iCon Fraud Unveiled: Lessons in Greed and Hard Truths

[webfact]

Picture courtesy: MGR online

 

OPINION

 

The iCon Group scandal has drawn a massive spotlight, largely due to the involvement of several high-profile celebrities. Beneath the surface, however, lies a tale of hope, greed, and hard truths affecting everyday investors. This scandal has underscored some valuable lessons that many have learned in the wake of this financial debacle.

 

Foremost, the adage “There’s no such thing as a free lunch” rings true. Fast riches rarely come without cost, as victims of the iCon scheme discovered. They were seduced into investing large sums, chasing the dream of financial freedom, but were met instead with financial despair. This saga starkly illustrates that get-rich-quick schemes are seldom what they seem.

 

At the scheme's core were thousands drawn away from stable employment by promises of fast wealth. The iCon narrative, steered by its charismatic leader, painted success as easy and obtainable—yet history shows genuine wealth demands time and dedication.

Moreover, the scheme's power lay in alluring storytelling. The iCon leader's personal anecdotes inspired many, projecting a trustworthiness that capitalised on human emotion. However, storytelling, though a powerful business tool, can be dangerous when wielded deceptively.

 

Adding to the draw, celebrity endorsements lent unwarranted credence to iCon's promises. Many victims placed trust in the scheme owing to stars holding prominent roles within the company. This scandal uncovered the risk lurking behind celebrity influence, revealing how star power can sometimes mislead rather than guide.

 

Finally, this situation highlights the allure of luxury and status. High-end watches and designer handbags were shown as symbols of success, enticing many into the web of deceit. But these flashy assets only proved to be an illusion, later confiscated as the scheme unravelled.

 

Ultimately, the iCon scandal is a cautionary tale, reminding us that true success is built on hard work, not empty promises and enticing facades, reported Thai PBS.

 

-- 2024-10-18

 

 

[wozzlegummich]

If the returns promised are too good to be true - then they are to good to be true.

[MikeandDow]

All founded on lies, which seems to be a Thailand trate!! 

[G Rex]

       i  CON

[RamblingOn]

3 hours ago, webfact said:

Picture courtesy: MGR online

 

OPINION

 

The iCon Group scandal has drawn a massive spotlight, largely due to the involvement of several high-profile celebrities. Beneath the surface, however, lies a tale of hope, greed, and hard truths affecting everyday investors. This scandal has underscored some valuable lessons that many have learned in the wake of this financial debacle.

 

Foremost, the adage “There’s no such thing as a free lunch” rings true. Fast riches rarely come without cost, as victims of the iCon scheme discovered. They were seduced into investing large sums, chasing the dream of financial freedom, but were met instead with financial despair. This saga starkly illustrates that get-rich-quick schemes are seldom what they seem.

 

At the scheme's core were thousands drawn away from stable employment by promises of fast wealth. The iCon narrative, steered by its charismatic leader, painted success as easy and obtainable—yet history shows genuine wealth demands time and dedication.

Moreover, the scheme's power lay in alluring storytelling. The iCon leader's personal anecdotes inspired many, projecting a trustworthiness that capitalised on human emotion. However, storytelling, though a powerful business tool, can be dangerous when wielded deceptively.

 

Adding to the draw, celebrity endorsements lent unwarranted credence to iCon's promises. Many victims placed trust in the scheme owing to stars holding prominent roles within the company. This scandal uncovered the risk lurking behind celebrity influence, revealing how star power can sometimes mislead rather than guide.

 

Finally, this situation highlights the allure of luxury and status. High-end watches and designer handbags were shown as symbols of success, enticing many into the web of deceit. But these flashy assets only proved to be an illusion, later confiscated as the scheme unravelled.

 

Ultimately, the iCon scandal is a cautionary tale, reminding us that true success is built on hard work, not empty promises and enticing facades, reported Thai PBS.

 

-- 2024-10-18

 

 

TIT

[Choochai]

"The iCon narrative, steered by its charismatic leader"     One good look at the guy should at least make you question his intentions...

[blazes]

This story is as old as humanity itself.  (And so, not typically Thai!)

