Man accused of duping millions in stock fraud

[Lite Beer]

Man accused of duping millions in stock fraud
Monthien Inthaket
The Sunday Nation

Suspected swindler Panasan Somchevita, seated left, talks to police at the Crime Suppression Division yesterday following his arrest.

BANGKOK: -- Police yesterday announced the arrest of Panasan Somchevita, the 33-year-old son of a former permanent secretary for the ICT Ministry, after 21 people accused him of duping them out of Bt281 million in an alleged stock scam.

Police spokesman Lt-Gen Prawut Thavornsiri told a press conference that police filed a complaint of public fraud against Panasan with the Crime Suppression Division on Wednesday.

Prawut said police then obtained an arrest warrant and Panasan was apprehended in Phetchaburi's Muang district on Thursday.

He said the suspect told his alleged victims he had about one million shares in initial public offerings for three well-known companies.

After being told the stock could be bought at a par price for hefty profit, the alleged victims said they transferred money to Panasan's account. They allege that Panasan began avoiding them and when they suspected they had been conned, they complained to police.

Prawut claimed Panasan had admitted to the alleged fraud, and that he had used money given to him to fund his own stock trading - something he had done up to three times previously.

Police are investigating to determine if he had any accomplices.

Prawut said Panasan told police he would pay compensation to the aggrieved parties.

The alleged crime took place between November 11 and December 3.

Panasan is the son of Sunthad Somchevita who served as a Special Case Committee member at the Department of Special Investigation.

Police took Panasan to Ratchadapisek Criminal Court yesterday morning to apply for an initial 12 days in detention, which will run until December 17.

Police objected to him being released on bail on grounds that there were many aggrieved parties, and the monetary value of the alleged offence was very high, he had adversely affected the economy, and he was a flight risk.

Panasan, however, denied all the charges against him.

Source: http://www.nationmultimedia.com/national/Man-accused-of-duping-millions-in-stock-fraud-30249277.html

-- The Nation 2014-12-07

[ChrisY1]

They all deny......a couple of uncomfortable days and he'll change his tune.....THB280 Million......they're all greedy.....and stupid!!

Edited December 7, 2014 by ChrisY1

[noitom]

Panasan is smarter than anyone in the room in this photo. He allegedly did it three times before to fund his stock trading. He runs Ponzi schemes. It's a high class Thai crime. The Thai prosecutors truing to re-enact" this one will be a great laugher.

[Flex2791]

He learned his craft from the best scammers around. The apple doesn't fall far from the tree.

[shirtless]

What a great example this HI So has set, I bet his father is really proud.

[Prbkk]

Can't be all that bright. He should know that it's best to scam foreigners or poorer Thais, certainly not the well-connected.

[bangkokfrog]

Prawut claimed Panasan had admitted to the alleged fraud... Prawut said Panasan told police he would pay compensation to the aggrieved parties.

Panasan, however, denied all the charges against him.

Is it just me or is there something lacking in The Nation's reporting here?

[Tatsujin]

Prawut claimed Panasan had admitted to the alleged fraud... Prawut said Panasan told police he would pay compensation to the aggrieved parties.

Panasan, however, denied all the charges against him.

Is it just me or is there something lacking in The Nation's reporting here?

You're not missing anything, it's Thai "logic" and the way that no matter what was said or agreed to previously, the only thing that really counts is the "last" thing they say.

[SoFarAndNear]

Naive victims and stupid trickster. How he thought he will not be caught?!

[slapout]

He is another potential politican getting his experience/resume topped off for a future position with government. Another good reason to blacklist for life, those corrupt civil servents and include 4 to 6 generations of their extended famlies. 33 years old and he has at least 4 ponzi scams to his credit, and his old man seems to be slow in giving him an allowance to keep him in a custom he desires.

Give no quarter, he is another to leave the gate open so he can jump the border, and then let some other countries legal system take him out of the main stream social order so common here.

[JOC]

Greed and stupidity!!

Never has been and never will be a good combination!!

[BangkokHank]

The headline of this article is misleading. "Duping millions" suggests that he duped millions of people. In fact he duped a few people - out of millions of baht.

[Sviss Geez]

Prawut claimed Panasan had admitted to the alleged fraud... Prawut said Panasan told police he would pay compensation to the aggrieved parties.

Panasan, however, denied all the charges against him.

Is it just me or is there something lacking in The Nation's reporting here?

It's you, there's nothing lacking in the newspaper's reporting at all. The Nation is simply pointing out 2 differing statements, one made by the police claiming they had a confession and the other stating that the accused had denied the charges, perfectly reasonable.

