BANGKOK – A Division of Special Investigation has announced an inquiry into a Bangkok-based fraudulent investment fund.
The investigation followed a complaint by the Security and Exchange Commission (SEC) that over 300 investors had lost around 500 million baht to the bogus company.
The company in question is named “Standard Morgan“. It claimed to have headquarters in Switzerland and boasted an operational history of 35 years. The “fund” also celebrated the grand opening of their intangible business on at Centara Grand Hotel, Bangkok, on 23 October 2012.
According to the company′s advertisement, investors would gain 9% profit each month from planned investment in Oil, Gold and Stock in the company’s global portfolios. Some of the customers may earn more – up to 12% a month, the company claimed – if they lured in more investors.
Former customers of Standard Morgan told the SEC that they are provided with username and password to log in to the system, where they can then withdraw the interest gained from their capital.
However, since August 2013, they could not withdraw the money. The company′s office (believed to be in Bangkok) and phone number then became unreachable.
According to the DSI, 8 Singaporeans and 1 American were registered as the board of the company.
DSI revealed the names of the nine individuals with different nationalities – Ronald Hodges, manager of the fund; David Lim; Eugene Yew Jin Wei; Wang Rongbiao; Vic Phua; Ryan NY; Jimmy (unknown family name); Andy (unknown family name); and Leo Lee Chan.
The DSI said it is moving to freeze 15 million baht in dozens of bank accounts owned by the company.