those legal proceedings should this become a legal suit.

For some of you who would like their contact information as recorded in my e-mail and phone:

Tel: +630285633600
michaelschuhle[at]profitablegroup[dot]com
fredericb[at]profitablegroup[dot]com

Hi Bingo n all,
That sound familiar when they said they wanted to sue us. This is what the salesperson said to me when she sold me the AAA investment last year as their competitor has been posting very untrue statements about PP on the internet. Well, that another tactic probably to make them look they are above board. Well, I shall wait to see how many of us PP is going to sue. If they do, on what grounds, if they would have pay us on time, would all of us be at this forum to voice our grievances. Let them be and see what they are going to tell the court about our delay payment till now.

 

[binggo]

Interesting lesson learnt for me. Whenever someone wants to sell you something, conduct an extensive research on the world wide web... Google every possible websites, news, blogs, forums, etc. on the pros & cons, positive & negative remarks, etc., before jumping into buying anything.

Now I know... Even if they (PG) sell real products/services, I will not buy from them after seeing so many of you getting delayed payment.

Hope all of you who have invested with them get your returns...

 

[belledonne99]

(Promised) Payout date drawing near

Latest by next Fri, I will know whether PG will indeed honour their words.

Kelvin,
Please let all of us here know whether you get your payout or not as well. Thanks.

We need to stand together.

 

[kelvintyy]

Latest by next Fri, I will know whether PG will indeed honour their words.

Kelvin,
Please let all of us here know whether you get your payout or not as well. Thanks.

We need to stand together.

BelleDonne,
they had also promised me in "black and white" that I will receive my cheque latest by this Friday. 11 Dec 2009. We shall wait and see if they have honored their words or not.


We will not accept delays even for a day.

 

[kelvintyy]

I called the CS Manager 2 times yesterday. His name is Steven, he has assured me on the phone that I will be paid by Friday.However, so far no one from their Compliance dept contacted me to make an appt to collect my cheque. Today is already wednesday, if by Thurs, no one call, I will ,further up the actions.

Really doubtful cos he was also the one who told me that I will get my money back a few months ago.. but I will believe him for a few more days.

I have to praise him a little by apologizing for the delay and thank me for the patience for waiting over 6 months.

I guess by now, looking at this thread, they will know who I am.. If I receive another delay for more than a day or I got my US$11250 by Friday, I will post it all for all to see.. fair and square.

 

[probono]

Did you get offered re-investment ?

I have to praise him a little by apologizing for the delay and thank me for the patience for waiting over 6 months.

I would only praise him if you get extra six months interest and any currency loss since they had your money and you didnt.

Also I am curious if they tried to persuade you to re-invest your "profit" rather than take the money out ? I have heard stories of people in these kind of schemes being accused of being timewasters or lightweights just for wanting to take their own money back.

In fact if most people dont take their money out they should have no problem paying a few investors who want their money as it always makes the investment plan look good to pay a few people.

 

[BigMan123]

why r ppl so gullible nowadays?

 

[redkop74]

Profitable Groups

Hi All,

I have put in US11,000 in the energy product. Two have matured months back and I have yet to receive any money. They have been delaying and delaying my payment since Oct 09.

I have another 8 maturing in December 09 and I wonder when will I ever ge the payment.

By the way, has anyone invested in Concorde Village which promises return of 250% upon approval for planning permission?

I have invested and they advosed that the money was put into a Trust fund managed by a lawyer in Singapore.

I have checked with the lawyer and they confirmed that they are not holding to any monies.

Now you can see for yourself if the company has integrity.

 

[kelvintyy]

I would only praise him if you get extra six months interest and any currency loss since they had your money and you didnt.

Also I am curious if they tried to persuade you to re-invest your "profit" rather than take the money out ? I have heard stories of people in these kind of schemes being accused of being timewasters or lightweights just for wanting to take their own money back.

In fact if most people dont take their money out they should have no problem paying a few investors who want their money as it always makes the investment plan look good to pay a few people.

Upon maturity, had 2 choices either to renew or surrender the investment. Need money so I choose to surrender it in Jun 2009.
I am not sure if now, looking at the current situations, can the investors withdraw their capital upon maturity or not? I hope and trying to believe that the company can still honor their words.
No reply from them today...

Tomorrow we see how..

 

[belledonne99]

My CS manager Simon also called me a day ago. If they do pay, it will be no earlier than this Fri it seems. I have told him that I could give them up to Friday, but it would be to collect my cheque, not to hear another story from them that they have to delay payment. I may consider going down on Fri.

Redkop74, have you reported to CAD? You mentioned you had checked with the lawyer and that he confirmed he is NOT holding any money. Do you have proof that what PG did constitutes cheating? If so, it is important that you report to CAD asap.

 

[BigMan123]

no wonder foreign gals say sg guys r stupid. now it seems sg girls r getting stupid too. Naive stinkies. 4get abt yr money for at least a few years if not 4ever.

 

[BigMan123]

Upon maturity, had 2 choices either to renew or surrender the investment. Need money so I choose to surrender it in Jun 2009.
I am not sure if now, looking at the current situations, can the investors withdraw their capital upon maturity or not? I hope and trying to believe that the company can still honor their words.
No reply from them today...

Tomorrow we see how..

R u a 3-yr-old kid? No wonder we guys r labelled by foreign girls as stupid n easy 2 cheat. haiz

 

[BigMan123]

My CS manager Simon also called me a day ago. If they do pay, it will be no earlier than this Fri it seems. I have told him that I could give them up to Friday, but it would be to collect my cheque, not to hear another story from them that they have to delay payment. I may consider going down on Fri.

Redkop74, have you reported to CAD? You mentioned you had checked with the lawyer and that he confirmed he is NOT holding any money. Do you have proof that what PG did constitutes cheating? If so, it is important that you report to CAD asap.

sia la. who r u to give them up to friday? Wad can u do? Burn their company? Seriously, u cant do anything but whine here. Maybe it can lessen yr pain by that bit.

 

[kelvintyy]

R u a 3-yr-old kid? No wonder we guys r labelled by foreign girls as stupid n easy 2 cheat. haiz

Haiz.. I have to admit I was gullible and greedy when I bought the boron investment from Profitable Group. Thanks for the advice whoever you are, although it sounds rather direct and hurting..