webfact Posted May 10, 2017 Share Posted May 10, 2017 ‘Duped’ forex investors file police complaints By The Nation BANGKOK: -- About 100 people led by Samart Jenchaijitwanich, president of the Stop Money Game Federation, filed police complaints against two private firms on Tuesday, claiming they’d been duped into making foreign-exchange investments on the promise of high returns. The group filed formal complaints against Innovision Holding Co and The System: Plug & Play Co with the Department of Special Investigation at the Government Complex in Bangkok’s Lak Si district. The federation has claimed that 40,000 people across the country lost a total of Bt2 billion in the alleged scam, buying forex investment packages ranging in price from Bt4,500-Bt108,000. It said they were promised 30-per-cent monthly returns on their investments. -- © Copyright The Nation 2017-05-10 Link to comment Share on other sites More sharing options...
mjnaus Posted May 10, 2017 Share Posted May 10, 2017 Greed and stupidity make one nasty combination! Link to comment Share on other sites More sharing options...
tomwct Posted May 10, 2017 Share Posted May 10, 2017 (edited) Thai's must be pretty stupid when it comes to investing. They all seem to take the high return schemes when the bank's are paying 1/2 % per year in interest on savings. A 20% per month interest sounds pretty good. Here's my 2 million! Edited May 10, 2017 by tomwct Link to comment Share on other sites More sharing options...
Misterwhisper Posted May 10, 2017 Share Posted May 10, 2017 I'd rather see those idiots carrying placards reading "I am sorry for being stupid and greedy!" or "It's my own fault that I'm a gullible fool" Link to comment Share on other sites More sharing options...
akampa Posted May 10, 2017 Share Posted May 10, 2017 Don`t people ever learn" that if it`s to good to be true it probably is" Link to comment Share on other sites More sharing options...
midas Posted May 10, 2017 Share Posted May 10, 2017 (edited) deleted Edited May 10, 2017 by midas Link to comment Share on other sites More sharing options...
trogers Posted May 10, 2017 Share Posted May 10, 2017 53 minutes ago, akampa said: Don`t people ever learn" that if it`s to good to be true it probably is" From tree bark rubbing to online betting...is a giant leap. But calling gambling, an investment, is plain excuse! Link to comment Share on other sites More sharing options...
Fulwell53 Posted May 11, 2017 Share Posted May 11, 2017 18 hours ago, tomwct said: Thai's must be pretty stupid when it comes to investing. They all seem to take the high return schemes when the bank's are paying 1/2 % per year in interest on savings. A 20% per month interest sounds pretty good. Here's my 2 million! But hey spruikers and bagmen dont do similar in the west. Do you read the news ? Hundreds of thousands of chinese lost everything when their stock exchange was listing dodgy shares. Enron, Ponzi schemes ... People of all hues and nationalities get ripped off daily by scammers yet you suggest only thais are gullible enough to fall for it. More unwarranted baseless thai bashing. Link to comment Share on other sites More sharing options...
darksidedog Posted May 11, 2017 Share Posted May 11, 2017 The depth of stupidity in believing a 30% monthly return is possible. 30% annually, would have had me moving my money swiftly in the opposite direction. The report should have started, "About 100 seriously retarded idiots led by Samart Jenchaijitwanich......" Link to comment Share on other sites More sharing options...
klauskunkel Posted May 11, 2017 Share Posted May 11, 2017 (edited) Samart Jenchaijitwanich, president of the Stop Money Game Federation: "We used to call ourselves "Help Us, We Are Stupid Federation", but the membership felt that name would invoke a negative reaction to our plight. So we changed it to the current name. We are still stupid, though." Edited May 11, 2017 by klauskunkel Link to comment Share on other sites More sharing options...
ezzra Posted May 11, 2017 Share Posted May 11, 2017 We all have our weak and gullible moments in life when we tempted to belive and accept the improbable, but we have our common senses to thank for not being in these predicaments too often or too deep, a trait Thais are sourly lacking...... Link to comment Share on other sites More sharing options...
dibley69 Posted May 11, 2017 Share Posted May 11, 2017 (edited) You can make 30%+per month returns on fx trading and daytrading on the nasdaq stock exchange BUT...it takes time, effort, study, patience, knowledge and understanding. It appears these folks had none of the above. "A fool and their money" Edited May 11, 2017 by dibley69 Ommissions Link to comment Share on other sites More sharing options...
