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Thread: Better then Warren Buffets?

  1. #1
    Senior Member melvin's Avatar
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    Arrow Better then Warren Buffets?

    So much for the guy who claim he that he is better then Warren Buffets!!!

    4 charged over scam

    FOUR people were hauled to court on Tuesday on charges of being involved in a fraudulent investment scheme in connection with the controversial multi-level marketing firm Sunshine Empire.

    Phang Wah, 49, better known as James Phang, his wife, Neo Kuon Huay, 46, Jackie Hoo Choon Cheat, 29, and Yong Wai Hong, 27, face between six and 20 charges each.

    The prosecution alleges that Hoo, a director of Sunshine, abetted Phang and others to siphon $947,905 from the firm between December 2006 and August 2007.

    Both men are said to being party to Sunshine's business when they knew it was fraudulently selling prime packages which included potential returns.

    Phang, described as a manager, and Hoo are accused of failing to keep accounting and other records for financial year 2007.

    Phang, who has the most charges, is said to have conspired with his wife, Ms Jenny Chan, an accounts clerk, and others to falsify accounts involving amounts of $20,000 to $245,000 on six occasions between December 2006 and August 2007.

    Another charge states that he was a director of Empire Communication Technology when he authorised someone to falsely lodge a return to the Registrar of Companies on May 24, 2006.

    Phang is also accused of having obscene and uncensored films at his Westwood Avenue home on Nov 13, 2007.

    Yong was charged with six counts of authorising one Ng Chee Tiong to falsely lodge returns to the Registrar of Companies that shares in the Empire Investment Group, of which he was director, were allotted for cash.

    Mr Subhas Anandan is representing all four, who are claiming trial.

    Bail arguments will be heard later on Tuesday.

    The cases have been fixed for a pre-trial conference on March 5.

    A probe into Sunshine's affairs started in November 2007, two months after the company was placed on the investor alert list by the Monetary Authority of Singapore.

    Sunshine was set up by Phang, who says on the company's website that he has almost 30 years' experience in retail, sales and multinational enterprise building.

    Sunshine is reported to have attracted 20,000 clients here since it was set up in July 2006.





    4 offered $600k bail each


    SUNSHINE Empire generated a revenue of $189 million in just over a year, a Deputy Public Prosecutor told a bail court on Tuesday.
    Deputy Public Prosecutor April Phang was giving her reasons why prosecution was seeking a high bail of $800,000 for each of the three men, Phang Wah, Jackie Hoo and Yong Wai Hong, and $600,00 for Phang's wife, Neo Kuon Huay.

    The four were charged on Tuesday morning with various offences under the Penal Code and Companies Act.

    DPP Phang argued that Phang, 49, and Hoo, 29, faced serious charges, including criminal breach of trust as an agent amounting to almost $1 million.

    The duo are also accused of running a fraudulent business of a money circulation scheme involving millions of dollars raised from the general public.

    With a mere paid-up capital of $150,000, Sunshine managed to collect $189 million between August 2006 and November 2007.

    Phang's wife's charges of falsifying accounts totalled more than $592,896. The 46-year-old also faces one charge of making a false declaration amounting to $100,000.

    Yong, 27, is accused of falsely declaring amounts of about $1.45 million. The false declarations had given participants the false sense that Sunshine's affiliate companies were strong financially, said DPP Phang.

    She said Yong, chairman/chief executive officer of a Hongkong-listed company known as Emcom International, travelled frequently and might choose to remain in Hongkong and not return.

    Mr Subhas Anandan, together with Mr Noor Mohamed Marican, argued that $300,000 bail each for Phang and Hoo, $150,000 for Neo, and $60,000 for Yong would be sufficient as they had roots in Singapore and wanted to stay here to clear their names.

    District Judge John Ng set bail at $600,000 for each of them. Their passports were impounded.

    'The charges against each of the accused person cannot be looked at in isolation. The charges are serious in nature and the quantum involved is substantial,'' he said.




    Confirm Better lei.... in fact much better ie kena Charged!
    Last edited by melvin; 5th February 2009 at 02:49 PM.

  2. #2
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    Default Re: Better then Warren Buffets?

    finally the long arm of law is catching up with them...bloody sunshine empire!

  3. #3
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    Default Re: Better then Warren Buffets?

