Connect with us

News

Phuket holds a seminar for Ponzi scheme fraud protection

Nattha Thepbamrung

Published 

 on 

A seminar was held today (November 9), aiming to provide knowledge to people about Ponzi schemes and fake products.

The seminar was chaired by the Phuket Governor and attended by many authorities including Pol Col Prawut Wongseenil, Deputy Director General of DSI and President of Anti-Ponzi scheme Association, Samat Jenchaijitarawanit.

A Ponzi scheme is a fraudulent investment operation where the operator generates returns for older investors through revenue paid by new investors. Operators of Ponzi schemes can be either individuals or corporations, and grab the attention of new investors by offering short-term returns that are either abnormally high or unusually consistent.

Companies that engage in Ponzi schemes focus all of their energy into attracting new clients to make investments. Ponzi schemes rely on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart.

Phuket holds a seminar for Ponzi scheme fraud protection | News by Thaiger Phuket holds a seminar for Ponzi scheme fraud protection | News by Thaiger

“This seminar is set to protect people from being the victim of the fraud which often comes up with lots of complications. There are many new clever ways to defraud people or convince them to join the schemes and spend money. We have supported the government in catching the people behind such schemes, such as Container Ponzi scheme, Aroma oil Ponzi scheme, U Fun Store Company limited and Pegasus Gold Ponzi scheme,” said the President of the Anti-Ponzi scheme Association.

“Our target today is the Tambon Chiefs (Kamnun), Village Chiefs (Pu Yai Ban) and other local authorities. These people are the influencers in their own area. If they believe in a fraud, they could lead their people to join and become victims too. Ponzi schemes, the economic crime, can expands very quickly nowadays when social media reaches everyone almost instantly.”

Phuket holds a seminar for Ponzi scheme fraud protection | News by Thaiger Phuket holds a seminar for Ponzi scheme fraud protection | News by Thaiger

The scheme is named after Charles Ponzi who became notorious for using the technique in the 1920s. The idea became well known throughout the United States because of the huge amount of money Ponzi took in. Ponzi’s original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors’ money to make payments to earlier investors and himself.

“Online Ponzi schemes are increasing very fast. Estimated losses every year is at least a hundred billion Baht. That estimate doesn’t even include those who haven’t reported their case to the police,” the President added.

Definitions from Wikipedia

 

Want more Thailand news from the Thaiger family?

📱 Download our app on Android or iOS for instant updates on your mobile
📝️ Join the conversation on Thaiger Talk - discuss news & life in our Thailand forums
📧 Subscribe to our daily email newsletter
👍 Like/Follow us on Facebook
🔔 Subscribe to or Join our YouTube channel for daily video updates

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Follow Thaiger by email:

Expats49 mins ago

List: China has over 50% of all foreign-owned condos in Thailand

Coronavirus (Covid-19)3 hours ago

Government plans 10 million vaccines for July

World6 hours ago

Thailand News Today | Vaccine deaths investigation, PM heads to Phuket, BMA extends vendor licences | June 18

Phuket Sandbox July 1st

days
hours
minutes
seconds

Thaiger is getting behind local businesses for the restart of tourism in July - up to 50% discounts across all advertising packages in June!

Sponsored by image

Thailand7 hours ago

1 million AstraZeneca doses arrive, Anutin says “more” on the way

Drugs7 hours ago

1.2 tonnes of methamphetamine and heroin seized near Malaysian border

Coronavirus (Covid-19)7 hours ago

Pattaya bars plead for government help

Thailand7 hours ago

Colour-coded zoning revised, restrictions to ease nationwide

Transport8 hours ago

Department of Land Transport will reopen, issue licenses

Best of8 hours ago

Top 8 Things to do in Chiang Mai

Tourism9 hours ago

Krabi schedules 82 flights per week from late October

Best of9 hours ago

Top 6 Online Forums in Thailand

Coronavirus (Covid-19)9 hours ago

Friday Covid Update: 3,058 new cases; provincial totals

Thailand9 hours ago

Worker falls off roof in Chon Buri, sustains multiple injuries

Phuket9 hours ago

Talad Kaset market in Phuket reopens

Coronavirus (Covid-19)10 hours ago

PM Prayut tests negative after parliament maid has Covid-19

Thailand4 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism4 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket4 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism4 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand4 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism4 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand5 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand5 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand5 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand5 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand5 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand5 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand5 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand5 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand5 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending