snoop1130 Posted February 9, 2018 Share Posted February 9, 2018 Bitter investors file complaint of millions lost in Phuket Ponzi scheme Suthicha Sirirat The group say they have lost B19 million invested in the network. Photo: Suthicha Sirirat PHUKET:-- A group of investors who claim to be victims of the “Srithai Network” filed a complaint at the Damrongdhama Centre (ombudsman’s office) at Phuket Provincial Hall today (Feb 9), saying they have lost B19 million in the business scheme. Victims led by Adisorn Raksamran filed the complaint, explaining that they were persuaded to join the Srithai Network, which sells health supplements. “My friend and I were persuaded to join the business in 2016,” Mr Adisorn said. Full Story: https://www.thephuketnews.com/bitter-investors-file-complaint-of-millions-lost-in-phuket-ponzi-scheme-65909.php#Jm7ZqWHwMmviJKTm.97 -- © Copyright Phuket News 2018-2-9 Link to comment Share on other sites More sharing options...
LivinginKata Posted February 9, 2018 Share Posted February 9, 2018 Too bad. Thought they could make quick profit. Investor beware. Link to comment Share on other sites More sharing options...
Blue Muton Posted February 9, 2018 Share Posted February 9, 2018 "One born every minute" comes to mind. Link to comment Share on other sites More sharing options...
samsensam Posted February 9, 2018 Share Posted February 9, 2018 if it sounds too good to be true, it probably is. sorry, but no sympathy. Link to comment Share on other sites More sharing options...
beachproperty Posted February 9, 2018 Share Posted February 9, 2018 Som nam na Link to comment Share on other sites More sharing options...
Rc2702 Posted February 9, 2018 Share Posted February 9, 2018 Dam rong centre lol. Link to comment Share on other sites More sharing options...
sebastion Posted February 10, 2018 Share Posted February 10, 2018 A lot of Thais invest into businesses not for the money but for face. They love their peers to know they are part owner of a business and want them to look up to them. I mean if you have 19 million baht you aren't in need of money. It's face they want. Face opens the door for more business opportunity and connections. Thai culture really baffles me at times. Sent from my SM-G955F using Tapatalk Link to comment Share on other sites More sharing options...
huuwi Posted February 10, 2018 Share Posted February 10, 2018 from the picture and the age i would say they lost daddy's money. Link to comment Share on other sites More sharing options...
KIWIBATCH Posted February 10, 2018 Share Posted February 10, 2018 Link to comment Share on other sites More sharing options...
Juan B Tong Posted February 10, 2018 Share Posted February 10, 2018 Fools seduced by their own greed. Suck it up and have a cookie on your way out. Link to comment Share on other sites More sharing options...
Henricus Posted February 10, 2018 Share Posted February 10, 2018 Link to comment Share on other sites More sharing options...
Suradit69 Posted February 10, 2018 Share Posted February 10, 2018 5 hours ago, sebastion said: Thai culture really baffles me at times. Given your smug assessment of what " a lot of Thais" do with their spare cash, your bafflement "at times" seems to be an understatement. Claiming that you possess such insight while being baffled by it all is inconsistent at best. And of course falling back on the myth that Thai lives (let alone the entire culture) are almost exclusively motivated by establishing, maintaining and saving "face," says more about you than them. Presumably you're equally baffled by the behavior and motivation of many westerners. Reading through even a small number of posts on TV ought to make it clear that maintaining or saving face is an obsession with a startling number of farang. As far as the lure of fast money and the quest for prestige coupled with gullibility is concerned, western cultures leaves Thailand far behind. Our friend Wikipedia just scratches the surface when it comes to get rich quick schemes : https://en.wikipedia.org/wiki/List_of_Ponzi_schemes Bernie Madoff and the 2007-2008 financial meltdown are only a couple of recent examples of endemic greed, naïveté and hubris run amok in western culture. Even this past week we've seen the consequences of blind investment in market volatility derivatives that have caused multi-trillion dollar swings in the market value of stocks and commodities in the west. And then of course we have the world-wide rush to cryptocurrencies with newly minted millionaires sharing their success on social media. Many of them have strangely fallen silent lately following steep declines in their net worth and "face." Link to comment Share on other sites More sharing options...
Bangkok Barry Posted February 10, 2018 Share Posted February 10, 2018 14 minutes ago, Suradit69 said: And of course falling back on the myth that Thai lives (let alone the entire culture) are almost exclusively motivated by establishing, maintaining and saving "face," says more about you than them. Thai culture is revolves almost exclusively around 'face'. It is so obvious to anyone who has ,lived in the country for any length of time that I am amazed you would make such a statement. Link to comment Share on other sites More sharing options...
sanemax Posted February 10, 2018 Share Posted February 10, 2018 4 minutes ago, Bangkok Barry said: Thai culture is revolves almost exclusively around 'face'. It is so obvious to anyone who has ,lived in the country for any length of time that I am amazed you would make such a statement. It really doesnt , its just that Westerners seem to think that it does . Link to comment Share on other sites More sharing options...
anon789561 Posted February 10, 2018 Share Posted February 10, 2018 scamming system created no doubt in the west. unfair to call them stupid or gullible. they may well be victims Link to comment Share on other sites More sharing options...
sanemax Posted February 10, 2018 Share Posted February 10, 2018 3 minutes ago, Happy enough said: scamming system created no doubt in the west. Where is the West did this scam come from ? Link to comment Share on other sites More sharing options...
