6 hours ago, short-Timer said:

It's not what they said, but still doesn't really make logical sense. That would be an extra and unnecessary step. The scammer could just withdraw the money from the original bank account in cash and then physically deposit it in cash into another account elsewhere and it becomes untraceable. That severs the digital footprint. What you described just creates another footprint.

If someone withdraws a lot of money, wouldn't that lead to questions? Transferring to another account in the same company name would not be an issue. This was a technique used in the 1MDB scam in Malaysia.

5 hours ago, goatfarmer said:

I agree. If the scammer merely showed a company document showing that he was now a director of the company, or the owner of all of the shares, would the bank simply accept the change of signatories for the company account without question or consent from the previous signatories? I doubt it. I would expect that the bank would want to see a document transferring ownership with the signatures of the previous owner and some form of consent from the previous owner. They wouldn't just hand over the account on the basis of a printout of online registration document.

When I had a company on Samui 15 years ago, SCB always wanted to stamp everything with my company stamp, 

5 hours ago, ronster said:

Plus I'm guessing he's not a lawyer or not a good one if he turned up with his Thai lawyer

Of course he turned up with a lawyer. There's an old saying in the legal world that a lawyer who acts for himself has a fool as a client.

1 hour ago, placnx said:

If someone withdraws a lot of money, wouldn't that lead to questions? Transferring to another account in the same company name would not be an issue. This was a technique used in the 1MDB scam in Malaysia.

From reading many stories throughout the years it appears from us outsiders the bank allegedly generally is not monitoring, verifying legitimate parties or require authorization for multiple or large transaction to or from many different types of accounts.

 

Outside pressure will overwhelm Thailand into improving the monitoring and banking practices.

 

In the USA I sold a car, guy gave a cashier's check, don't know why but I asked for Cash.  The bank phoned the car purchaser for the certified bank checked to verify he knew about the transaction.

 

Seems in Today's world this could easily be achieved with facial recognition, bank app verification, or approval text message.

 

8 hours ago, twizzian said:

It also shows how much greedy Lawyers can make from their victims

What makes lawyers, as you characterise them, "greedy"?

8 hours ago, animatic said:

No chance this amount of transfer didn't have huge documentation and extensive wire trail. A bent bank employee is likely, check their safe boxes and accounts too.

"No chance this amount of transfer didn't have huge documentation,,,"

Correct signature(s) on a withdrawal/transfer slip is all that would be needed.  Large transactions do not necessarily require "huge documentation" unless the bank has been given specific mandates from the account holder.

 

"A bent bank employee is likely"

Unlikely.

18 million baht? I wouldn't get out of bed for less than 20 million baht. And that's just for 30 minutes listening.

 

Amateurs.

8 hours ago, AdrianUk said:

It was an inside job. Orchestrated by Benoit himself, to relieve his partners of their money.

Says who and based on what?

8 hours ago, thairookie said:

Mr Benoit is not a Thai lawyer, but he can help co-found a Thai law firm ?

 

And then the Thai lawyers in the Thai law firm will have to share their earnings with a foreigner who is not a Thai lawyer ?

 

So if you are not a lawyer in that country you can still start a law firm ?  Is the Lawyer's Council of Thailand sleeping ?

There is nothing to stop foreigners owning or managing or consulting in law firms, they're just businesses.   

3 minutes ago, Liverpool Lou said:

There is nothing to stop foreigners owning or managing or consulting in law firms, they're just businesses.   

 

No, they're not "just businesses". Law firms in Thailand are regulated by a professional body, like everywhere else.

 

In Thailand the Thai Bar Association and the Lawyers' Council regulates law firms and lawyers. Foreigners are not allowed to practice foreign law in Thailand, bar some very specific exceptions.So I would be rather shocked if they can own a law firm.

7 hours ago, ronster said:

What makes a foreigner want to start a law firm in Thailand ?

Plus I'm guessing he's not a lawyer or not a good one if he turned up with his Thai lawyer 😀

"What makes a foreigner want to start a law firm in Thailand ?"

Being a lawyer and living in Thailand, maybe?

 

"I'm guessing he's not a lawyer or not a good one if he turned up with his Thai lawyer "

You're guessing wrong, foreign lawyers cannot practise in Thailand as, not being Thai citizens, they cannot be licenced, that's why he needs a Thai lawyer.

4 minutes ago, Cameroni said:

10 minutes ago, Liverpool Lou said:

There is nothing to stop foreigners owning or managing or consulting in law firms, they're just businesses.   

 

No, they're not "just businesses". Law firms in Thailand are regulated by a professional body, like everywhere else.

 

In Thailand the Thai Bar Association and the Lawyers' Council regulates law firms and lawyers. Foreigners are not allowed to practice foreign law in Thailand, bar some very specific exceptions.So I would be rather shocked if they can own a law firm.

