Police crack down over Bt10-bn 'pyramid scam'

[TheFishman1]

So who will be driving all those car?

[Whyamiandwhatamidoinghere]

Must be Nigerian Malaysians...

[JOC]

I think there is some confusion to this article...

U-Fun is not the issue, it's a small group that has been creating "stores" where you can spend your U-Fun money.

U-Fun was investigated by the Thai government and even publicly apologized to U-Fun for not being a scam.

U-Tokens are virtual currency like Bitcoin, but more of a way to spend the mutual stock in certain companies.

What U-Fun does is invest in mutuals in various Chinese companies and the U-tokens are the shares and rather than

going through a brokerage firm to get your money, you can use your U-Tokens. It's actually quite brilliant.

I am not sure from this article that U-Fun is in trouble, but to me it looks like a group of people has been scamming people

to use their U-Tokens at virtual stores that don't exist.

There is not pyramid to U-Fun, you can invest by buying U-Tokens and when the stock in the companies they invest in go up

so do your earnings. If you want to promote U-Fun, you can and make commissions as you're getting paid like a broker would

for finding investors.

Just a note, I am not an investor with U-Fun, but I have researched it as I know many that are. Cheers!

Poor you. Just joined and the house of cards are coming tumbling down!!

If you hurry up, you might find a sucker, who hasn't heard the news, and will buy your snake oil.....

[Acharn]

Certainly is a Pyramid-Ponzi scheme

[poweratradio]

There is another Farang from California running same scam been advertising on craigslist But got seriously pissed when I called him on it. Hope they bust him too.

This topic is about the scam here...NOT California

[poweratradio]

Simple rule to follow if it sounds to good to bet true then it is scam.

DUH...!!!!!

[poweratradio]

Simple rule to follow if it sounds to good to bet true then it is scam.

what was that saying "you can't cheat an honest man..."

No sorry ! There is no such saying....!

[poweratradio]

never learning ? quickly to forget ?

Mae Chamoy Thipyaso, the Thailand wife of a senior officer from the Royal Thai Air Force, founded an investment firm by the name Mae Chamoy Funds. The woman used the infamous Ponzi scheme in order to trick a large number of investors. Nearly half a century after Charles Ponzi was caught cheating with the scheme Thipyaso and seven accomplices thought they could trick investors with the notorious pyramid scheme. However, they didn’t manage to get away with it and in July 1989 Thipyaso and the seven other schemers were sentenced all to a total of 141,078 years behind bars. In comparison to Ponzi and his 17 years in jail Thipyaso and her accomplices didn’t manage to get easily out of their situation.

By the time they were caught and sentenced at a court in Bangkok, Thailand, they had tricked over 16,000 Thais and had built a system worth $204 million at that time.

We needed to have you give us a historical lesson FOR WHAT REASON????? Hope you feel better now getting that out of your cobwebs.

[poweratradio]

I think there is some confusion to this article...

U-Fun is not the issue, it's a small group that has been creating "stores" where you can spend your U-Fun money.

U-Fun was investigated by the Thai government and even publicly apologized to U-Fun for not being a scam.

U-Tokens are virtual currency like Bitcoin, but more of a way to spend the mutual stock in certain companies.

What U-Fun does is invest in mutuals in various Chinese companies and the U-tokens are the shares and rather than

going through a brokerage firm to get your money, you can use your U-Tokens. It's actually quite brilliant.

I am not sure from this article that U-Fun is in trouble, but to me it looks like a group of people has been scamming people

to use their U-Tokens at virtual stores that don't exist.

There is not pyramid to U-Fun, you can invest by buying U-Tokens and when the stock in the companies they invest in go up

so do your earnings. If you want to promote U-Fun, you can and make commissions as you're getting paid like a broker would

for finding investors.

Just a note, I am not an investor with U-Fun, but I have researched it as I know many that are. Cheers!

WOW...Thank you for your 3rd hand or is it 4th hand knowledge or 10th hand. This from a what? You? Quote>just a note, I am not an investor with U-Fun, but I have researched it as I know many that are. Cheers!< unquote He researched it okay....

[USNret]

Sounds more like a Ponzi scheme than Pyramid. Ponzi is using cash deposits from new "investors" to pay off previous ones, thereby duping everyone to put in more & more money. Pyramid is establishing multiple levels of sales force; the ones at the top skim profits from the ones at the bottom. It works out great for the early joiners, but it is a mathematical certainty that the vast majority will lose money. If your wife's cousin is trying to sell her cosmetics & recruiting your wife to also sell, this is a pyramid scheme. Your wife will lose everything she pays in to obtain inventory for resale.

[cookee68]

Love the 3 Malaysian names

[HOOD Robin]

Sounds like Amway to me! The first thing they tell you is that it is not a pyramid scheme, then they get out thei r white board and draw a pyramid with some rich guy at the top.

Some people clearly dont know what they talking about... lol

Amway is the mother of all MLM companies! Nothing wrong with it... Just like Herbalife, Nu Skin and many others they excist already more than 50 years !

The big difference with Ponzi's like Ufun is that they have a.... PRODUCT that is sold worldwide! Anything wrong with that ? i dont think so....

In Ufun folks get paid to bring other peeps in the biz... and that is clearly a Ponzi !

[MacWalen]

Sounds like Amway to me! The first thing they tell you is that it is not a pyramid scheme, then they get out their white board and draw a pyramid with some rich guy at the top.

And if you draw other organisations, government, army, church, public company etc. they all look like a pyramid, don't they? There is always some big and usually rich guy at the top. You are referring to MLM companies. This is a big business around the world.

[MacWalen]

There is another Farang from California running same scam been advertising on craigslist But got seriously pissed when I called him on it. Hope they bust him too.

Yes, there was an American promoting this scam. He must be running now.

[MacWalen]

Certainly is a Pyramid-Ponzi scheme

Exactly, this is how the whole world works. There is always a guy at the top.

[MacWalen]

I've been getting emails lately from a "pump-and-dump" stock scammer with the domain name of assetallocation.biz. Even though I called him out on his game, he keeps emailing me regardless. Scum.

And I got a call form boiler room boys a few days ago. Have to be careful for sure.

[JOC]

Sounds like Amway to me! The first thing they tell you is that it is not a pyramid scheme, then they get out their white board and draw a pyramid with some rich guy at the top.

And if you draw other organisations, government, army, church, public company etc. they all look like a pyramid, don't they? There is always some big and usually rich guy at the top. You are referring to MLM companies. This is a big business around the world.

And if you draw other organisations, government, army, church, public company etc. they all look like a pyramid, don't they? There is always some big and usually rich guy at the top

MacWalen..............................................

[gk10002000]

I've been getting emails lately from a "pump-and-dump" stock scammer with the domain name of assetallocation.biz. Even though I called him out on his game, he keeps emailing me regardless. Scum.

And I got a call form boiler room boys a few days ago. Have to be careful for sure.

Might want to be careful about those people that offer investor seminars too, especially if their books aren't opened, credentials not presented, etc.