Popular Post AWOL Geordie Posted December 31, 2014 Popular Post Share Posted December 31, 2014 Be very wary of Thailand-based Independent Financial Advisers. I lost my life savings listening to one. If this link doesn't work then google: "how i lost $250000 in phuket" I would like to help others to avoid the same fate. Sawadee pee mai AWOL Geordie 9 Link to comment Share on other sites More sharing options...
Popular Post worgeordie Posted December 31, 2014 Popular Post Share Posted December 31, 2014 You found out the hard way not to trust anyone in Thailand, especially when money or property is involved,just hope you are able to get back on your feet again,it would also be nice if you could get some justice,but that rarely happens. regards Worgeordie 17 Link to comment Share on other sites More sharing options...
Popular Post dddave Posted December 31, 2014 Popular Post Share Posted December 31, 2014 One infallible rule, if any investment promotion says "Risk Free", don't listen to another word! Turn and run. There is no such thing as "Risk Free". An acquaintance of mine who was teaching in Thailand pretty much went bust. The usual reasons: too many girlfriends, too much booze, living outside his income. He's a glib talker...can be very convincing when pressing his views on things. Last year, he returned to Australia and landed a job selling "Retirement Plans" to elderly citizens, his commissions are huge and he's making a bundle. He returned to Thailand not too long ago for a 2 month "holiday", living large and tossing money all over the place. "I'll make it all back in a few weeks!" He told us. I can't help thinking of all the poor retirees who invested in his product and are funding his happy lifestyle out of their pockets. Any plan that pays commissions as outlandish as what he gets has got to be as dodgy as a game of "Three Card Monte". When I asked him about it, his reply was simple: "Not my problem." 11 Link to comment Share on other sites More sharing options...
Popular Post AWOL Geordie Posted December 31, 2014 Author Popular Post Share Posted December 31, 2014 Sounds like a nice lad dddave. What happened to virtues like integrity, honesty and honour? 8 Link to comment Share on other sites More sharing options...
darrendsd Posted December 31, 2014 Share Posted December 31, 2014 (edited) Op I know 2 people here in Hua Hin who I am sure invested in the same scheme, i'm sure it's the same one as they mentioned a High court judge being involved, they have both lost considerable amounts. Edited December 31, 2014 by darrendsd 1 Link to comment Share on other sites More sharing options...
Popular Post steven100 Posted December 31, 2014 Popular Post Share Posted December 31, 2014 There's a saying ...... ' if it sounds to good to be true, then it probably is ' The problem is that people become to greedy in thinking there return will great ... ' way above bank interest ' Give me realistic achievable returns with security with minimal risk over high risk over inflated possible returns any day ... 3 Link to comment Share on other sites More sharing options...
Popular Post Thailand J Posted December 31, 2014 Popular Post Share Posted December 31, 2014 sorry about your misfortune...but at least you are alive and not in jail.. as compared to Iain Macdonald and Kevin Quill in Pattaya. Goolgle Andrew Drummond and read some of his reports, consider yourself lucky. 4 Link to comment Share on other sites More sharing options...
A1Str8 Posted December 31, 2014 Share Posted December 31, 2014 The OP earned that money therefore he is going to make it again. The "people" who took it, well take and it's going to be taken. 1 Link to comment Share on other sites More sharing options...
Popular Post ldnguy Posted December 31, 2014 Popular Post Share Posted December 31, 2014 You found out the hard way not to trust anyone in Thailand, especially when money or property is involved,just hope you are able to get back on your feet again,it would also be nice if you could get some justice,but that rarely happens. regards Worgeordie I don't think this is really anything to do with Thailand. IT's just a standard ponzi scam that happens all over the world. OP just happened to be in Thailand, but could have happened anywhere. There are plenty of people I trust in Thailand. I base my trust on individuals not nationalities. Some of the biggest financial scams are in the USA. I still trust many Americans as well. The people I don't trust are those that offer too good to be true schemes. 12 Link to comment Share on other sites More sharing options...
