I need help regarding my friend...
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Hi guys... i need a help..
my friend has been a client with a collective investment company for the past 2 years. He was provided with a financial adviser and he invested SG$150k with her. The adviser told my friend that she will be investing $70k with a company in Malaysia and $80k in Australia. What my friend doesn't know is that the $80k invested in Australia has been entrusted under my friend's adviser's father whom he is the director.
My friend tried to call his adviser but to no avail. There were no written advise from my friend's adviser regarding his investments. However, my friend received a call from his advisor saying that his $150k investments have been reduced to SG$10k.
Could you assist me on the steps to be taken to recover the money back. e.g Common law or statutory laws.. since that would help him.. thanks guys... -
Hmm...sounds like a case of misrepresentation. Did your friend had any form of agreement with the financial advisor(oral or written)?
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I thought most of these investment companies guarantee the principal sum of the investment back(ie in worst case scenario of no returns)???..correct me if am wrong..
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not all... some have the "caveat emptor" like of dealings
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Depends on the financial product one is investing in. Not all have a prncipal guarantee.Originally posted by industrie:I thought most of these investment companies guarantee the principal sum of the investment back(ie in worst case scenario of no returns)???..correct me if am wrong.. -
it sounds like a scam to me..
the case depends on the agreement he signed betw with the investment company. try digging out all the email and mail correspondence with the advisor and to show that you have been misrepresented.. as in what they invested in was not what they promised you in the agreement.
Also, see whether you can find other people who have also lost money with the company. Then you can file a collective suit against the company to recover the money, or even, report the coy to the police for fraud.
but the best thing is to go to a lawyer and seek proper legal advice la.. -
Oh oh....Originally posted by Taufiq:Hi guys... i need a help..
my friend has been a client with a collective investment company for the past 2 years. He was provided with a financial adviser and he invested SG$150k with her. The adviser told my friend that she will be investing $70k with a company in Malaysia and $80k in Australia. What my friend doesn't know is that the $80k invested in Australia has been entrusted under my friend's adviser's father whom he is the director.
My friend tried to call his adviser but to no avail. There were no written advise from my friend's adviser regarding his investments. However, my friend received a call from his advisor saying that his $150k investments have been reduced to SG$10k.
Could you assist me on the steps to be taken to recover the money back. e.g Common law or statutory laws.. since that would help him.. thanks guys...
Not wanting to scare you, but tell ur friend to be prepared to loose everything. Still got 10k, then quickly withdraw this leftover.
It's because ur friend has been conned.
The 'collective investment company' is actually a specially established fly-by-night company designed to con people.
Also, the money is sent overseas. It's a classic tactic so u cant get it back even when u sue.
And the money is sent quietly to the father? Warrao, sure sign of a con.
They already know they will collapse sooner or later, so they make sure they move the money overseas and it won't be able to get recovered. Probably it's moved again to some offshore bank quietly. The best step I think you try to pressure the lady personally, threaten her individually. Demand her to cough it back or else. That might be better than any legal steps. They have covered all the legal area already. It's useless. Your friend wont get his money back that way.
Teach ur friend to threaten her ok? Dont worry one lah...he must stab back abit, dont so nice. Believe me, this is the only way if he want to get back his money. -
Taufiq, really good luck to your friend man..
Li Ka Shing, sounds like you were speaking from experience (or from somebody you know). how much was you/ he conned? how much of it was recovered? -
Not really, it was a family member.
After exerting some pressure, consisting of banging the table and mentioning some names, coupled with some common threaths, all the money was returned in less than 1 month. But of course the opportunity cost was very great, because it's only the principal.
Prior to this pressure, he/ they always said no money, not capable to return. -
seek a lawyer's help.
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got lawyer, but the laywer is his cousin.. and his cousin doesnt do commercial law
