I met the guy personally in Singapore sometime in 1995 and again in San Francisco in 1996.
They were just cursory meetings through the people I worked for. As early as then, I knew Michael and my bosses were running Forex “boiler room” operations worldwide. Government regulators forced them out of California way back then and charges are still pending against these people.
I knew Michael as being part of the group that owned C&T Global a member broker of MIFE in 1985. When MIFE was shut down, C & T assumed different names and worked with several Filipino dummies who, I should say belong to the kind who would sell their souls and exchange their principles for the mighty big bucks.
Their modus operandi is rather simple. They strike when everybody else is looking elsewhere. They will be sending people here who are not yet in the government watch list. They will keep their contacts here intact and well provided for. And when things have cooled down, they will set up operations once again.They have a battery of lawyers in their payroll who would also do anything for them to set up operations here over and over again. I’ve seen it happen repeatedly. And I guess, I expect it to happen once more in the Philippines.
They can no longer operate in Australia. in Singapore, in Hongkong, and in the U.S. (And oh, by the way they tried Mexico City too in 1995!) Authorities there can not be bribed at all and new regulatory measures were immediately put in place after their operations in those countries were discovered. In 1995, before the MIFE closed down, these people hit China real hard and they were able to make a killing from unsuspecting Chinese farmers! (I know of some friends who became part of that scam operations and they told me about their horrible escape ordeal from Chinese authorities.)
Michael Liew may have left the Philippines, but the group’s presence is still very much evident. Their people come and go, hatching new ways to scam Filipinos. You may want to ask, how come they are able to operate freely here, and how come they are able to do it over and over again? First off, the regulatory measures in place have a lot of loopholes. For example, the Forex company operating from the Enterprise in Makati (also set up by Michael Liew) is still able to exist because of a legal loophole, disguised as a “research and facilities provider”. Second, Philippine authorities can be bribed! And this says it all!
Take my word for it…..more “Michael Liews” are coming! And we better be damned prepared for them!