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Saturday, July 8, 2017

Another money game operator stops trading

The company is listed on the Securities Commission Malaysia’s website as an unauthorised company and it does not have approval to trade in futures contracts, financial planning or services related to securities or futures.
money-game-tradingPETALING JAYA: A Penang-based money game operator appears to be the latest company in trouble after suspending trading and leaving its office unmanned the last two weeks.
One of the investors, Chin, 54, a housewife, said her up-line told her that the company had stopped all business dealings two weeks ago, reported The Star.
The company is listed on the Securities Commission Malaysia’s website as an unauthorised company. It does not have approval to trade in futures contracts, financial planning or services related to securities or futures.
“I had invested US$5,000 (RM22,000) last month and did not even have a chance to use my points to trade,” Chin said.
She said when she attended a briefing on their products earlier, she was so impressed with their green concept.
The company’s website claims to have an afforestation operation along with a series of related activities. It also claims to provide solutions, marketing plans and investment schemes.
“This is a painful experience for me,” Chin said.
The company’s office was locked and attempts to contact the person in charge were unsuccessful as the phone calls went unanswered.
However, there were many banners and streamers nearby to inform investors of the points system issued by the company.
According to the banners, the points could be used to redeem gift cards at a popular furniture outlet, with an exchange rate of RM50 for 16 points and up to RM1,000 for 316 points.
“I hope this company will not turn out to be another JJPTR (JJ Poor To Rich),” Chin said.
It was reported early this year that JJPTR lost US$400 million (RM1.7 billion) to a purported computer hacking job. Its founder Johnson Lee and two of his aides were arrested by police on May 16 and released on police bail on May 23. The company has since shut down its website and its office in Penang.
Penang Commercial Crime Investigation Department chief Asst Comm Abdul Ghani Ahmad, when contacted, said no report had been lodged against the company. -FMT

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