MrWorldwide Posted January 4, 2015 Share Posted January 4, 2015 Don't ever trust anyone in the amazing LOS... I would trust any Thai (except ones wearing suits, who are in the small minority) before I would trust most Westerners. Yes. This scam was conceived entirely by Westerners. The IFA, the fraudsters and the liquidators are all Western. I just happened to be based in Phuket at the time. The Investors are based globally. I wish I'd never met Barry Payne. I wish I'd never gone to Phuket. I wish I had a time machine. Thanks for that - its interesting that so few of the usual suspects bothered to actually read your blog entry - they've just launched into their usual rants. I have no particular reason to apologise for the actions of a segment of the Thai or foreigner populations here - there are scum everywhere - but it's disappointing that so many conmen seem to feel free to operate without fear of prosecution. If I can take one quote from your blog, I'd like to offer a comment on this: A quarter century of hard work …… gone. I want to cry when I think of the condos, motorbikes and women this could’ve bought Each of the above could easily have accounted for your ~225K (for those who havent read the blog, it wasnt actually 250K), although owning motorbikes without health insurance would be the height of recklessness. Cold comfort, but as someone who is busily blazing his way through his retirement funds (lump sum, not a pension), I've managed to bang myself up pretty good with neither motorbike nor Thai partner to take credit for feeling closer to 85 than 55 some mornings. If your story has a silver lining, it's that you are still young and fit enough to pick up the pieces - for many of us, there's no going back. We all want that time machine - my back and shoulder will only get worse from here, and I expect that there are many in a similar boat on this forum. i took my health for granted well into my late 40s - som nam na Good luck with your future plans and I hope they track down the people responsible. 2 Link to comment Share on other sites More sharing options...
R123 Posted January 4, 2015 Share Posted January 4, 2015 (edited) OP: Thank you so much for sharing your story with us, as its a lesson for everyone. A few observations, and i apologise if mentioned by others. I assume that you have explored all legal possibilities of recovering your money including any possible personal actions against individuals who were behind the scam? Sometimes the veil of incorporation can be lifted when criminality is at play. In view of how you were robbed etc., what happened to you needs to get the widest publicity and those responsible named and shamed. Have you told your story to the likes of the British national press such as the money page of the Daily Mail? You may get any money back but at least you know the crooks behind this racket are hung out to dry. And I really hope any other people who are the victims of scams similar or otherwise will post their experiences so we can all be more cautious. Edited January 4, 2015 by R123 Link to comment Share on other sites More sharing options...
Changnoi2 Posted January 4, 2015 Share Posted January 4, 2015 Best to get back to Farangland and make some of it back or you will regret that also. 10 years would suffice And what ever you do, don't let someone else spend your money. 1 Link to comment Share on other sites More sharing options...
bangmai Posted January 4, 2015 Share Posted January 4, 2015 A lawsuit ETF, that is only listed in the Cayman Islands? Link to comment Share on other sites More sharing options...
ffaarraanngg Posted January 6, 2015 Share Posted January 6, 2015 I just googled Barry Payne, presumably its this guy http://www.zoominfo.com/p/Barry-Payne/1208653175 Is it Montpelier Group he was working for, as I was offered work for them in 2006/7 ... I was a property salesman at the time. Anyway if it is he may be liable for his dodgy sales http://www.moneymarketing.co.uk/news-and-analysis/advisers/ex-montpelier-directors-pursue-advisers-over-claims/2002341.article Link to comment Share on other sites More sharing options...
Asiantravel Posted January 6, 2015 Share Posted January 6, 2015 I just googled Barry Payne, presumably its this guy http://www.zoominfo.com/p/Barry-Payne/1208653175 Is it Montpelier Group he was working for, as I was offered work for them in 2006/7 ... I was a property salesman at the time. Anyway if it is he may be liable for his dodgy sales http://www.moneymarketing.co.uk/news-and-analysis/advisers/ex-montpelier-directors-pursue-advisers-over-claims/2002341.article “ a liability provision for £284,261 “ Even if they won the lawyers fees would be astronomic Link to comment Share on other sites More sharing options...
Asiantravel Posted January 6, 2015 Share Posted January 6, 2015 some of these crooks are even into the mortgage business " The Melbourne man at the centre of an alleged $110 million mortgage fraud holds a senior position in one of the country's largest mortgage brokerage networks, raising concerns that the true scale of the potential financial losses is yet to be known." http://www.smh.com.au/business/massive-fraud-link-to-melbourne-mortgage-broker-20150106-12iyui.html Link to comment Share on other sites More sharing options...
hhgz Posted January 7, 2015 Share Posted January 7, 2015 I have a farang friend who walked into a bar and, after a few drinks, commented to the bartender, "I have a lot of money to invest in Thailand. Can anyone help me out?" Within a few years, he managed to lose several million USD in some of the most obvious, spectacularly inept frauds you can imagine. Let's see...there was the "bringing in $5M worth of $20 loaded in suitcases, and he only has to pay $50K in fees". Then there was "several trillion dinar loaded on pallets in secret locations waiting to be shipped to Thailand, after he paid a $100K fee". My favorite was "the Chinese official who had sold his friend the port of Shanghai, and he could buy a 50% share for $1M." Human greed and naivety are boundless. Link to comment Share on other sites More sharing options...
