Man accused of duping millions in stock fraud

[maidee]

he can write a book :

how to get rich quickly, in thailand

than another one :

how to evade a long jail sentence

[JacChang]

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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?

mai phen rai

it's same same, just different

[NativeSon360]

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

A universal fact of life.

[NativeSon360]

he can write a book :

how to get rich quickly, in thailand

than another one :

how to evade a long jail sentence

The only reason why Bernie Maddoff went to prison, is because he also ripped-off some very well-connected people. End of story.

[kieran2698]

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?

I took it as he admits to receiving their money and therefore is willing to give it back, but denies any criminal charges against him, there is a difference, he may of only been avoiding his clients to give himself enough time to make the money he defrauded from them back, not just avoiding them as he had nicked their money. His intentions may well of been to make them a profit but he clearly has not been honest with them, so if that is the case then he is guilty as charged.

[Time Traveller]

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

He told people he had stocks which they can buy from himthen make a profit. Yeah he's a real genius, no one else would have of a scam like this before. Not a billion years, even not in 100 years.

[NativeSon360]

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.

There is no such beast, as a Thai-style Ponzi scheme. Asians (Thais included) tend to be far more astute, and paranoid than westerners, when it comes to falling for creative money-making schemes. The fact that the kid managed to "grift" so many Asians to begin with, is testimony to his brilliance. He only got caught because the mathematics of life dictates, that you cannot fool all of the people, all of the time. Period.

[monkeycountry]

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

He told people he had stocks which they can buy from himthen make a profit. Yeah he's a real genius, no one else would have of a scam like this before. Not a billion years, even not in 100 years.

As I understand it he told people he had rights to purchase IPOs, which are quite hard to come by in Thailand, as the licenced brokers and banks usually only sell them to their best clients (meaning the clients with the highest trading volume history). IPOs in Thailand, especially for smaller companies, usually go up alot on the first trading day, so it is not uncommon for those who manage to get the IPOs to make 100% or even 200% profit on the first day of trading, which explains why they are so popular and why some people are apparently willing to take a chance to get them.

Had it just been ordinary stocks, it would make no sense, as anyone can buy those on the stock market.

Edited December 7, 2014 by monkeycountry

[Strangebrew]

Wait he said he did it yet he is not guilty is that Thai logic?

[NativeSon360]

Interesting how the number of "debaters" has dramatically diminished, with this current OP topic. Not enough or topics, I suppose. Hallelujah,

[Rooney860]

Ya gotta laugh!!!! 555

[scorecard]

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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!

Well I've seen this one. My Thai son's first wife got taken to the cleaners by her 'best friend at high school'.

Turns out 'best friend at high school' borrowed money from all 'friends' at school pretty much every day and on a roster system. Never paid back.

Turns out 'best friend at high school' has a mentor - her aunt who has become quite rich through over selling insurance and as a aggressive loan shark.

Turns out 'best friend at high school' tricked many old school friends into buying both health and valueless life insurance (health cover way beyond anything ever needed) and had also got into cahoots with a couple of scaly doctors in a health insurance scam and made quite some extra cash.

Turns out 'best friend at high school' also sold condos and had no conscience to promise many expensive extras to buyers which would never ever be delivered.

Turns out 'best friend at high school' is now in the monkey house serving 4 years.

[Bluespunk]

Bangkok post had him offering to pay back a third of what stole.

Apparently he will still face charges.

Didn't say how he felt about that.

I'm guessing surprised and confused though.

[NativeSon360]

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?

I took it as he admits to receiving their money and therefore is willing to give it back, but denies any criminal charges against him, there is a difference, he may of only been avoiding his clients to give himself enough time to make the money he defrauded from them back, not just avoiding them as he had nicked their money. His intentions may well of been to make them a profit but he clearly has not been honest with them, so if that is the case then he is guilty as charged.

The world should be a very nice, pleasant and safe place of the people, by the people and for the people to be. Unfotunately, there is an obvious flaw, in the design of the human species. Thus, the "shoulds" don't count.

[Bluespunk]

he can write a book :

how to get rich quickly, in thailand

than another one :

how to evade a long jail sentence

Would the second book be very short and basicity recommend you buy the first?

