I am not a lawyer. But is there a case to sue the RM for misrepresentation based on the investor’s account that he had repeated told the RM of his risk aversion? And if the RM did not explain the 14-day escape clause nor the inherent risk the investor was taking, it should tantamount to a break-down in the sales process which is the bank’s responsibility.
Sueing the RM directly may bring about more revelations of the tactics employed by the banks in an open court as they will then have to defend themselves and perhaps improve the legal position of the investor?
Any lawyers out there?

Friends,
Not many people in Singapore have 150K in their bank to invest. What we can learn from this investor who lost 150K is that nothing comes free and easy. Its a fact you can apply for everything.
Some years ago, top brains said that investing in a ’singtel’ share is a sure win-win investment. What happen therafter, 65% lost money, about 25% break even and maybe 10% or so make money ( Figures may not be accurate). Till today the ‘tel’ share price have not reach its original price of $3.80 cents.
This also applies to public housing, many lost $$$$.
Its time to realise, that bank is a place where you keep money not to make more money. A house is a place for you to stay, not to make money. If you can afford to stay in 5room flat, opt to stay in 4 room flat. No point in tightening your belt and upgrade. Many people might think I’m a very simple minded person and doesn’t know how to capitalise on oppurtunities. I would rather stay such and STOP blaming the authority for everything.

1) The SS on November 28th, 2008 9.01 am

I am not a lawyer. But is there a case to sue the RM for misrepresentation …..

An interesting idea. But the objective should be the banks. This is how it can burn upward:

1. Sue the RMs.
2. RMs talks about training, guidelines they received.
3. Trainers talk about how management instructs them in preparing training materials.

The catch: It will take ages for the case to be heard.

Gah… I feel really sorry for him. After all, he could have just paid off his HDB loan and be debt-free, but instead he was conned into getting another product and lost his savings.

Till now, we have not heard proper statements of accountability from banks, MAS and the government. Guess this is a painful wake-up lesson for many people.

Worse still, statements made by Dr Teo on the Town Council funds are so full of hogwash and loopholes that one wonders if it was a proper reply at all. Or was he merely challenging the public: Not happy, so? What can you do about it?

Geez, like dat also can. If in AU or other democratic countries, he would have been given the boot in his face first and then at his rear end.

Too bad, Singaporeans have asked to be screwed time and again with each GE.

And now perhaps they will wake up and sign the online petition: TKL for Singapore President.

Hey at least you have a choice now. So use it.

Kaffein

Goodness! its not easy to save $150K these days and here it just goes up in smoke and those responsible just kept very quiet and pretending nothing happened. This is uniquely Singapore!

I am sure there are more victims like Mr Ng. They should have the courage to stand up and speak the true. Let the whole world knows there are a lot of legalised conman in Singapore.

To add;
How can a bank have no conflict of interest if they write the complaint against themselves for you? I just don’t dig this hogwash.

Corner the RM with a law suit and they might be more willing to ‘work’ with you since they personally become a party to the suit. Going to the bank individually will only weaken your own position. And is it true that having gone to FIDREC and paying $50 have made some investors come out with a gag over their mouths?

Given that the response so far by the banks is high handed and sounding like another ‘judges decision is final’ , must investors just take it lying down? It’s not up to the banks to decide given that they are a possible defendant.

Come on, any lawyers out there?

Pardon me if I am ignorant of legal matters but I just fail to see why any investor who has lost such significant sums of money will let it lie as it is and not consider stronger actions then just to rely on the ‘verdict’ from the very ones who sold these products on what seems to be based on mis-representation. I won’t want to jump the gun here for all the good work being done by TKL & friends at HLP and most probably they have a better course mapped out to help them.

So what if we have 10,000 videos lamenting on the way it was ‘mis-sold’. Yes, the rest of us will sympathise with your predicament but then what? Nothing, zilch, zippo, nyet, kosong, zero… you get the idea.

So I hope they will continue to keep the pressue up by joining forces to see what other avenues are available with the kind help @ HLP.

FIDReC resolutions are only binding for the financial institutions.

sorry but is he staying in a landed property? 150k in the bank? and he is mis-represented? quite hard to sell here.

He is brave to talk about this and should be supported for his bravery. 50 years ago it was known that smoking kills yet only in the last few years has it been possible to really act on that against the huge weight of tobacco funded lawyers, advertising, sponshorship, lobbying and even doctors. The truth needs to be spoken about toxic products of all kinds. If you don’t do it who will?

Obtaining FD depositor account personal data already an offence.

Visiting client with the confidential date obtain from the bank , another offence.

Secrecy acts.

Lengchai will call ah soh.
LengMui will call ah pek.

Me #9 :
“sorry but is he staying in a landed property? 150k in the bank? and he is mis-represented? quite hard to sell here. ”

He was interviewed at his friend’s house, not his.

Mind you, even if you stay in a landed property, $150k is still a big sum of money, unless you are earning >$3m a year, like our 3 top ministers in the Ivory Tower, not forgetting our prata president. And maybe $150 is just a fraction of a peanut if you are Mrs Peanut.

