American with outstanding US warrant in US$93m fraud case arrested in Bangkok

[Randee]

93 Mil. Well done. My ex gf's father got done for faking his own death for 3.5 mil. Pales into comparison. Oh, she was right bitch too.

if thaivisa had a "like" button, i'd definately click it here. they're all bitches lol

[Randee]

ok so one guy gets caught and everybody is blowing trumpets. but what about all the guys here who haven't been caught? nobody knows about them.

[Tanlic]

The problem with paying off someone is he might be the very person who ends up arresting you and have no choice.

Like in all countries, there are many different divisions of police. If some high ranking officer working with the FBI or Interpol on a case, the guy you are paying, may know nothing about it.

They can very well end up your high ranking policeman,'s office without notice and tell him to get the troops together we are going on a raid.

Guy can hardly say he isn't going because he's getting paid can he? No such a thing as buying guaranteed immunity

All those millions and he didn't have a new identy?

Seems a bit weird his partners probably staying 2 streets away an a mansion under the name of Peter Brady (the Invisible Man)

Edited January 17, 2011 by Tanlic

[hegenious]

If he was reporting his address to immigration every 90 days, that must have been a very challenging fugitive search. (Call a taxi.)

Maybe in exchange for Taksin?

I was waiting for someone to bring taksin up. there. done. thanks (not).

[Buchholz]

Link to video and accompanying article:

http://www.ch7.com/news/news_thailand_detail.aspx?c=2&p=376&d=122543

Finally... some credible western media coverage on this case:

Ex-IRS agent arrested in Thailand

An IRS investigation into one of its former employees uncovered a $4 million Ponzi scheme, authorities announced Friday.

Richard Saunders, 62, formerly of St. Louis, was apprehended in Thailand and taken into U.S. custody on Thursday. Prosecutors allege Saunders spent, paid and diverted more than $1.3 million in investor funds, some of which he sent to offshore accounts, from November 2004 to January 2008. Saunders ultimately netted more than $4 million in the scheme, in which he used money from investors to pay returns on other investments, rather than actual profits.

Saunders is alleged to have fled to Southeast Asia in 2008 without paying investors. He is also charged with evading income taxes from 1992 to 1997. Saunders, who operated Advisors Capital Holdings in St. Louis County and a handful of other businesses, was previously employed at the IRS, although the indictment does not say when or in what capacity.

A federal grand jury in St. Louis charged Saunders in July with four counts of wire fraud, three counts of money laundering, and six felony counts of tax evasion. The indictment was unsealed after Saunders' arrest. Saunders could face up to 20 years in prison on each count of wire fraud, up to 10 years on each count of money laundering and up to five years on each count of tax evasion.

http://www.stltoday.com/news/local/crime-and-courts/article_229c6be4-2b57-11e0-9d22-0017a4a78c22.html

St. Louis Post-Dispatch - January 29, 2011

[Buchholz]

He's been deported...

Local man charged for operating $4 million Ponzi scheme

--The United States Attorney’s Office announced Friday the indictment of former St. Louis resident Richard Saunders, for allegedly taking more than 4 million dollars in a Ponzi-style scheme. Saunders is charged with operating a scheme in which investors were paid returns on their investments using investment funds obtained from other investors, rather than from returns on legitimate investments.

Authorities say that between November 2004 and January 2008, Saunders allegedly spent, paid and diverted more than $1.3 million in investor funds. Some of the funds were allegedly transferred to overseas accounts, including accounts in the British Virgin Islands, Bermuda and Thailand. In 2008, Saunders fled the U.S. and relocated to Southeast Asia without paying investors. Saunders was recently located and apprehended in Thailand and was deported to the United States with the assistance of the Royal Thai Police. Saunders was taken into U.S. Custody Thursday.

According to the indictment, Saunders operated and was affiliated with a business known as Advisors Capital Holdings, Inc., in St. Louis County, as well as other businesses including Advisors Security Insurance Co, Hamilton Capital Holdings, Tech Consulting, Auto/Rite Properties, protective Benefit Trust, YTU Associates, Policy Administrators, and Fidelity Health Care Consultants.

Authorities say that between 2002 and February 2008, Saunders executed a scheme in which he promised investors guaranteed returns by investing in allegedly low risk offshore annuities, based on complex insurance products with guarantees by insurance companies. Investors were advised that their investments would provide returns of approximately 14% to 20%. Additionally, the indictment alleges that Saunders attempted to evade payment of a large part of the income tax for the years 1992 through 1997. Saunders formerly worked for the IRS.

Continues:

http://www.kmov.com/news/local/Local-man-charged-for-operating-4-million-Ponzi-scheme-114820989.html

KMOV Television News St. Louis - January 28, 2011

[Heng]

Anyone seen Peace Blondie lately?

[Steely Dan]

Hmmm, Used to work for the U.S government - I guess he should know all about Ponzi schemes then.