Pattaya: 100+ foreigners want their money back from Thai bank - "you stole our future" says one

[jacko45k]

8 hours ago, david555 said:

so they have to prosecute the individual who is already in jail i guess who did the fraud 

That is likely the bank's position. The victims were defrauded by him while he was still an employee, and on bank premises. Sacking the guilty, after the event, does not absolve them of prior responsibilities. 

[scubascuba3]

13 hours ago, lodstewart said:

how did other Bank employees not notice something strange? how was the Lady Manager not aware ? 

Probably turned a blind eye, all are embroiled in it by doing nothing. With anti money laundering regs staff are on the hook if they ignore what's going on

[Berkshire]

9 hours ago, Nickelbeer said:

Not that I know of. I am from the USA.  Very few such incidents. Draconian penalties.

You can't be serious.  I'm an American and the US practically invented financial crimes.  Nevermind the 2008 Financial Crisis, you ever heard of the rampant Wells Fargo fraud?  Just a year ago and not an isolated incident.  If you're going to bash on Thailand, at least have a clue what goes on in your own country.  And by the way, banks will get fined...but bank execs rarely go to prison.  So much for "draconian penalties."

 

[The problems began when Wells Fargo executives pressured rank-and-file bank personnel to aggressively cross-sell products to enhance sales and revenue to meet certain quotas. Deception reared its ugly head when Wells Fargo employees then created millions of savings and checking accounts for customers without their knowledge or approval.]

 

https://www.forbes.com/sites/jackkelly/2020/02/24/wells-fargo-forced-to-pay-3-billion-for-the-banks-fake-account-scandal/?sh=7bae29e242d2

 

[JWRC]

A fool and his money are soon parted, is an old idiom.

[Tarteso]

US invented the financial crimes? ????

 

Practices of financial crimes to disguise income from illicit activities dates back to the Middle Ages, the 16th century, when usury was declared a crime.  Merchants and moneylenders mocked the laws.  pirates became pioneers in the practice of panning for gold obtained in attacks on European commercial ships. To classic piracy were added the practices of buccaneers and filibusters covertly aided by certain European governments. Thus arose the financial havens, today known as tax havens.

[fredscats]

18 hours ago, robblok said:

I think the 7.5% is yearly, could be a government/law  thing. That in cases that you are owed money the rate is 7.5%. 

Too true.   Look at the Hopewell project BKK, I believe the interest payments now outweigh the original sum the HK developer is asking for

[brianthainess]

22 hours ago, webfact said:

Officials of the bank have been working with police,

Oh dear.

[KarenBravo]

"You can't cheat an honest man".

But, greedy ones are easy.

 

There is a board on the wall of every bank showing interest rates. Obviously, no one looked, or questioned this.

 

No sympathy from me. So many questions that could have been asked before they voluntarily handed over their money. Asking another employee, or at another branch comes to mind.

[xylophone]

13 hours ago, Yellowtail said:

Clearly having sex with customers in the bank's bathroom satisfies those criteria, yes?

Clearly having sex with customers in the bank's bathroom satisfies those criteria, yes.

 

NO obviously not.........Clearly not that bright, are you!! Trying to explain it to a Muppet is hard work.

[Yellowtail]

4 hours ago, Berkshire said:

You can't be serious.  I'm an American and the US practically invented financial crimes....

 

Yes, and like most Americans, you likely think Americans invented everything. 

 

In any event, the issue is people being cheated out of their deposits in a bank, by a bank employee. 

 

 

[mikebell]

19 hours ago, Saanim said:

K-Bank cannot be worse, same same: K-Bank = Thai Farmers Bank... 

You're right.  Is it the same as Bank for Agriculture and Agricultural Cooperatives?

[Yellowtail]

20 minutes ago, xylophone said:

Clearly not that bright, are you!! Trying to explain it to a Muppet is hard work.

No, I'm not that bright. Guys like you typically find everything hard work.  

[Hummin]

Trust other people to take care of your money and invest them for you, make money on your money and on top of it have zero risk. 

 

Thats great

[nausea]

Seems to have been a crowd funded thing. Safety in numbers, and all that. Guess most of these guys thought they were getting an edge over the regular system. As for my wife, and wives seem to have been heavily involved in this thing, I give her money, she wastes it; one in ten times it pays off. I seem to be ahead of the game at the moment, 2 out of 7 ain't bad.

[KhaoNiaw]

10 hours ago, lodstewart said:

take a look at some of the evidence by this excellent investigative writer, He will refer to the man as Mr Frog

for safety from litigation

https://truecrimethailand.substack.com/p/swindling-frog-pattaya

That's some really good work.  

[nausea]

7 minutes ago, KhaoNiaw said:

That's some really good work.  

A very Thai article, saying stuff without saying it.

[Harsh Jones]

On 12/26/2021 at 7:23 PM, Berkshire said:

A little more detail would be helpful.  Did these people voluntarily invest in this scheme?  Or was it done without their knowledge?  If the latter, it's simply fraud and the bank must redeem.  If the former....might be a little more complicated.

It was done under the guise of a real bank because the branch manager was operating the ponzi. Normally i have zero sympathy for ponzi victims but this one was a little different.

