Old Posts

(Chronological Order)

Hong Kong Legislators Stand Up for ILAS Victims and Accuse Regulators of ‘Dereliction of Duty’ (June 15, 2015)

Concerted Non-Disclosure of Insurance Brokerage Commissions Has the Effect of Restricting Price Competition (May 29, 2015)

Feeding Readers to Sharks: Thailand’s Big Chilli Magazine Sells Out to Dishonest, Unlicensed “Financial Advisers” (May 22, 2015)

Financial Adviser Banned in UK Continues Working in UAE (May 21, 2015)

New Twitter Feed (May 20, 2015)

Rape of Hong Kong Blogger Receives Bogus Death Threat (May 16, 2015)

Office of the Ombudsman Should Investigate SFC for Maladministration (May 13, 2015)

Competition Commission Should Break Up Insurance Industry Cartel (May 12, 2015)

Japanese Regulator Considers Putting Unlicensed DeVere Group on Investor Alert List (May 1, 2015)

No Hope for Fair Investigation after Investor Gets Scammed by Regulatory Chairman’s Company (April 29, 2015)

‘Financially Toxic’ Savings Plans Generate Morally Toxic Ad Revenue for International Adviser (April 22, 2015)

SFC ‘Listens’ to ILAS Victims but Refuses to Answer Questions (April 21, 2015)

Unlicensed, Thailand-Based Financial Adviser Expands Illegal Business Operations Into Hong Kong (April 3, 2015)

Unlicensed Financial Advisers Defy Thai Regulator After Being Placed on Investor Alert List (April 1, 2015)

The Great MPF Ripoff: One Index Fund for the Price of Ten (March 26, 2015)

Hong Kong-Headquartered Financial Advice Groups Placed on Thailand’s Investor Alert List (March 20, 2015)

Investment-Linked Insurance Scammers Lure Victims to Macau after Regulators Ban Worst Practices in Hong Kong (March 13, 2015)

Obama Administration Makes Strong Case for Outlawing “Backdoor Payments” to Financial Advisers (March 5, 2015)

LM Sales Manager, Martin Venier, Reappears with Self-Promotional Website (March 2, 2015)

Chinese Media Warns Public to Beware of Investment-Linked Insurance Ripoffs (Feb. 16, 2015)

Highlights from the ILAS Victims Meeting with the Insurance Commissioner (Feb. 11, 2015)

Regulators Say ILAS Is Not Suitable for Investors Who Have No Insurance Needs—Suggesting that up to Two Million Hong Kongers Have Been Mis-sold (Feb. 3, 2015)

Contradictory Statements Suggest that SFC Deliberately Lied about ILAS in Order to Evade Regulatory Responsibilities (Feb. 2, 2015)

SFC Allows Insurance Brokers to Charge Fees for Giving Investment Advice—Even Though They Are Unqualified, Unlicensed, and Probably Committing a Criminal Offense (Jan. 30, 2015)

HK Lawyer Says SFC’s 2009 Guidance on ILAS Was “Disturbing”—”Real Possibility” that Unlicensed Sellers Could Be Found Guilty of Criminal Offense (Jan. 25, 2015)

Portfolio Bomb: Distributing Unauthorized Funds through ILAS Products without Holding a Type 1 SFC License Was Likely a Criminal Offense (Jan. 23, 2015)

HKMA Investigation Exposes Rampant Misselling of Ripoff Insurance Products in Hong Kong Banks (Jan. 20, 2015)

Porton Capital CEO Threatens to Sue Ripped Off Investor for Talking to the Media (Jan. 19, 2015)

Financial Analyst David Webb Calls On SFC to Investigate Convoy for Market Misconduct (Jan. 19, 2015)

Expat Crooks Drive Journalist Andrew Drummond Out of Thailand (Jan. 18, 2015)

LM’s Unauthorized Fund Documents: Distribution to the Public Was a Criminal Offense (Jan. 16, 2015)

