tag:blogger.com,1999:blog-6516472233212607591.post8009916321943158140..comments2023-07-24T05:21:28.484-07:00Comments on Victims of Profitable Group- scam and complaints: Profitable Group victim (Raj Chotrani)Profit Victimhttp://www.blogger.com/profile/03330195092501184665noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6516472233212607591.post-14783398256098602152012-04-03T20:14:06.037-07:002012-04-03T20:14:06.037-07:00Profitable Plots directors charged with cheating
...Profitable Plots directors charged with cheating <br /><br />The three were each accused of authorising an unidentified agent of Profitable Plots to mislead investors into thinking their funds 'would be used exclusively to finance the purchase of Boron CLS Bond that had purportedly been pre-sold to major corporations. -BT <br />Grace Leong<br /><br />Wed, Mar 28, 2012<br />The Business Times <br /><br />SINGAPORE - Three directors of beleaguered land banking firm Profitable Plots were each charged with 86 criminal counts of cheating investors of US$2.4 million on investments related to an industrial lubricant called Boron.<br /><br />John Andrew Nordmann, Timothy Nicholas Goldring and Geraldine Anthony Thomas were each charged in Singapore's Subordinate Courts with abetment for conspiracy to defraud 86 investors, according to charges brought on behalf of the Commercial Affairs Department by Kevin Yong, deputy public prosecutor for the Attorney-General's Chambers.<br /><br />The three directors were each accused of authorising an unidentified agent of Profitable Plots to mislead investors into thinking their funds 'would be used exclusively to finance the purchase of Boron CLS Bond, that had purportedly been pre-sold to major corporations, which representation (they) knew to be untrue.'<br /><br />It is unclear how many of the Boron investors are from Singapore. So far, no criminal charges have been brought against Profitable Plots over the land investment products it offered.<br /><br />'This will give comfort to the PP investors who've been anxiously waiting for the outcome of the investigations,' said David Gerald, president and chief executive of Securities Investors Association (Singapore).<br /><br />Wendell Wong, Profitable Plots' lawyer and a director of Drew & Napier LLC, said he had requested for his clients' bail to be reduced because the amount of S$600,000 for each defendant was 'grossly excessive to secure the defendants' attendance in court.'<br /><br />The court yesterday ordered Mr Wong's clients' bail to be reduced to S$400,000 each. 'But since all three can't post bail at S$400,000 each, they're remanded at Singapore Changi Remand Prison pending a criminal case disclosure conference on April 20'.<br /><br />Mr Wong said the defendants will be claiming trial and defending the charges against them.<br /><br />To date, more than 320 complaints have been filed with CAD against Profitable Plots, which was accused of cheating investors of more than S$30 million in various schemes it had promoted, according to a report from CAD earlier this month.rajchotranihttps://www.blogger.com/profile/16717691597934618105noreply@blogger.comtag:blogger.com,1999:blog-6516472233212607591.post-46501430608125524982012-03-28T09:10:13.430-07:002012-03-28T09:10:13.430-07:00I am not the owner of this site.I am not the owner of this site.rajchotranihttps://www.blogger.com/profile/16717691597934618105noreply@blogger.com