 

From Adam and Eve to the medieval alchemists who promised to turn lead into gold to the gigantic Ponzi scheme of Bernie Madoff, the promise of a free lunch is forever beguiling.....

 

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

Edited October 18 by blazes

[hotchilli]

3 hours ago, webfact said:

Adding to the draw, celebrity endorsements lent unwarranted credence to iCon's promises. Many victims placed trust in the scheme owing to stars holding prominent roles within the company. This scandal uncovered the risk lurking behind celebrity influence, revealing how star power can sometimes mislead rather than guide.

The gullible led by the stars... 

[Dan O]

It was good to see the police arrested the celebrities also as they gave the appearance of legitimacy to the con which is often the case. They cant cry no knowledge or no involvement as they were part of the group facilitating the scam. I hope the courts really act on this and force the disclosure of the digital coin investments as part of the bail and sentencing agreements. I know that's probably not gonna happen and like most high-profile cases it will slowly evaporate as time goes on and no follow up from the news agencies. As for those conned, they have their own share of the scam guilt as they were also preying on others or trying to in order to gain wealth at someone else's expense. 

[koele2]

Lots of the rich and elite Thais have an evil smile when you really look at them.  The genuine Thai smiles are found in the regular Thai people.   You don’t see a warm smile in many hi-so Thais.  

[mran66]

Seems these guys indeed got money coming into the ponzi especially during covid time. And they even recorded at least much of it as revenue/profit in their books. 

[chiman]

Similar to how the sidewalks are built

[NativeBob]

and the scheme exactly was what?

above can relate to any MLM or Ponzi or any other "get rich quick"

[jcmj]

If you get involved in the beginning and get out before it ends then you would have been okay. It’s just a matter of the timing of when it ends. Never spend what you can’t afford to lose. 

[smew]

Uneducated gullible naive people very easy prey in Thailand 

[Oliver Holzerfilled]

As P.T Barnum, founder of Ringling Bros. and Barnum & Bailey Circus, once famously said, "There's a sucker reincarnated every minute."

[dinsdale]

2 hours ago, blazes said:

This story is as old as humanity itself.  (And so, not typically Thai!)

 

From Adam and Eve to the medieval alchemists who promised to turn lead into gold to the gigantic Ponzi scheme of Bernie Madoff, the promise of a free lunch is forever beguiling.....

 

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

Pyramid scheme not a Ponzi scheme.

A Ponzi scheme is a type of financial fraud in which the "success" of the entity is propped up by paying returns to initial investors from the money invested by subsequent investors. A pyramid scheme is a fraud that involves the continuous recruiting of investors by previous investors so that they get paid through new membership charges rather than actually selling a product or service.

https://www.investopedia.com/ask/answers/09/ponzi-vs-pyramid.asp

[mfd101]

3 minutes ago, dinsdale said:

A Ponzi scheme is a type of financial fraud in which the "success" of the entity is propped up by paying returns to initial investors from the money invested by subsequent investors. A pyramid scheme is a fraud that involves the continuous recruiting of investors by previous investors so that they get paid through new membership charges rather than actually selling a product or service.

A distinction with little or no practical difference.

[oustaristocrats]

6 hours ago, webfact said:

Picture courtesy: MGR online

 

OPINION

 

The iCon Group scandal has drawn a massive spotlight, largely due to the involvement of several high-profile celebrities. Beneath the surface, however, lies a tale of hope, greed, and hard truths affecting everyday investors. This scandal has underscored some valuable lessons that many have learned in the wake of this financial debacle.

 

Foremost, the adage “There’s no such thing as a free lunch” rings true. Fast riches rarely come without cost, as victims of the iCon scheme discovered. They were seduced into investing large sums, chasing the dream of financial freedom, but were met instead with financial despair. This saga starkly illustrates that get-rich-quick schemes are seldom what they seem.

 

At the scheme's core were thousands drawn away from stable employment by promises of fast wealth. The iCon narrative, steered by its charismatic leader, painted success as easy and obtainable—yet history shows genuine wealth demands time and dedication.

 

Moreover, the scheme's power lay in alluring storytelling. The iCon leader's personal anecdotes inspired many, projecting a trustworthiness that capitalised on human emotion. However, storytelling, though a powerful business tool, can be dangerous when wielded deceptively.