Spaniel Posted January 7, 2015 Share Posted January 7, 2015 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!!!! Sorry about your loss but I'm wondering how exactly this loss happened? In 2008 when the stock market crashed I was down around $165,000 but I held on and didn't sell and of course was well rewarded over the next 6 years. 1 Link to comment Share on other sites More sharing options...
Asiantravel Posted January 7, 2015 Share Posted January 7, 2015 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!!!! Sorry about your loss but I'm wondering how exactly this loss happened? In 2008 when the stock market crashed I was down around $165,000 but I held on and didn't sell and of course was well rewarded over the next 6 years. but that " recovery " was attributable to the trillions pumped in under QE when it goes down again this time they have spent their ammunition 2 Link to comment Share on other sites More sharing options...
copa8 Posted January 8, 2015 Share Posted January 8, 2015 (edited) I want to cry when I think of the condos, motorbikes and women this could’ve bought. " females as a traded good...nice. guess you meant only asian and not white ones? Edited January 8, 2015 by copa8 Link to comment Share on other sites More sharing options...
SheungWan Posted January 9, 2015 Share Posted January 9, 2015 (edited) 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!!!! Sorry about your loss but I'm wondering how exactly this loss happened? In 2008 when the stock market crashed I was down around $165,000 but I held on and didn't sell and of course was well rewarded over the next 6 years. but that " recovery " was attributable to the trillions pumped in under QE when it goes down again this time they have spent their ammunition Those that caved are sooo pissed off. You get the whingeing rights and a crystal ball. He, on the other hand, gets the bragging rights and some dividends no doubt. However, the Thai story above is that of those who entrusted their wealth to no-name outfits in order to chase the dream and inevitably repent at leisure. Edited January 9, 2015 by SheungWan 1 Link to comment Share on other sites More sharing options...
roo860 Posted March 2, 2015 Share Posted March 2, 2015 Anyone who invested in Centaur Litigation Fund check your portfolio, might be some good news coming. Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted March 2, 2015 Share Posted March 2, 2015 What is OP's story? I get different links when Googling "how i lost $250000 in phuket" Link to comment Share on other sites More sharing options...
roo860 Posted March 2, 2015 Share Posted March 2, 2015 What is OP's story? I get different links when Googling "how i lost $250000 in phuket"Are you an investor in the fund? Link to comment Share on other sites More sharing options...
jspill Posted March 2, 2015 Share Posted March 2, 2015 What is OP's story? I get different links when Googling "how i lost $250000 in phuket" http://www.awolgeordie.com/2014/10/how-i-lost-250000-with-centaur.html Link to comment Share on other sites More sharing options...
SheungWan Posted March 2, 2015 Share Posted March 2, 2015 $250,000 is a dangerous amount of savings to bring to Thailand. It is not enough to live on long term but appears enough as a base if going for higher risk investments. The FA's tell such investors exactly what they want to hear. It can be done. And then it isn't. Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted March 2, 2015 Share Posted March 2, 2015 What is OP's story? I get different links when Googling "how i lost $250000 in phuket" http://www.awolgeordie.com/2014/10/how-i-lost-250000-with-centaur.html Thanks Link to comment Share on other sites More sharing options...
KittenKong Posted March 3, 2015 Share Posted March 3, 2015 $250,000 is a dangerous amount of savings to bring to Thailand. Any amount of savings is a dangerous amount to bring to Thailand. Thailand is full of scams and scammers, of all skin colours and nationalities. Link to comment Share on other sites More sharing options...
