20 hours ago, KhunHeineken said:

Falling for this, I bet the crooks ran rings around him during his whole career as a police officer as well. 

Cheap shot...

18 minutes ago, RJRS1301 said:

How did he manage to acquire such a retirement nest egg??

 

Some members have put forward some possibilities, which I agree with.  For all we know, he could have also won the lottery along the way. 

 

There could be more to this story than just a get rich quick scheme. 

 

If it's true, he very well may face scrutiny from his own police department and own tax department when he returns home, unless he show where every dollar came from. 

2 minutes ago, hotchilli said:

Cheap shot...

Not really.  It's the public service, after all. 

13 minutes ago, KhunHeineken said:

You can get around 5% in bank interest in Australia now, with managed funds returning on average around 10.5% in the year 2024 to 2025. 

Yep, but that’s per annum (and no doubt taxable), he was chasing 60-120% returns PA & common sense should have told him that any scheme offering those kind of returns is dodgy. 
 

43 minutes ago, newbee2022 said:

Almost right.

But he wants to live in Thailand with his Thai wife I reckon.

That's gone now

Why has it gone? 

 

Plenty of retired expats living in Thailand on State pensions with a Thai missus. 

 

Not the best of lifestyle, but doable. 

😅🤣😅😂

Aussies, they aren't the brightest sparks.

20 hours ago, KhunHeineken said:

40 million baht is about 1.9 million Aussie dollars.  Compulsory superannuation was only introduced in Australia in 1992, and it was something like 6% of your salary, and salaries were low back then.

 

Mmmm.  Seems like "Tom" has managed to accumulate quite a nest egg on a policeman's salary. 

 

I was thinking that, unless of course, there were inheritances etc

5 hours ago, BKKBike09 said:

 

Doubtless his wife will be standing by him in the cash-free years ahead.

Yes, one scammer beat the other scammer to the money. 

20 hours ago, snoop1130 said:

The German expat, with smooth talk and promises of 5–10% monthly profits, lured Reinecke to Phuket for an in-person pitch.

 "I trusted him completely, but it was all a fabrication."

Not sure if I should feel sorry for the guy or not. Only a greedy idiot would believe in 5-10% profits per month.

I bet he never made his career beyond a basic local pavement cop

20 hours ago, Briggsy said:

Don't tell anybody how much you've got. 

Don't flash it around.

Don't look for get rich quick schemes in Thailand.

Don't bring the bulk of your money here, just what you need.

Don't believe anybody who starts pitching you any kind of 'investment'.

 

These are my rules of thumb and they have worked well for me for over 20 years here. "You're not in Kansas now..."

 

And all these "rules of thumb" can be summed up in one simple phrase:

"There's no such thing as a free lunch."

20 hours ago, CHdiver said:

Pur greed, if it sounds too good to be true....

correct, usually only the greedy can get scammed.

39 minutes ago, Tim62 said:

The average house price in Sydney is over 1 million now, with careful saving and salary sacrifice into his super, 1.9 million is entirely possible. 

 

 

Where does it say he was from Sydney, he saved hard, and he salary sacrificed? 

You don't need anyone's help to buy a cryptocurrency. Accept suggestions or guidance as where to buy them, but don't accept help or give your money to someone who says, "Transfer the money to me and I'll buy (Bitcoin) for you." People who do should really be investing in my special promotion of 30% off one of the bridges over the Chao Phraya River.

 

I hope he can get his money back, but if "Alex" is wise, he will have skedalled out of the country already.

 

The red flags should have started to be visible when he heard that he could get an interest rate of 5%-10% per month. Even Bitcoin doesn't work like that as an investment vehicle.

 

My 25 cats are in the local Catnip business. It seems that selling crypto to foreigners is more lucrative. Classes for them will start tomorrow.

 

He not even as smart as a Thai cop.

Superannuation has been 10% since around  1990 by many companies and goverment job.  Being government employee probably higher.

He may have sacrificed extra salary.

One born every minute.

The world is full of suckers ,what can you do?

If the man has genuinely lost that kind of money from life savings and for retirement planning, I feel sorry for him. We can all be duped.

 

I would find it heartbreaking, and people take their own lives in situations like this.

"He seemed so genuine and well-spoken," Reinecke lamented.

 

 

That's what most of the fraudsters do their best to look like...

Can't believe; how can they put their fortune into Fake Currency, in the first place(even without "scam")?

 

That's something I never even think about.

Greed Greed Greed..

Inspector Clouseau springs to mind, and the Thai wife will be following the money out the door before long. 🤣

But was he REALLY a policeman ??

And how get this amount ?

Selling "all" in australia - or ??.

Humanity!!

 

What a sorry and pathetic lot we are!!

 

!00,000 years and not yet acquired wisdom!

Xin Loi! I bet his wife pushed him into it!

"yes dear"!

Most of us have been screwed by our "wives" for less!

20 hours ago, KhunHeineken said:

40 million baht is about 1.9 million Aussie dollars.  Compulsory superannuation was only introduced in Australia in 1992, and it was something like 6% of your salary, and salaries were low back then.

 

Mmmm.  Seems like "Tom" has managed to accumulate quite a nest egg on a policeman's salary. 

He probably qudrupelled his money when selling his house in Paramatta.... western suburbs. 

If the copper had half a brain he would have simply purchased bitcoin himself following the steps:

 

1. register and pass KYC with bikub

2. wire funds to bikub

3. buy a trezor hardware wallet

4. buy bitcoin via his bitkub account

5. send the bitcoin from his bitkub to the trezor

 

End of story. He has complete control of his money. Instead he is a dumb fool. 

43 minutes ago, Bruce Aussie said:

He not even as smart as a Thai cop.

Superannuation has been 10% since around  1990 by many companies and goverment job.  Being government employee probably higher.

He may have sacrificed extra salary.

One born every minute.

duh, he obviously sold his house in oz for huge profit....

21 hours ago, KhunHeineken said:

 

Mmmm.  Seems like "Tom" has managed to accumulate quite a nest egg on a policeman's salary. 

When you break it down like that it sure reads like American politicians not cash strapped Skippy 

Only people that have 40 million to lose would invest in unknown crypto

Pure Greed,

 

And he should know better.

 

With that kind of Pension Pot placed in a Secure well established Banks... He could of expected 3-5% Fixed rate return P/A.

 

Even with the naff rate of exchange... Thats a comfortable existence for life in Thailand.

 

I assume he also has his Pension each month...which he will have to rely on now after this foolish venture,