With James Phang himself, his wife and the top management of Sunshine Empire implicated, arrested and officially charged in the Singapore court for running a Ponzi like scheme business, there is very little hope that Sunshine Empire investors would ever recover all their money.
James once boldly said to the press he is better then the legendary Warren Buffet. Only a man who borders insanity who dare make such remarks. He is still a remarkable man though simply by the fact that he is able to turn to what to be an initial S$156K or so start up company into an estimated 200 million dollar enterprise within a short time span of 2 years starting from 2006 till 2008.
Why is it that over 20 thousand Singapore investors easily fall prey to Sunshine Empire business scam? Invest in 12K and you get get back your full capital in 9 months follow by residue income of 1K every month for up to 8 years! No bank in the world could offer you such sweet deal isn’t it? It is no wonder such sweet deals attract huge customers.
Someone once wrote that a good businessman is one that is able to make use of other people’s money to generate profit and James sure do demonstrate he is a master of such feat. Too bad though he did not know when to put a stop to it and he accomplished such feat using unethical means.
James thought he is smart enough to learn from his past failed similar like business ventures by ensuring he does not officially holds any position within Sunshine Empire even though he is in fact the mastermind, the chief and the brain behind that organization business. When asked why he choose to distance himself from the Sunshine Empire in times of trouble, he was unabashed and unapologetic in saying to his close associates he is too important to the company and thus could not afford to be arrested. In other words, someone else would have to be scapegoat to his grand Ponzi scheme and so that he is off the hook.
Well I must admit I felt I am the few lucky ones though because I invested S$12K sometime way back when things were still rosy with the company, during the Sunshine Empire good times so to speak and was able to recover my investment capital (not 100% though) before the company comes under the spotlight and scrutiny of the MAS and CAD and all its payment accounts were halted subsequently. James further advice Singapore investors to have their investment balance account (e Wallet) transfer to the Hong Kong branch instead.
Due to this recent incident involving Sunshine Empire, it is not surprising that in future many people would shun MLM business all together. It is such a pity though because there is nothing wrong with MLM (Multi level marketing) rather it is the way that some people abuse and manipulated the system to suit their unethical business profit means. It is important to note that Sunshine Empire is never an MLM company to begin with, I suppose many people would associate Sunshine Empire with MLM business and that’s bad.
When I was first approached by a friend to invest some money with Sunshine Empire, it was never revealed to me as to the core business structure of the organization. All that I was told were that there were some ongoing wireless service under trial in Taiwan and that Sunshine Empire stood to gain much from the success of the roll out of this wireless system. Apparently the wireless project is sponsored by Sunshine Empire. How naive was I then to even think about investing in such a company even though I had he faintest idea how the business is actually run. I never understood all those stupid point system and various platinum and gold points awarded to members.
There is the Sunshine Empire condo investment in Malacca which was supposedly endorsed by top government officials of Malacca, not sure though how James Phang was able to route VIP influential political government figures to endorse and publicize the whole affair but from the look of it it sure look pretty impressive.
There were many failed projects, in particular those in Indonesia and many of the investor were unable to recoup or recover their money. James try to portray himself as an innocent party and who was also the victim of government irregularity resulting in projects being aborted.
This is not the first time the Sunshine Empire chief was involved in suspected business scams. James is involved and responsible for many failed projects, many of which did not took off due to various reasons, many of which related to poor planning. His thirst for quick profits and with disregards for the well fare of his investors would no doubt raise eyebrows and sooner or later the law will catch up with him as it is the case right now.
Interestingly, James is also involved with ‘Niu LifeStyle’. See Another scam company. There are rumors that the FengShui Master Peng Zhong Hua is in fact a brother of James Phang.
He once told his business associates how one of his brother mess up his business and as a result he got to clean up the mess. This is one person who go about putting the blame on others for his failed business.
How interesting isn’t it? Bottom line, stay away from James Phang. His reputation sucks and he’s one hell of guy who can hurt your pocket if you are stupid enough to get con by him.