Regyai Posted May 11, 2017 Share Posted May 11, 2017 Its an unwritten law of nature that stupidity repells wealth like opposite magnetic poles. Link to comment Share on other sites More sharing options...
Mickmouse1 Posted May 11, 2017 Share Posted May 11, 2017 Well I can not say it is impossible to achieve a 30% margin on FX but those who are ignorant of the market they only go by what they are told combined with their love for quick high profit (GREED). Greedy people are the easiest to get fooled and swindled. Where was the authority while this scam was taking place? Link to comment Share on other sites More sharing options...
reenatinnakor Posted May 11, 2017 Share Posted May 11, 2017 30 per cent a year is already at the higher end of any Fx investment strategy! 360 per cent a year is just stupid. If you believe this then you deserve to lose your money. Sent from my LG-H990 using Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
Reigntax Posted May 11, 2017 Share Posted May 11, 2017 Only 30% per month? Link to comment Share on other sites More sharing options...
tomacht8 Posted May 11, 2017 Share Posted May 11, 2017 The money is not gone. It has only someone else. Link to comment Share on other sites More sharing options...
Jane Dough Posted May 11, 2017 Share Posted May 11, 2017 I have been patting myself on the back seeing my investment in pounds rise a few percent over the last couple of weeks. 30 percent at fx? ...dream on! The only 30% i would be reasonably sure of are the Thai bashers on here. There are gullible everywhere, they still deserve the protection of the law. Link to comment Share on other sites More sharing options...
kkerry Posted May 11, 2017 Share Posted May 11, 2017 Here was I thinking I was doing okay with my current share portfolio up nearly ten percent in six months, plus dividends on top of that... expecting thirty percent a month is just pure greed. Link to comment Share on other sites More sharing options...
Myshkin Posted May 11, 2017 Share Posted May 11, 2017 8 hours ago, Fulwell53 said: But hey spruikers and bagmen dont do similar in the west. Do you read the news ? Hundreds of thousands of chinese lost everything when their stock exchange was listing dodgy shares. Enron, Ponzi schemes ... People of all hues and nationalities get ripped off daily by scammers yet you suggest only thais are gullible enough to fall for it. More unwarranted baseless thai bashing. And don't forget Bernie Madoff! Even the ultra rich get scammed worldwide! Link to comment Share on other sites More sharing options...
worgeordie Posted May 11, 2017 Share Posted May 11, 2017 This scamming business seems to be a growth industry,no shortage of greedy stupid people,with lots of money, it seems,less chance of getting caught than robbing a bank,and returns are very good.plus the police don't seem that enthusiastic to come after you,I mean not in the same way if you were selling E -cigarettes,then they come after you,where if you are a big scammer they tell you to report to the station,and you just say cannot come in too busy scamming people,OK regards worgeordie Link to comment Share on other sites More sharing options...
Gary A Posted May 11, 2017 Share Posted May 11, 2017 When these scams show up, I always wonder why the people who know how to easily make the BIG money are willing to share their secrets. Pretty black and white in my eyes. Link to comment Share on other sites More sharing options...
thaipara Posted May 11, 2017 Share Posted May 11, 2017 In fact, if you reinvest the monthly gains, 100 baht at 30% per month would give you 2329.81 baht at the end of the year -- more than 2000% gain, not 360%. The power of compound interest! Link to comment Share on other sites More sharing options...
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