He was promising up to 70 percent returns on investments in the foreign exchange market.
In the end all that investors received was heartache and a hole in the pocket after he made off with the cash!
In a Ponzi-like scheme, the American swindler started a company in Singapore back in 2013, and up until 2014, had persuaded thousands to come on board with promises of huge profits.
All this, with another 2 directors that included another Filipino and a Singaporean, said one of his victims, 38-year-old Mr Wong.
Mr Wong says was roped into the supposed investment scam by a friend.
He met with the female Filipino director and was persuaded to invest S$2000.
After just 7 months, he was informed that he had doubled in investment to S$4000.
After putting in more money into his portfolio, Mr Wang had later accumulated a total of S$128,000.
But in July last year, Mr Wong said that the American boss just disappeared after the company came under investigation by the police.
“He just disappeared. The money vanished, everything vanished.”
Mr Wong and 22 other victims took legal action against the company, and the court ordered in August last year that they be compensated, but by that time, the rest of the company’s directors had disappeared too.
It was only in May this year when the Commercial Affairs Dept arranged for the victims to attend court that Mr Wong discovered that there were legal documents filed for about a thousand other victims.
The company’s bank account was later found to have only S$4800 left in it.
Mr Wong said he has given up on legal recourse, as it wouldn’t be worth the fees.
He said that he had pumped his hard-earned money into the scheme because he needed cash to raise his two daughters.
As a result of the loss, his marriage and his personal finances suffered.
“After so long, I have come to accept the fact that I won’t get my money back, but I still want to at least find out the truth.”
The case is still under investigation.
Authorities say that even if the rest of the money is traced and recovered, it will take a long time for investors to get their share of their money back, if they even have the chance to.
Frank A.
September 15, 2015 at 10:28 pm
There is a lot more to this story, but it this is a good summary. It wasn’t just Singaporeans, as I was also an investor who was seeing sizable returns on my investment. At one point, my investment was increasing at an exponential rate by doubling almost every 4 months. After 2 years of letting the profits roll-over, and bringing other investors on board, as Aureus Capital paid out commissions on the profits made for clients who were referred, I had amassed well over $1,000,000 and by the time the scam hit the fan, I was at $2,000,000.
In the end, I had at least withdrawn more than my initial investment, but to feel as though you were financially set, with millions in the bank, and have it vanish overnight, is a horrid feeling, especially when you have important issues, such as medical and legal expenses, which were going to be paid with the profits from the investment.
kj
September 16, 2015 at 8:56 pm
Thats a lesson learnt isnt it? Singaporeans tend to think that Ang Mos are the best and tries to learn everything from the West.
Monique
September 26, 2015 at 9:35 pm
My family and I were among his 2000+ victims. People who had nothing to do with Michael Atkins’ lying, scamming and greed have had their lives threatened over this opportunist’s actions. May he be found and brought to justice and may everyone who was cheated by him receive a thousandfold return for their troubles and may their lives be restored from this loss and betrayal.
Sam H
September 27, 2015 at 9:10 pm
This sounds like ‘ if it sounds too good to be true, then it probably is’.
High returns have always meant high risk so research is fundamental to any decision making rather than trust.
From the story above, it was walking like a duck from the beginning.
Hopefully everyone gets at least their own money back, lesson learned.