anon789561 Posted February 10, 2018 Share Posted February 10, 2018 Just now, sanemax said: Where is the West did this scam come from ? don't know. ponzi scheme. just heard of it alot from the west before here Link to comment Share on other sites More sharing options...
sanemax Posted February 10, 2018 Share Posted February 10, 2018 Just now, Happy enough said: don't know. ponzi scheme. just heard of it alot from the west before here This doesnt seem to be a Ponzi scheme though , this seems to be just a straightforward deception Link to comment Share on other sites More sharing options...
shackleton Posted February 10, 2018 Share Posted February 10, 2018 Greed comes to mind invest and make 7 million in first year Maybe not Link to comment Share on other sites More sharing options...
anon789561 Posted February 10, 2018 Share Posted February 10, 2018 3 minutes ago, sanemax said: This doesnt seem to be a Ponzi scheme though , this seems to be just a straightforward deception you could be right. just saw the headline. didn't read too much into the story as seem to be so many now Link to comment Share on other sites More sharing options...
Sir Dude Posted February 10, 2018 Share Posted February 10, 2018 Just naive greedy people who got burned. Often these days, people seem to forget that there is always risk involved when investing...no assured positive outcome. There are so many scammers out there now that if you believe the blurb and rush in..well, tough-titties if it goes south as that's the rub with investment. Do your homework and don't over-expose yourself to too much potential loss and if it sounds too good to be true, it usually is. Link to comment Share on other sites More sharing options...
sebastion Posted February 10, 2018 Share Posted February 10, 2018 It really doesnt , its just that Westerners seem to think that it does .Face is the be all and end all for thais. Ive seen Thais pour money into projects even though people are advising against it. I see it on weekly basis. Nanai Rd has 3 huge projects unfinished or empty due to face being more important than common financial sense. They cant tell people something and then not follow through with it. That would be too much embarrassment to bare and follow through with it even though it makes no financial sense or have the finances to finish the project. In all demographics in Thailand face exists. Rich or poor. Face is all they have in the end of the day and where they stand on the face ladder is their measure of success. Sent from my SM-G955F using Tapatalk Link to comment Share on other sites More sharing options...
NamKangMan Posted February 10, 2018 Share Posted February 10, 2018 3 hours ago, sanemax said: Where is the West did this scam come from ? https://en.wikipedia.org/wiki/Charles_Ponzi Link to comment Share on other sites More sharing options...
sebastion Posted February 10, 2018 Share Posted February 10, 2018 Given your smug assessment of what " a lot of Thais" do with their spare cash, your bafflement "at times" seems to be an understatement. Claiming that you possess such insight while being baffled by it all is inconsistent at best. And of course falling back on the myth that Thai lives (let alone the entire culture) are almost exclusively motivated by establishing, maintaining and saving "face," says more about you than them. Presumably you're equally baffled by the behavior and motivation of many westerners. Reading through even a small number of posts on TV ought to make it clear that maintaining or saving face is an obsession with a startling number of farang. As far as the lure of fast money and the quest for prestige coupled with gullibility is concerned, western cultures leaves Thailand far behind. Our friend Wikipedia just scratches the surface when it comes to get rich quick schemes : https://en.wikipedia.org/wiki/List_of_Ponzi_schemes Bernie Madoff and the 2007-2008 financial meltdown are only a couple of recent examples of endemic greed, naïveté and hubris run amok in western culture. Even this past week we've seen the consequences of blind investment in market volatility derivatives that have caused multi-trillion dollar swings in the market value of stocks and commodities in the west. And then of course we have the world-wide rush to cryptocurrencies with newly minted millionaires sharing their success on social media. Many of them have strangely fallen silent lately following steep declines in their net worth and "face." Ive never seen a westerner care about face. We put our hands up and accept responsibility if we're wrong. We don't get violent if someone gives us a bad look or feels they looked down upon us. Its a cultural Asian thing, not unique to Thailand. China really looks at face as the pinacle of success. How their peers view them. No point having money if nobody respects or trusts you in the community. You dont know the first thing about Asian culture. A failed or uncompleted project is worth more to them than one that didn't start at all. Sent from my SM-G955F using Tapatalk Link to comment Share on other sites More sharing options...
sanemax Posted February 10, 2018 Share Posted February 10, 2018 5 minutes ago, NamKangMan said: https://en.wikipedia.org/wiki/Charles_Ponzi As previously stated by myself on this thread, this was not a Ponzi scheme Link to comment Share on other sites More sharing options...
NamKangMan Posted February 10, 2018 Share Posted February 10, 2018 1 minute ago, sanemax said: As previously stated by myself on this thread, this was not a Ponzi scheme Upon first read of the article, I agree with you, I didn't think it was a Ponzi scheme either. As usual with reporting here, more accurate information would be nice. Link to comment Share on other sites More sharing options...
hgma Posted February 11, 2018 Share Posted February 11, 2018 60 million prospects!!!!! Link to comment Share on other sites More sharing options...
473geo Posted February 11, 2018 Share Posted February 11, 2018 If these guys had been left with product they could not shift, then the condemnation on the thread would be acceptable However to pay for a product and not receive it, is rather different from parting with money for a questionable 'investment' Link to comment Share on other sites More sharing options...
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