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13 November 2007

Downfall of Sunshine Empire?

"If it sounds too good to be true. It probably is!"

Did you put your $ there?
Because I was smart enough NOT to..
I even heard of local uni students quit school to work there full time..

Quote from the article on the StraitsTimes:

"THE Commercial Affairs Department (CAD) has begun investigation into the affairs of Sunshine Empire following reports of its controversial business practices.

A police statement on Tuesday, advising those who have invested in the company to wait for further updates from CAD, said they may be asked to help in the probe.

Barely 16 months into operations here, Sunshine was placed on the Monetary Authority of Singapore?s (MAS?) investor alert list in September.

This list names people or firms who may be conducting activities regulated by the MAS without authority.

On Oct 24, The Straits Times reported that the multi-level marketing firm had come under scrutiny because it appeared to be operating like a pure investment scheme, something it did not have the license to do.

MAS has warned people against making investments with unregulated firms and individuals. And a new consumer alert has been issued to inform consumers about get-rich schemes that sound too good to be true..."

Read the full story HERE


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