Remember Profitable Plots? It was a huge Ponzi scheme and money paid by Singaporean investors were used to pay investors in the U.K.
| Timothy Nicholas Goldring, 60, was sentenced to seven years. |
"
Investors lost some $3.1 million in the Boron bonds scheme between November 2008 and August 2010. The two directors of land banking firm Profitable Plots promised 12.5 per cent in returns within six months. Most of the money ended up being used for unrelated purposes, including paying off debts to investors from the firm's UK business."
Source:
AsiaOne, June 2014.
EcoHouse Group was international too and there were investors who gave money to EcoHouse in the USA as well: ......
There were plenty of sensible people explaining why these schemes could not work years before they failed. They were either buried under media spend or silenced with lawyers letters. One of the advantages of investment schemes where there is no likelihood of returning funds to investors is it leaves plenty funds available for PR, lawyers and commissions. It’s about time the bar was lowered for secondary liability and some of the “professionals” were held responsible for their role in contracting, endorsing and promoting schemes that clearly had huge risks and close to zero possibilities of success. If you claim to be a professional you have a duty to not knowingly support or endorse unethical, fraudulent or potentially criminal activities.