57 The case of Tradewaves Ltd v Standard Chartered Lender [2017] SGHC 893 is instructive in this regard. The plaintiffs had invested into what turned out to become a Ponzi plan of Bernard L Madoff. The plaintiffs contended that the defendant lender’s marriage managers had manufactured negligent or fraudulent misrepresentations that induced the plaintiffs to invest, and stay invested, until finally the fund collapsed. The court docket held at [75]: “…the Plaintiffs’ knowledge of the illustration that Fairfield Sentry ‘was a safe and steady financial commitment with steady fantastic returns and reduced volatility’ had practically nothing to try and do with the potential risk of reduction as a consequence of managerial fraud.
The sentencing brings to an in depth a months-very long investigation right into a legal company that effectively conned casinos out of around $one million in dollars.
113 Sandra’s circumstance in relation to your Share Financial investment Representation is beset Along with the exact same complications. The illustration is formulated in Sandra’s reply submissions as follows:
67 Further more, I discover that Sandra’s perform from the aftermath of the collapse of SureWin4U is inconsistent together with her assertion that she experienced invested in reliance on representations by Ken, Sally, and Sebastian. I will deal with this afterwards.
3 SureWin4U was on the other hand a Ponzi scheme. It didn't Have got a strategy for persistently winning money as a result of gambling, let alone a “certain earn” way. As such, members’ here returns primarily came with the money they and fellow contributors set in to the scheme.
In almost any occasion, I take Ken and Sally’s place the yacht was paid out for with dollars from Peter Ong – there was As a result almost nothing Untrue with regards to the illustration which they experienced been given a yacht for their participation while in the plan.
If the corporation couldn't confirm that their approach worked, then he could ask for 100 for each cent return of your fee, and that is certain. And all this information was also from the brochure which was passed to me.
Alex was Performing like a freelance programmer and hacker every time a Russian casino hired him to govern the RTP of some Novomatic slot devices. To try and do The work, Alex experienced to find out in detail regarding how these equipment operate internally.
40 For now, I merely notice that the main target of Sandra’s misrepresentation statements was very much on Ken and Sally.
Inevitably, you are going to recognize that SureWin is practically nothing in excess of a fraud. Your money will likely be shed and there's no promise you can expect to ever see it yet again.
They prey on vulnerable men and women by providing vacant guarantees and making use of coercive gross sales tactics. When you finally fall for it, your money vanishes into thin air. Never develop into A different target of this cruel scheme!
64 There isn't a reference there to any “Safe and sound and lucrative” illustration, nor another representations by Ken, Sally, and Sebastian on which Sandra’s misrepresentation circumstance has become Started.
111 In obtaining the US Home Deal, Sandra realized that it absolutely was a term of that package deal that she was entitled to the title deed to your home in Detroit, but no matter if she been given that title deed would rely on whether or not SureWin4U stored its guarantee in that regard.
Having said that, they have been later on photographed inside a Macau newspaper with Mr Peter Ong and enormous amounts of funds, which prompt ongoing involvement With all the scheme’s founders.