I believe alot of RMs who sold the minibonds and pinnacle notes had probably left the banks or were asked to leave by the banks. Maybe, Mr Ng can sue the FI instead.

aiyoyo

next time go banks

need to siam the RMs???

aiyoyo

sorry but is he staying in a landed property? 150k in the bank? and he is mis-represented? quite hard to sell here. – me (#9)

I don’t think Mr Ng is living in a landed property. The premise most probably belonged to one of the media crew members. At 2:03min, Mr Ng said that the S$150,000 lost is originally meant to cover to loan for his own HDB flat. In another words, Mr Ng is living in a HDB.

>>next time go banks need to siam the RMs???

Why…scared they’ll stalk you home :)

I think Mr Ng has a strong case for 100% compensation and he was rejected by his bank because of so!

aiyoyo

after see Mr Ng case,

worry for old folks also,

wait RMs dont want young people,

instead go for old folks…

aiyoyo

Mr Ng sounds like he is in his late 50s and I presume he does not speak english as he converse in mandarin. The cruel bank conveniently rejected his claim as they do not classify him under the vulnerable group. This is so unfair and I wonder whether conscience and guiltiness has caught up with the RM. Shame on him/her!

wat to do … DBS is owned by Temasek under ministry of finance

sue DBS is as good as suing MOF … thats y they know that nobody dare to do so thus they can force it down these small individuals throats

we have put too much trusts on the government which hurts us back in many ways

He was rejected because there is no concrete evidence that his story of how he was sold the product is true. It is just his words against the RM’s. The RM prob covered his ass by filling up the wealth planner nicely.

A family oriented man cheated by a reputable bank
Like most lehman “investors”, Mr. Ng was hoodwinked into buying a toxic financial product masqueraded as a fixed deposit.

These lehman things is a scam. The propectus is written in such a way making most victims(including the experts from town coucils) unable to detect its traps.

Don’t expect those unscrupulous RM to give you an honest explaination.
The more trusting and naive you are, they will be more prosperous.
Lions don’t warn their preys they are ambushing on.

Mr. Ng, 祝您好运 !

Those RMs also thought nothing will happen, they were informed that these products are very safe. I don’t think these RMs are the threat. Like a salesperson, they just sell..if you want to buy, then it’s your choice. Like the china milk scandal, the groceries store owner cannot be blame, but the rat is hiding further up the hierarchy..

Spare a thought,will ya?

aiyoyo

江湖险恶。。。

aiyoyo

next time must really open eyes big big when visit financial places

(better to bring along magnify glass)

22) wildhoney on November 29th, 2008 12.00 am

He was rejected because there is no concrete evidence that his story of how he was sold the product is true.

Is this the same fate of others who lost money to minibond? Heard many rejected cases.

Hi jefi0901,

You are right and most of the public know that. But our world class leaders act blurr and reluctant to investigate. What can we do?

Mr Ng did tell the truth.

I had the same experience with RMs of DBS bank. I was holding FDs with the bank of about 200,000. I am a 48 yr old housewife.

Basically the same stuff as Mr Ng’s RM had said. No risk, high yield deposit. Better than my current FDs. This was stressed many many times.

The difference is, I did not change my mind despite her many phone calls and meetings. I did not like such hard selling techniques and I felt being pushed.

I think Mr Ng should continue to fight for his rights on some degree of compensation.

I felt that DBS bank should be penalised at least, for encouraging unprofessional conduct amongst its employees.

MAS should do something.

I believe what Mr Ng said but it is difficult to prove because he signed all official documents. As the old saying : do not signed any documents if you do not know what is being written.

Sad story: We have too much trust in our banking system so we tends to let down our guards – another lesson learned but it is a very expensive lesson for all of us.

#24

Not logical to compare those RMs with grocery store owners.
How about comparing them with pharmacists?
Just buy a $13 cough mixture from them, they will explain to you the effectiveness of it, AND ALSO ITS SIDE EFFECT(drowsiness, addictive, potential allergy etc etc).
Most RMs are well educated, usually university graduates of financial/business studies. At any one time, the most they have is about ten financial products to promote.This is many many times less than the hundreds of products a pharmist needs to explain to customers.
These RMs cannot claim that they themselves also don’t understand the real dangers of these lehman products.
It is their responsibility to explain them honestly,thoroughly & clearly to their customers, most of them unfamiliar with financial jargons. In dollar term, Mr. Ng’s purchase is >1000 times more than the cough mixture.Surely he deserved more care.
The RMs have only 2 reasons for not doing so. One is vested interests. The other is they themselves did not go through the prospectus thoroughly. That’s why some of them also sold the products to themselves & family members(害人害己）

To be fair, I do believe that not all RMs are unscrupulous. There must be some honest ones around.

.

## 29 tankuku
If we don’t trust the banks, who else can we trust???
Do we have a choice not to trust the banks? We cannot do without banks, and there is no way we don’t deal with banks. There is also no other alternatives.

If we don’t trust big org., if we refuse to sign according to their terms, then a lot of things cannot be done.
This will have profound implication in time to come!!!!!!!!!
There is a tacit understanding, we hv no choice but to trust you, so we shd be treated fairly. Now this is not the case. Now the tacit understanding is broken. It may hv serious implication.

Good reality stuff! My heart goes out to people like him. All hard-earned money gone! :(

Hi Jennifer,

With so many aggrieved investors crying for help, Sadly to say , MAS and our million dollar ministers still have not waken up.

I don’t believe that our gahment is sleeping.

At least, a sleeping government may still have a conscience after they wake up.

I think all our sufferings are already factored in as collateral damage for Singapore’s progress and PAP’s continued longevity.