Sunshine Empire probe: Illegal investment company?
Singapore November 14th, 2007
Sunshine Empire is under investigation because the Monetary Authority of Singapore (MAS) suspects that it is running an illegal investment scheme, as opposed to it being a multi-level marketing firm. Members of the company were supposed to buy and sell products online, from which they would be given a rebate. A particular member had apparently been getting back rebates of $1,440 since his initial investment of $12,000.
It was reported that members may withdraw from the programme anytime, which apparently was not known by some of their members. It is illegal to run an investment scheme in Singapore without seeking approval from the MAS.
Personally, I am quite wary of such schemes because a lot of my friends have fallen into it by the lure of quick money. Even in the proper investment plans there are today, it is not entirely risk free and people should be educated to make proper decisions before putting their money into investments or unorthodox get-rich schemes.
THE Commercial Affairs Department (CAD) said yesterday that it has commenced investigations into controversial multi-level marketing (MLM) firm Sunshine Empire.
It also said it may ask people who have put money into the firm’s schemes to help in the investigation.
According to a company spokesman, the man behind Sunshine’s operations, Mr James Phang, was at the CAD’s office yesterday. He could not be contacted by The Straits Times.
In a statement announcing the probe, the CAD said people who have placed money with Sunshine are advised to wait for further updates from the department on the case.
‘More information will be released in due course, and persons who have placed money with the company may be requested to come forward to assist the CAD in the investigation,’ it added.
Sunshine’s schemes have attracted about 20,000 people here since it was set up in July last year.
But in September, the MLM firm was placed on the Monetary Authority of Singapore’s (MAS) investor alert list.
It attracted the authorities’ interest as its activities appear to be akin to that of a pure investment scheme, for which it is not licensed.
The firm invites people to become ‘merchants’ of online goods, ranging from health supplements to electronics goods.
But concerns centre on the fact that participants can potentially pocket big ‘rebates’ without ever buying or selling these goods.
For instance, businessman Raul Tham, 50, placed $12,000 in Sunshine’s gold plan in August.
Since September, he has been receiving monthly cash ‘rebates’ of $1,440.
The rebates are based on the participants’ cash outlay as well as Sunshine’s global turnover.
Last week, with all the disquiet surrounding Sunshine and with news that Mr Phang was linked to an abandoned Indonesian club project, an award for him was withdrawn.
Mr Phang had been due to receive an Outstanding & Innovative Global Entrepreneur award at yesterday’s Global Business Opportunities Forum, part of the international business networking event Global Entrepolis hosted by Singapore.
Yesterday, the Sunshine spokesman said that ‘business will carry on as usual’, and added that the company had ‘nothing to hide’.
In a statement, the company also said it had recently written to the CAD offering to clarify any misconceptions.
When asked if Sunshine would entertain refund requests, the spokesman said that this has been its policy all along.
He added that there have been no refund requests here so far, but said the Malaysian Sunshine office has received five refund requests, he said.
Most Sunshine participants that The Straits Times interviewed were unaware that they could get refunds.
Meanwhile, the consumer watchdog is advising those who have placed money with Sunshine to ask for refunds if they are worried about the CAD probe.
Consumers Association of Singapore executive director Seah Seng Choon also cautioned investors against putting cash into Sunshine.
He said they are better off putting money in regulated financial schemes, given the higher standards of compliance required by the MAS.
Article obtained from straitstimes.com on 14th November 2007
About
some really really interesting postings starting from the very first post of saturday 24th Nov
not so much flame wars, more like a constructive discussion, worth having a look at
http://www.thelocalking.com/singapore/miscellaneous–others…/sunshine-empire.html
Find out more about MLM industry @ http://www.mlm-professor.com
Sunshine Empire Cash Out Epoints
IF you are a victim of the Sunshine Empire and haven’t been able to cash out your (worthless) epoints into real cash, I am ready to help you.
Simply email
se.cash.out@gmail.com
http://se-cash-out.blogspot.com/
All Malaysia SE and Em-Max merchant ,
Good news !!
Em-max Grand Convention at Hong Kong last month had sold more than 5000 Gold Max .Great result.
James Pang had officially announced to pay back all the re-fund to Malaysia’s Merchant by August 2008 .
Those who don’t received the ICC card ,you may contact Em-Max Malaysia’s Represent : Sky (016-7920101).
For all Singapore merchant need to wait until November/December 2008 to get their refund.
This is the final decision from James Pang .
Em-Max will be stronger ever !!
Sam Mok
(Managing Director of Sunshine Empire Malaysia)
On be half of Em-Max
All Malaysia SE and Em-Max merchant ,
Good news !!
Em-max Grand Convention at Hong Kong last month had sold more than 5000 Gold Max .Great result.