Essential Info for ILAS Victims: How to File a Complaint (Jan. 13, 2014)

New but Hardly Improved: ILAS Policies Are Still Toxic after Indemnity Commissions Have Been Banned (Jan. 9, 2015)

ILAS Victims Meeting To Be Held On January 13 at the Legislative Council Complex in Admiralty (Jan. 9, 2015)

Tan Kin Lian Likens Ripoff Insurance Products to Narcotics and Says They Should Be Banned (Jan. 8, 2015)

Undercover SFC Investigation Confirms that Exploitation of Retail Investors Is Widespread, But SFC Is Silent on How It Will Assist the Victims (Dec. 19, 2014)

MPFA and SFC Should Amend Codes of Conduct to Rein in Cowboy Insurance Brokers (Dec. 19, 2014)

Former CEO of Hong Kong’s SFC Says Commission Ban Is Working in the UK (Dec. 17, 2014)

LM Document States that the Managed Performance Fund Was “Not for Distribution to Hong Kong Public” (Dec. 17, 2014)

Royal Skandia Abandons Tarnished Identity, Renames Itself “Old Mutual” (Dec. 16, 2014)

Anonymous Author Updates His Decade-Old Exposé of Insurance-Linked Investment Scams (Dec. 15, 2014)

Hong Kong Needs a Singapore-Style Web Aggregator and Commission-Free Insurance Products (Dec. 12, 2014)

ILAS ’101 Plans’ Have Been Effectively Banned Since April 2013, Yet the Industry Has Continued to Flog Them (Dec. 8, 2014)

MPFA-Licensed Insurance Intermediaries Systematically Violate Code of Conduct When Selling Ripoff Investment Products (Dec. 2, 2014)

Conflict of Interest: Hong Kong’s New Insurance Regulator Will Be Underfunded If It Enforces Consumer Protection Laws (Nov. 24, 2014)

Insurance Companies Pillage the Retirement Savings of Humanity as Regulators Twiddle Their Thumbs (Nov. 21, 2014)

German Court Rules that ILAS Is an Investment Product, Not Insurance—SFC Should Do Likewise (Nov. 20, 2014)

Insurance Industry Finds New Ways to Rip Off Consumers after Regulators Crack Down on ILAS (Nov. 19, 2014)

Jim Dahle: The Doctor Who Debunked the Life Insurance Industry’s Lies (Nov. 18, 2014)

Brian Fechtel: The Life Insurance Industry Is Built on Fraud (Nov. 17, 2014)

Suze Orman: Whole Life Insurance Is One of the Biggest Ripoffs Out There (Nov. 14, 2014)

Exposed: Same Insurers Systematically Swindle Millions of Canadians, Americans, and Hong Kongers (Nov. 13, 2014)

Dave Ramsey: Cash Value Life Insurance Is GARBAGE (Nov. 12, 2014)

Suze Orman: If an Adviser Tries to Sell You Cash Value Life Insurance, Find a New Adviser (Nov. 11, 2014)

Heroes of the Life Insurance Industry (Nov. 11, 2014)

Hong Kong Life Insurers Earn 99% of New Premiums By Ripping Off Consumers (Nov. 10, 2014)

American ILAS Victims Could Face Criminal Prosecution after FATCA (Oct. 29, 2014)

The Biggest Scam on Earth: Charlatan Financial Advisers, Megalomaniacal Fund Managers, and Parasitic Insurance Companies (Oct. 28, 2014)

Conflicts of Interest Compromise PIBA’s Ability to Handle Consumer Complaints with Impartiality (Oct. 24, 2014)

Bestselling Author Slams Insurance-Linked “Donkeys” and Commission-Hungry “Rip-Offers” in Latest Book on Investing (Oct. 22, 2014)

Letter to the SFC (#2): Convoy Systematically Defrauds Investors by Misrepresenting the Licensing Credentials of Its Advisers (Oct. 16, 2014)

