Investors Protest Outside Singapore Firm Over Unsuccessful Amber Gemstone Investment Scheme

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Investment Scheme,Gemstones,Cryptocurrency

Investors who claim to have lost money in a gemstone investment scheme protested outside a firm in Singapore. The investors, including elderly retirees, allege that they were promised high returns through cryptocurrency tokens linked to amber gemstones but received no profits. They accuse the firm of stonewalling their attempts to retrieve their investments and say they are filing police reports.

SINGAPORE – Investors trying to get their money back from a gemstone scheme which bears the hallmarks of a multi-level marketing programme say they have been stonewalled for years.

The investment scheme involved amber gemstones. Investors were awarded points, which could be redeemed for cryptocurrency tokens that promised high returns. Ms Shonna Seow's parents, who are both in their 80s, said they were asked to pay a sum for a chance to get back their $70,000 investment. ST PHOTO: GAVIN FOORetiree Dennis Tan, 56, said he invested more than US$20,000 in 2015 with USFIA Singapore.

Mr Wong, who is also known as Lionel Wong, registered Global GC in 2015. The firm was struck off in 2023. Mr Wong was at the Ubi Techpark office on Aug 23 and spoke to investors, who referred to him as “boss”.However, he shares the same residential address withMr Wong and the staff at Ubi Techpark told investors that their investment was handled by Estonian-registered company, MaxiTrading Invest OU, where Ms Wong is the owner.

They said he made false and misleading representations, including claims that the firm owned several large amber mines in the Dominican Republic and Argentina. The man’s wife got her money back but he was sentenced to three weeks’ jail for criminal intimidation in November 2016.

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