Another scam company has gone bust. I was lucky enough not to invest in this company despite repeated recommendations by fellow colleague who themselves invested much into it. Oilpods which serves as the Singapore marketing arm for the US based company Powder River is under lawsuits filed by Oilpods investors for defaulting on payments due.
Oilpods markets oil and gas related business based in the US which is run by Power River Petroleum International. Investors received monthly payouts based on the share of revenue generated from the gas and oil produced.
Powder River Petroleum is having cash flow difficulties despite the in pouring of money by Singapore investors via Oilpods. This scam company has already been placed under receivership for several charges file against such as operating a Ponzi scheme and cheating thousands of investors
Checkout the following:
http://www.powderriverpetroleum.com/investor-information.html
http://www.powderriverpetroleum.com/legal/vacate-discharge.pdf
Apparently Mark Chang, the CEO of Oilpods has filed suit againts PWR for misleading Singapore investors on opportunities and profits associated with the business.
I guess Oilpods is equally as guilty as PWR for causing Singaporeans to lose their investments. Oilpods should have see it coming and sense irregularities on the part of PWP (Power River Petroleum) and warn its investors. Instead Oilpods continues to encourage its executives and sales representative to continue to recruit more new investors. Furthermore, rumours has that Mark Chan himself did not invest in Oilpods and as CEO he gets to get the cut of 20% profits from the total investments proceeds of Oilpods.
