We are not quite sure the relation between Halifax and SFG. Please see report below.
“On trial is Tan Yong Sua, 47, who had opened the
bank account in the name of Halifax Baldwin International – a company
he set up in May 2007. The Singaporean faces 20 charges of facilitating
the retention of criminal proceeds by withdrawing nearly $2 million
between September 2007 and January 2008 and handing it to an accomplice
known only as Ah Tiong.
The court heard that Scott Fitzgerald Group (SFG), claiming to be an
offshore share brokerage firm, hooked unwary investors by promising
good investment opportunities in shares listed in the United States. No
shares were purchased and investors were then asked to remit more money
for new shares.
Mr Michel Taleb Toufic, a Lebanese residing in Saudi Arabia, said that
he had received a call from SFG representative Kelvin Price in mid
2007, who offered him a US$5 ($7.40) discount per share if he was to
buy 500 Devon Energy shares. The 48-year-old engineer, who flew in from
Riyadh on Monday, lost S$530,000.
A nother investor, construction project manager Axel Braun, 45, who
arrived here from Shanghai on Tuesday, lost $176,000. The German said
he got suspicious when told that his shares could not be sold for five
years. He then searched the Internet only to discover many complaints
French national Vincent Vieugue, 41, who arrived from Norway on Monday,
said there was nothing to indicate that it was a scam, but once money was
sent to SFG, he never got a cent back. He was duped of $486,000.”