SCF Ponzi scheme

 https://behindmlm.com/companies/scf-collapses-withdrawals-disabled-china-exit-scam/

The SCF Ponzi scheme has collapsed.

Withdrawals have been disabled and the scam has trotted out a baloney “Chinese regulations!” exit-scam.

In disabling withdrawals on October 2nd, SCF (aka Standard Cross Finance), sent out the following notice to investors;

2023-10-02

Dear users in China:

In order to ensure the normal business development of the platform and to comply with local laws and regulations, the SCF Group Board of Directors finally decided to permanently withdraw from the Chinese market. For users in China, we will complete the user’s asset liquidation within 7 working days.

Regarding the detailed asset liquidation process, we will introduce it in detail in a subsequent official announcement.

During the asset liquidation period, users in China will be restricted from using functions such as exchange, pledge, mortgage, adding liquidity, withdrawing principal, and withdrawing reward income. After exiting the Chinese market, all new users in China are prohibited from registering wallet IDs.

The above decision only applies to users in China, and users in other countries will not be affected.

SCF investors in other countries however soon learned they were unable to withdraw.

This prompted an update from SCF, confirming withdrawals were disabled.

The change process mainly affects the Chinese market, but due to the system’s too-tight relationship with China, the company has to forcefully suspend deposit and withdrawal activities to finalize data.

This is of course all baloney.

SCF is run by Chinese and/or Russian scammers hiding in Asia (outside of China). It also holds staged marketing events in Asia to woo new investors.

Solicitation of SCF investors however is pitched at and primarily takes place outside of Asia. This is reflected in visits to SCF’s website.

As of August 2023, SimilarWeb tracked ~413,000 visits to SCF’s website. 21% of that traffic originated from Russia. 17% was from Venezuela, 13% from Poland, 11% from Australia and 10% from the UK.

SCF is not active in China. At least not to any meaningful extent.

Furthermore, SCF’s posturing of trying to adhere to Chinese “local laws and regulations” is ridiculous.

At a minimum SCF’s passive returns investment opportunity is a securities offering.

SCF is not registered to offer securities in any jurisdiction, meaning the company commits securities fraud and operates illegally the world over.

SCF is a reboot of the collapsed Fintoch Ponzi scheme. Both scams are headed up by Boris CEO “William Thompson”.

https://behindmlm.com/companies/scf-collapses-withdrawals-disabled-china-exit-scam/

Fintoch Scam

https://behindmlm.com/companies/scf-collapses-withdrawals-disabled-china-exit-scam/

Fintoch appears to have wrapped up its exit-scam by disabling its website.

At time of publication attempts to visit Fintoch’s website return an “ERR_NAME_NOT_RESOLVED” DNS error.

This doesn’t appear to be a temporary error as I noted Fintoch’s website has been manually removed from Google’s search results.

Typically a previously accessible website can linger for up to a week in search results.

Fintoch was a Boris CEO Ponzi scheme that collapsed on May 23rd.

In an attempt to create as much distance from themselves and their victims, Fintoch continued to string investors along with techno babble about FTC tokens.

Fronting Fintoch were US actors Mike Provenzano and Joel Fry, playing CEO “Bobby Joe Lambert” and Chairman of the Board “William Thompson” respectively.

Fintoch last social media upload was on June 5th. It featured what is believed to be an old March 2023 video featuring Provenzano and Fry.

Provenzano otherwise disappeared from representing Fintoch in March 2023. Fry took over as the face of Fintoch the same month but hasn’t been seen since the late May collapse.

At time of publication Fintoch’s social media profiles, although abandoned, are still accessible. We’re assuming they’ll disappear shortly.

Fintoch is believed to be run by scammers hiding in Singapore during the Ponzi scheme’s run.

As of May 2023, SimilarWeb tracked top sources of Fintoch website traffic as the US (29%), Malaysia (13%), Vietnam (8%) and India (7%).

Total Fintoch investor numbers and how much they’ve collectively lost remains unknown.

 

Update 18th August 2023 – Fintoch is trying to reboot as Standard Cross Finance.

https://www.binance.com/en/feed/post/670066

As we know, Fintoch project, claiming "The exclusive blockchain security technology "HyBriid" allows users to enjoy true zero-risk blockchain investment" Under the name of Morgan Stanley, scammed millions of investors from all over the world.

From May 23, 2023, Fintoch stopped the withdrawal of all investors, after which it was claimed that Fintoch's own block chain has arrived and all landing borrowing contracts are now being migrated to the FTC block chain and from June 1st 2023 and the entire system will be back in place. and everyone will get withdrawal But there was nothing like that, it was just a lie!

Fintoch converted all investors money into a meaningless cash voucher without any investor's permission and investors were forcefully subscribed to the node.

Investors were told that Fintoch's block chain would come and the native token would be FTC and FTC would be mined. Whose reward will be given to everyone and everyone will be able to swap that reward

Despite doing such a big scam, Fintoch is continuously rotating investors with different types of temptations.

According to technical data, FINTOCH has not yet launched any block chain and Fintoch has also created its own native token FTC on BSC SMARTCHAIN of which the contract address is 0x4C3145CB6285eb269c37685e05Ff8C6684A70eC7

The initial score of this FTC Token was just 45/100 on Token sniffer, which has now further reduced to 25/100.