Letter to the SFC (#1): Why Did the SFC Publish Blatantly False Information about ILAS in a Circular Meant to “Clarify” Licensing Requirements? (Oct. 14, 2014)

號稱香港最大獨立理財顧問康宏理財竟是龐大騙局 (Oct. 13, 2014)

Why Insurance-Linked Savings Plans Violate Hong Kong’s Theft Ordinance (Oct. 10, 2014)

投資相連保險醜聞加劇:前僱員向監管機構披露專業失德及能力不足的問題在香港最大型獨立理財顧問公司肆虐 (Oct. 9, 2014)

Hong Kong, UAE, and Singapore Regulators Allow Insurance Companies and Financial Advisers to Openly Scam Consumers with Impunity (Oct. 8, 2014)

拆解ILAS佣金﹕保險商收買顧問敲詐客戶,他們可以並應當被捕的原因 (Oct. 7, 2014)

One More Reason ILAS Commissions Violate the Prevention of Bribery Ordinance (Oct. 6, 2014)

「數量驚人的世界性騙局」﹕匿名理財顧問出書踢爆投資相連保險儲蓄計劃 (Oct. 3, 2014)

Hong Kong’s Notorious Insurance Industry Should Not Be Given Exemptions from the New Competition Law (Sept. 20, 2014)

Why ILAS Commissions Violate the Prevention of Bribery Ordinance (Sept. 19, 2014)

The Truth about HKFI’s ILAS Propaganda Campaign (Sept. 18, 2014)

Shocking ILAS Statistics (#6): PIBA Imposed Zero Disciplinary Actions In the First Half of 2014 (Sept. 17, 2014)

Shocking ILAS Statistics (#5): ILAS Policies Are Being Surrendered Almost Twice as Fast as They Are Being Sold (Sept. 15, 2014)

Shocking ILAS Statistics (#4): Insurers Collected Over Half a Trillion Dollars in ILAS Premiums Since 1997 (Sept. 13, 2014)

Shocking ILAS Statistics (#3): Over Two Million ILAS Savings Plans Have Been Sold Since 2001 (Sept. 13, 2014)

Shocking ILAS Statistics (#2): 25-Year Savings Scams Dominate the ILAS Market (Sept. 12, 2014)

TheRapeOfHongKong.com – Translated into Chinese (Sept. 11, 2014)

投資相連保險的騙局﹕保險公司敲詐投資者多年儲蓄,他們可以、而且應當被捕 (Sept. 11, 2014)

Shocking ILAS Statistics (#1): Zero ILAS Policies Are Bought Directly from Insurers (Sept. 10, 2014)

PIBA’s Conduct Is Inexcusable: A Complaint to OCI, the HK Police, and the HK Legislature (Sept. 8, 2014)

A Reply to the Hong Kong Police (Regarding Insurance-Linked Savings Scams) (Sept. 8, 2014)

Andrew Drummond’s Coverage of the LM Emails (Sept. 7, 2014)

LM Makes Second Headline in Two Days as Lawyers Begin to Target Negligent Advisers (Sept. 5, 2014)

The LM Emails (#17): ACI Chairman Continued Selling LM Despite Repeated Warnings Dating Back to January 2009 (Sept. 5, 2014)

The LM Emails (#16): When Warned about LM, One IFA Told Martyn to Go Away and Spread His Doom Elsewhere (Sept. 5, 2014)

The Axiom Emails (#1): “This Industry Is a Shocker – No Wonder I Am Going Mad…” (Sept. 5, 2014)

An Open Invitation to Share Emails and Documents that Are Potentially Useful to Ripped Off Investors (Sept. 5, 2014)

LM Is Back in the Headlines (Sept. 4, 2014)

The LM Emails (#15): European Sales Manager, Simon Bottle, Defended His Televised False Statements with “Brutal Honesty” (Sept. 3, 2014)

