Scam confirmed: RMF Trading Corporation
March 7, 2008
In the beginning, there was FrancSwiss.
Now, the latest multi-million peso scam to emerge is Royal Manchester Five, also called RMF Trading Corporation.
Several RMF agents and investors posting in the Royal Manchester Five discussion thread in the PMT Forum are confirming that the company is now officially a scam after the CEO and owner, 28-year-old Cyrus Hao, purportedly ran away with millions of dollars worth of investors’ money.
Says PMT member faithfully: All of the issued checks lately bounced kaya nag trigger na puntahan sa house na yung Chairman (Cyrus Hao) kase they can’t get hold of him and he’s the only one who has access sa bank accounts… it’s confirmed, the chairman ran off, the directors can’t find him anymore.. the house is empty and all bank accounts are closed.
Says suzette07: mukhang sa zamboanga daw dumaan then malaysia…
The development is strikingly similar to that of another fallen company PIPC, whose Singaporean owner Michael Liew allegedly fled the Philippines and disappeared with between $140 million and $250 million of funds in tow.
RMF is an investment program that enticed investors with a guaranteed return of 4-5% every month. Minimum investment amount is P200,000 ($5,000).
Money is supposedly used to trade in foreign currencies, although registration documents from the Securities and Exchange Commission (SEC) showed the company is engaged in the buying and selling of cars.
Judging from posts in the Royal Manchester Five discussion thread, the company amassed millions of pesos from a number of high-networth Filipino investors. In May 2007, member richpulubi posted that “a friend invested about P1.2 million.” Another member, mjat, shared that “my aunt just invested P3 million” in February 2008.
The said forum thread had heated discussions regarding RMF way back in early 2007. A number of pro- and anti-RMF posters have been arguing since then whether the company is scam or not.
In September 2007, PMT member the.oracle had a bold prediction about RMF:
sorry for being rude but i smell something’s fishy with RM5. feeling ko talaga scam eto just waiting for the perfect time to elope with people’s hard-earned money.
Now we know he’s right.
Join the discussion of RMF Trading Corporation here:
- Royal Manchester Five forum discussion (Part 3)
- Royal Manchester Five forum discussion (Part 2)
- Royal Manchester Five forum discussion (Part 1)
Click for more interesting, useful and related posts:
- royal manchester five
- rmf scam
- eric magtabog
- dennis victor abara
- peraperalang@gmail com
- scam sa mga forex company
- RMF Co philippines
- RMF TRADE
- royal manchester five trading corporation