Bitter investors file complaint of millions lost in Phuket Ponzi scheme

Suthicha Sirirat

 

The group say they have lost B19 million invested in the network. Photo: Suthicha Sirirat

 

PHUKET:-- A group of investors who claim to be victims of the “Srithai Network” filed a complaint at the Damrongdhama Centre (ombudsman’s office) at Phuket Provincial Hall today (Feb 9), saying they have lost B19 million in the business scheme.

 

Victims led by Adisorn Raksamran filed the complaint, explaining that they were persuaded to join the Srithai Network, which sells health supplements.

 

“My friend and I were persuaded to join the business in 2016,” Mr Adisorn said.

 

Full Story: https://www.thephuketnews.com/bitter-investors-file-complaint-of-millions-lost-in-phuket-ponzi-scheme-65909.php#Jm7ZqWHwMmviJKTm.97

 

-- © Copyright Phuket News 2018-2-9

Too bad. Thought they could make quick profit. Investor beware.

"One born every minute" comes to mind.

 

if it sounds too good to be true, it probably is.

 

sorry, but no sympathy.

Som nam na

Dam rong centre lol.

 

 

A lot of Thais invest into businesses not for the money but for face. They love their peers to know they are part owner of a business and want them to look up to them.

I mean if you have 19 million baht you aren't in need of money. It's face they want.
Face opens the door for more business opportunity and connections.

Thai culture really baffles me at times.

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from the picture and the age i would say they lost daddy's money.

Fools seduced by their own greed.

 

Suck it up and have a cookie on your way out.

5 hours ago, sebastion said:

Thai culture really baffles me at times.

Given your smug assessment of what  " a lot of Thais" do with their spare cash, your bafflement "at times" seems to be an understatement. Claiming that you possess such insight while being baffled by it all is inconsistent at best. And of course falling back on the myth that Thai lives (let alone the entire culture) are almost exclusively motivated by establishing, maintaining and saving "face,"  says more about you than them.

 

Presumably you're equally baffled by the behavior and motivation of many westerners.

 

Reading through even a small number of posts on TV ought to make it clear that maintaining or saving face is an obsession with a startling number of farang. As far as the lure of fast money and the quest for prestige coupled with gullibility is concerned,  western cultures leaves Thailand far behind. 

 

Our friend Wikipedia just scratches the surface when it comes to get rich quick schemes  : https://en.wikipedia.org/wiki/List_of_Ponzi_schemes

 

Bernie Madoff and the 2007-2008 financial meltdown are only a couple of recent examples of endemic  greed, naïveté and hubris run amok in western culture. Even this past week we've seen the consequences of blind investment in market volatility derivatives that have caused multi-trillion dollar swings in the market value of stocks and commodities in the west.

 

And then of course we have the world-wide rush to cryptocurrencies with newly minted millionaires sharing their success on social media. Many of them have strangely fallen silent lately following steep declines in their net worth and "face."

 

 

 

 

 

 

14 minutes ago, Suradit69 said:

And of course falling back on the myth that Thai lives (let alone the entire culture) are almost exclusively motivated by establishing, maintaining and saving "face,"  says more about you than them.

 

Thai culture is revolves almost exclusively around 'face'. It is so obvious to anyone who has ,lived in the country for any length of time that I am amazed you would make such a statement.

4 minutes ago, Bangkok Barry said:

 

Thai culture is revolves almost exclusively around 'face'. It is so obvious to anyone who has ,lived in the country for any length of time that I am amazed you would make such a statement.

It really doesnt , its just that Westerners seem to think that it does .

scamming system created no doubt in the west. unfair to call them stupid or gullible. they may well be victims

3 minutes ago, Happy enough said:

scamming system created no doubt in the west. 

Where is the West did this scam come from ?