[JOC]

Prawut claimed Panasan had admitted to the alleged fraud... Prawut said Panasan told police he would pay compensation to the aggrieved parties.

Panasan, however, denied all the charges against him.

Is it just me or is there something lacking in The Nation's reporting here?

It's you, there's nothing lacking in the newspaper's reporting at all. The Nation is simply pointing out 2 differing statements, one made by the police claiming they had a confession and the other stating that the accused had denied the charges, perfectly reasonable.

Good morning to you too sunshine!!

Have a lovely day!!

[FangFerang]

Red Bull heir apparent number 17, counting since May, free on bail and on his way to a sunny vacation spot.

[alantheembalmer]

I like the way the caption reads "Suspected swindler Panasan Somchevita, seated left," just in case you thought it might be the other two, seated right!

[LuckyLew]

Now departing at gate 52 .. Flight 234 ... destination Singapore

[tingtong]

Naive victims and stupid trickster. How he thought he will not be caught?!

The victims more greedy than naïve,

The trickster isn't that stupid after all he conned 280 million baht, face it, more than most of us ever will see by hard or not so hard work for a lifetime.

No question he deserves prison for his crime, however I would also have a look how those victims had on average 10 million disposable income and how legally they came across it!! Wouldn't be surprised if some would rather eat the loss than join the conman in prison for corruption, tax evasion, etc. charges.

[NativeSon360]

Can't be all that bright. He should know that it's best to scam foreigners or poorer Thais, certainly not the well-connected.

Give it a rest, for a change, and give the kid his due credit. That kid is bright enough, all things considered. A ฿280M ($9M) Ponzi scam couldn't be pulled-off, even in the western world, by 1,000 of the highest, most educated farangs, currently posting to this forum, or residing in LOS, and you know that to be true

[NativeSon360]

Can't be all that bright. He should know that it's best to scam foreigners or poorer Thais, certainly not the well-connected.

Give it a rest, for a change, and give the kid his due credit. That kid is bright enough, all things considered. A ฿280M ($9M) Ponzi scam couldn't be pulled-off, even in the western world, by 1,000 of the highest, most educated farangs, currently posting to this forum, or residing in LOS, and you know that to be true

In addition, just in case you've been living the usual "farang" fantasy of LOS, the foreigners are not the target "scam" market anymore. Those "poorer" Thais have become better educated and more financially affluent, in recent years. Thai people are doing quite well for themselves, with definitely little need of western "farang" money. Thais simply tolerate our presence, anymore. Just the facts, sir!

Edited December 7, 2014 by NativeSon360

[NativeSon360]

Now departing at gate 52 .. Flight 234 ... destination Singapore

More like Brunei, instead.

[Jim walker]

So he was a Broker then people gave him money because they were greedy for more money stocks can go down as well as up everyone knows this but greed obviously took over from the loser's brains

[Friendly Stranger]

Ponzi scheme Thai style. Welcome to the bug leagues bro.

Poor unsuspected lambs, led to the slaughter. No different than the west.

[dotpoom]

They all deny......a couple of uncomfortable days and he'll change his tune.....THB280 Million......they're all greedy.....and stupid!!

Not according to the article.......

"Prawut claimed Panasan had admitted to the alleged fraud, and that he had used money given to him to fund his own stock trading - something he had done up to three times previously.

Police are investigating to determine if he had any accomplices.

Prawut said Panasan told police he would pay compensation to the aggrieved parties."

[Millenial]

Ponzi scheme Thai style. Welcome to the bug leagues bro.

Poor unsuspected lambs, led to the slaughter. No different than the west.

Seems rife in Thailand, reading last night about a Brit who has been doing it for years, upset the wrong person and they have released everything.

[SunsetT]

'Crime Suppression Division'...............?

So what do all the other police divisions do then?

[Gentmartin]

he obviously hasn't spent it on clothes...............

[SOTIRIOS]

......don't tell me he was released.....and now will disappear.......promptly leave the country....go overseas for medical treatment.....or whatever...

[Suffinator]

So he basically found a bunch of greedy and corrupt individuals and scammed them .... not that hard in Thailand. No wonder the Nigerians like it here so much. The first rule of any scam is to find greedy and or corrupt people who are want to make a fast buck.

Thainess!

[arrowsdawdle]

Naive victims and stupid trickster. How he thought he will not be caught?!

Being caught is part of the equation in LOS. How else would fellow Thais be able to look up with respect and admiration? Anyway, he can pay somebody else to sit out his time if convicted. It's called cost of sale.