Chaing Mai Investment Scam(?) - Advice Plz

[onlooker]

No names. But there is a Chiang Mai based web hosting & design company also runs an online gold exchange and an online private profit sharing program. The profit sharing program was designed to share the returns from the gold exchange. Investors paid money in to help build reserves of e-gold that could then be traded by the company. The fees on these trades were then slip between investors. Initially all went well, but over the course of the last 10 months the vast majority of the investors, who between them have put in around US1 million haven't seen any physical returns.

Whilst money was being invested in the profit sharing company, the parent company's own accounts show that the farang director of the company and his Thai family were paid over 5 million baht, whilst income for the parent company was derived almost entirely in loans from the profit sharing program i.e from money invested by people like me in the hope of seeing an above average return.

I have a US2000 or so in there - not too much, many others ( farang & Thai) have far more. I've given up all hope of making a profit but would appreciate any advice regarding a good law firm to turn to for a legal opinion / collecting monies owed. Or is there a Thai Consumers Association one can make a formal complaint to? I have the address of the Crime Suppression Division in Bkk but if there's a local branch in Chiang Mai or if anyone has an email address for the main office that would be handy. The newspapers are the obvious choice but The Nation & Bkk Post aren't particularly crusading and Thai papers would only be interested if enough Thais were being ripped off.

For anyone into HYIPs and alternative investments you'll find threads regarding the company on many specialised discussion boards

[Misty]

I've given up all hope of making a profit but would appreciate any advice regarding a good law firm to turn to for a legal opinion / collecting monies owed. Or is there a Thai Consumers Association one can make a formal complaint to?

You could try Thailand's Office of the Securities and Exchange Commission:

http://www.sec.or.th/sec/Content_000000014...103〈=en

[lannarebirth]

Has there ever existed a single HYIP that was not a scam? Hope you nail the perpetrators of this one.

[simon43]

Forgive me for being rather blunt, but are you short on braincells? If you knew that this was a HYIP scheme, why on earth did you part with even a single baht? Sounds like sheer greed and desperation.

Simon

[jetzie]

The word Profitsharing simply means a pyramid.. and you still deposited?

[Firefan]

Could it be this?: https://www.thailandgoldexchange.com/partne...hp?lang=English

My head is spinning after reading the whole thing... did not make me any wiser as to how the profits should be earned though....

Sigh... always one more out there....

Cheers!

[g00dgirl]

Anyone still being owed money from AsianPay, Thailand Gold Exchange or The Investors Corner can register to join legal action here:

http://www.asianpay-lawsuit.net