Author Topic: Scam Alert Sungames  (Read 275634 times)

Offline avremie

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Re: Scam Alert Sungames
« Reply #435 on: August 15, 2014, 02:16:10 PM »
There needs to be basic financial education in frum communities (even the ones that avoid limudei chol) it's not just MLM scams its also ponzi schemes and building projects in Israel etc. So many people are at risk at losing everything because my friend looked into it or "he's frum" .....
I feel my words have been distorted

Offline NYHeel

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Re: Scam Alert Sungames
« Reply #436 on: August 15, 2014, 02:25:35 PM »
It's not the lack of education.
Actually I think that's exactly what it is. You have a group of intelligent people who are grossly undereducated relative to their intelligence levels making very poor financial decisions because they don't truly understand what's being done and how the financial world works. Sure there's a component of gullibility and putting too much trust in someone because he's frum, but for the most part they're not picking up on the obvious red flags because they have no experience and education in finance, math or even history. Some knowledge in these areas would help one discern obvious red flags.

There will always be scammers and suckers and sometimes even educated smart businessmen fall prey, but something this obvious should have screamed scam to anyone who heard it.

Offline Moshe123

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Re: Scam Alert Sungames
« Reply #437 on: August 15, 2014, 02:54:00 PM »
Wonderful voicemail.
Post it to the main site.

Offline avrumy22

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Re: Scam Alert Sungames
« Reply #438 on: August 15, 2014, 06:21:56 PM »
Wonderful voicemail.
Post it to the main site.

Offline aradisc

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Re: Scam Alert Sungames
« Reply #439 on: August 15, 2014, 07:03:30 PM »
That voicemail is unreal. Definitely should be posted to the main site, with perhaps obscuring the caller's name.

Offline aradisc

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Re: Scam Alert Sungames
« Reply #440 on: August 16, 2014, 08:53:31 PM »
And it looks like the CEO of Sungame is a known quantity in Alberta:

http://www.albertasecurities.com/news-and-publications/Pages/customdisp.aspx?pi=1308

Quote
Alberta Securities Commission (ASC) staff have issued a notice of hearing alleging Neil Chandran and Energy TV Inc. perpetrated a fraud, and along with Chandran Holding Media Inc., raised $56 million by engaging in illegal trades and distributions.

Online Boruch999

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Re: Scam Alert Sungames
« Reply #441 on: August 16, 2014, 09:25:07 PM »

Offline buyitnow

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Re: Scam Alert Sungames
« Reply #442 on: August 18, 2014, 03:08:27 PM »
what happened to this blog? did someone buckle under pressure?

http://sungamescam.blogspot.com/

Offline bubkiz

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Re: Scam Alert Sungames
« Reply #443 on: August 18, 2014, 03:12:12 PM »
probably.

Offline aradisc

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Offline buyitnow

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Re: Scam Alert Sungames
« Reply #445 on: August 18, 2014, 05:34:03 PM »
interesting... the counter party in the stock certificate that was posted on the (now deleted) blog is a financial firm. when you look up the address of their UK offices, it's a regus location!

then there is a sister-company to SG in that same certificate.

if you try and delve into their S1 filing and then related auditing firms original share holders (pre IPO), you find yourself in a dazzling web of corporate shenanigans that could make your eyes go square. these guys are pros.

Offline aradisc

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Re: Scam Alert Sungames
« Reply #446 on: August 18, 2014, 06:03:58 PM »
interesting... the counter party in the stock certificate that was posted on the (now deleted) blog is a financial firm. when you look up the address of their UK offices, it's a regus location!

then there is a sister-company to SG in that same certificate.

if you try and delve into their S1 filing and then related auditing firms original share holders (pre IPO), you find yourself in a dazzling web of corporate shenanigans that could make your eyes go square. these guys are pros.

Oh, no doubt they're pros, judging by the amount of time that they've been in this hustle and they haven't yet been caught (Alberta only catching on a few months ago). Websites and messaging are quite professional as well. Like any good fraudster, they've probably been riding on the fact that their marks are either delusional or too embarrassed to contact authorities.

Offline PlatinumGuy

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Re: Scam Alert Sungames
« Reply #447 on: August 18, 2014, 09:39:45 PM »
how many of them invested in Madoff?
Madoff had incredible legitimate investment success in the beginning
Purpose > Pleasure

Offline aygart

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Re: Scam Alert Sungames
« Reply #448 on: August 18, 2014, 11:07:52 PM »
Madoff had incredible legitimate investment success in the beginning
Fine so the others
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline buyitnow

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Re: Scam Alert Sungames
« Reply #449 on: August 19, 2014, 04:45:46 PM »
Oh, no doubt they're pros, judging by the amount of time that they've been in this hustle and they haven't yet been caught (Alberta only catching on a few months ago). Websites and messaging are quite professional as well. Like any good fraudster, they've probably been riding on the fact that their marks are either delusional or too embarrassed to contact authorities.

their website is actually the least professional part of the operation. they really shine in creating a complex web of inter-related corporations (some of which are publicly traded) to hide what is really going on. none of the these companies actually creates or delivers anything but they all serve some purpose in making the others look legit. it requires a mastermind to keep track of all that.