Just now, sanemax said:

Where is the West did this scam come from ?

don't know. ponzi scheme. just heard of it alot from the west before here

Just now, Happy enough said:

don't know. ponzi scheme. just heard of it alot from the west before here

This doesnt seem to be a Ponzi scheme though , this seems to be just a straightforward deception

Greed comes to mind invest and make 7 million in first year

Maybe not

3 minutes ago, sanemax said:

This doesnt seem to be a Ponzi scheme though , this seems to be just a straightforward deception

you could be right. just saw the headline. didn't read too much into the story as seem to be so many now

Just naive greedy people who got burned. Often these days, people seem to forget that there is always risk involved when investing...no assured positive outcome. There are so many scammers out there now that if you believe the blurb and rush in..well, tough-titties if it goes south as that's the rub with investment. Do your homework and don't over-expose yourself to too much potential loss and if it sounds too good to be true, it usually is.

It really doesnt , its just that Westerners seem to think that it does .

Face is the be all and end all for thais.  

Ive seen Thais pour money into projects even though people are advising against it. I see it on weekly basis. Nanai Rd has 3 huge projects unfinished or empty due to face being more important than common financial sense.

 

They cant tell people something and then not follow through with it. That would be too much embarrassment to bare and follow through with it even though it makes no financial sense or have the finances to finish the project.

In all demographics in Thailand face exists.

 

Rich or poor. Face is all they have in the end of the day and where they stand on the face ladder is their measure of success.

 

 

 

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3 hours ago, sanemax said:

Where is the West did this scam come from ?

 

https://en.wikipedia.org/wiki/Charles_Ponzi

Given your smug assessment of what  " a lot of Thais" do with their spare cash, your bafflement "at times" seems to be an understatement. Claiming that you possess such insight while being baffled by it all is inconsistent at best. And of course falling back on the myth that Thai lives (let alone the entire culture) are almost exclusively motivated by establishing, maintaining and saving "face,"  says more about you than them.
 
Presumably you're equally baffled by the behavior and motivation of many westerners.
 
Reading through even a small number of posts on TV ought to make it clear that maintaining or saving face is an obsession with a startling number of farang. As far as the lure of fast money and the quest for prestige coupled with gullibility is concerned,  western cultures leaves Thailand far behind. 
 
Our friend Wikipedia just scratches the surface when it comes to get rich quick schemes  : https://en.wikipedia.org/wiki/List_of_Ponzi_schemes
 
Bernie Madoff and the 2007-2008 financial meltdown are only a couple of recent examples of endemic  greed, naïveté and hubris run amok in western culture. Even this past week we've seen the consequences of blind investment in market volatility derivatives that have caused multi-trillion dollar swings in the market value of stocks and commodities in the west.
 
And then of course we have the world-wide rush to cryptocurrencies with newly minted millionaires sharing their success on social media. Many of them have strangely fallen silent lately following steep declines in their net worth and "face."
 
 
 
 
 
 

Ive never seen a westerner care about face.
We put our hands up and accept responsibility if we're wrong.
We don't get violent if someone gives us a bad look or feels they looked down upon us.

Its a cultural Asian thing, not unique to Thailand.
China really looks at face as the pinacle of success. How their peers view them.
No point having money if nobody respects or trusts you in the community.

You dont know the first thing about Asian culture.
A failed or uncompleted project is worth more to them than one that didn't start at all.


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5 minutes ago, NamKangMan said:

 

https://en.wikipedia.org/wiki/Charles_Ponzi

As previously stated by myself on this thread, this was not a Ponzi scheme 

1 minute ago, sanemax said:

As previously stated by myself on this thread, this was not a Ponzi scheme 

 

Upon first read of the article, I agree with you, I didn't think it was a Ponzi scheme either. 

 

As usual with reporting here, more accurate information would be nice.

60 million prospects!!!!!

If these guys had been left with product they could not shift,  then the condemnation on the thread would be acceptable

However to pay for a product and not receive it, is rather different from parting with money for a questionable 'investment'