‘They should be made personally liable’

executive officers and chief financial officers of Maxim Trader and at least five other companies linked to it, as well as the shareholders, promoters and recruitment agents.

He said forensic accountants are often appointed to examine the dealings and finances of the parties involved in the process of pursuing the recovery.

“The persons who benefited from this Maxim Trader scheme should not be allowed to hide behind the allegations that the company has gone bust and give the impression that the investors have no legal recourse,” he said.

“They should be made personally liable for their misdeeds.”

Sreether said if there are funds of the company frozen or seized in foreign countries, it must be explored through legal avenues if those funds can be recovered for the benefit of investors here.

He said about 50 affected investors had contacted his firm and have expressed interest in seeking legal redress in the recovery of their investments.

Meanwhile, accountant Alan Tan, 49, who lost more than RM1.5 million in the scheme, said an action committee has been formed to pursue the matter.

He said those who wish to be part of the action committee can make enquiries via WhatsApp to 016-5431 426 or email to admin@ mrlegalaction.com.

They may also visit a website dedicated to the cause, www. mrlegalaction.com.

Tan and another investor, businessman Abdul Rahman Abdullah, 65, who invested RM360,000, will soon set off to meet Maxim Trader investors in other countries such as Japan, China, South Korea, Taiwan, Hong Kong, Australia and Singapore.

Insiders of Maxim Trader told theSun earlier this week that the company had gone bust and was defunct, after having spent over 90% of the funds it had amassed between 2013 and mid-2015.

Apart from paying out returns to a small number of investors, the insiders claim that most of the funds were lost to marketing costs and seizures by the authorities of several countries.

Tens of millions in funds were frozen by the authorities of Taiwan, Korea, Japan and parts of China when they began a probe on the company following complaints.

It was also revealed that there are assets such as tracts of prime land the company had acquired, which remains in its ownership.

With over 50,000 investors worldwide, it is said that billions of ringgit were raised in the scheme that promised high returns and other monetary rewards.

However, the majority of investors were left in the lurch when the company went bust two years ago.

Three Malaysians, all with “datuk seri” and “datuk” titles, were named the founders of the company while several others, including foreigners, were appointed as chief officers of finance, trading and communications.