webfact Posted February 18, 2014 Share Posted February 18, 2014 Con artist couple arrested for THB66 million iPhone swindle in Lat PhraoBy Coconuts BangkokNow, sure, we can dismiss their victims as gullible, but it may not be that simple.BANGKOK: -- When Manas Chotikhan and Bussarin Yeenode told you they could supply you with iPhones and iPads on the super-cheap, they actually came through on their promise - for awhile.Police arrested the married couple, both 31, outside their auto service center in Lat Phrao yesterday on suspicion of running a scam they say cheated more than 30 people out of THB66 million.The couple allegedly promised their victims they could make a mint by reselling iPhone 5s, iPad minis and other products the couple could procure for them at prices well below market.And when people transferred some cash to the couple, lo and behold, they made good on their word and supplied the products as agreed. [read more...]Source: http://bangkok.coconuts.co/2014/02/18/lat-phrao-con-artist-couple-arrested-thb66-million-iphone-swindle-- Coconuts Bangkok 2014-02-18 1 Link to comment Share on other sites More sharing options...
Nickymaster Posted February 18, 2014 Share Posted February 18, 2014 One unidentified, 30-year-old woman said she purchased iPhone 5s from the couple for THB12,000 she then flipped for THB20,000 before pooling THB24 million with friends to invest To good to be true one would think. 1 Link to comment Share on other sites More sharing options...
JetsetBkk Posted February 18, 2014 Share Posted February 18, 2014 That's a pretty good scam. Reminds me of the film "The Sting". "Som nam na" to the lot of 'em. 2 Link to comment Share on other sites More sharing options...
Popular Post Khon Thai Ben Khon Dee Posted February 18, 2014 Popular Post Share Posted February 18, 2014 Thailand. Such fertile ground for scams based on the victim's own greed. 4 Link to comment Share on other sites More sharing options...
linne16 Posted February 18, 2014 Share Posted February 18, 2014 no such thing as easy money these days Link to comment Share on other sites More sharing options...
Popular Post canopus1969 Posted February 18, 2014 Popular Post Share Posted February 18, 2014 Greedy idiots 3 Link to comment Share on other sites More sharing options...
Popular Post hanno Posted February 18, 2014 Popular Post Share Posted February 18, 2014 Thailand. Such fertile ground for scams based on the victim's own greed. Not limited to Thailand. Bernard Madoff or Lehmann Brothers ring any bells? 7 Link to comment Share on other sites More sharing options...
Aceicol Posted February 18, 2014 Share Posted February 18, 2014 A mate of mine was in Prison with a bloke who did a similar trick with chocolate bars. The scam was his company were launching a new brand of chocolate bar, you buy a box of chocolate bars, for X amount of pounds (say £20) then you have to give them to people and get testimonials/reviews etc of these bars. If you go back to the company with the reviews (which anyone could make up) they would give you £40 back. They started off small and it quickly snowballed where people were putting in £40k to pretty much double their profit. This was when the bloke and his company disappeared. The bloke in question (who I didn't know) had previously won Welsh businessman of the year. He got 24 years for fraud so probably not the best career choice. :-) Link to comment Share on other sites More sharing options...
impulse Posted February 18, 2014 Share Posted February 18, 2014 What surprises me is that anyone would take such a risk for a product with a 40% gross margin. Jeez, with a little imagination there are bazillions of legitimate items that can be made or bought for 12 and sold for 20 (add your own zeroes). But then, most of them do require some research and a fair bit of work. If I were a betting man, I'd bet they'll find out the iProducts were either "warm" or counterfeit to boot. Link to comment Share on other sites More sharing options...
Bender Posted February 18, 2014 Share Posted February 18, 2014 a really smart scam and honestly i would fall for it.... indeed i learn every day! 1 Link to comment Share on other sites More sharing options...
Barney R Posted February 18, 2014 Share Posted February 18, 2014 That damn Taksin is everywhere . 55555555555555 Link to comment Share on other sites More sharing options...
EyesWideOpen Posted February 18, 2014 Share Posted February 18, 2014 This is a Ponzi scam, and was invented back in the depression. There has been endless variations of it over the years. It is so brilliant it will probably used for the next 1000 years.... Link to comment Share on other sites More sharing options...
PattayaPhom Posted February 18, 2014 Share Posted February 18, 2014 Greedy pigs...there is a guy advertising in Pattaya iphone 5s for THB12,000, sent email and must send by W.U.Moneygram etc.....quick search throughs up all his sordid details Link to comment Share on other sites More sharing options...
HerbalEd Posted February 18, 2014 Share Posted February 18, 2014 THB 66-million?? I seriously doubt it. Link to comment Share on other sites More sharing options...
