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Brit CEO in alleged 40 million baht swindle arrested at Bangkok airport after arriving from Singapore


webfact

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11 minutes ago, webfact said:

He is the CEO of PFS International Consultants based in Bangkok. This company was previously known as Barclay Spencer International

Hmm, both company names appear to be very similar to companies registered elsewhere in the world, U.K. and Switzerland…

 

https://opencorpdata.com/offshore/barclay-spencer-international-consultants-s-a

 

https://find-and-update.company-information.service.gov.uk/company/08509007

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1 minute ago, ukrules said:

Is it possible that this was a legitimate fund that did not perform well due to the massive global covid crisis and the fact that everything went to <deleted> for a couple of years?

 

Yes, that is possible and could explain why the guy came back. But Thai people do not like losing money and someone has to pay for the missing returns.

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48 minutes ago, ukrules said:

Is it possible that this was a legitimate fund that did not perform well due to the massive global covid crisis and the fact that everything went to <deleted> for a couple of years?

 

Everything is possible, but the scenario you describe is highly unlikely. At any rate, the OP is so extremely short on details about the alleged investment fund that any speculation on this subject is unwarranted.

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1 hour ago, khunpa said:

Yes, that is possible and could explain why the guy came back. But Thai people do not like losing money and someone has to pay for the missing returns.

..."Thai people do not like losing money"... do you know anybody that likes to loose money !?!?!?

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2 hours ago, khunpa said:

Yes, that is possible and could explain why the guy came back. But Thai people do not like losing money and someone has to pay for the missing returns.

With every investment comes a certain amount of risk so yes, the investor pays.

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1 hour ago, rwill said:

I just wonder if this was a real scam or if he was handling investments for people and the market had a downturn and they were upset.  A couple of years ago everything crashed pretty hard due to covid.

You'd hope the evidence and other verified information in the hands of the police investigation would either confirm or deny his claimed legitimacy.  Forensic analysis by qualified accountants and the fraud investigation officers would likely be the guys to have a chat with!  

 

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12 hours ago, herfiehandbag said:

And so he should damn well have been arrested.

 

If for nothing else then for wandering around aged 57 wearing tracksuit trousers and gym shoes !

You forgot to mention the parachute. He could also be an illegal base jumper........

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12 hours ago, Bluespunk said:

Hmm, both company names appear to be very similar to companies registered elsewhere in the world, U.K. and Switzerland…

 

https://opencorpdata.com/offshore/barclay-spencer-international-consultants-s-a

 

https://find-and-update.company-information.service.gov.uk/company/08509007

Yeah, that is why they call it a swindle. You know, ABC in a good swindle, is to have a searchable name, when you call yourself a division office in a foreign country.

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During the Covid crash , some property funds were temporarily closed due to the illiquid nature of the assets . It can take months to sell real estate so if lots of investors want their money out at the same time , this causes a problem .

Stocks in very small companies can also be difficult to liquidate in a crisis .

Still , I would expect most investors should have got back some money by now . Unless , of course , it`s all a scam ( the name sounds suspicious to me ).

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15 hours ago, Bluespunk said:

both company names appear to be very similar to companies registered elsewhere in the world, U.K. and Switzerland…

Seems he dreamt up the return % buying some milk and bread. 

 

15 hours ago, webfact said:

returns of 7-11%

 

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The Thai Revenue Department should also go after the fake expat financial advisors for tax like Al Capone. Their business model was to set up companies in Bangkok that ostensibly provided administrative services for offshore financial advisors and funds. But actually they were selling the Ponzi schemes and fake funds in Thailand with income booked offshore that should have been declared for Thai tax, since it was generated in Thailand. 
 

40m is a very low ball estimate of the scams they have done over the years. I remember stories of people being threatened they would be kicked out of the country, if they didn’t stop asking for their money back. Obviously they did have good police connections in those days but their luck seems to have run out, since the SEC started to take complaints by foreigners seriously. Good for them.

Edited by Dogmatix
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