Popular Post ldnguy Posted December 31, 2014 Popular Post Share Posted December 31, 2014 A very honest blog post by the OP. And a good warning to others. If investing money in schemes like this you need to make sure that only a small percentage of your total assets are at risk. It's sheer madness to put everything into one investment, however safe you think its is. To the OP - you made $250K once, so you can make it again. I know it might seem impossible now, but you're still relatively young. Plenty of time to make it back. I think you need a few weeks to take it all in and look at your options. But then, get on with your life again. I've sure there'll be tough times, but use it to spur you on to greater things. Many lose their life saving much later in life, so at least you have a 20-year advantage over them. Small comfort maybe, but it should give you hope. These people should be strung up in a public square. Or let loose in a forest and hunted down like animals. Truly despicable individuals. 11 Link to comment Share on other sites More sharing options...
simple1 Posted December 31, 2014 Share Posted December 31, 2014 One infallible rule, if any investment promotion says "Risk Free", don't listen to another word! Turn and run. There is no such thing as "Risk Free". An acquaintance of mine who was teaching in Thailand pretty much went bust. The usual reasons: too many girlfriends, too much booze, living outside his income. He's a glib talker...can be very convincing when pressing his views on things. Last year, he returned to Australia and landed a job selling "Retirement Plans" to elderly citizens, his commissions are huge and he's making a bundle. He returned to Thailand not too long ago for a 2 month "holiday", living large and tossing money all over the place. "I'll make it all back in a few weeks!" He told us. I can't help thinking of all the poor retirees who invested in his product and are funding his happy lifestyle out of their pockets. Any plan that pays commissions as outlandish as what he gets has got to be as dodgy as a game of "Three Card Monte". When I asked him about it, his reply was simple: "Not my problem." Have you reported your acquaintance / company to ASIC 1 Link to comment Share on other sites More sharing options...
Popular Post AWOL Geordie Posted December 31, 2014 Author Popular Post Share Posted December 31, 2014 These people should be strung up in a public square. Or let loose in a forest and hunted down like animals. Truly despicable individuals. It's very hard to not agree with this. Always a conflict between fighting these kinds of feelings and maintaining inner peace. 3 Link to comment Share on other sites More sharing options...
Popular Post rocketron57 Posted December 31, 2014 Popular Post Share Posted December 31, 2014 Hi AWOL Geordie, I invested in the same scheme along with a few others here in Hua Hin. The presentation I went to was very slick and professional, the rates they were offering were good but not outrageous, the business plan made sense and having a retired UK appeal court judge as non exec chairman gave me confidence. Initially everything went just as promised, interest payments were always paid on time and they even paid out a win bonus on one of the cases. I had money invested in several different series and one series matured and paid out as promised. I sat on the cash for some time while I looked around for something else to invest in, but couldn't find anything to compare so like a muppet I put the whole lot back in again, shortly after it went tits up. Like you I had far too many of my eggs in the one basket, but unlike you I am too old to recover from this. I should have been enjoying a nice comfortable retirement but now it looks like I might end up living on a daily bowl of Khaw phad in a tin hut somewhere near Sagonbingbangbongburi. 11 Link to comment Share on other sites More sharing options...
Briggsy Posted December 31, 2014 Share Posted December 31, 2014 The numbers involved from some of the investors are insane. Must be some amazing salesmen in Phuket (and rich and totally dishonest). Link to comment Share on other sites More sharing options...
Popular Post Asiantravel Posted December 31, 2014 Popular Post Share Posted December 31, 2014 I am very sorry indeed to read about your predicament Geordie but I'm fascinated by your references to the Buddha’s teachings not only because as you rightly say about the spirituality complementing a minimalist approach to life, but also another thing we learn from Buddhism being the impermanence of everything around us. That way it's easier to let go of everything. But I still find it hard to understand how people in this day and age ( the information age ) succumb to scamsters. I sometimes wonder are they able to put their prey into a temporary hypnotic trance or something equivalent because unfortunately there are few people or organisations today I would trust implicitly enough to hand over that kind of money. I also have a personal philosophy which is based on being much less concerned about getting a return on capital than the return of capital. If other people think I am overly cynical, so be it because I don't care. And I haven't always felt this way because I feel that people have changed drastically within say the last 30 years and genuine trust and integrity today is as rare as hen's teeth. We are reminded almost on a daily basis of Nigerian scamsters and the bad reputation of these IFA’s seems to be growing exponentially. As an example of how honesty and integrity has evaporated, 30 to 40 years ago the bank manager was considered an exemplary member of the community and society. Today bankers are even referred to by some as “banksters “ and look what they did to people in Cyprus? Do you mind if I ask you what was the nature and extent of the due diligence you carried out on every party associated with this scheme ? 3 Link to comment Share on other sites More sharing options...
