Hello there!
I just finished reading this thread from 1st page and i think i need to say something since FR has proudly commented in his FB that multiple submission is not against the law??
That mulsub loan is just a technique??
Since it has been there many years ago so nothing wrong with that *rolling eyes*
Well..
Imho.. This is the most stupidest thing I've ever heard from an ex banker aka prop guru that claimed he is a streetsmart and booksmart.
Actually I also attended FR seminar many2 years back but i never regarded him as my sifu or guru since i myself have a very good background of prop myself way before i attended his talk.
Regardless of my edu background..
For me, a seminar speaker is just a seminar speaker. So there is always a room to agree to disagree with the speaker or panel in the seminar that we attended..no derhaka pada cikgu etc
Due to the fact that I have double degree in law and finance myself, so here i would like to give my two cents :
1)NDA farc = void ab initio (void from beginning)coz its actually an agreement to limit their clients resources in making informed decision hence they aren't able to differentiate legal and illegal conduct when commit fraud activities aka submit mulsub loan -
By providing sufficient evidence to court, client may succeed in suing farc for misrep and fraud in event their investments arrangement goes south since they already paid faizul for his so called expert opinion.
2)Fake salary and epf = Forgery and fraud as well. Very straight forward case in fact
Please bear in mind that there is element of conflict of interest, undue influence and misrep as independent advising consultant where in actual fact they get commission for units they manage to sell. There are many law cases that can support this suit.. So if there is real victim out there that wants to sue, please do so asap before his 65M co become a penny co. LOL
2)Multi SPA signed and property bought using mulsub loan = client farc who intend to exit their arrangements w farc can hire lawyer to seek restitution and cancelled the arrangements by suing the Dev as the co Defendant together with farc for soliciting such illegal arrangements ie by saying mulsub loan isnt an offence. Those unethical advice given by so called property expert and then put all the unnecessary risk unto their clients shoulder is just like the F1 trainer giving the F1 car to race with blinded eyes and yet you asked him to decide to enter race without getting accident at all. LOL
The law is very clear in principal - agent concept and since farc is taking commissions from the Dev for units sold, there is a clear relationship between Dev appointing Farc as the marketing agent for those project. Hence farc cant absolve his fiduciary duty just like that.. Paper gain doesn't mean anything btw.. By influencing & limiting the potential buyers to get resources in making decision as well as excluding their liabilities using the one sided NDA, farc is clearly open themselves for negligence suit as well.
Personally Im quite shocked to see how money can change someone who is very down to earth and humble into greedy and selfish person..
Fyi mulsub loan is just a term.Technically it is still a fraud conduct. Every banker knows that they can named their product anything..but the concept is still the same. So does the law. It doesnt says it is a grey area coz multisub is a FRAUD itself..the arranged and systematic one i would say.
So to Farc if they read this, please be ethical in conducting your business..if fund manager and REN is bound by ethical conduct and moral standards in providing advice for investment/asset...
What makes you and your co so so special above the law?
Ive read your NDA and if u think your NDA can save you, silap besar lah!
Jangan guna kad racist dan NDA utk menakutkan dan memperbodohkan orang melayu utk ikut telunjuk cakap kau
Another thing, no need to outsmart the system at the same time kissing the govt ass.Its so disgusting esp when you take credits for something thats not yours..
Ps: Danaharta aka Govt itself already started giving moratorium to SME that affected in recession long time ago, way before your so called meeting with TSMY. So please dont brag it..its too fake and look so stupid on u bro!
Pss:I hope my comment can shed some lights to those entrapped in such arrangements earlier and at the same time can give better understanding to those who still confuse about NDA position in such scheme.
Psss: this answer is also applicable to other fake guru who solicited their so called student to overgear their financial capability to buy using houses using mulsub loan technique