{"id":61700,"date":"2017-07-25T10:46:01","date_gmt":"2017-07-25T03:46:01","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/981-singaporeans-among-investors-duped-in-ponzi-scheme\/"},"modified":"2017-07-25T11:08:53","modified_gmt":"2017-07-25T04:08:53","slug":"981-singaporeans-among-investors-duped-in-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/981-singaporeans-among-investors-duped-in-ponzi-scheme\/","title":{"rendered":"981 Singaporeans among investors duped in Ponzi scheme"},"content":{"rendered":"


\nMacro Realty Developments, controlled by Veronica Macpherson, received more than AU$110 million from over 1,700 investors. (Photo: Facebook)
\nA property company believed to be engaged in a Ponzi scheme is being investigated by Singapore police after it allegedly conned hundreds of investors, including 981 Singaporeans out of millions, reported the Australian Broadcasting Corporation.
\nControlled by Australian Veronica Macpherson, Macro Realty Developments received over AU$110 million (S$119 million) from more than 1,700 investors.
\nAside from the Singaporeans, there were also 651 investors from Malaysia, 58 from the UK, 31 from Australia and 17 from Europe.
\nThe Singapore-based company offered investments to finance property developments in Pilbara, Western Australia, promising annual returns of as much as 18 percent.
\nKPMG liquidator Hayden White, however, revealed that the investment scheme, which was heavily promoted since 2014 in Singapore and Malaysia, collapsed in 2016, with the company owing creditors over AU$200 million (S$216 million).
\nMacro\u2019s promotional material in September 2014 showed that the company had other sources of revenue and that guarantors owned land assets \u2013 both of which were not true.
\nWith no new business to meet its mounting expenses, the company\u2019s investment scheme collapsed causing it to stop payments to investors.
\nThe scheme\u2019s collapse resulted in the cancellation of Macpherson\u2019s passport and financial services licence, while her other active companies in Australia were wound up by the Australian Federal Court.
\nThe winding up of Macro was part of the case filed by the Australian Securities and Investments Commission (ASIC) with the Australian Federal Court against the controversial company.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…981 Singaporeans among investors duped in Ponzi scheme<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Macro Realty Developments, controlled by Veronica Macpherson, received more than AU$110 million from over 1,700...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-61700","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-g3a","jetpack-related-posts":[{"id":67144,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/era-realty-to-relist-in-singapore\/","url_meta":{"origin":61700,"position":0},"title":"ERA Realty to relist in Singapore","date":"September 22, 2017","format":false,"excerpt":"\r ERA Realty\u2019s CEO Jack Chua. 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