Victims of Thai Forex Ponzi Scheme Wealthy-Plus Claim $2.8m Lost
- The Wealthy-Plus operation has cost some 1000 investors their life savings after advertising on Facebook and LINE.
Another set of victims of a fraudulent Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term-like Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term investment management fund have taken action to look for their funds after filing a police report. The 30 victims of Wealthy-Plus which have turned to the police state that about 1000 people have been cheated out of their savings.
The forex scheme was impersonating an investment management company with its website currently being offline. The scheme was providing to investors a set of “investment packages” where promised returns were as high as 60 per cent.
The first bracket was looking for clients willing to invest between 1,000 and 5,000 THB ($30 - $150) and promised 30 per cent. With the amount of the packages being classified into silver, gold, platinum and diamond, the latter was looking for clients who can afford to commit between 50,000 and 120,000 THB ($1400 - $3400).
Ponzi Scheme was Active a Touch Over 2 Months
Ranging from very poor families which committed their life savings, to relatively well off individuals by Thai standards, the investors filed complaints with the Technology Crime Suppression Division at the government complex in Bangkok earlier today.
The total amount of funds which have been confirmed by the victims who filed the complaint is about $2.8 million (100 million THB).
Wealthy-Plus has been actively advertising on social media, including a Facebook page and an account on online chat service LINE, which is particularly popular in South-East Asia. The scheme appears to have been operating in a multi-level marketing manner with clients being promised more returns if they bring in clients.
The website and the Facebook page disappeared on July 22nd with the website being registered since the end of May. The clients have been contacted by other victims from a neighboring country to Thailand, stating that they have been duped into a similar scheme.
Investors in managed funds should be weary of companies which are promising fixed returns regardless of market conditions. Ponzi schemes can also be recognized if they promise bonuses provided that the client brings in new clients or invests a particularly large amount of money.
Another set of victims of a fraudulent Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term-like Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term investment management fund have taken action to look for their funds after filing a police report. The 30 victims of Wealthy-Plus which have turned to the police state that about 1000 people have been cheated out of their savings.
The forex scheme was impersonating an investment management company with its website currently being offline. The scheme was providing to investors a set of “investment packages” where promised returns were as high as 60 per cent.
The first bracket was looking for clients willing to invest between 1,000 and 5,000 THB ($30 - $150) and promised 30 per cent. With the amount of the packages being classified into silver, gold, platinum and diamond, the latter was looking for clients who can afford to commit between 50,000 and 120,000 THB ($1400 - $3400).
Ponzi Scheme was Active a Touch Over 2 Months
Ranging from very poor families which committed their life savings, to relatively well off individuals by Thai standards, the investors filed complaints with the Technology Crime Suppression Division at the government complex in Bangkok earlier today.
The total amount of funds which have been confirmed by the victims who filed the complaint is about $2.8 million (100 million THB).
Wealthy-Plus has been actively advertising on social media, including a Facebook page and an account on online chat service LINE, which is particularly popular in South-East Asia. The scheme appears to have been operating in a multi-level marketing manner with clients being promised more returns if they bring in clients.
The website and the Facebook page disappeared on July 22nd with the website being registered since the end of May. The clients have been contacted by other victims from a neighboring country to Thailand, stating that they have been duped into a similar scheme.
Investors in managed funds should be weary of companies which are promising fixed returns regardless of market conditions. Ponzi schemes can also be recognized if they promise bonuses provided that the client brings in new clients or invests a particularly large amount of money.