Asiantravel Posted December 31, 2014 Share Posted December 31, 2014 Op I know 2 people here in Hua Hin who I am sure invested in the same scheme, i'm sure it's the same one as they mentioned a High court judge being involved, they have both lost considerable amounts. What's the big deal with a high Court judge anyway? They are only lawyers who happen to have reached the higher echelons. Link to comment Share on other sites More sharing options...
Popular Post AWOL Geordie Posted December 31, 2014 Author Popular Post Share Posted December 31, 2014 I sometimes wonder are they able to put their prey into a temporary hypnotic trance or something equivalent Do you mind if I ask you what was the nature and extent of the due diligence you carried out on every party associated with this scheme ? "Prey" and "temporary hypnotic trance" are apt terms. I feel very foolish now (obviously). Normally I'm a very cautious individual when it comes to money. I left it in a UK standard savings account from 2005-2011 and was quite content to do so until the UK government started penalising the prudent and rewarding the profligate with negative interest rates. Due diligence? I spent 6 months looking for dodginess. Found nothing. I also trusted the IFA who was a drinking buddy. I wish I had a time machine. Rocketron57 - let me know how the rents for a fan room work out in Sagonbingbangbongburi. 4 Link to comment Share on other sites More sharing options...
Popular Post thrilled Posted December 31, 2014 Popular Post Share Posted December 31, 2014 Don't invest any money in Thailand that you can't afford to lose.I invest in dividend paying stocks.Even though the dividend yield Ranges between 3-6%,I sleep good at night. Can I lose the money?Well sure.But I have it diversified into many sectors.If one company goes bad I can still rely on the Other companies. 6 Link to comment Share on other sites More sharing options...
Popular Post Galacon Posted December 31, 2014 Popular Post Share Posted December 31, 2014 Well , i feel really bad for you buddy . I can understand the feel when you write " A quarter century of hard work …… gone. I want to cry when I think of the condos, motorbikes and women this could’ve bought. "- I feel for you buddy.Shit , those kind of scamsters should rot in hell .Although i'm just 24 and don't have a lot of savings I can't imagine all my lifetime earnings vanishing just like that .I just moved from my country to Bangkok and i will definitely never invest anythere here .I was planning to , anyway - A thai guy was giving me advice..but i will never ..Thanks buddy ! Your words on your blog - " if just one person benefits from my experience something positive will emerge from this cesspit of gloom " - Count me . 7 Link to comment Share on other sites More sharing options...
Jungle Jim Posted December 31, 2014 Share Posted December 31, 2014 too much booze,too many girlfriends and over spends. just sound like a typical foreigner lost in Thailand. One infallible rule, if any investment promotion says "Risk Free", don't listen to another word! Turn and run. There is no such thing as "Risk Free". An acquaintance of mine who was teaching in Thailand pretty much went bust. The usual reasons: too many girlfriends, too much booze, living outside his income. He's a glib talker...can be very convincing when pressing his views on things. Last year, he returned to Australia and landed a job selling "Retirement Plans" to elderly citizens, his commissions are huge and he's making a bundle. He returned to Thailand not too long ago for a 2 month "holiday", living large and tossing money all over the place. "I'll make it all back in a few weeks!" He told us. I can't help thinking of all the poor retirees who invested in his product and are funding his happy lifestyle out of their pockets. Any plan that pays commissions as outlandish as what he gets has got to be as dodgy as a game of "Three Card Monte". When I asked him about it, his reply was simple: "Not my problem." Link to comment Share on other sites More sharing options...
Popular Post NeverSure Posted December 31, 2014 Popular Post Share Posted December 31, 2014 I'm sorry to hear about this mate, and it's good of you to post the warning/reminder. I hope things work out for you in the future. 4 Link to comment Share on other sites More sharing options...
darrendsd Posted December 31, 2014 Share Posted December 31, 2014 Don't invest any money in Thailand that you can't afford to lose.I invest in dividend paying stocks.Even though the dividend yield Ranges between 3-6%,I sleep good at night. Can I lose the money?Well sure.But I have it diversified into many sectors.If one company goes bad I can still rely on the Other companies. If you read the OP's story and do some quick checks on the company he invested in you will see that he didn't actually invest any money in Thailand Link to comment Share on other sites More sharing options...