James Pang had officially announced to pay back all the re-fund to Malaysia’s Merchant by August 2008 .
For all Singapore merchant need to wait until November/December 2008 to get their refund.
This is the final decision from James Pang .
Em-Max will be stronger ever !!
Sam Mok
(Managing Director of Sunshine Empire Malaysia)
On be half of Em-Max
By August 2008 ,all the Malaysia Merchant able to withdraw SEM point and OEM point using the ICC card .
All Singapore Merchant need to wait untill December 2008.
This is the final decision from James Phang .
Sam Mok
(Managing Director of Sunshine Empire Malaysia)
On be half Em-Max
Any latest update about Mr Phang Wah?
Visit my site to share or get to know each other victims.
All SE Malaysia Merchant ,
Those who don’t receive the ICC card ,please contact your upline/leader immediately .
In order to withdraw your SEM point & OEM point on August .
Emmax(Hong Kong) already issue 3500 ICC card for Malaysia Merchant .
Sam Mok
(Managing Director of Sunshine Empire Malaysia)
On be half Em-Max
Dear Our Valued EmMax Distributors,
Those who still not receive the ICC card because your card application have been rejected by EmMax. This is because your upline/leader did not help you to fill in the card application form properly .
Therefore ,you need to contact your upline immediately and fill in the ICC card application form again .And wait for another 60 days for the card approval.
Sorry for any inconvinient caused.
Sam Mok
EmMax Management
What rubbish is that?
Need upline to do that?
Don’t sunshine empire has its own database?
Oh wait, what does EmMax got to do Sunshine Empire?
Dear Our Valued EmMax Distributors,
Those who still not receive the ICC card because your card application have been rejected by EmMax. This is because your upline/leader did not help you to fill in the card application form properly .
Therefore ,you need to contact your upline immediately and fill in the ICC card application form again .And wait for another 60 days for the card approval.
Sorry for any inconvinient caused .
Sam Mok
EmMax Management
Do not turn one big ground, just refund us who cheat by YOU JP.
Dear Sam Mok,
I’m Malaysian people. I got invest in Sunshine Empire and now Em.Max. So, I so sad until Em-Max not pay back my money. Please…info me..urgent. Because I dont know how to make that. To solve my problem… Thank a lot.
This is my e-mail…khairie_25@yahoo.com.my
Dear Sam Mok,
I am malaysian who invested in Sunshine Empire and
have joined em-Max and until now I have not received my
ICC card which I applied and was approved on June 24th
2008.I email to em-Max hongkong but was told that I have to pay cash to the company before I can get ICC card to withdraw my empoints.I also dont understand why
a certain large amount of money is transfered out and to where when I log into members website every month.
Can you help to solve my problem as I have tried to get
some answers but without sucess.
Thank You,
Eddie_yeohjh@yahoo.com
IMPORTANT NOTICE 重要通告
Dear Our Valued Distributors,
亲爱的会员，
James Phang had made the final announcement that the refund for all Singapore merchant would not be on October 2008 .
Emmax will inform all Singapore Merchant the actual refund date by next year on February 2009 .
For any further inquiry you may contact Emmax Management :00852-2377-1777 or 00852-2199-7887
Regards,
Sam Mok
The EmMax Management Team
帝无限管理层
When will singapore merchants get back their refund??
Is Mr Sam Mok talking in this forum the actual person??
Hi sam mok,
I’ve collected my ICC and I’ve top up my empts and its shown approve on the acc. I went to the atm to do a withdrawal its say fail. It’s been a month. I hope you can reply my post here. Thanks.
Hi Sam Mok
You have been giving excuses for the refund.
You say that the Malaysia GP can be refund in August’08.
Are you sure that it is able to withdraw.
SEM Point confirm can be withdraw
As per the EMMAX Merchant have collected the card but he say cannot withdraw.
Why Sky Handphone is not contact?
Please Reply by e-mail adelinetay2003@yahoo.com.sg
IMPORTANT NOTICE 重要通告
Dear Our Valued Distributors,
亲爱的会员，
James Phang(EmMax) have decided that there will be no pay out for the refund to all Sunshine Empire Malaysia and Indonesia merchant .
Base for the member application form that all the merchant have signed .EmMax would not have any responsible to pay for the refund money.
ICC card would not be issued to all Malaysia and Indonesia merchant .
EmMax will be stronger ever !!
For any further inquiry you may contact Emmax Management :00852-2377-1777 or 00852-2199-7887.
Regards,
Sam Mok
The EmMax Management Team
帝无限管理层
sam mok, please reply my msg.!
always give empty promises.
what announcement james phang & sam mok is making
false statement has been make by both of them
people who have loan & need to make repayment & it has not been getting any rebate will die or bankrupt very soon.