9 foreigners suspected in fund scam - Standard Morgan (Thailand)

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INVESTMENT
9 foreigners suspected in fund scam
The Nation

BANGKOK: -- The Department of Special Investigation (DSI) plans the arrest warrants for nine foreign individuals involving with Standard Morgan (Thailand), alleging them of operating an illegal investment fund.

At the press conference today, the DSI revealed the names of the nine individuals with different nationalities - Ronald Hodges, manager of the fund; David Lim; Eugene Yew Jin Wei; Wang Rongbiao; Vic Phua; Ryan NY; Jimmy (unknown family name); Andy (unknown family name); and Leo Lee Chan.

DSI chief Tarit Pengdith said on Wednesday that DSI is acting on the request by the Securities and Exchange Commission (SEC).

The DSI attempted to freeze some 20 bank accounts which may have been used for the illegal fund mobilisation. Opened by Thai and foreign nationals, many of them were closed before the freeze. Only about Bt15 million remained in the remaining accounts.

The DSI investigation showed that Standard Morgan (Thailand)’s fund has mobilised about Bt1 billion during July 2012 and August 2013 from about 300 investors.

The fund was established on July 14, 2012 and it was inaugurated at a major hotel in Bangkok on October 23, 2012.


-- The Nation 2013-09-05

[rkidlad]

So they're being named in a press conference before their arrest?

[rkidlad]

The DSI attempted to freeze some 20 bank accounts which may have been used for the illegal fund mobilisation. Opened by Thai and foreign nationals, many of them were closed before the freeze. Only about Bt15 million remained in the remaining accounts.

Did they also hold a press conference naming which accounts would be frozen?

[CelticBhoy]

There's always a Jimmy.

[theblether]

They should be able to buy themselves out with the one billion baht they've defrauded.

The press conference is only part of a complex negotiation.

The BiB will be salivating at the feast ahead.

[yourauntbob]

why do they name names in some reports but say they are not allowed in others...... sorry, i get it now, these are farang.

[noitom]

There's always a Jimmy.

And an Andy.

[Sayonarax]

Because that's really their real names..

They've already most likely done the runner, laughing at your half arsed police work.

[Countryman]

Long gone,but will be back in business when things cool down,the 15m

they left must be a tip for the BIB.

relax Countryman

[QROPS]

https://www.facebook.com/ChaeKlKongStandardMorgan

[TallGuyJohninBKK]

Good job DSI...

1 billion baht scammed. A piddly 15 million baht recovered.

Where was the SEC and the rest of "relevant authorities" during the time it was going on....

The article says the "fund" was announced at a major BKK hotel. So hardly seems like it was some back-room secret.

[allan michaud]

why do they name names in some reports but say they are not allowed in others...... sorry, i get it now, these are farang.

and while the article mentions Thai's were involved in setting up some of the bank accounts, no mention of Thai's being arrested or implicated. I am guessing the Thai's managed to clean out their accounts and pay off the relevant people.

[Just1Voice]

About 6 months ago a friend of my wife tried to get her involved in this. She came to the house, had all the slick brochures, etc, and told my wife how much money that she was now making, something in the neighborhood of 500k baht a month, and that my wife really should get involved. I told the friend that first I would check things out and make sure it wasn't a Pyramid scheme. "Oh, no scheme! Legal!" Yeah, like I'm gonna take her word for it.

Went online, did some research, sent email to a friend back in the US who works for a legit investment fund company. He writes back and tells me it's straight up Pyramid scheme, and the were being looked into by Securities & Exchange in the U.S. Told my wife, "No way!"

Last night she gets a call from another friend who tells her about the news on Thai TV5 in regards to Stanley Morgan, and tells her that the "friend" who tried to get her involved has "vanished" because a whole lot of people were calling her and demanding their money back. The restaurant her and husband owned has been closed for about a week, and no one has seen them at their home, and when someone tries to call them, their phones have been "turned off".

My wife looked at me and said "Thank You."

Edited September 5, 2013 by Just1Voice

[Gummigalgen]

There's always a Jimmy.

Jimmy 'Whirlwind' White?

[khunken]

With a name like Standard Morgan it should immediately raise alarm bells. Not very creative with company names are these boiler room operators.

[sydneyjed]

https://www.facebook.com/ChaeKlKongStandardMorgan

Wow took everyone nearly a year to wake up to this scam..and they flew the nest with nearly all the money to boot!

Makes the California WoW Gym debacle appear like chicken feed in comparison...Someone's having a right

good drink somewhere exotic right now laughing at this well executed sting reading this!

Edited September 5, 2013 by sydneyjed

[Pattaya28]

So the billion baht will be distributed amongst a few bods, paperwork under the carpet, and hush.

[transam]

why do they name names in some reports but say they are not allowed in others...... sorry, i get it now, these are farang.

Yep, you got it in one. A land of corruption cannot investigate it's own, wonder why ?. Take toooooo long and nobody will ever want to point a finger cos the finger will be pointed back.

[MegaRanter]

There was colonyinvest some years back.

[Chrisswe]

Also be very carefull when you talk to Montpilier Nordic Brokers !!!!!

[midas]

With a name like Standard Morgan it should immediately raise alarm bells. Not very creative with company names are these boiler room operators.

spot on .

If I came across a company with that name I would run the other way.

I wouldn't even give them 5 min of my time, let alone one baht of my money.

Don't people have enquiring minds?

[DGIE]

This might be the group that offers 20% interest for your money if you invest to them.

[DGIE]

They employ staffs to call and to look for customers.

[bander]

why do they name names in some reports but say they are not allowed in others...... sorry, i get it now, these are farang.

And on the next report they will show pictures of all the 9 foreigners with Royal Thai Police pointing fingers at them, no doubt that all falangs only come to Thailand to make scam

[TallGuyJohninBKK]

A few months late and about 1 BILLION baht short....

[sydneyjed]

They employ staffs to call and to look for customers.

Yes the 'boiler stokers'...usually younger guys on a small retainer who earn their commissions if and when they succeed in 'boiling a client'...

In this case the scam was some what more sophisticated actually having the brains and gaul to set up what appeared to be a perfectly legitimate

reputable futures' trading web site based on a name similar to one that actually was..Quite different from the normal Arfur Daley

spivs that cold call clients from a telephone list prepared for them daily to Australia or Canada for example and who hang out down soi 11,

Cowboy' and a few other places from soi 18 upwards in the usual drinking haunts bragging on a Friday night!What changes?

[Nooky2]

Going by all these headlines I would say only foreigners are the bad seed in Thailand. The Thais are angels and just smiling all the way to the bank.

[Thai at Heart]

With a name like Standard Morgan it should immediately raise alarm bells. Not very creative with company names are these boiler room operators.

spot on .

If I came across a company with that name I would run the other way.

I wouldn't even give them 5 min of my time, let alone one baht of my money.

Don't people have enquiring minds?

Did you forget where you are living?

[lee b]

Ok 9 found, 9 million still at large !!

[Arkady]

That is funny. Some farangs in Thailand are so stupid that would believe that a scamster operation going by the name of Standard Morgan might be a cross between Morgan Stanley, JP Morgan and Standard Chartered Bank. This kind of crap works every time, e.g. Barclay Spenser. It's called passing off. Fleecing expats in Thailand seems to be like taking candy from a kiddiewink. Then there is no comeback because the scamsters aren't licenced anywhere, despite their claims to the contrary, the Thai SEC doesn't give a monkeys and the expats aren't covered by their home regulatory authorities because they are resident overseas, even though the funds they are fraudulently stuffed into or the administrators may be domiciled in the UK.