Common investor needs to understand that when any investor goes to swap FTC mining reward, he/she will get USDT by giving FTC

Whatever FTC reward is being generated, sufficient liquidity is required to swap it

USDT can be received only when sufficient liquidity is inserted in FTC Token and Fintoch is now asking its common investors to deposit this liquid into the system That means it is clear that Fintoch's FTC TOKEN is just a scam token which does not have enough liquidity and Fintoch is forcing its own investors to deposit liquidity so mental exploitation of investors has also been started.

Fintoch might be doing all this to avoid any legal action from cyber crime enforcement agencies

The common investor should avoid such scams and understand the crypto ecosystem, because of the ignorance of the crypto ecosystem, the common investor becomes a victim of the scam.

CoAssets Crowd Funding Fraud - Getty Goh?

Hundreds of CoAssets' retail investors were left reeling in early December 2020 when it came to light that the Singapore-based alternative lending platform had transferred US$30 million (S$39.9 million) of its borrowings to a little-known debt recovery firm Sunfits.

CA Funding is "currently non-operational and insolvent", with loan recovery "extremely challenging".

Aggrieved investors have since filed police reports against CoAssets' co-founders Getty Goh (who was the former group CEO) and Seh Huan Kiat, and have grouped together on social media channels such as Telegram to pursue legal action. 

Source:  3Jan2021  https://www.straitstimes.com/business/investors-left-in-the-lurch-as-investment-platform-coassets-runs-into-trouble

Ponzi scam Leong Lai Yee jailed for 14 years

Finally one get caught Leong Lai Yee

who ran 'unprecedented' $35m ponzi scheme jailed for 14 years

https://www.straitstimes.com/singapore/courts-crime/housewife-jailed-for-cheating-53-people-of-more-than-35-million

Question: The court heard she later ran out of money and surrendered herself at the Singapore embassy in Bangkok on Nov 2, 2017. She was arrested when she returned to Singapore two days later. *should be Nov 5, 2017 then.

Why she only sentenced to jailed on 17May19 after 6 months?

Around 60 people are claiming to have been duped by woman over 'sweet' property deals

http://www.straitstimes.com/singapore/courts-crime/investors-caught-in-60m-ponzi-scam

Lee Song Teck

http://www.millionaireinvestor.com/family-loses-1-million-to-gold-scam/

Will you still fall for 6% returns per month?

●Maxim Trader  9Jan18

●https://tinyurl.com/yaj3pnym

●6 to 8% monthly Scam

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Scam Alert:
Dragon Fruit? Golden Farm Holding? http://itgfd.com/index.php/en/

Beware of Utoken offered by Ufun.

 https://www.allsingaporestuff.com/article/beware-ufun-utoken-investment-scam-victims-engage-debt-collector-get-their-money-back

http://www.makemoneyexpert.com/online/network-marketing/reviews/ufun-utoken/
http://ufuninvesting.com/

Scam - Oil Bunkering Charter Fine Ventures 4May2017

Oil Bunkering Scam - Charter Fine Ventures

More than 100 investors from Singapore, Malaysia & Indonesia parked in excess of US$20 million.
According to the brochure, investors could expect to break even after 8.3 months for all plans. Under a 15-month investment plan with monthly payouts of 12 per cent, a US$600,000 sum would generate monthly returns of US$72,000. This translates to a return of 180 per cent and total returns of US$1.08 million or a net profit of US$480,000, after 15 months.

http://www.straitstimes.com/business/investors-cry-foul-over-firms-oil-bunkering-scheme

CFSM sent letters to investors in 2015 and 2016 attributing the delays in monthly payouts to reasons such as "major fluctuations" in global markets and the "sliding of oil prices". Investors never hear from them after that. 

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Binary Option Scam   Dec-2016

When a binary option is purchased on broker's platform, a contract is created that gives the buyer (known here as the investor) the right to buy an underlying asset at a fixed price, within a specified time frame wih the seller (broker). The option must be held until maturity (even if that is five minutes away); unlike regular options it cannot be sold before then.

The basic premise for the binary options site uses is at a specific time, say 1:25 p.m, you can put down perhaps $100 that XYZ stock will either increase or decrease in price within five minutes—by 1:30 p.m. If you are wrong, you get $15 back. If you are right, you win about $70.

Mathematically, the site has an edge and you must be right 55% of the time in order for your bet to have a neutral expected value. With some understanding of probability, the online gambling markets, and how these sites work. Very few people outside of professional traders can beat the trading sites consistently for good money. 

For starters, this sort of thing can quickly become addictive, especially to market junkies. Although the amounts bet may be small, the total can quickly add up if many trades are done in a day. It wouldn't take long for things to get out of hand. Secondly, no one, no matter how knowledgeable, can consistently predict what a stock or commodity will do within a short time frame. As such, you will never win over longer term.

Binary Options Trading Scam

The scam starts before the investor even opens their brokerage account!
Many new binary option traders get hooked by a video about binary trading signals, or a binary options robot.

