Survey Reveals “Greed” the Main Reason for Ponzi Schemes in Thailand

Bangkok University Research Centre conducted a survey of public opinion on “Ponzi schemes“; what do Thai people get from the news” by collecting data from 1,197 people nationwide.

The survey found that 95.9% invested in Ponzi schemes that involved oil, gold, and foreign currency. About 53 percent chose Ponzi schemes involved in the multi-level marketing. While 50% Ponzi schemes online.

The factors that led to people falling for pyramid schemes, the survey showed that in 47.7% were motivated by greed. Some 28.6% were lured by promises of higher returns and 10% wanted quick results.

When asked, “What were the lessons for Thai society from Ponzi schemes.”40.7% of respondents also said that many people fall for them because they want high returns. Around 21% indicated that society lacked knowledge about tricks in the investment process. 17.1%  said the current average income is not enough to live well. People also need additional jobs to increase their income.

As for the ways to protect oneself from falling for Ponzi schemes, 39.8% suggested that people should also turn down any offers to join this type of business. About 33.5% said one should remember that big gains don’t come easily. Also another 14.9% urged people to study the information and consult others before deciding to invest in something.

Woman duped investors out of millions

Wantanee “Mae Manee” Tippaveth, 28, was charged with fraud and breaking the Computer Crime Act for the Gold Ponzi scheme.

Meanwhile, a 28 year-old Thai woman has been arrested accused of fraud involving a fake gold shop and the offer of 93% return to investors.

She is accused of scamming nearly 3,000 people out of a total of $ US28.3 million from a gold Ponzi scheme. Police say she setup a fake gold shop to fool her alleged victims about her assets.

The woman is accused of fraud and other financial crimes after scamming 2,977 investors. Her boyfriend has also been charged with financial misdemeanors.

Alleged victims have said that other victims had been driven to suicide after losing fortunes to the scam.