Boiler Room Scammers

[al007]

There are many boiler room scammers based in Asia they are the dregs of the world

 

They prey on people who are not financially aware, who may well have worked hard all their lives and saved for retirement

 

They dangle carrots offering better than normal returns, and the poor investor looses all, one of these such may well have been murdered in Pattaya in his red Porsche recently, because he had upset colleagues, (choose your friends carefully

 

Why am I writing this because I received the following this morning, and I also attach my reply, returns on US dollars guarenteed above 5% only come with risks

 

Please look after your hard earned savings carefully, a fool or even an unsophisticated financially aware person, can very easily be ripped off

 

 

 

 

 

 

Stay happy and be lucky

[al007]

Well amazing absolutely amazing

 

My observations on where these returns were being offered, have been removed

 

PLEASE BE CAREFUL WITH YOUR MONEY, it is to be used for you to live on, for your pleasure, to pay your bills to lavish on yourself BUT not unknowingly be given to scammers

[ezzra]

 

So far the government is largely sitting on their hands and doing nothing about it,

and that's because no Thai people are affected, when Thai people will get

scammed, that's when the Thai government will spring into action... 'Nuff said...

Edited February 12, 2017 by ezzra

[champers]

If an offer seems too good to be true: it is.

[stevenl]

Well amazing absolutely amazing
 
My observations on where these returns were being offered, have been removed
 
PLEASE BE CAREFUL WITH YOUR MONEY, it is to be used for you to live on, for your pleasure, to pay your bills to lavish on yourself BUT not unknowingly be given to scammers

Very strict defamation rules in Thailand.

sent using Tapatalk

[al007]

10 minutes ago, stevenl said:

Very strict defamation rules in Thailand.

sent using Tapatalk
 

You are absolutely correct, and it works so strongly in favor of the crooks and dishonest, and make keeping the honest and gullible well informed  rather difficult,

 

I often wonder how sites like trip adviser manage to post honest and negative reviews about specific properties, if I owned a rip off place and someone wrote a bad but honest review all I would have to do is say defamation and it would probably vanish

[Ron19]

 
So far the government is largely sitting on their hands and doing nothing about it,
and that's because no Thai people are affected, when Thai people will get
scammed, that's when the Thai government will spring into action... 'Nuff said...

Check out a recent incident in Phitsanaluk where a bank manager scored 40million from gullible clients.

Sent from my iris 755 using Tapatalk

[ezzra]

10 hours ago, Ron19 said:

Check out a recent incident in Phitsanaluk where a bank manager scored 40million from gullible clients.

Sent from my iris 755 using Tapatalk
 

 

In deed, but the OP was lamenting about a boiler room operations preying on

the clueless among foreigners,

[simon43]

KHR in the OP's post refers to Cambodian Riels.  If this is a Cambodian bank, then it is entirely normal for established Cambodian banks to offer up to 8% or so interest per annum on KHR deposits and, AFAIK, no-one has ever lost their investment in these deposit accounts.

 

The same situation exists with Lao banks and Kip deposits.  High interest rates and no-one has lost their investment.

 

Having said that, they obviously haven't got a rating similar to Lloyds of London, and the investor should be careful.

 

Now if these types of return are being offered by a boiler room, then buyer beware.  But if the investor wants to put some funds into a high interest Lao or Cambodian bank, then the best route is to get on a plane and to visit the bank in person.

[theguyfromanotherforum]

I have seen close to 8% in Laos banks on foreign currency. Certainly not a scam, but it is a risk. I wouldn't do it, but in all honesty probably not a bigger risk than leaving your deposit in a Thai bank.

[Ron19]

 
In deed, but the OP was lamenting about a boiler room operations preying on
the clueless among foreigners,

Very strict defamation rules in Thailand.

sent using Tapatalk

I understand that but the principal is the same, a fool and his money are soon parted. The law are on to this because Thais are involved although there could be farangs as well.

Sent from my iris 755 using Tapatalk

[al007]

As an older man, who hates to see other honest people exploited, all I am saying is be careful

 

The defamation laws make it difficult to actually name, and show explicitly what I found, these laws protect the criminals

 

As a simple retired Chartered Accountant, who has worked globally in treasury and many areas of finance, I am simply trying to warn people, from my own personal experiences over many years

 

Many years ago, like maybe 1978/79 Mexico was offering 360% per annum interest on the peso, not a boiler room scam, BUT the currency was devaluing at a faster rate, so if you took 100US dollars invested in pesos, at the end of the year, despite the very high apparent rate you actually got back only 90 US$, at that time in the UK rates were close to 17% and even higher in the USA

 

It is quite possible to get to get higher rates on some currencies, but then you have to look at the exchange risk as well