Anyone can own/manage/consult in a Thai law firm (subject to work permit requirements, obviously), as far as foreigners working in them is concerned, they are just businesses. what they cannot do is represent clients in court because they cannot be licenced.    

14 hours ago, gk10012001 said:

It obviously required some special knowledge of forms, procedures, banking methods etc.  This was not just one person.  The article suggests it may be part of a wider network.  For sure.  A lot of expertise was needed to do this.  Article says a bank account is where the funds were sent to.  OK.  I would think there would be something to trace there.  Whose bank account?  how and when was it opened?  Were funds then withdrawn from that account?  

You would be surprised. In the uk just break/get one password for company house and with that you can appoint directors, delete directors and then with the document and a few bits of paper and you can open business accounts. It's the transferring of large amounts of money can be difficult without setting a pattern first of small amounts (even personal banking in the uk will stop large transfers if no pattern exists). Lawyers are very smart but that smartness leaves a commonsense vacuum! A friend got taken far half his business venture of millions of pounds with a partner who turned out to have no money to invest. I also have been scammed by someone I believed was a friend and trusted. 

7 hours ago, Patong2021 said:

The bank knows where the money was transferred.

Yes, initially to the new fraudulent account from which it was then withdrawn according to the OP, not transferred elsewhere.   I very much doubt that the bank knows where the fraudulently withdrawn B18m cash is.

4 hours ago, Mannekenpis said:

Exactly,

Money just don't get into that account when you open it. 

How did that money get there?

Easy.  It would have been transferred from the original legitimate account to the new fraudulent account.

4 hours ago, Caldera said:

There's no honesty among lawyers. 

There's no more accuracy in that statement than one that claims that there is no honesty among AN posters.

4 hours ago, Mavideol said:

how good of a lawyer was he to be scammed like that

What has his ability as a lawyer got to do with being scammed?

3 hours ago, placnx said:

If someone withdraws a lot of money, wouldn't that lead to questions?

Why should it from an apparently legitimate law firm's account?  Withdrawing one's own money is not illegal, nor subject to scrutiny.

similar to the scam where property deeds are also altered - so money can be siphoned off for gambling debts or other...

1 hour ago, Liverpool Lou said:

There's no more accuracy in that statement than one that claims that there is no honesty among AN posters.

 

On this page alone, you've soiled this thread with 11 mostly nonsensical replies, each individual one worthy of a thumb down.

 

I really don’t get how anyone can be this thick, entitled and shameless, but here's a hint: My flippant comment on this subject matter was simply an adaption of the good old nugget of wisdom, "There's no honesty among thieves."

 

Now, whether or not it's fair to apply this to the legal profession, in Thailand or elsewhere, who knows and who cares!

16 hours ago, webfact said:

Subsequently, the scammer opened a new bank account in the firm's name, withdrawing sums that eventually totalled 18 million baht.

How can they withdraw anything - let alone 18 million baht - from a new bank account with no funds in it? Taking out loans? why would a bank approve that much in loans with no collateral or proper due dilligence? Unless bank employees were in on the scam (which is definitely possible)?

10 hours ago, kingstonkid said:

nah, I think the system needs changing, but as long as there is the 51% Thai ownership, this will continue until people wake up and hire the right people to set things up for them.

The 51% requirement is a huge hindrance to anyone who wants to conduct business in Thailand (who isn't Thai). How can you trust and invest your time, money, and resources when you can't even own a majority share in your own company? there have been plenty of examples of Thai partners screwing over the foreigner who founded the company.

12 hours ago, DurianManThailand said:

98% of stats are made up on the spot. Usually on a bar stool. 

Is that how you came up with your generalization 

What kind of an impression does I am a lawyer and I was easily duped make on The general public, or potential clients? 

20 hours ago, webfact said:

A French co-founder of a Bangkok law firm has reportedly lost 18 million baht after a scammer took control of his company through fraudulent means.

So where is the other co-founder and why are they not bothered about the money missing from the company 🤔

I see nothing indicating who owned the funds. Were they deposits for real estate deposits for customers or something similar? Surely the victim didn't have personal money there.

I don't know. I would make sure that any withdrawal on my account triggers an immediate notification and confirmation. Failing or omitting to set up such a vital information is strange for the least.

13 hours ago, PingRoundTheWorld said:

The 51% requirement is a huge hindrance to anyone who wants to conduct business in Thailand (who isn't Thai). How can you trust and invest your time, money, and resources when you can't even own a majority share in your own company? there have been plenty of examples of Thai partners screwing over the foreigner who founded the company.

Agreed That is why you have to do your due diligence and ensure tht you have the best legal advice.  There are lawyers that can guide you and ensure that you are relatively protected.  Just because you do not have majority ownership you can establish safeguards