PT MILLENNIUM PENATA FUTURES is a scam & Ponzi scheme

Alex White

Recruit
Messages
4
Mr. Tahir Fedian, an Indonesian, the Chairman of Millennium Danatama Indonesia Corporation (DMI Corporation) and his sons Mr. Lim Victory Halim & Mr. Lim Andrew Halim, the CEO & VP of PT Millennium Penata Futures (MPF) hired Mr. Chen Hsuan Ming, a Taiwanese, as “Introducing Broker” and started the branch operation of MPF in Taiwan in 2008. The employer-employee relation between the Lims & Chen ended in February 2016; Chen cited it was because the Taiwanese government was considering the legality of trading futures, and he didn’t want to deal with the laws. Between 2009 and 2016, MPF attracted more than $165 million US dollars of cash deposit under the so-called “Security Deposit Account” which guaranteed a very reasonable 6% interest rate of the Indonesian money market. Since the departure of Chen, MPF has failed to distribute interest to the 2500+ Taiwanese Investors. Further, starting in March 2016, MPF froze the withdrawals of all their accounts. In mid-March 2016, MPF issued a bulletin indicating because the Taiwanese government was considering the legality of futures trading, and Chen had decided to terminate his employment, so all advertisements & activities of the futures related products were to stop in respect to the Taiwanese government. In the meantime, the company was committed to assist all investors in the withdrawal their deposits after a period of internal audit or INTERPOL investigation.

At the beginning of June, the Legal Department of DMI published an announcement indicating that their companies are registered to conduct business in Indonesia & Hong Kong legally. However, someone had used their company’s name to scam money and damaged the goodwill of the Group, and it was the intent of the Group to bring those scammers under the laws to maintain the goodwill of the company. In July 25, 2016 news.sina.com.tw reported that in an interview with a Central News reporter, Tahir Fedian indicated that Chen was a customer not an employee of the company; the Customer Account Agreement, deposits and withdraws regulations used in Taiwan were not issued by DMI/MPF; DMI didn’t have any knowledge of those activities; he said Chen was the one the Taiwanese investors should be after not DMI. With this statement, Tahir Fedian brushed all the debts to the Taiwanese Investors off his plate. MPF provided no further communication since. Essentially MPF has stolen all the money from the victimized Taiwanese investors publically and illegally with only one made-up false announcement: “our company was also the victim of the scam conducted by “not” our own employees, so all the accounts from Taiwan were illegitimate." With this, MPF wiped off all those accounts and kept all their deposits. The truth is MPF has received all the cash deposits from all of 2500+ Taiwanese investors because the Indonesian office and the Taiwanese branch had conducted an audit for every wire received.

The victimized Taiwanese investors formed a self-organized group to try to get their money back from MDI/MPF. However, MDI/MPF paid no attention, and launched another similar operation in Fuzhou, Fujian Province, China with many false advertisements that they used in Taiwan. MPF & its parent company DMI Corp have been falsely advertising in Southeast Asia and China that they were member of US Commodity Futures Trading Commission (CFTC), and were registered with National Futures Association (NFA). Like in this recruitment advertisement: chinahr.com/company/2ae9b0e46c3ed556760eb363j.html, they even claimed 0263119 as their NFA registration number. In fact, 0263119 belongs to another firm: Millennium Global Investments Limited, London, UK.

Is this not another Ponzi scheme after Madoff? It looks like one and it smells like one to me!
 

michael mike

Recruit
Messages
1
Dear Sir,
I've read your article a few months ago, the situation here now in Taiwan is the MPF's owner don't admit the total amount of Taiwanese's investment. According with your article, explained that MPF admitted the total amount is right, so let me know how did you know that? What was the evidence proving that? I introduce myself as a relative of oneof Taiwanese victims.
Regards,
Waiting for your replied,
Thanks.
 

Alex White

Recruit
Messages
4
Dear Sir,
I've read your article a few months ago, the situation here now in Taiwan is the MPF's owner don't admit the total amount of Taiwanese's investment. According with your article, explained that MPF admitted the total amount is right, so let me know how did you know that? What was the evidence proving that? I introduce myself as a relative of oneof Taiwanese victims.
Regards,
Waiting for your replied,
Thanks.

Hi Michael,

I don't believe I said anything regarding to MPF admitting to the total amount they have received from the Taiwanese investors; The total amount of investment was provided by the self-organized group of the victims. My article was pointing out & accusing MPF of wrong doing. Please contact the self-organized group in Taiwan if you need to know weather MPF have admitted receiving any money from the victims thus far. I don't have that information. Thank you very much!
 
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