I wrote before about Infinity Treasures and the fact that they had advertised on SGX's website, through the means of Google AdSense. I wrote:
"Does the SGX really need the money of AdSense that they allow on their website targeted advertisements selected by Google (not by SGX), which might include advertisements for websites that are on the Investor Alert List of the MAS?"
I am pretty sure some people within SGX are reading this blog, but SGX has not changed anything at all, they still feature Google AdSense advertisements which content they don't control.
In the mean time, it seems that one of the schemes promoted by Infinity Treasures has run into problems. The Straits Times published an article "US scheme late in paying $64.8m to Singapore Investors" (the article is unfortunately behind a pay wall) written by Tee Zhuo. Some snippets:
Angry investors here are demanding answers from the operators of a United States investment scheme. More than 200 people here could be affected, with $64.8 million yet to be paid back by the scheme, called The Exit Scheme.
One investor, Mr Amos Lee, 42, has lodged a report with the Commercial Affairs Department.
The US operators admit there are problems, but say they hope to return money to investors.
Infinity Treasures, the marketing agent here, is on the Monetary Authority of Singapore (MAS) Investor Alert List. The MAS website says the list shows "unregulated persons who... may have been wrongly perceived as being licensed or authorised by MAS".
Returns have been fully paid from June to October 2012, but those who put in money from November 2012 have faced problems. Some have yet to get payments due six months ago.
I wrote before:
"High returns are always accompanied by high risk, but there is no mentioning about risks. As a personal choice, I avoid these kind of investments like the plague, these investments are sold (not bought), often the hard way."
I hope that the investors get their money back, but I do see great worries when I read the story in the Straits Times. Investors really should have done their homework first, but I pity those that made their investment based on the fact that it was advertised on the SGX website.
Compliments to Bursa, they have chosen not to use Google AdSense to monetize the traffic to their website.
Regarding Infinity Treasures, they call themselves on their website "a premier asset-based investment firm". That is playing with words, they are simply not licensed by MAS. They are not a licensed investment firm nor an asset manager, they are just a marketing agent. They don't declare how much commission they make on their website, but I am pretty sure it will be huge.
On their Media-tab no news about the Straits Times article yet. And their track record leaves out "The Exit Scheme". All not really a surprise.
More information on the issues at the "Hardwarezone" forum, which also features a newspaper article in Chinese.