 

The advert I refer to above, was made to look like a reputable Thai bank offering this, however when checked in a little more depth was a separate organisation, claiming to be set up to benefit children, although there was an email address looking very similar to the banks name

 

US $ and Thai Batt were both being suggested at around 8.5% for two year fixed, so they take your money and have two years before the day of reckoning, the advert refers to some risk, so in two years time when all is lost they say to you we told you of the risk

 

This is being offered in an unregulated country, in an unregulated financial environment, these types of adverts in Europe, USA, Australia are illegal

 

Also my post on that particular site was removed, this is a site promoting general investment, and my post was carefully worded, suggesting this is not kosher

 

I personally do not believe Thai Banks in Thailand are particularly risky

 

I am fortunate I have a very broad financial background, and generally get investing correct, but not always, I to have made expensive mistakes, I only try to gently warn people, be careful with hard earnt money

 

In the UK and Offshore QROPS pensions field there are many pensioners, including some Chartered Accountants, who have been ripped off, even honest investments can go wrong, but I say at least try to stay at the beginning with the honest ones so as to give luck a better chance

[al007]

I have to add the following, I believe a large number of these scammers originate from my country, United Kingdom, originally they hid on the costa del sol/crime, in southern Spain, but many have now migrated to Asia, and the cheap international call costs makes life easy for them here

 

Yes they will dress well, yes they drive expensive cars, yes they look successful, yes they talk well, and the little wife then says look they do so well why don't we listen to them

 

Wolf in sheeps clothing

[starky]

1 hour ago, al007 said:

I have to add the following, I believe a large number of these scammers originate from my country, United Kingdom, originally they hid on the costa del sol/crime, in southern Spain, but many have now migrated to Asia, and the cheap international call costs makes life easy for them here

 

Yes they will dress well, yes they drive expensive cars, yes they look successful, yes they talk well, and the little wife then says look they do so well why don't we listen to them

 

Wolf in sheeps clothing

Its good to see you being proactive but you must also realise greed is a big factor behind these people losing their money like the ponzis and pyramids and multitude of Nigerian scams these people willingly hand over huge amounts of cash some even going all in with their super or life savings ONLY because they think they are going to receive some massive return on their investment. Like one poster said if it sounds too good to be true, it is! While I feel a modicum of sympathy for these people end of the day with their lack of common sense  and foresight they really have no one but themselves to blame IMO. Do you also feel the same amount of hate for women (not only Thai) that pick on those that arent financially aware and do them out of houses, cars and their life savings too or is this just a narrow focus rant?

Edited February 13, 2017 by starky

[rak sa_ngop]

One bit of advice I can offer is to closely scrutinize the website. I once checked out a website for a friend of a fund based in the Caymen Islands. At the bottom of the website it gave the name of the web designers and their location; Pattaya.

 

It was a red warning flag to me. Unfortunately not to my friend who paid the price.

[al007]

40 minutes ago, starky said:

Do you also feel the same amount of hate for women (not only Thai) that pick on those that arent financially aware and do them out of houses, cars and their life savings too or is this just a narrow focus rant?

This is not intended to be a narrow focus rant

 

I believe I have above average financial intelligence

 

The average bad female preys on one , these prey on everyone

 

Yes I am trying honestly and without motive to stop some of this exploitation

 

The wealthy , if they are stupid and greedy their problem

 

But lets take the man of 70, retired in Thailand, has told the UK he is here and does not get his inflation linked rise every year, maybe he has £60,000 in the bank, and is struggling to make ends meet, and he is getting almost no interest on his money, that is where my so called rant is aimed, a 7 to 8% return to him is very attractive, maybe at home he was a fireman, or a policeman, or a store keeper who knows

 

Governments in my country the UK try to protect people. and I am only trying in my own little way to offer advice,

 

And Yes i was ripped off by one Russian/Israeli bitch, she took 85% of my worldwide assets after 15 months of marriage, but I learnt and am not bitter, without that bitch from hell, I would not have my peace and contentment today with my thai wife of 9 yrs, I learn from my mistakes and try to share my experiences to help others

 

Thai Visa is only as good as the quality of the posts it receives

 

 

Edited February 13, 2017 by al007

[Bulldozer Dawn]

Al007

 

You will recall that I am a long term member and fellow participant on TV.

 

I commented recently on one of your posts on another thread about live aboard sailing.  I observed that it was a wise and insightful comment upon life especially given your current health situation.  I understand, from your own previous posts here on TV, that you are currently battling cancer and have other very serious related health problems. You thanked me for my kind words.

 

With respect however, your opening post here would seem dreadfully ill informed, misleading and perhaps defamatory.

