Three Get 20-year Imprisonment For Frauds

[webfact]

Three get 20-year imprisonment for frauds

By The Nation

Published on January 30, 2010

BANGKOK: -- The Criminal Court yesterday ordered two companies to pay over Bt300 million in fines for cheating money from hundreds of people.

The companies' three top executives, meanwhile, were sentenced to 20 years in jail each.

Ruam Ruay Okane International and Green Plant 108 were also required to return the money to their victims plus interest at an annual rate of 15 per cent.

The convicted defendants are Kittipong Methatham, 55, and Amporn Wasuwat, 63, and Thanakrit or Supoj or Baworn Chatthanites.

Their companies had operated fraudulent schemes between 2003 and 2005.

During those years, 734 people were lured to pay a membership fee of Bt200 and buy products at the price of Bt18,000 each. These people were told that they would get either Bt1.1million cash or a car after their membership reaches one full year. In addition, they were promised Bt1,000 cash per new member they introduced to the scheme.

The Court found that the actions undertaken by the five defendants constituted criminal offences.

All the defendants were found guilty.

After the court read out the verdict, Amporn was released on bail because her relatives have put landtitle deeds worth Bt5.4million as bond.

Thanakrit and Kittipong have not sought bail. They have thus been sent to jail.

-- The Nation 2010-01-30

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[Reasonableman]

Judgment in their favor, great! Will they ever see a brass razoo? Highly unlikely.

Some people even get divorced to avoid punishment for their fraud, or so I'm told...

[animatic]

20 years for a Ponzi scheme! Wow that's approaching punishment in the USA.

Telecom2000 guy got around the same in practical terms.

Even the ones with something real to sell are still dependent

on later adopters to pay off the early ones.

Didn't say what the 18,000baht in products were.

Edited January 30, 2010 by animatic

[surangw]

" These people were told that they would get either Bt1.1million cash or a car after their membership reaches one full year."

sounds like another tax for stupid people