The LM Emails (#14): Two Days After LM Collapsed, Everything Was “Business As Usual at Drake Insurance” (Sept. 2, 2014)

The LM Emails (#13): When LM Collapsed, Salesman Martin Venier Offered No Apologies—Only Insults and Threats (Sept. 1, 2014)

A Must-Watch Documentary Exposé of LM (Aired Two Weeks Before LM Collapsed) (Aug. 30, 2014)

The LM Emails (#12): LM Tooted Its Own Horn Just Days Before It Collapsed (Aug. 29, 2014)

The LM Emails (#11): Drake Claimed that LM Was “Solid and Financially Sound”; Martyn Said It Was “Just Like Axiom Legal Financing” (Aug. 29, 2014)

The LM Emails (#10): When Asked If LM Gave Special Treatment to Bond Investors, Martin Venier Dodged the Question (Aug. 29, 2014)

The LM Emails (#9): Royal Skandia and Friends Provident Turned a Blind Eye When Warned about LM’s Suspicious Conduct (Aug. 28, 2014)

LM Victims Launch Lawsuits Against Advisers, Trustees, and Insurance Companies (Aug. 28, 2014)

Different Toxic Fund, Same Greedy Advisers: Scattered Axiom Victims Are Trying to Find Each Other (Aug. 25, 2014)

The LM Emails (#8): Scores of Investors Appeared to Be Jumping the Queue, but LM Refused to Provide a Full Explanation (Aug. 25, 2014)

The LM Emails (#7): New Sales Manager, Martin Venier, Implied that LM Was Operating Like a Ponzi Scheme (Aug. 22, 2014)

The LM Emails (#6): Director, Lisa Darcy, Inadvertently Admitted that Redemption Payments Were Suspended (Aug. 22, 2014)

The LM Emails Are Starting to Make Headlines (Aug. 22, 2014)

The LM Emails (#5): Martyn Tells an LM Sales Manager, “I Think You Know that Brokers are Mostly Not Telling Clients This Situation, So It Is Basically Fraud” (Aug. 21, 2014)

Peter Drake Has Removed His Blog from the Internet (Aug. 21, 2014)

The LM Emails (#4): In 2009, Drake Threatened Martyn with Legal Action for Calling Him “a Liar and the Operator of a Ponzi Scheme” (Aug. 20, 2014)

The LM Emails (#3): In 2009, Martyn Refused to Support LM, Saying It Would Be Unethical and Irresponsible (Aug. 19, 2014)

Tan Kin Lian Says Hidden Commissions and Phony Bonus Units Are Unethical and Could Amount to Fraud (Aug. 18, 2014)

The LM Emails (#2): LM Claimed that Longer Lock-Ins Were Introduced to Satisfy “Investor Demand” (Aug. 18, 2014)

The LM Emails (#1): Early Clash with Peter Drake Foreshadowed the Disaster Ahead (Aug. 15, 2014)

Open Letter to Peter Drake, Founder And Chief Executive of LM Investment Management (Aug. 13, 2014)

Senior Member of Insurance Self-Regulator Tied to Toxic Fund Scandal (Aug. 12, 2014)

Ban on Indemnity Commissions Will Cause ILAS Sales to Drop by 80 to 90% Next Year, Says Former Chairman of the Independent Financial Advisors Association (Aug. 11, 2014)

Insurance Authority Introduces Shameful Fig Leaf Reform: ’105′ Policies Aren’t Much Better than ’101s’, Says SCMP Columnist (Aug. 11, 2014)

Investment-Linked Assurance Scams Explained: A Look at How Insurance Companies Defraud Investors out of Years of Savings and Why They Could and Should Be Prosecuted (Aug. 9, 2014)

A Petition to the Hong Kong Police Department: Charge Insurers With Fraud (Aug. 9, 2014)

Undercover Reporter Exposes Convoy in Fraudulent Marketing Scheme (Aug. 7, 2014)

