Fake Gold Firm Pockets 1B Yuan
Source: Professional Advisor, Heidi Lee (6/21/11)
"The suspected company is registered in Hong Kong under the symbol 'BRRICK,' very similar to Barrick Gold."
An alleged fake investment firm may have used the name of the world's largest gold producer to acquire 1B yuan from 10,000 investors, reports Apple Daily.
The suspected company is registered in Hong Kong with the named 'BRRICK' the title of which is very similar to the world's largest gold producer Barrick Gold, which owns about 140 Moz. of proven and probable gold reserves as of end-December 2010.
The media quotes one of the BRRICK victims Tam saying the investment firm has five plans for customers to invest in gold with the investment amount ranging from $3000 to $60,000.
Tam added the company agreed to pay a specific amount of dividends every three months. However, she said it failed to do so and she has since found an empty office for the firm's registered address in Kowloon Bay, Hong Kong.
The firm started trading in March this year and could have deceived around 10,000 mainland investors by sending 'agents' to mainland, with the investment amount involved could reach 1B yuan.