Taiwanese ringleader gets FIFTY years jail in Eagle Gates Group ponzi scheme fraud

[webfact]

Taiwanese ringleader gets FIFTY years jail in Eagle Gates Group ponzi scheme fraud

 

Picture: Daily News

 

A deputy at the Department of Special Investigations has revealed that a judgement of the criminal court has handed down a sentence of 50 years to a Taiwanese national convicted of fraud in the Eagle Gates Group ponzi (pyramid) scheme fraud. 

 

The court felt that his involvement in money laundering and other ponzi schemes merited the hefty sentence especially as it fell into the category of international crime and stealing from the Thai public. 

 

Pol Lt-Col Akkharaphon Bunyopattham said the DSI had made 21 arrests in the investigation - 19 Thais and two foreigners. Other foreigners are still being sought in the case that goes back several years.

 

The court handed down sentences of 20 years each to five other defendants who were ordered to repay all money to their victims at 8% annual interest. 

 

Back in March 13 defendants were each given 10 years that was reduced to 6 years 8 months because they were helpful. Three of these were given 1 million baht fines. 

 

Victims in the case total 250 and total losses were in the region of 235 million baht, reported Daily News. 

 

Source: Daily News

 

-- © Copyright Thai Visa News 2020-11-05

 

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[ChipButty]

This is the one where the American guy got arrested when he landed in Thailand, he said he was only acting

[holy cow cm]

3 hours ago, ChipButty said:

This is the one where the American guy got arrested when he landed in Thailand, he said he was only acting

Yes it is. I think the American was duped and really was only an actor. So what happened to him?

[JeffersLos]

3 hours ago, webfact said:

21 arrests in the investigation

 

3 hours ago, webfact said:

235 million baht

 

Sounds like a lot of risk and hassle for 11 million baht. 

 

Actually less, as I presume the leader(s) took bigger cuts that the lower guys. What did they pull. 5 or 6 million baht? 

[Salerno]

13 minutes ago, holy cow cm said:

Yes it is. I think the American was duped and really was only an actor. So what happened to him?

 

Cleared of charges in this case ... then rearrested for visa/immigration issues I believe. Eventually got back to the States.

[hotchilli]

10 hours ago, webfact said:

The court felt that his involvement in money laundering and other ponzi schemes merited the hefty sentence especially as it fell into the category of international crime and stealing from the Thai public

That will not be tolerated.

[laocowboy2]

17 hours ago, hotchilli said:

That will not be tolerated.

Restricted occupation - barred to foreigners.

[mark131v]

Blimey up there with picking mushrooms and way above running away after killing people with your car....

[John Drake]

On 11/5/2020 at 9:53 AM, webfact said:

A deputy at the Department of Special Investigations has revealed that a judgement of the criminal court has handed down a sentence of 50 years to a Taiwanese national

 

Does he have a name? What is going on, here? First a European Minister without a name gets Covid and now a Taiwanese criminal without a name gets 50 years.