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  1. #1
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    Default GIN's Investigation: Recieved a letter from Singapore

    Hey All

    Got an official email from the Singapore authorities. Here is part of it. I just may get some money back!


    "Dear Sir/Madam

    We understand that you have invested with Ginsystem Inc.

    Please be informed that we have prosecuted Dr Tan Poh Choon (?accused?),
    a director of Ginsystem Inc in the Subordinate Courts in Singapore for
    offences of cheating in relation to Ginsystem?s Dynamic 2% investment
    scheme and an offence of consenting to Ginsystem Inc holding itself out
    to be carrying on the business in fund management without a capital
    markets service licence.

    On 28 September 2005, the accused pleaded guilty to the charge of
    consenting to Ginsystem Inc holding itself out to be carrying on business
    in fund management without the requisite licence. He was fined S$50,000
    (in default 5 months? imprisonment) on 13 December 2005. Accused paid the
    fine.

    The Subordinate Courts in Singapore had convicted the accused on 10
    counts of cheating and sentenced him to a total of 18 months?
    imprisonment on 15 December 2005. He appealed against conviction and was
    released on bail pending his appeal. There were 59 counts of cheating
    charges outstanding against him.

    On 3 March 2006, a pre-trial conference was held at the Subordinate
    Courts in Singapore for the accused to answer to the outstanding 59
    cheating charges. However, the accused failed to appear in Court and a
    Warrant was issued for his arrest.

    On 2 May 2006, the appeal on the conviction for the 10 counts of cheating
    charges against the accused was heard in the High Court in Singapore. The
    appeal was dismissed.

    The Singapore Police has seized some monies in the course of the
    investigation into Ginsystem Inc. Police will be seeking a Court order on
    its distribution. Our investigations revealed that you have invested with
    Ginsystem Inc.

    Please let us know whether you wish to lay a claim on the monies. If so,
    we need to verify your investment. Please complete the attached form
    (below) stating the date(s) and principal sum(s) of your investment, the
    date(s) and amount withdrawn (if any), and enclose copies of any
    documents to support your claims.

    All substantiated claims will be collated and submitted to the Court for
    a decision on the distribution of the monies recovered. If there is any
    money due to you, the amount after deduction of administrative
    costs and bank charges, is likely to be remitted to your designated bank
    account by bank transfer (for claimants residing in Singapore) or by
    telegraphic transfer (for claimants residing outside Singapore). As such,
    please provide us with details of a valid bank account to receive the
    money in the form."

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  3. #2
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    Quote Originally Posted by Pippyman View Post
    Hey All

    Got an official email from the Singapore authorities. Here is part of it. I just may get some money back!


    "Dear Sir/Madam

    We understand that you have invested with Ginsystem Inc.

    Please be informed that we have prosecuted Dr Tan Poh Choon (?accused?),
    a director of Ginsystem Inc in the Subordinate Courts in Singapore for
    offences of cheating in relation to Ginsystem?s Dynamic 2% investment
    scheme and an offence of consenting to Ginsystem Inc holding itself out
    to be carrying on the business in fund management without a capital
    markets service licence.

    On 28 September 2005, the accused pleaded guilty to the charge of
    consenting to Ginsystem Inc holding itself out to be carrying on business
    in fund management without the requisite licence. He was fined S$50,000
    (in default 5 months? imprisonment) on 13 December 2005. Accused paid the
    fine.

    The Subordinate Courts in Singapore had convicted the accused on 10
    counts of cheating and sentenced him to a total of 18 months?
    imprisonment on 15 December 2005. He appealed against conviction and was
    released on bail pending his appeal. There were 59 counts of cheating
    charges outstanding against him.

    On 3 March 2006, a pre-trial conference was held at the Subordinate
    Courts in Singapore for the accused to answer to the outstanding 59
    cheating charges. However, the accused failed to appear in Court and a
    Warrant was issued for his arrest.

    On 2 May 2006, the appeal on the conviction for the 10 counts of cheating
    charges against the accused was heard in the High Court in Singapore. The
    appeal was dismissed.

    The Singapore Police has seized some monies in the course of the
    investigation into Ginsystem Inc. Police will be seeking a Court order on
    its distribution. Our investigations revealed that you have invested with
    Ginsystem Inc.

    Please let us know whether you wish to lay a claim on the monies. If so,
    we need to verify your investment. Please complete the attached form
    (below) stating the date(s) and principal sum(s) of your investment, the
    date(s) and amount withdrawn (if any), and enclose copies of any
    documents to support your claims.

    All substantiated claims will be collated and submitted to the Court for
    a decision on the distribution of the monies recovered. If there is any
    money due to you, the amount after deduction of administrative
    costs and bank charges, is likely to be remitted to your designated bank
    account by bank transfer (for claimants residing in Singapore) or by
    telegraphic transfer (for claimants residing outside Singapore). As such,
    please provide us with details of a valid bank account to receive the
    money in the form."
    Hey,
    At least that is good news that they are doing something about it. I haven't received my letter yet,but hopefuly its in the post.Other gins members,please let me know if you have received something from them.
    Thanks for posting.
    Last edited by jpowell9216; 22-08-2006 at 10:08 AM.

  4. #3
    Co-Admin YogiBrood's Avatar
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    Default

    That is indeed a "legal" sigh of relief to resolving as best as it could get and a good sign of closure for anyone who has proof for verification vested in GINS.


    We received ours from the CID (Criminal Investigation Dept) and will undertake the claim ASAP.

    Next...will the Malaysian Law be equally efficient and abiding to Members loss and to conduct process of remittance where, when and however much made possible? Lets hope the monies due from PI Inc, do see the light for many desperate purse & pockets that had long awaited their share and untold grief....



    YB. - cheers to the RC CARE Group...
    Last edited by YogiBrood; 22-08-2006 at 10:45 AM.

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  5. #4
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    Quote Originally Posted by YogiBrood View Post
    That is indeed a "legal" sigh of relief to resolving as best as it could get and a good sign of closure for anyone who has proof for verification vested in GINS.


    We received ours from the CID (Criminal Investigation Dept) and will undertake the claim ASAP.

    Next...will the Malaysian Law be equally efficient and abiding to Members loss and to conduct process of remittance where, when and however much made possible? Lets hope the monies due from PI Inc, do see the light for many desperate purse & pockets that had long awaited their share and untold grief....



    YB. - cheers to the RC CARE Group

    ...
    Hi, does anyone know what is happening to the money we had in IMO. Peter
    said that we had about 750K in that account. I know the receivers of IMO have open the doors for people to put in a claim for their money.Heard anything in conection with that?I received a letter about 3weeks ego.
    Last edited by jpowell9216; 22-08-2006 at 09:04 PM.

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