The Scam Works Like This:

1. A fake company opens a website that looks like a legitimate binary options broker.
2. They create a trading signals software that promises 100% accuracy, and some write 100% guarantee.
3. They advertise their trading system under multiple names, with fake testimonials.
4. When you join the scam, you quickly lose your initial deposit of $250.
5. You then get a phone call from a “senior broker” asking you to invest $5000.

Below are reviews of many different binary signals software. You should first see BlackBoxRobot.com.

http://www.straitstimes.com/business/invest/binary-options-trading-a-risky-bet-say-experts

At least 30 people, including finance executives and retirees, have made complaints over losses in trading of binary options, with one person US$150,000 (S$216,000) out of pocket, the police said yesterday.

These investors have lost more than $1 million to unregulated trading platforms, police had said on Wednesday. The complaints began escalating in May, with officers believing victims were lured into the risky trades by websites - mostly unregulated entities claiming to be based in places such as Britain, Cyprus and Hong Kong - promising high returns and other rewards.

Police issued a warning on Wednesday, advising investors to check lists compiled by the Monetary Authority of Singapore (MAS) to find out which investment service providers are regulated.

http://www.straitstimes.com/singapore/courts-crime/police-advise-caution-on-binary-options-trading

Police yesterday advised the public to be careful when trading online in binary options, noting that there has been a sharp rise in complaints involving such trading.

In binary options trading, investors try to predict if the price of a financial product - shares or currencies, for instance - will be above or below a specified price at a specified point in time, ranging from a few minutes to a few months in the future.

They receive a fixed amount of money if the prediction is correct, or lose the investment otherwise.

http://www.straitstimes.com/singapore/courts-crime/police-warn-of-rise-in-online-scams-involving-binary-options-over-1-million

SINGAPORE - There has been a "sharp rise" in complaints involving online trading in binary options, the police said in a news release on Wednesday (Dec 14).

To date, the Commercial Affairs Department has received more than 30 reports from investors who have lost more than $1 million to unregulated binary options trading platforms.

According to the police, most of the investors were local Chinese men aged between 31 and 50, and included finance professionals and retirees.

Sports Arbitrage Betting Scam
20 say they lost S$1m in investment scam  Oct2016
Victims were told the betting programe was legal as bets were not placed in Singapore.

Bank employee Jeffrey Tan considers himself to be savvy in making financial investments.

But last December, the 30-year- old began putting $20,000 in an offshore sports arbitrage betting company and went on to lose half of it.

He also persuaded about six friends and his parents to invest about $200,000 in all. They lost all their money.

"I felt so guilty for dragging them in that I tried to kill myself," he said, showing The Straits Times a letter from Tan Tock Seng Hospital, where he was hospitalised for depression after taking an overdose.

He claims to have fallen victim to a sports betting syndicate run by 33-year-old Singaporean Alvin Ang Jun Bin, who claimed to be representing Isle of Man-registered offshore betting company Keystone Trading in Singapore. He has made a police report against Mr Ang.

Police confirmed that more than 20 reports have now been lodged against Mr Ang. The alleged victims, mostly in their 20s and early 30s, have set up a WhatsApp chat group to share information.

Their losses are estimated to total more than $1 million, according to fellow victim Lau Cheng Yi. The 22-year-old, who runs a food and beverage business, lost about $55,000 in cash and three luxury watches valued at $72,000 in total.

"He promised returns of 2 to 10 per cent every month," said Mr Lau. "I did not get a single cent and he is now uncontactable."

Mr Lau said he met Mr Ang in March at a roti prata restaurant in Upper Bukit Timah. "He came in a Nissan GTR sports car and was wearing Louboutin shoes and a Rolex watch," Mr Lau said.

Attracted by the promise of "risk-free returns", Mr Lau handed over his Audemars Piguet Las Vegas watch worth more than $30,000 on the spot. A day later, Mr Ang opened an online account for Mr Lau at the Keystone Trading website with 20,000 credits to his name.

Over two more months, he progressively invested more money after being persuaded. By June, he had put in $127,000.

He sensed something was amiss that month when the website was down. He met Mr Ang at the void deck of his Bangkit Road Housing Board flat. He said Mr Ang claimed that his boss - "Sky" - had run away with the money and promised to look for him to return it.

Other victims said Mr Ang assured them the betting programme was legal as the bets were not placed in Singapore, but through Keystone Trading's offices located in Shenzhen, China, and the United States.

Mr Ang's mobile line was disconnected and he did not reply to messages to his phone.

When reporters visited his HDB flat in Bangkit Road, his father said he moved out last year and came home only occasionally.

Asked if his son was overseas, he said: "I will also avoid people if I were him. Why you ask so many questions?"

Police did not have figures for investment scams specifically. There were a total of 5,150 cheating cases from January to September this year, while the whole of last year saw 6,560 cases, up from 3,898 in 2014.

Mr Tan is now coping with his depression, but the episode has taught him not to be lured by promises of easy money. "I paid a price for learning this," he said.

A version of this article appeared in the print edition of The Straits Times on October 17, 2016, with the headline '20 say they lost $1m in investment scam'. Print Edition | Subscribe