Financial Planning Central

Victim of OilPods Win Suit, But Could End Up With Nothing

Written By: Tiang Chuan on April 3, 2012 No Comment

A retiree won the suit against OilPods Singapore, its sole director and sales consultant for fraud and conspiracy over his losses in 2008, reported The Straits Times (Victim of ponzi scheme to get refund).

It was reported in 2008 that there were more than 2,000 investors, mostly Singaporeans, and had invested about US$46m worth of working interest in Colorado-based Powder River Petroleum, which was supposed to have oil and gas interests, over 4 years.

The plaintiff was awarded US$39,375. Ironically, he may end up with nothing due to legal costs.

Victims of unregulated investments often have to resort to civil suits to try to recover their losses. However, many end up suffering in silence as they may end up paying astronomical legal fees without getting anything back.

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Tags: Scams