wine investment
Moderators: alvin, learner, Dennis Ng
Re: wine investment
Most wine investment schemes are questionable as reported in this forum. Be careful and NOT fall for silly scam.
Re: wine investment
Anybody has any resolution to the wine bought from AWi but could not sell?
I am one of the 'lambs' who are stuck with it.
By the way, Jamestai, what happen to the case on the assetton?
I am one of the 'lambs' who are stuck with it.
By the way, Jamestai, what happen to the case on the assetton?
Re: wine investment
Hi Albert,
Sorry to hear that you are into the wine scam situation too. Yes from now on I don't believe in all this alternative investment anymore.
The CAD is going to prosecute Mohan soon for cheating. I hope he get a long jail term for cheating so many people.
James Tai
Sorry to hear that you are into the wine scam situation too. Yes from now on I don't believe in all this alternative investment anymore.
The CAD is going to prosecute Mohan soon for cheating. I hope he get a long jail term for cheating so many people.
James Tai
Re: wine investment
On the positive side, I have the real asset, but cannot sell.
in worse case scenario, open up and drink. Haha
in worse case scenario, open up and drink. Haha
Re:
Posting a note from JamesTai.
Hello Everybody,
Just to let you know that Mohan the Crook who cheated Million of dollar of Singapore Wine investor, from what I understand from the CAD officer he will be release from Jail this month. Unfortunately he will be a free man again after this.
The legal fee to sue him for bankruptcy is too expensive for a few of us who wanted very much to take action against him. Therefore we can only hope through internet media and your help to warn all your friends about him.
Attached is his photo and the news article about his crime below. Please note that the new reported that only SGD$176K he cheated out of investor. That is not true because the CAD did not do their job to make sure they get all the investors involve to make a police report. All they do is just recorded the statement for those who make the police report. A few of us has make a complaint to the police commissioner when we saw the new article but there is nothing we can do since the judge already pass the sentence. To ask the court to review the case again, the CAD would not want to spend the time and effort to do it. So please don't think our legal system is fair or police officer is doing their job. The CAD also tell us that it is not their job to make Mohan a bankrupt or help us to get our money back. After this incident I realize that if you don't have someone who has political muscle power to help you, the law enforcer here would not take you seriously.
So the only way to protect ourselves, your love ones and friends is to help us to spread the message to warn other people about this Crook, MOHAN.
Thank you.
James Tai
http://www.singaporelawwatch.sg/slw/hea ... ault&page=
11 months' jail for investment scam
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Source Straits Times
Date 28 Jun 2013
Author Khushwant Singh
TWENTY investors poured nearly $176,000 into the Assetton investment company to buy high-quality French wine so they could sell it for a profit in the future.
They received certificates apparently from Grand Cru Storage attesting that their wines were safely stored at a facility in Bordeaux, France.
But it was all a sham, a district court heard yesterday. The certificates were fake and in many cases, no wine had been purchased.
Mastermind Mohan Nainan Nainan, 55, was jailed for 11 months after he pleaded guilty yesterday to abetting in the forgery of the certificates and misappropriating the $176,000.
He was the director and a shareholder of Assetton, a firm he had founded in December 2007 to sell French wines as investments.
In 2009, he accepted $6,532 from an investor to purchase 12 bottles of fine wine. He had convinced her that she would be able to make a profit in three to five years' time.
In January 2011, she instructed him to sell the wine. When she did not hear from him after six months, she checked with Grand Cru Storage and discovered that her bottles were not stored at its facility. Nainan had not bought the wine.
In another instance, he pocketed the payment for six bottles of Chateau La Mission Haut Brion 2000, six bottles of Chateau Lafite Rothschild 2000 and six bottles of Chateau Margaux 2000, which he sold for another investor. These wines were valued at more than $31,000.
Nainan also lied to the Registrar of Companies that his company's paid-up capital was $450,000. But the shareholders had not paid for the shares issued to them.
He was fined $7,000 for contravening the Companies Act.
Pleading for a lenient sentence, defence counsel Samuel Chacko, who represented Nainan pro bono, told the court that his client did not misappropriate the money for "personal enrichment" but to pay staff salaries and rent an office.
Deputy Public Prosecutor Muhamad Imaduddien pointed out that the sum embezzled was "significant" and no restitution had been offered.
His jail term was backdated to Jan 22, the date he was remanded. For forgery, he could have been jailed up to four years and fined up to $10,000.
Nainan could have been jailed for life and fined for the misappropriation offences, while contravening the Companies Act carries a fine of up to $50,000 and/or a jail term of up to two years.
Hello Everybody,
Just to let you know that Mohan the Crook who cheated Million of dollar of Singapore Wine investor, from what I understand from the CAD officer he will be release from Jail this month. Unfortunately he will be a free man again after this.
The legal fee to sue him for bankruptcy is too expensive for a few of us who wanted very much to take action against him. Therefore we can only hope through internet media and your help to warn all your friends about him.
Attached is his photo and the news article about his crime below. Please note that the new reported that only SGD$176K he cheated out of investor. That is not true because the CAD did not do their job to make sure they get all the investors involve to make a police report. All they do is just recorded the statement for those who make the police report. A few of us has make a complaint to the police commissioner when we saw the new article but there is nothing we can do since the judge already pass the sentence. To ask the court to review the case again, the CAD would not want to spend the time and effort to do it. So please don't think our legal system is fair or police officer is doing their job. The CAD also tell us that it is not their job to make Mohan a bankrupt or help us to get our money back. After this incident I realize that if you don't have someone who has political muscle power to help you, the law enforcer here would not take you seriously.
