Gold investment firm placed on MAS' Investor Alert List
Former NTUC Income chief executive and consumer rights advocate Tan Kin Lian said such gold investment schemes could be operating on the basis that money from later investors is used to pay the earlier ones.
He also urged for greater regulation, saying: "The Government should make it illegal for any company to operate an investment scheme without getting a licence from MAS. They should not be allowed to collect deposits or investments and promise a high return, when they do not have the assets to back up their liabilities."
http://www.todayonline.com/Singapore/EDC101223-0000225/Gold-investment-firm-placed-on-MAS-Investor-Alert-List
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