About

My name is Lindell Lucy. I started writing this blog in May 2013 after I learned that my girlfriend and several friends had been scammed by a type of investment product known as an investment-linked assurance scheme (ILAS). These products are created by insurance companies and sold by commission-based salespeople who masquerade as independent financial advisers. 

After doing a lot of research, I realized that practically the entire city of Hong Kong had been ripped off by various insurance-related scams. 

For more than a year and a half, I have been trying to help victims get their money back. I have also been trying to shame regulators into cleaning up the industry.

People can contact me by sending an email to lindelll@gmail.com. I am always interested in hearing more victims’ stories.

7 thoughts on “About

  1. A Wong

    Hello Lindell

    Please excuse the direct contact but I’m also a client of Convoy and need to follow up on a few nasty surprises that came my way. I would really appreciate a quick chat with you via email about your experience if at all possible.

    Thank you in advance for your help.

    Best regards
    A

    Reply
  2. owq

    Hi Lindell, thank you so much for all your efforts. I’ve almost gotten scammed by one of those “financial advisers”. Now I know where to send my friends to for more information about these dangerous policies.

    I was just looking to open an account at a bank in Singapore and also briefly mentioned about wanting to do fixed deposits. And thus I was led to someone who was trying to sell me a “regular savings plan”. It also involved an initial fixed deposit at a very good rate. It was not obvious that it was insurance linked with investments at all! But fortunately she sent appropriate documents to my email before I put in my first “deposit”. I read them and got so uneasy I didn’t proceed.

    During the sales pitch, the focus was on the interests earned and how we could “borrow” some of the money back yearly. No mention of the huge commissions/charges. In fact the commission payable to the agent was not even clearly labelled as such.

    Conclusion: it’s true, those are salespersons masquerading as financial advisers. They do not have any real incentive to help you at all, as the monetary incentive is much greater.

    Reply
  3. Andy

    Hi Lindell,

    Thanks for your excellent blog, and for posting the link to the story from the April 2015 Big Chilli magazine. Kudos to Big Chilli as well for generally helping to raise awareness about the problem of “IFAs” and thinly-regulated offshore insurance wrapped investments such as LMIM.

    Rather bizarrely, in the very same April issue Big Chilli also published a (free?) advertorial called “Questions that all IFAs need to Answer” written by an illegal “IFA” firm in Bangkok whose principals all came from another illegal “IFA” firm that is listed on the SEC’s Investor Alert list. The article/advertorial, in an attempt to “help” expatriates presumably find the right “IFA”, neglects to discuss the need to be regulated, neglects to highlight how finding an “IFA” at all is a bad idea, and even suggests expats should ask “IFAs” for testimonials! (Testimonials as you may know are considered to be false or misleading advertising in disguise – for good reason if you think about it. Testimonials are therefore strictly banned in well-regulated markets. )

    Maybe Big Chilli has some questions it needs to answer as to why they would publish such an article. Seems like a big mistake to me.

    Cheers, Andy

    Reply
  4. Cynthia Chan

    Hi Lindell,

    I have also been victimized by Convoy and I only realized this now. What am I able to do now? It would be great if you can contact me via my e-mail as I’m feeling lost now.
    Thanks.

    Reply

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