Jesse Singh January 21, 2023

Fintoch Receives Securities Fraud Warning from Singapore

MLM News
May 12, 2023

In a recent development, Fintoch, a company involved in the financial sector, has come under scrutiny for its fraudulent activities.

The Monetary Authority of Singapore (MAS), the regulatory body overseeing financial matters in the country, has issued a securities fraud warning against Fintoch, placing the company on its Investor Alert List on May 4th.

MAS has specifically identified two website domains associated with Fintoch: “fintoch.com” and “fintochonline.com”.

While “fintoch.com” serves as Fintoch’s official website, the latter domain belongs to Shaikh Noorul Amin, who is associated with promoting Fintoch.

The focus of MAS’s warning is on Fintoch’s involvement in passive returns investment schemes.

These schemes promise investors low-risk investments with steady returns, but they often turn out to be fraudulent operations.

One of the key concerns raised by MAS is that Fintoch is not registered to offer securities in any jurisdiction.

This means that the company is operating illegally and engaging in securities fraud worldwide.

By falsely presenting itself as a legitimate investment opportunity, Fintoch deceives investors and unlawfully collects funds.

The nature of Fintoch’s fraudulent activities can be traced back to its functioning as a Ponzi scheme.

A Ponzi scheme is a fraudulent investment operation that pays returns to existing investors using funds contributed by new investors.

This creates an illusion of profitability and attracts more investors, allowing the scammers behind the scheme to profit.

In the case of Fintoch, it is believed that the scheme is run by scammers operating out of Southeast Asia, with US actor Mike Provenzano assuming the role of Fintoch CEO, “Bobby Joe Lambert”.

Investors need to exercise caution and be aware of the risks associated with Fintoch.

Engaging with unregistered and fraudulent investment schemes can result in substantial financial losses.

MAS’s decision to include Fintoch on its Investor Alert List aims to protect investors by raising awareness about the company’s deceptive practices.

It is important for individuals seeking investment opportunities to conduct thorough research and verify the legitimacy of any company or scheme they plan to invest in.

Recognized financial regulatory authorities can provide valuable information and alerts regarding fraudulent activities, allowing investors to make informed decisions.

In conclusion, Fintoch’s receipt of a securities fraud warning from Singapore’s Monetary Authority highlights the need for increased vigilance within the financial sector.

By disseminating this information, MAS aims to safeguard investors and prevent further fraudulent activities associated with Fintoch.

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