    Personally i was thrilled to see this news as i had been tricked into one of Empire's sub brands (NTI International) before years ago when i was still young and naive. They would entice you with typical MLM incentives like how this Mr Jackie managed to buy his first car even before he got his driving license, promises of high pay within x days if you worked hard and so on. James Phang was portrayed as the ultimate MLM mentor, having published his own book and being worshipped like a god by all the managers there. All the "motivation talks" and greed got the better of me and i stupidly sunk $3k into it

    I had pulled in a good friend of mine as my downline with the promise that there would be a fair refund policy in the event of quitting from the business. Put off by the fishy sales tactics they taught us to use on our other friends, when me and my friend wanted to quit and get our money back (in the range of 1.5-3k per person), they continually claimed they were still processing the refund every time we went for over 6 months. We nearly gave up trying and got really pissed off. Only when we obtained a copy of the company's legal info from intl plaza, went to their office to literally bang the manager's table, and showed we were very serious in suing them in Small Claims Tribunal did they return us part of the sum. Their rationale was they had to take out some of the "admin fees" involved.

    Overall a huge pain in the a$$ and a good lesson for me and my good friend to never go into MLM. As for people who believe in legitimate MLM, you have to see whether it is truly legitimate and really endorse the policies they claim to have. I guess i learned it the hard way...

  4. #4
    Senior Member melvin's Avatar
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    Default Re: Better then Warren Buffets?

    Quote Originally Posted by redtealongan View Post
    Personally i was thrilled to see this news as i had been tricked into one of Empire's sub brands (NTI International) before years ago when i was still young and naive. They would entice you with typical MLM incentives like how this Mr Jackie managed to buy his first car even before he got his driving license, promises of high pay within x days if you worked hard and so on. James Phang was portrayed as the ultimate MLM mentor, having published his own book and being worshipped like a god by all the managers there. All the "motivation talks" and greed got the better of me and i stupidly sunk $3k into it

    I had pulled in a good friend of mine as my downline with the promise that there would be a fair refund policy in the event of quitting from the business. Put off by the fishy sales tactics they taught us to use on our other friends, when me and my friend wanted to quit and get our money back (in the range of 1.5-3k per person), they continually claimed they were still processing the refund every time we went for over 6 months. We nearly gave up trying and got really pissed off. Only when we obtained a copy of the company's legal info from intl plaza, went to their office to literally bang the manager's table, and showed we were very serious in suing them in Small Claims Tribunal did they return us part of the sum. Their rationale was they had to take out some of the "admin fees" involved.

    Overall a huge pain in the a$$ and a good lesson for me and my good friend to never go into MLM. As for people who believe in legitimate MLM, you have to see whether it is truly legitimate and really endorse the policies they claim to have. I guess i learned it the hard way...
    2 yrs ago met my ex-colleague he ask me to join but lucky i didn't cos i think the deal is too good to be true!

    It is good that u manage to get back ur $$$.

    Read in the papers one lady dump in $60k.

  5. #5

    Default Re: Better then Warren Buffets?

    Quote Originally Posted by redtealongan View Post
    Personally i was thrilled to see this news as i had been tricked into one of Empire's sub brands (NTI International) before years ago when i was still young and naive. They would entice you with typical MLM incentives like how this Mr Jackie managed to buy his first car even before he got his driving license, promises of high pay within x days if you worked hard and so on. James Phang was portrayed as the ultimate MLM mentor, having published his own book and being worshipped like a god by all the managers there. All the "motivation talks" and greed got the better of me and i stupidly sunk $3k into it

    I had pulled in a good friend of mine as my downline with the promise that there would be a fair refund policy in the event of quitting from the business. Put off by the fishy sales tactics they taught us to use on our other friends, when me and my friend wanted to quit and get our money back (in the range of 1.5-3k per person), they continually claimed they were still processing the refund every time we went for over 6 months. We nearly gave up trying and got really pissed off. Only when we obtained a copy of the company's legal info from intl plaza, went to their office to literally bang the manager's table, and showed we were very serious in suing them in Small Claims Tribunal did they return us part of the sum. Their rationale was they had to take out some of the "admin fees" involved.

    Overall a huge pain in the a$$ and a good lesson for me and my good friend to never go into MLM. As for people who believe in legitimate MLM, you have to see whether it is truly legitimate and really endorse the policies they claim to have. I guess i learned it the hard way...
    Glad that you got your money back, at least some or most of it.

