They had sold their property in Singapore and moved the proceeds - nearly all their life savings - from DBS Singapore to an account with the bank in Hong Kong. In July 2006, the couple said, they were sold Series 43 Constellation structured retail notes for US$950,000 by a relationship manager at a DBS branch. They claimed they had initially asked about putting their money in a fixed deposit account for retirement income and told the bank employee that they had little investment experience. The relationship manager then allegedly recommended the structured notes, saying they were as safe as a fixed deposit account. In April last year, the relationship manager phoned the couple, who were by then in the US, recommending Series 73 notes, which were 'of the same nature' as their previous investment. The couple said they agreed to put in US$310,000.
The pair, who now live in San Francisco in the US, are seeking to recover the US$1.26 million (S$1.89 million) they had invested in DBS Constellation Notes.
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1 comment:
Sometimes, putting some of your money in a tin is good. At least you won't lose it because of the bank.
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