Loophole In New Insurance Rules Allows Salespeople to Continue Exploiting Consumers (Aug. 7, 2014)

Cowboy Killer: ILAS Savings Scams Are Being Banned in Hong Kong!!! (Aug. 1, 2014)

LM Fund Scandal Escalates as SCMP Reveals Shocking New Details; Elements of Fraud and Bribery Could Trigger ICAC and Police Investigations; Insurance Companies Potentially Implicated (July 29, 2014)

Singapore’s Consumer Champion, Tan Kin Lian, Voices Support for Hong Kong Insurance Industry Reforms (July 29, 2014)

Horrified Ex-Insider Says Insurance Industry Operates Like the Tobacco Industry (July 26, 2014)

Singapore Financial Advisers Flout Competition Law and Cheat Consumers out of Cheaper Insurance (July 21, 2014)

Falling Knife or Coiled Spring? Convoy’s Stock Hits New All-Time Low (July 20, 2014)

ILAS Is Bad for Consumers: My Response to HKFI Chief Executive, Peter Tam – Published in the South China Morning Post (July 19, 2014)

Convoy’s Stock Hits 52-Week Low as Regulatory Overhaul Threatens to Crush the Company’s Unethical Business Model (July 16, 2014)

Trailblazing IFA Makes Airtight Case for Banning Commissions; Calls ILAS an Impending ‘MegaBomb’ (July 14, 2014)

A Decade of Quotes: Wilfred Ling Speaks the Unvarnished Truth about Financial Advisers (July 14, 2014)

The Audacity of Greed: Hong Kong Insurers Are Lobbying for Legalized Theft (July 11, 2014)

Cosmic Justice: Convoy ‘I’FAs Receive Fake World Cup Tickets for Hitting HK$60 Million Sales Target (July 11, 2014)

Former Singaporean Presidential Candidate Blasts ILAS, Whole Life, and Other Ripoff Insurance Products (June 29, 2014)

Group of Young Singaporeans Slam Insurance Industry for ‘Unethical Profiteering’ (June 29, 2014)

Insiders Are Attempting to Subvert ‘Independent’ Insurance Authority (June 27, 2014)

‘A Worldwide Scam of Breathtaking Proportions’: Anonymous Financial Adviser Devotes Entire Book to Exposing ILAS Savings Plans (June 23, 2014)

Savings Scams & Portfolio Bombs: A Petition to the Independent Commission Against Corruption (ICAC) (June 15, 2014)

Regulators & Legislators Must Not ‘Repeat History (Again) after Ignoring It (Again)’ (June 3, 2014)

Industry Leader ‘Shouts From the Rooftops’: Ban 25-Year ILAS Savings Plans!!! (May 27, 2014)

Legal Armageddon On the Horizon: Two ILAS Policies That Could Decimate the Insurance Brokerage Industry (May 26, 2014)

The SFC Must Draw a Line in the Sand on ILAS: Front-Loading Years of Commissions Is Unacceptable; Lock-In Periods and Exit Penalties Must Be Capped, Eventually Banned (May 23, 2014)

Whistleblower, Shawn Wong, Answers Questions about His Experience at Convoy Financial Services (May 22, 2014)

Convoy Financial Services, the Largest So-Called IFA Company in Hong Kong, Is a Colossal Fraud (May 22, 2014)

The ILAS Scandal Intensifies: Ex-Employee Tells Regulators that Professional Misconduct and Incompetence Are Rampant at Hong Kong’s Largest IFA Company (May 19, 2014)

Shawn Wong’s Complaint Letters, Plus Supporting Documentation (May 19, 2014)

The Most Evil Insurance Companies in Hong Kong (May 10, 2014)

An Emerging International Coalition of Anti-ILAS Crusaders (April 27, 2014)

Key Legislator Admits that Unaccountable, Predatory ILAS Sales Force Needs to Be Reined In (April 22, 2014)