    Quote Originally Posted by melvin View Post
    2 yrs ago met my ex-colleague he ask me to join but lucky i didn't cos i think the deal is too good to be true!

    It is good that u manage to get back ur $$$.

    Read in the papers one lady dump in $60k.
    Yes the deal looked too good to be true, if it was so good, everybody millionaire liao. Lucky never kenna conned.

  6. #6
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    Default Re: Better then Warren Buffets?

    Quote Originally Posted by redtealongan View Post
    Personally i was thrilled to see this news as i had been tricked into one of Empire's sub brands (NTI International) before years ago when i was still young and naive. They would entice you with typical MLM incentives like how this Mr Jackie managed to buy his first car even before he got his driving license, promises of high pay within x days if you worked hard and so on. James Phang was portrayed as the ultimate MLM mentor, having published his own book and being worshipped like a god by all the managers there. All the "motivation talks" and greed got the better of me and i stupidly sunk $3k into it

    I had pulled in a good friend of mine as my downline with the promise that there would be a fair refund policy in the event of quitting from the business. Put off by the fishy sales tactics they taught us to use on our other friends, when me and my friend wanted to quit and get our money back (in the range of 1.5-3k per person), they continually claimed they were still processing the refund every time we went for over 6 months. We nearly gave up trying and got really pissed off. Only when we obtained a copy of the company's legal info from intl plaza, went to their office to literally bang the manager's table, and showed we were very serious in suing them in Small Claims Tribunal did they return us part of the sum. Their rationale was they had to take out some of the "admin fees" involved.

    Overall a huge pain in the a$$ and a good lesson for me and my good friend to never go into MLM. As for people who believe in legitimate MLM, you have to see whether it is truly legitimate and really endorse the policies they claim to have. I guess i learned it the hard way...
    hai, there's no easy way in making money one unless you're born in a sliver spoon family.
    else there's no other choice except to work hard for it.
    i'm a non-believer for this kind of stuff, money don't come so easily in sg one.
    Last edited by Simon_84; 6th February 2009 at 11:11 AM.

  7. #7

    Default Re: Better then Warren Buffets?

    if you want to dabble in MLM... be the one that create the MLM..

  8. #8

    Default Re: Better then Warren Buffets?

    this is not even MLM but a scam.

    Look at this few clips..apparantly he was a godlike person

    http://www.youtube.com/watch?v=czf1yupWj3o

    no wonder they were waiting for him outside the courts
    Last edited by bedrock; 6th February 2009 at 10:16 PM.
    :)

  9. #9
    Senior Member melvin's Avatar
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    Default Re: Better then Warren Buffets?

    Quote Originally Posted by bedrock View Post
    this is not even MLM but a scam.

    Look at this few clips..apparantly he was a godlike person

    http://www.youtube.com/watch?v=czf1yupWj3o

    no wonder they were waiting for him outside the courts
    walk fire enter demon liao.........

  10. #10

    Default Re: Better then Warren Buffets?

    This is even better..
    When I do right, no one remembers. When I do wrong, no one ever forgets.

  11. #11

    Default Re: Better then Warren Buffets?

    One of my friend's friend loss 100k and never got it back......Greed got the better of him...

  12. #12

    Default Re: Better then Warren Buffets?

    look at this clip, i guess many innocents had been lured into a fake promise.

    http://www.youtube.com/watch?v=1kpzT...eature=related

  13. #13

    Default Re: Better then Warren Buffets?

    Quote Originally Posted by weiconghon View Post
    One of my friend's friend loss 100k and never got it back......Greed got the better of him...
    100k ? wow.. that amount can buy many lenses and FF bodies. plus a studio

  14. #14
    Senior Member melvin's Avatar
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    Default Re: Better then Warren Buffets?

    Quote Originally Posted by bedrock View Post
    this is not even MLM but a scam.

    Look at this few clips..apparantly he was a godlike person

    http://www.youtube.com/watch?v=czf1yupWj3o

    no wonder they were waiting for him outside the courts
    Wonder if they are still around?


    Quote Originally Posted by GDSNP View Post
    This is even better..
    Ten yrs of planning!

    Quote Originally Posted by Exposure View Post
    look at this clip, i guess many innocents had been lured into a fake promise.

    http://www.youtube.com/watch?v=1kpzT...eature=related

    Brain washed camp!

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