Popular Post redandyellow Posted December 31, 2014 Popular Post Share Posted December 31, 2014 It's all relative : I lost 1.2 million USD dollars in the stock market - 90% of my life savings, and barely got through it intact..but then I was away from Thailand and those low balconies.. It's a hell of a learning experience but it pales in comparison to losing your health!!!! 13 Link to comment Share on other sites More sharing options...
garyk Posted December 31, 2014 Share Posted December 31, 2014 Don't invest any money in Thailand that you can't afford to lose.I invest in dividend paying stocks.Even though the dividend yield Ranges between 3-6%,I sleep good at night. Can I lose the money?Well sure.But I have it diversified into many sectors.If one company goes bad I can still rely on the Other companies. And the wise man speaks. +1 I even make sure it has at least a 10 year track record and some cases 20 years. I also sleep pretty good at night. Link to comment Share on other sites More sharing options...
Popular Post Thailand J Posted December 31, 2014 Popular Post Share Posted December 31, 2014 I believe in "lazy portfolio" , detail available online: grap a few Vanguard ETF's, enjoy the low fees, diversification and very rarely needs rebalancing. ...and I don't have to worry Vanguard walks away with all my money. I started when I retired in 2007, stocks ETF took a big hit in 2009 so i rebalanced by moving money from bond into stocks. Since 2009 my portforlio has been going up every year, as of now every 2 dollars i invested is 3...I think the market has to go down 30-40% for me to lose money. I did took about $300,000 to buy Berkshire Hathaway for fun, in short 2 years it has gone to about $440,000, if I put it back into Vanguard Total Stocks I will be hit by a big tax bill. I am sure alot of investors did alot better with other smart ways but I sleep very well. 5 Link to comment Share on other sites More sharing options...
catman20 Posted January 1, 2015 Share Posted January 1, 2015 I invested over 500,000 in sterling with a reputable company in bkk was told low risk about 10% a year possible, the upshot was I took all the risk he and the company he invested my money with in the isle of man both took there commission and if there was anything left over I got that. after 6 year I got zero profit when I mentioned this to him he said the markets have been very bad since I've invested and I was lucky not to of lost any of my money, that's very true. I withdrew all my money back from him not a problem, was penalized financially by the company in the isle of man. just a big legal con I think all these money investment scams 2 Link to comment Share on other sites More sharing options...
bender92 Posted January 1, 2015 Share Posted January 1, 2015 "There's a sucker born every minute". Link to comment Share on other sites More sharing options...
RBOP Posted January 1, 2015 Share Posted January 1, 2015 I use to get persons with British accents calling me all the time at my office wanting to invest my money. They were very quoi at keeping you on the phone. Eventually I had to get rude and just started hanging up on the them. Now my secretary screens the calls. 1 Link to comment Share on other sites More sharing options...
MAJIC Posted January 1, 2015 Share Posted January 1, 2015 You found out the hard way not to trust anyone in Thailand, especially when money or property is involved,just hope you are able to get back on your feet again,it would also be nice if you could get some justice,but that rarely happens. regards Worgeordie I don't think this is really anything to do with Thailand. IT's just a standard ponzi scam that happens all over the world. OP just happened to be in Thailand, but could have happened anywhere. There are plenty of people I trust in Thailand. I base my trust on individuals not nationalities. Some of the biggest financial scams are in the USA. I still trust many Americans as well. The people I don't trust are those that offer too good to be true schemes. "I don't think this is really anything to do with Thailand. IT's just a standard ponzi scam that happens all over the world. OP just happened to be in Thailand, but could have happened anywhere" Of course it is to do with Thailand,that's where it happened,ponzi schemes are known worldwide,and in many Countries are illegal.If a countries policy is to bury it's head in the sand,where else do people who have been scammed attempt to get their money back? Link to comment Share on other sites More sharing options...
ronthai Posted January 1, 2015 Share Posted January 1, 2015 I did not click the link or Google it. But if you are going to invest your LIFE SAVINGS ($250.000) A little research (on Google) would have helped. In the TOP 10 anything Thailand, ThaiVisa.com is there, FOR MANY MANY YEARS NOW. Enough Same Same to read about. OP = PURE IDIOT OR TROLL Link to comment Share on other sites More sharing options...
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