[kieran2698]

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?

I took it as he admits to receiving their money and therefore is willing to give it back, but denies any criminal charges against him, there is a difference, he may of only been avoiding his clients to give himself enough time to make the money he defrauded from them back, not just avoiding them as he had nicked their money. His intentions may well of been to make them a profit but he clearly has not been honest with them, so if that is the case then he is guilty as charged.

The world should be a very nice, pleasant and safe place of the people, by the people and for the people to be. Unfotunately, there is an obvious flaw, in the design of the human species. Thus, the "shoulds" don't count.

What shoulds and why the quotations, I never said "should", or are you quoting yourself? LOL

[NativeSon360]

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!

Whoa there, mister! If you're gonna speak statistically, then get your facts straight. Otherwise, you need to lighten-up on the prejudicial (stone-throwing) remarks, especially when you are (yourself) a product from a "not-so-immaculate" Glass House.

Granted, the Nigerians are quite callous, and thuggish in their approach, and I personally do not care for them. However, the Nigerians don't even come (scam-sophication-levels) close to the number of "Blackbeard the Pirate" Americans, Brits, Swiss, and a host of Eastern Europeans in LOS. Those (Anglo-skinned) blokes will happily give you a money-fleecing conversation, over a tall LEO, on a daily basis, right here, in the LOS..

So clean up your own "Not-So-Clean House", before you start throwing the "bashing" stones @ someone else's. Capiche?

Edited December 7, 2014 by NativeSon360

[Estrada]

For the past 20 years, since I have been investing in Thai Stocks, the rich and influential elite have tried to benefit by preferentially grabbing IPO shares whilst the oridinary investor is told by their brokers that they cannot obtain shares. Off the record they may tell you that they have pressure put on them to divert shares to certain influential investors. Nice to see one influential investor, whose father is a Director of PTT, in the hot seat. This scam involves convincing punters into thinking that the scammer has special influence in obtaining a high number of IPO shares, whereas he actually doesn't have any or few rights to them. What he relies on, is that often the share price drops in price after the shares are traded on the SET. He can then buy the shares as a member of the public and sell them to the punters at the IPO price. Panasan had been succesfull doing similar to this 3-4 times before. Unfortunately, this time the IPO price was B28 and the share price went to B35, it is now at B36.25. He would have stood to have made B42 Million if the share price dropped 20% after IPO, instead it rose by nearly 38% so he would have to come up with an extra 65Million to purchase the shares for his clients. No doubt we will be following this case, alongside son of Red Bull, to see if justice is ever done.

[NativeSon360]

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?

I took it as he admits to receiving their money and therefore is willing to give it back, but denies any criminal charges against him, there is a difference, he may of only been avoiding his clients to give himself enough time to make the money he defrauded from them back, not just avoiding them as he had nicked their money. His intentions may well of been to make them a profit but he clearly has not been honest with them, so if that is the case then he is guilty as charged.

The world should be a very nice, pleasant and safe place of the people, by the people and for the people to be. Unfotunately, there is an obvious flaw, in the design of the human species. Thus, the "shoulds" don't count.

What shoulds and why the quotations, I never said "should", or are you quoting yourself? LOL

Duh! English Comprehension -101. Read the context (drift) of your own words, sir! Then forget my post and carry- on, happily so. I don't care to debate, or argue the point. Capiche? Cheers

Edited December 7, 2014 by NativeSon360

[NativeSon360]

For the past 20 years, since I have been investing in Thai Stocks, the rich and influential elite have tried to benefit by preferentially grabbing IPO shares whilst the oridinary investor is told by their brokers that they cannot obtain shares. Off the record they may tell you that they have pressure put on them to divert shares to certain influential investors. Nice to see one influential investor, whose father is a Director of PTT, in the hot seat. This scam involves convincing punters into thinking that the scammer has special influence in obtaining a high number of IPO shares, whereas he actually doesn't have any or few rights to them. What he relies on, is that often the share price drops in price after the shares are traded on the SET. He can then buy the shares as a member of the public and sell them to the punters at the IPO price. Panasan had been succesfull doing similar to this 3-4 times before. Unfortunately, this time the IPO price was B28 and the share price went to B35, it is now at B36.25. He would have stood to have made B42 Million if the share price dropped 20% after IPO, instead it rose by nearly 38% so he would have to come up with an extra 65Million to purchase the shares for his clients. No doubt we will be following this case, alongside son of Red Bull, to see if justice is ever done.

