SOMEWHERE IN A PRISON in Singapore, two crooks have lots of time to regret their actions which caused Singapore investors to lose $3.1 million.

ProfitableP2.16Profitable Plots culprits (L-R): Nordmann and Goldring.Deputy Public Prosecutor Luke Tan told the court that when faced with the global financial crisis of 2007 and 2008, Profitable Plots' land-based investment products suffered losses. To ease cash-flow problems, Nordmann and Goldring hatched a plan to get clients to pump money in the Boron scheme, which involved financing the sale of a fuel additive known as Boron CLS Bond to major corporations.

Timothy Goldring, now 61, and John Nordmann, 56, are serving time (seven years and eight years, respectively) for what they did when they were directors of Profitable Plots, a landbanking firm.

They had attracted clients to invest by promising 12.5% returns within six months. Instead, investors lost $3.1 million after part of the returns was used to pay Profitable Plots' existing obligations to its landbanking investors.

The two Britons were convicted in 2014 and their appeals were dismissed by the Singapore High Court the next year. 

Aside from Profitable Plots, here are two cases:
(i)   EcoHouse Group Developments - In July 2014, Brazilian property developer EcoHouse Group was placed on the MAS’ Investor Alert List after investors complained about the company’s inability to pay them their investments or returns.   

ii) Land International (Far East) - In 2010, nearly 200 investors who had purchased plots of UK land through Land International (Far East), lost an estimated S$6 million when the company stopped payouts following a financial dispute with its UK parent company.

While the two former directors of Profitable Plots are stewing behind bars, one Singaporean investor's plight has surfaced.

We read about it recently on 
Tan Kin Lian's blog (post dated 15 Feb 2016), and think it's a story to remind everyone again that risks always abound in landbanking investments (as well as overseas property investments). 

Tan Kin Lian, formerly CEO of NTUC IncomeTan Kin Lian writes: I met a security guard in Midview City. He is bitter about losing all his savings (more than $200,000) in the UK land sold by Profitable Plots. Because of this loss, he now has to work as a security guard.

He spoke to me about this matter two years ago. This is the first time that I saw him again, after two years. He is bitter that the government allowed this type of company to operate in Singapore and sell the overpriced land to the people.

He said that he still holds the title to the land plots and asked me if there is a hope that the land will appreciate in value when the UK government gave approval for rezoning to residential land.

I said that the real value of the land is probably one tenth of what he has paid for it. So, it will be difficult and will take a long time and some good fortune for the land to show a profit.

It is sad. But there is nothing that can be done now. I asked about his family, and he said that his children are now doing okay.

I hope that the government and MAS should be more proactive in preventing this kind of businesses to operate in Singapore.

You may also be interested in:


Comments  

#3 John2020 2019-07-18 16:12
Hello all

Can someone provide an update as to what's the latest status on your investment on Exit & Rebuildling America?
I am also like Nicholas, and believe many other SG investors who still want to get back their hard earned money from these investments.
If there is anyone or people whom are currently in midst of court to these 2 investments, appreciate you can share more light as rest of us like to get our money back too!
+1 #2 Victim of SGD20k 2017-05-24 04:56
I am one of the victim for investment in Re building America for SGD20K. Promise to have full return by 31/3/2016 but now is all in vain. My savings has all gone. Last update from Infinity Treasures sign by CEO Ann Hock Kee is on 1st June 2016. Now even number call has become Age home. :sad: :sad: :sad:
+1 #1 Nicholas Wong 2016-02-23 16:18
There is another investment scam which had caused more than 1000 investors to lose at least $60 million sold by Infinity Treasures :
1) Exit Strategy
2) Re building America

Currently the directors are still enjoying their "high life" and not paying the investors although some investors had reported to CAD who said it is investigating.

You have no rights to post comments

Counter NameLastChange
AEM Holdings2.2700.130
Avi-Tech Electronics0.265-
Best World1.6800.050
Broadway Ind0.0990.012
China Sunsine0.4000.010
ComfortDelGro1.3700.020
Delfi Limited0.9700.005
Food Empire1.430-0.010
Fortress Minerals0.280-
Geo Energy Res0.325-0.005
GSS Energy0.026-0.001
Hong Leong Finance2.480-
Hongkong Land (USD)3.240-0.140
InnoTek0.445-0.005
ISDN Holdings0.315-0.005
ISOTeam0.035-
IX Biopharma0.045-
Jiutian Chemical0.0260.001
KSH Holdings0.250-
Leader Env0.050-0.001
Medtecs Intl0.131-0.001
Nordic Group0.3400.005
Oxley Holdings0.089-0.002
REX International0.1350.002
Riverstone0.7000.025
Sinostar PEC0.138-0.002
Southern Alliance Mining0.600-
Straco Corp.0.500-0.030
Sunpower Group0.220-0.010
The Trendlines0.085-
Totm Technologies0.023-
Uni-Asia Group0.820-0.020
Wilmar Intl3.3500.030
Yangzijiang Shipbldg1.7800.030
 

We have 474 guests and no members online

rss_2 NextInsight - Latest News