So the only way to protect ourselves, your love ones and friends is to help us to spread the message to warn other people about this Crook, MOHAN.
Thank you.
James Tai
http://www.singaporelawwatch.sg/slw/hea ... ault&page=
11 months' jail for investment scam
Share on facebook Share on twitter Share on email
Source Straits Times
Date 28 Jun 2013
Author Khushwant Singh
TWENTY investors poured nearly $176,000 into the Assetton investment company to buy high-quality French wine so they could sell it for a profit in the future.
They received certificates apparently from Grand Cru Storage attesting that their wines were safely stored at a facility in Bordeaux, France.
But it was all a sham, a district court heard yesterday. The certificates were fake and in many cases, no wine had been purchased.
Mastermind Mohan Nainan Nainan, 55, was jailed for 11 months after he pleaded guilty yesterday to abetting in the forgery of the certificates and misappropriating the $176,000.
He was the director and a shareholder of Assetton, a firm he had founded in December 2007 to sell French wines as investments.
In 2009, he accepted $6,532 from an investor to purchase 12 bottles of fine wine. He had convinced her that she would be able to make a profit in three to five years' time.
In January 2011, she instructed him to sell the wine. When she did not hear from him after six months, she checked with Grand Cru Storage and discovered that her bottles were not stored at its facility. Nainan had not bought the wine.
In another instance, he pocketed the payment for six bottles of Chateau La Mission Haut Brion 2000, six bottles of Chateau Lafite Rothschild 2000 and six bottles of Chateau Margaux 2000, which he sold for another investor. These wines were valued at more than $31,000.
Nainan also lied to the Registrar of Companies that his company's paid-up capital was $450,000. But the shareholders had not paid for the shares issued to them.
He was fined $7,000 for contravening the Companies Act.
Pleading for a lenient sentence, defence counsel Samuel Chacko, who represented Nainan pro bono, told the court that his client did not misappropriate the money for "personal enrichment" but to pay staff salaries and rent an office.
Deputy Public Prosecutor Muhamad Imaduddien pointed out that the sum embezzled was "significant" and no restitution had been offered.
His jail term was backdated to Jan 22, the date he was remanded. For forgery, he could have been jailed up to four years and fined up to $10,000.
Nainan could have been jailed for life and fined for the misappropriation offences, while contravening the Companies Act carries a fine of up to $50,000 and/or a jail term of up to two years.
Dennis Ng wrote:Hi all,adriantal wrote:Same here. Getting no traction with Mohan at all. My guess is either he is super busy clinching BIG deals or he is not interested to spend his time on small wine investments like mine. Maybe we need some BIG wine investors eg. Dennis to see if he can get in touch with Mohan to respond to all his graduates' queries.
I am trying to make contact with Claris, whom serve me as well, to see if I can gain any other way into Assetton to help me on my wine investments. If there are any updates, I will keep all updated.
I will try to contact Mohan to get an update from him. The last I spoke to him was about a few weeks' ago, when he provided an updated valuation of my wine investment with Assetton.
Not sure if Claris is in Singapore, I heard that she has some family matters to take care of and thus, she may now be in China.
The last I heard from Claris was an email she sent to me informing that she has left Assetton.
Price is what you pay; Value is what you get
RayNg
RayNg
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candy_chia
- Investing Mentor
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- Joined: Sun Jul 17, 2011 11:36 am
Re: Re:
Deepest appreciation to James Tai & Ray for issuing the warning message to fellow graduates.
Concur with the teaching of our late sifu on the need to make money honestly as I had a friend who attained her wealth through fraudulent mean but her family members suffered ill-fated lives after her demise from cancer.ngtfook wrote:Posting a note from JamesTai.
Hello Everybody,
Just to let you know that Mohan the Crook who cheated Million of dollar of Singapore Wine investor, from what I understand from the CAD officer he will be release from Jail this month. Unfortunately he will be a free man again after this.
The legal fee to sue him for bankruptcy is too expensive for a few of us who wanted very much to take action against him. Therefore we can only hope through internet media and your help to warn all your friends about him.
The CAD also tell us that it is not their job to make Mohan a bankrupt or help us to get our money back. After this incident I realize that if you don't have someone who has political muscle power to help you, the law enforcer here would not take you seriously.
So the only way to protect ourselves, your love ones and friends is to help us to spread the message to warn other people about this Crook, MOHAN.
Thank you.
James Tai
http://www.singaporelawwatch.sg/slw/hea ... ault&page=
http://www.masteryourfinance.com/forum/ ... 0&start=15[color=#800000][b]Dennis Ng[/b][/color] wrote: the only way to mitigate against such risk is "do not put our eggs in 1 basket",
it's asking ourselves, "what if I'm wrong, will I be financially ok?"
I only have 2% invested into Wine, which I share in this forum my Asset Allocation, and I'm financially ok, just that I feel very sad for people who are out to cheat people. I feel sad for them only, becos they don't understand they will always Reap what they Sow, and would reap at least double of what they Sowed.
It's important that we do NOT give in to temptations to cheat or do anything that is NOT right to make money.
The most important thing for us to do is to Make Money HONESTLY, based on the Right Principles and Values.
I have no hatred for people who cheat, only feel sad for them and hope they repent their mistakes and turn over a new leaf for their OWN good.