 

THE ARTICLE YOU HAVE QUOTED

You have just provided a small extract from the article you are referring to (with out providing a link to the source) and making comments and accusations that are not in any way related to its content.

 

It is not difficult to see why the moderator of the relevant website chose to delete your remarks.

 

The full article, from which you extracted just the table of rates, has no affiliate marketing or any other form of sales pitch or banner ads associated with it whatsoever.  It is located here:

 

Kasikorn Bank Opens Branch in Cambodia

 

If any one cares to click on the above link and read the short article they will see that it simply:

 

1. Advises that Kasikorn has opened its first branch in Cambodia in Phnom Penh on 8 Feb this year and provides the contact details for that branch.

 

2. Comments that interest rates with Cambodian banks are usually higher then those offered by banks in America and other western countries.

 

3. further comments that the rates offered by Cambodian micro finance funds are often higher than those offered by banks and provides a link to the interest rate page for VisionFund Cambodia.  The link to that page is located here:

 

VisionFund Cambodia Term Deposits

 

4. At the end of the article the author then states (and I quote directly):

 

" If you are interested in investing in Cambodian term deposits, please take care to note that the high interest rates that are offered are a reflection of the social, political and economic risks inherent in an emerging economy."

 

The author did nothing more than point out that it is now easier to invest in micro finance funds in Cambodia because you can move money from a Thai bank to one of its branches in Phnom Penh and from there make a deposit into a micro finance fund.  In the past (before Thai banks had branches in Cambodia) some people would physically transport their cash across the border - a less than ideal situation.  And one Simon43 now finds himself in also (noting of course he is moving funds from Myanmar to Thailand not Thailand to Cambodia)

 

ABOUT VISIONFUND

VisionFund is the micro finance arm of Word Vision (a global charity network) that has an impeccable long term history of helping impoverished children in over 70 countries.

 

I am sure that Mr Jason James Evans, Mr Adrian Merryman and the other directors of VisionFund would be horrified, and insulted to learn that you are implying that they are boiler room scammers located in Asia and the dregs of the world.  The directors' CVs. are located here:

 

VisionFund Board of Directors

 

While I appreciate you started this thread for altruistic reasons, and that you claim to have yourself fallen victim to scammers during your interesting life, I thought it best to provide further additional background information, and suggest to you that, in light of that information, the accusations you have made here in this thread would seem ill informed, erroneous and quite possibly defamatory.

 

I wish you all the best for your health and for the new year ahead.

 

 

 

 

Edited February 13, 2017 by Bulldozer Dawn

[BKKBodhisattva]

[al007]

4 hours ago, Bulldozer Dawn said:

Al007

 

You will recall that I am a long term member and fellow participant on TV.

 

I commented recently on one of your posts on another thread about live aboard sailing.  I observed that it was a wise and insightful comment upon life especially given your current health situation.  I understand, from your own previous posts here on TV, that you are currently battling cancer and have other very serious related health problems. You thanked me for my kind words.

 

 

Ok lets try and clear the air

 

I am very aware of defamation laws, and do not wish to go there

 

I appreciate your opinion, and trust on a reciprocal basis I am also allowed to have an opinion

 

I wrote some general comments without naming any one or intending to shame anyone particularly as is still my wish

 

You have named a bank and a financial institution  giving the  links, something I did not do, especially respecting defamation laws

 

Maybe other TV members will check those links and offer their views

 

I MAYBE INCORRECT ON MY DOUBTS but believe I am entitled to my personal opinion

 

I stand very strongly behind my comments that to obtain 8% returns on US dollars without very high risk is almost impossible, show me and I will invest substantially

 

We do also live in an environment where boiler house scammers are prevalent unfortunately

 

Am I not entitled to my opinion do not touch it with a barge pole, only my humble opinion, I was also wrong on the Facebook floatation, I thought it was overpriced, I was so very wrong

 

Obviously you have seen the same advert that I also saw, , you are suggesting to me that I have made defamatory statement, I assure you and all others that is not my intention

 

I have also seen on this other site a poster with a similar name to yours Bulldozer, I draw no conclusion from this, but wonder if the two are the same with vested interests

 

Would it be possible for you to say whether or not you have any interest in this other forum

 

I have also tried to unsubscribe from this other website

 

I wish to quietly enjoy what life I may have left

 

Please do not upset further an old man dying from both Prostate and Colorectal cancers

 

You are VERY entitled to your opinion but please allow others to draw their own conclusions

 

MAYBE THE MODERATORS FEEL THIS THREAD SHOULD BE CLOSED, AND I LEAVE THAT DECISION UPTO THEM, all I am trying to do is honestly save the financially uneducated from loosing money, many honest people are maybe too trusting

 

God Bless