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Security Commission Is Blocking Access to Get Rich Quick Websites

June 7, 2007 by  

According to an article published in The Star Online recently, Malaysia’s Securities Commission (SC) is going to block access to illegal investment schemes operated by some 60 websites after it received 720 complaints and queries.

However no mention on how this will be done and who are they going to work with (MCMC & Telekom?) in order to achieve the objective of preventing access to those websites.

Whether this measure will also block those who try to bypass the restriction by surfing via anonymous proxy will remain to be seen.

Check out SC’s alert list to find the list of websites which are not authorised nor approved under the local securities laws

This is an unwelcome development for those get rich schemes investors. But you still have time to act accordingly as the SC’s exercise to block the website will begin on June 11 2007.

The commission, in a statement on Thursday, advised investors in such schemes to withdraw their investments and terminate their accounts immediately.

I know some of my readers are investing in Swiss Cash, one of the most popular get rich quick schemes in Malaysia. The cheerleaders will continue their support and turn a blind eye to all the warning signs that hinted the impending collapse of the scheme. By then, it’ll be too late to do anything.

UDPATE: The SC is joining forces with the Malaysian Communications and Multimedia Commission (MCMC) and CyberSecurity Malaysia to track, identify and block access to local and foreign websites promoting illegal investment schemes.

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8 Comments »

Comment by Turk
2007-06-07 16:23:09

“I know some of my readers are investing in Swiss Cash, one of the most popular get rich quick schemes in Malaysia. The cheerleaders will continue their support and turn a blind eye to all the warning signs that hinted the impending collapse of the scheme. By then, it’ll be too late to do anything.”
I concur with you on this. Whatever thing you say these people will have their own excuses…I got my money back and now I m reaping profitlah! It is our moneylah why bother! and thousand other reasons to keep prospecting :) For the so called potential investors, better dont play play…

 
Comment by pinolobu Subscribed to comments via email
2007-06-07 21:00:56

Is this a one off thing or are they doing the “sweeping” at predetermined intervals? After the deadline new schemes will continue to come up. The existing ones also can simply change their domain names/ip addresses.

Comment by Gaman
2007-06-07 21:14:44

I am sure SC is aware of that. Regardless, existing investors will still suffer. It’ll be harder for those websites to built up the momentum if they are blocked continuously once they made it into SC’s alert list.

To be honest, although I am against get rich quick schemes, I am not comfortable with the idea of the government blocking websites.

 
 
Comment by kuanhoong
2007-06-08 00:07:50

I think the government should really educate the public regarding all those quick rich schemes. They come in all forms, and recently they are changing their tactics by using the Internet.

 
Comment by Lorna
2007-06-08 05:43:25

The fact that some big-shot agency is barging in to limit access to information is disturbing enough. Who knows what else they’ll do to block other types of information from us.

Like kuanhoong said, it is more the matter of educating the public on these schemes. Even if they block these sites, illegal investment schemes will continue to run rampant, and people will continue to be fooled by these schemes due to greed.

 
Comment by Dam Rong+6598643052 Subscribed to comments via email
2007-09-04 09:35:32

security commission must take serius action to legal sue the Investor and Leader to compromise the Law Act due enforcement team . Not at the Level Talk only NO action.

 
Comment by Serafettin Arslan
2008-11-29 22:59:33

Absolutely, security comm must take action

 
Comment by voltage converter
2011-07-21 17:14:23

Last year, two Datuks and six others were placed under remand to aid in investigations into a get-rich-quick scheme that allegedly promised “huge returns for a minimum investment”.

 
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