HerbalEd Posted February 18, 2014 Share Posted February 18, 2014 This is a Ponzi scam, and was invented back in the depression. There has been endless variations of it over the years. It is so brilliant it will probably used for the next 1000 years.... Yeah ... it was invented in the depression B.C. Link to comment Share on other sites More sharing options...
thrilled Posted February 18, 2014 Share Posted February 18, 2014 The way it works is they make good on their promise for A small amount of money.Then after they get your trust then Bam Out Go The Lights.Always remember if it's to good to be true,then it's probably not.People before they invest need to study the investment a lot more. Link to comment Share on other sites More sharing options...
rreddin Posted February 18, 2014 Share Posted February 18, 2014 THB 66-million?? I seriously doubt it. Yup! 30 people defrauded out of 66,000,000 Baht - that is 2,200,000 Baht per person. The figures seem unrealistic. 1 Link to comment Share on other sites More sharing options...
EyesWideOpen Posted February 18, 2014 Share Posted February 18, 2014 This is a Ponzi scam, and was invented back in the depression. There has been endless variations of it over the years. It is so brilliant it will probably used for the next 1000 years.... Yeah ... it was invented in the depression B.C. Hahah my bad. Looks like it was in 1920 in America...... http://en.wikipedia.org/wiki/Charles_Ponzi "In reality, Ponzi was paying early investors using the investments of later investors. This type of scheme is now known as a "Ponzi scheme". His scheme ran for over a year before it collapsed, costing his "investors" $20 million." Link to comment Share on other sites More sharing options...
endi11 Posted February 18, 2014 Share Posted February 18, 2014 THB 66-million?? I seriously doubt it. Yup! 30 people defrauded out of 66,000,000 Baht - that is 2,200,000 Baht per person. The figures seem unrealistic. One lady paid 24 mil alone.So 66 mil - 24 mil is 42 mil.divided between 29 people is 1,400,000,I'm sure someone else paid more than 1,4 mil and some people paid less.Very realistic. Link to comment Share on other sites More sharing options...
englishoak Posted February 18, 2014 Share Posted February 18, 2014 Theres one born every minute 1 Link to comment Share on other sites More sharing options...
Thai at Heart Posted February 18, 2014 Share Posted February 18, 2014 Those stupid rice farmers/city dwellers falling for promises of things being too good to be true. Now who is stupid and who is the sophisticate? 1 Link to comment Share on other sites More sharing options...
Popular Post fasteddie Posted February 18, 2014 Popular Post Share Posted February 18, 2014 This is a Ponzi scam, and was invented back in the depression. There has been endless variations of it over the years. It is so brilliant it will probably used for the next 1000 years.... Heck yeah! The capitalist banking system is the best example. 3 Link to comment Share on other sites More sharing options...
slapout Posted February 19, 2014 Share Posted February 19, 2014 This is a Ponzi scam, and was invented back in the depression. There has been endless variations of it over the years. It is so brilliant it will probably used for the next 1000 years.... Heck yeah! The capitalist banking system is the best example. If the steps are followed as described, it is called a scam and the masterminds actions are described as criminal. On the other hand, if you work a reverse varaition of the financing (taxpayer money from government coffers) for this sort of scam, then leave the participants (rice farmers in Thailands case) on the short end, it is referred to as social welfare, populist policy, vote buying, possible corruption etc. Its too bad, people do not/ will not use the same yardstick to measure the legality of the actions of those in the private vs those in the public sector. Link to comment Share on other sites More sharing options...
Trickcyclist Posted February 19, 2014 Share Posted February 19, 2014 These are consumer product scams. Products must work at the retail end for it to be viable and it never does. Why? It costs zillions to change and/or amend consumer habits and make the consumer buy something new..(See link) http://www.inc.com/inc5000/list/industry/advertising-marketing Check the revenue figures, multiply by ten and then you will see how much it costs to keep a product on the market or to launch a new one. The scam will work for a time at the wholesale end and but everybody will end up with a garage full of unsalable garbage. Ditto goes for muli-level marketing.(MLM) Pyramid selling etc. Whatever happened to the recent telephone MLM whereby people paid money to join and were paid for recruiting others? Down the line they were to be paid a tiny %percentage of the customers phone spend.Where is it now??? Incidentally, warn your kids. Direct sales scam. There are variations of this that attract young kids, university students etc. who are desperate for money. Companies advertise for marketing agents. The kids reply and are told that they must buy the product first at wholesale price and then the kids must sell at retail: headbanging telesales. Costs the companies nothing and the kids everything they have got. Link to comment Share on other sites More sharing options...
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