MrWorldwide Posted March 3, 2015 Share Posted March 3, 2015 (edited) Apologies to the OP, but quite a few here seem to be under the misconception that this loss was courtesy of the Thais - my understanding is that the only crime Thailand has committed is allowing the financial advisor at the centre of this into the country - this could just as easily have been 'How I lost 250K in Majorca' - happy to hear otherwise. No shortage of scoundrels here, but its interesting that the vast majority of longtimers here in Pattaya, supposedly the epicentre of Thai-based criminal activity, have managed to hang onto their cash. We can dedicate another thread to the fate of those that dont, but we have quite a few in the Pattaya forum who have been here for 15+ years and are still making ends meet. I've taken the liberty of summarising what I believe are the key points from the OPs blog - its at the link a few posts up from here. Bolding is mine. First off it was ‘only’ $225,000 (£140,000 or 7.3M THB). I rounded to the nearest $50,000 for effect. However, with interest it would’ve been almost $0.25M. Phuket? Thailand? Yes. I was working there when I met Bxxxxxxxxxxx, a QPR supporter from the south of England Over the course of 2011 Bxxxxxx (a financial adviser with www.xxxxx.xxx) started hinting at a new investment vehicle he was touting. I toyed with the idea for six months before plunging in November 2011. I scrutinised the brochure with a feverish intensity satisfied there was no sleight of hand. I was shaking as I transferred most of my life savings to an HSBC account in Hong Kong In June 2014 the funds went into Provisional Liquidation Edited March 3, 2015 by MrWorldwide Link to comment Share on other sites More sharing options...
georgegeorgia Posted March 3, 2015 Share Posted March 3, 2015 Your Mum died in 2008...thats what you say on your blog. She left it to you didnt she ? You are a very very silly man and actually i just want to hug you and hope you really can learn from this. Link to comment Share on other sites More sharing options...
georgegeorgia Posted March 3, 2015 Share Posted March 3, 2015 (edited) I dont know how u were going to retire on 7 million baht anyway..aint a lot of m9ney nowadays.. i guess u could of bought yourself a decent house...but even in the UK 7 million baht would only biy a small flat. Edited March 3, 2015 by georgegeorgia Link to comment Share on other sites More sharing options...
georgegeorgia Posted March 3, 2015 Share Posted March 3, 2015 (edited) I guess the snart ones were the managers? What happened to the Judge? HE must of made money from it ? Edited March 3, 2015 by georgegeorgia Link to comment Share on other sites More sharing options...
roo860 Posted March 3, 2015 Share Posted March 3, 2015 At this moment in time things are looking quite good for the continuation of the said fund. Link to comment Share on other sites More sharing options...
rocketron57 Posted March 3, 2015 Share Posted March 3, 2015 At this moment in time things are looking quite good for the continuation of the said fund. Do you really think so roo860? How many investors do you think will be willing to put more money in to keep the funds going, with no guarantee that they will recover any of their original investment and no capital protection on any new money that is injected into the funds? Link to comment Share on other sites More sharing options...
roo860 Posted March 3, 2015 Share Posted March 3, 2015 At this moment in time things are looking quite good for the continuation of the said fund. Do you really think so roo860? How many investors do you think will be willing to put more money in to keep the funds going, with no guarantee that they will recover any of their original investment and no capital protection on any new money that is injected into the funds? Sent you a pm. Link to comment Share on other sites More sharing options...
tif Posted March 3, 2015 Share Posted March 3, 2015 Sounds like a nice lad dddave. What happened to virtues like integrity, honesty and honour? Left at the airport along with commonsense credulousness and critical thinking. Link to comment Share on other sites More sharing options...
tif Posted March 3, 2015 Share Posted March 3, 2015 (edited) Rule Number 1: Never ever take 'advice' from slimy b4st4rds in suits. Nonsense. I've been living here for over a decade spending over a million baht per year and my net worth is the same as when I came - all thanks to my Financial Adviser (who wears very nice suits). It's up to you to check out your advisor. I agree with your core point but "been living here for over a decade spending over a million baht per year and my net worth is the same as when I came" is meaningless without knowing your net worth. Could be a very good rate of return or could be a poor return. It's not meant to indicate my rate of return, otherwise I may as well show you my yearly valuations. But the main point is that there are very professional financial advisers who take good care of your money because the more it makes, the more they make. .Spherical objects. Edited March 3, 2015 by tif Link to comment Share on other sites More sharing options...
MrWorldwide Posted March 3, 2015 Share Posted March 3, 2015 Your Mum died in 2008...thats what you say on your blog. She left it to you didnt she ? You are a very very silly man and actually i just want to hug you and hope you really can learn from this. I doubt that any amount of hugs will compensate the OP for the pain and suffering he has endured, and I suspect that it's not helped by being told he's a 'very silly man' by arguably one of the tightest people in Thailand. The last time I checked you were waiting for a pair of secondhand sneakers (70 baht, if memory serves) to dry - based on the OP's overriding concern that he needed a lot more than 225K to retire on, I suspect that his bar may have been set a little higher than that. I dont have a problem with thrift - I do have a problem with tightwads judging those of us who realise that we'll be dead for a very long time. Enjoy your 90s. http://www.thaivisa.com/forum/topic/796722-minimalist-living-in-pattaya/?p=9134647 1 Link to comment Share on other sites More sharing options...
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