[Longwood50]

On 12/27/2021 at 9:54 AM, ikke1959 said:

If the interest is low and you want to make more of your money you have to take more risks. I worked a long time in the bank and I know it for years... If it goes wrong there is always a chance that you loose your money more or less, but that is the risk.. Results from the past are not sure in the future..

I also worked as an executive officer at a Major US bank for 4 decades as well as being in investments for Merrill Lynch.  A person who invests in riskier investments to pursue a higher rate of return does so with some if not complete knowledge of the risks of loss.  This was not a "risky investment" gone bad.  This was a fraud.  Huge difference

[KhaoNiaw]

17 minutes ago, nausea said:

A very Thai article, saying stuff without saying it.

Well saying anything concrete would be speculation anyway. But it provides some interesting background.  

[Liverpool Lou]

14 hours ago, Yellowtail said:

15 hours ago, Liverpool Lou said:

55555!    Very funny!  Sarcasm?  How about Madoff, for one?  

Yeah, things went well for him...

 

In any event, he was not representing a bank. 

 

WaMu went bust a while back, but all the deposits were covered. 

The assistant manager in this case turned out to not be representing his bank either!  And there is every chance that those he stole from will be compensated, the case is not over yet.

[Yellowtail]

4 minutes ago, Liverpool Lou said:

The assistant manager in this case turned out to not be representing his bank either!  And there is every chance that those he stole from will be compensated, the case is not over yet.

What's your point? As stated in a previous post, I assume the bank will be liable and will compensate the customers. 

[KarenBravo]

12 minutes ago, Yellowtail said:

What's your point? As stated in a previous post, I assume the bank will be liable and will compensate the customers. 

I very much doubt it.

 

 

[david555]

7 hours ago, jacko45k said:

That is likely the bank's position. The victims were defrauded by him while he was still an employee, and on bank premises. Sacking the guilty, after the event, does not absolve them of prior responsibilities. 

So you think a judge shall not consider that those greedy group was over careles by believing such a ridicoulos offer from an individual ...? And they even did not ask a second opinion higher up ?    In contradiction with the general rule ..."to take care as good housefather .."

 

They had their resonsabilitys to take things in consideration while being in a worldwide low interest time ...????????

 

I guess the answers to become in a small week shall be a message of ...patience ....we are working on the case .......something as the Red Bull case ....

 

[xylophone]

1 hour ago, KhaoNiaw said:

That's some really good work.  

Well done @lodstewart in posting this...........  https://truecrimethailand.substack.com/p/swindling-frog-pattaya

 

It may help to explain the situation to a particularly belligerent poster here, and in addition to that, the following should also help: –

 

The thief relieved funds from his victims mainly with two tactics:

1.    When victims transferred money into Thailand from abroad, the assistant bank manager stole the funds. Or
2.    The banker sold fraudulent, high-yield investment products to the victims.

This banker worked at this branch for over ten years. And in the course of his career there, he got to know the account holders — farang, Thai, and Chinese — who grew to trust him over that time.

The banker used outdated bank books to print transactions out for the victims.

By all measures, the bank books looked real — they were branded with the bank's logo, they were printed at the bank branch, and they were handed over by a man who wore the green jacket emblazoned with the logo of the bank he worked for.

 

Fraud/theft, plain and simple, by a trusted bank employee, who represented the bank and used the good name of the bank to help perpetrate the fraud. In just about any other country this case would be cut and dried, as the saying goes.....but TIT, so who knows??
 

 

 

 

[NoshowJones]

On 12/27/2021 at 10:16 AM, Eff1n2ret said:

Indeed, "K Bank not return our money" looks like a request.

Never have money in this Banana Republic of Thailand that you cannot afford to lose. 

[david555]

7 hours ago, scubascuba3 said:

Probably turned a blind eye, all are embroiled in it by doing nothing. With anti money laundering regs staff are on the hook if they ignore what's going on

BTW about money laundering....realize at 2022 Thailand is then under OECD meaning doing money reporting automatcly to that organization

 

.You still wondering why lately so much strange difficultys with transfer  transactions ?

 

Also this case could become a more inquiring where their money came from ....let hope it was al clean money brought in legally

 

.....that are things a wicked lawyer from bank would use....

[Liverpool Lou]

1 hour ago, Yellowtail said:

As stated in a previous post, I assume the bank will be liable and will compensate the customers. 

I presume that the bank will not accept liability but will compensate those who had their money stolen by the ex-employee as a gesture of good faith.

[xylophone]

7 minutes ago, Liverpool Lou said:

I presume that the bank will not accept liability but will compensate those who had their money stolen by the ex-employee as a gesture of good faith.

Tend to think that this could be the case, and it will be good if all of the "investors" got their money back, less the percentages they were promised, so that should satisfy most of them.
 

[Liverpool Lou]

6 hours ago, Tarteso said:

US invented the financial crimes?

He didn't say that, you altered his comment.  He said "...the US practically invented financial crimes".

[david555]

11 minutes ago, Liverpool Lou said:

I presume that the bank will not accept liability but will compensate those who had their money stolen by the ex-employee as a gesture of good faith.

That would open the door wide open to the next "employee" to do same as bank would pay anyway

 

....A new sponsored scam would be born ...????????????