Please do, and I will folow your lead on this, as it appears you know considerably more than I do. I'd appreciate your starting a new (no reply) topic post, on the case. Thanks,

[NativeSon360]

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.

Ditto! The Crime Suppression Unit will probably offer him a high-level paying job, instead.

Edited December 7, 2014 by NativeSon360

[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

He told people he had stocks which they can buy from himthen make a profit. Yeah he's a real genius, no one else would have of a scam like this before. Not a billion years, even not in 100 years.

As I understand it he told people he had rights to purchase IPOs, which are quite hard to come by in Thailand, as the licenced brokers and banks usually only sell them to their best clients (meaning the clients with the highest trading volume history). IPOs in Thailand, especially for smaller companies, usually go up alot on the first trading day, so it is not uncommon for those who manage to get the IPOs to make 100% or even 200% profit on the first day of trading, which explains why they are so popular and why some people are apparently willing to take a chance to get them.

Had it just been ordinary stocks, it would make no sense, as anyone can buy those on the stock market.

Thanks for that tid-bit of info, re: IPOs.

[connda]

I'm not going to read what anyone else posts.

SET! How the hell did that happen! The Security Exchange of Thailand and the current government need to address this quickly.

SET = Corruption? Just a question. Don't shoot the observer.

Edited December 7, 2014 by connda

[cardinalblue]

Thai people = 10% of thai people....

The vast majority of Thai people are poor and just getting by or living on credit..

CB

[soalbundy]

sounds like everybody was greedy, like they say, you can't cheat an honest man, which leaves the market wide open in Thailand.

[kieran2698]

Duh! English Comprehension -101. Read the context (drift) of your own words, sir! Then forget my post and carry- on, happily so. I don't care to debate, or argue the point. Capiche? Cheers

Yes, now I understand, you are a complete and utter tosspot.

[kieran2698]

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.

There is no such beast, as a Thai-style Ponzi scheme. Asians (Thais included) tend to be far more astute, and paranoid than westerners, when it comes to falling for creative money-making schemes. The fact that the kid managed to "grift" so many Asians to begin with, is testimony to his brilliance. He only got caught because the mathematics of life dictates, that you cannot fool all of the people, all of the time. Period.

Apart from the Yum Shu Mao 6 billion Baht Ponzi Scheme involving 100,000 people busted two months ago? You do like to make a tit of yourself, don't you?

[Dogmatix]

This is very similar to what the Bangkok based boiler room boys do to farangs living overseas - pitch some penny stock idea and pretend to open an account to get suckers to transfer money for shares. The only difference is that the boiler room boys have been operating with apparent impunity in Thailand for years and many cases reported even by foreign governments have not been investigated. Ripping off Thais usually gets a more expedited response from the authorities.

Edited December 7, 2014 by Dogmatix

[Millenial]

This is very similar to what the Bangkok based boiler room boys do to farangs living overseas - pitch some penny stock idea and pretend to open an account to get suckers to transfer money for shares. The only difference is that the boiler room boys have been operating with apparent impunity in Thailand for years and many cases reported even by foreign governments have not been investigated. Ripping off Thais usually gets a more expedited response from the authorities.

As i was saying this was going around yesterday a Brit who has been involved in numerous across the globe living the life of Jerry in Phuket. Only he must have upset the wrong friend as they released absolutely everything on to the net, mail chains (complete) files, even down to private messages on facebook. The Brit has highlighted his activities in what he deemed private areas no suspecting something like this surely. It will be interesting to see how it plays out and whether he gets snatched for it.

[poweratradio]

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 will probably come to pass that the investors were aware that he had stock successes and they were just riding on his coat tails of successful investing but got bored waiting for their return on investment. Panasan is saying he will return compensation to the aggrieved but he will deny any wrong doing. Case dismissed.