 

Adding to the draw, celebrity endorsements lent unwarranted credence to iCon's promises. Many victims placed trust in the scheme owing to stars holding prominent roles within the company. This scandal uncovered the risk lurking behind celebrity influence, revealing how star power can sometimes mislead rather than guide.

 

Finally, this situation highlights the allure of luxury and status. High-end watches and designer handbags were shown as symbols of success, enticing many into the web of deceit. But these flashy assets only proved to be an illusion, later confiscated as the scheme unravelled.

 

Ultimately, the iCon scandal is a cautionary tale, reminding us that true success is built on hard work, not empty promises and enticing facades, reported Thai PBS.

 

-- 2024-10-18

 

 

 

Celebrities were the sponsors and delivered fake testimonials, but the real thugs are the influencers. Ban them from all social media.

[blazes]

17 minutes ago, dinsdale said:

Pyramid scheme not a Ponzi scheme.

A Ponzi scheme is a type of financial fraud in which the "success" of the entity is propped up by paying returns to initial investors from the money invested by subsequent investors. A pyramid scheme is a fraud that involves the continuous recruiting of investors by previous investors so that they get paid through new membership charges rather than actually selling a product or service.

https://www.investopedia.com/ask/answers/09/ponzi-vs-pyramid.asp

 

the underlying principles are exactly the same....naïve people believing that there is such  a thing  as a free lunch...

[fvw53]

If Bernie Madoff could milk 65 billion (= 65 thousand million) US dollars from sophisticated American Hi-So's then the fraud committed by I Con Group was a kid's play

[thaichiro]

LOCK ‘EM UP…ALL OF THEM!!!

[brfsa2]

The only true way to really get rich in the long term: Bitcoin.

and that needs a lot of patience. 
 

It is the only true value now and in the the decades to come, where no government can manipulate it, or create out of thin air as they do with money today.

 

 

[ravip]

I am really surprised that some who have commented above seem to think that this type of scams are happening only in Thailand.

 

Have you ever heard of Pyramid schemes? Those have happened internationally and thousands, maybe millions of innocent people have fallen prey to these unscrupulous  thieves. Not only in the poor countries, but in the most powerful countries too. Here is just one example of a warning issued to the public.

 

These have been happening for decades, and will keep happening in the future too.

 

How scammers have been working following the same scheme for more than 100 years.

 

Edited October 18 by ravip

[ravip]

6 hours ago, blazes said:

This story is as old as humanity itself.  (And so, not typically Thai!)

 

From Adam and Eve to the medieval alchemists who promised to turn lead into gold to the gigantic Ponzi scheme of Bernie Madoff, the promise of a free lunch is forever beguiling.....

 

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

You are 100% correct.

[ravip]

4 hours ago, koele2 said:

Lots of the rich and elite Thais have an evil smile when you really look at them.  The genuine Thai smiles are found in the regular Thai people.   You don’t see a warm smile in many hi-so Thais.  

Just replace the word Thais to any other country and your statement holds true! Ever thought of it in that angle?

[ravip]

2 hours ago, fvw53 said:

If Bernie Madoff could milk 65 billion (= 65 thousand million) US dollars from sophisticated American Hi-So's then the fraud committed by I Con Group was a kid's play

Thank you ! The lot that bashes the Thais, would never have heard of these scams!

[marin]

5 hours ago, koele2 said:

Lots of the rich and elite Thais have an evil smile when you really look at them.  The genuine Thai smiles are found in the regular Thai people.   You don’t see a warm smile in many hi-so Thais.  

What a bunch of BS.  Dont forget the "In my opinion".

[proton]

1 hour ago, brfsa2 said:

The only true way to really get rich in the long term: Bitcoin.

and that needs a lot of patience. 
 

It is the only true value now and in the the decades to come, where no government can manipulate it, or create out of thin air as they do with money today.

 

 

 

The biggest ponzi scheme ever 

[MikeandDow]

1 hour ago, proton said:

 

The biggest ponzi scheme ever 

not the biggest

2008: Bernie Madoff, former chairman of the Nasdaq stock exchange, scammed investors out of $65 billion, making it the biggest Ponzi scheme in history.