Chinese Media Scooped by Shue Yan University Student, Wong Lai Yung (April 22, 2014)

投資相連壽險問題多多要提防 (April 22, 2014)

ILAS Commissions Explained: A Look at How Insurers Bribe Advisers to Screw Their Clients and Why They Could and Should Be Prosecuted (Jan. 21, 2014)

One of the Most Disgraceful Regulatory Responses in the Developed World (Jan. 21, 2014)

Weak ILAS Commission Disclosure Requirement Introduced to Cover the Industry’s Rear, Not to Protect Consumers (Dec. 19, 2013)

This Is Your Brain on Commissions (Dec. 15, 2013)

Lehman Minibonds and Now ILAS: Rise of the Hong Kong Politico-Consumer (Dec. 15, 2013)

Are Convoy Executives Dumping Their Stock Before Sh*t Hits the Fan? (Dec. 4, 2013)

Advisers Applaud Proposal to Ban 25 Year ILAS Policies (Dec. 4, 2013)

HKMA Dodges Tough Question and Displays Lack of Concern for Exploited Consumers (Nov. 11, 2013)

ILAS Excoriated in American Media; Sets Precedent for Hong Kong (Nov. 11 2013)

OCI Dodges Hard Questions, Ignores Inconvenient Truths, and Flees from Accountability (Nov. 4, 2013)

Eight Years Later, Scathing Criticism of Hong Kong’s Regulators Still Relevant (Nov. 4, 2013)

The ILAS Mis-Selling Scandal and How to Deal with It (Oct. 7, 2013)

Proof of Thousands of ILAS Mis-Sales (Part II) (Oct. 7, 2013)

ILAS: Financial Weapon of Mass Destruction (Oct. 2, 2013)

Proof of Thousands of ILAS Mis-Sales (Oct. 2, 2013)

Almost Half a Year and Still Waiting for an Apology (Oct. 2, 2013)

ILAS Is a Tax Avoidance Product for Expats, Unsuitable for Hong Kong Citizens (Oct. 2, 2013)

Chameleon: ILAS and Its International Identities (Oct. 2, 2013)

More Great Work by SCMP (Oct. 2, 2013)

More Proof of How Thoroughly Corrupt and Rotten Hong Kong’s Advising Industry Is (Aug. 19, 2013)

A Response to Convoy’s Lame Excuses (Aug. 12, 2013)

ILAS Victim DeAnn Tsang Request $93,000 Refund (July 26, 2013)

Journalists’ Toolkit: Collection of Convoy Quotes with Links to Sources (July 26, 2013)

Convoy’s Public Relations Nightmare (July 12, 2013)

A Response to Convoy’s Proposed Settlement (July 12, 2013)

Was Convoy Involved in Illegal Market Manipulation after Issuing 80 Million Underpriced Warrants? (July 8, 2013)

A Response to Standard Life’s Investigation (June 27, 2013)

The Case for Selling and Short Selling Hong Kong’s ILAS Industry, Especially Convoy Financial Services Holdings (1019.HK) (June 24, 2013)

PIBA Refuses to Handle ILAS Complaint without Confidentiality Agreement while also Distorting Nature of the Complaint (June 21, 2013)

Follow the Leader: South China Morning Post Demonstrates Moral Leadership by Reporting on ILAS Abuses (June 17, 2013)

To CONvoy and Standard LIfE: No More Dirty Tricks! (June 9, 2013)

Reply to the Securities and Futures Commission (June 7, 2013)

Reply to the Hong Kong Federation of Insurers (June 7, 2013)

To Convoy Financial [Dis]Services: Ms. Leung Wants Her Money Back (June 3, 2013)

To OCI on Behalf of Leung Chung Yan (May 27, 2013)

To HKFI on Behalf of Leung Chung Yan (May 27, 2013)

Complaint Regarding SFC Requirements for ILAS Illustration Documents (May 27, 2013)

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