uFun Club investors in denial over shutdown, spread lies
Following the arrest of several key uFun Club insiders last Friday, we’ve been tracking a flurry of social media activity across the internet.
After the standard Ponzi calls of calm and quiet subsided, we then began to see disturbing misinformation flood uFun Club investor haunts.
BehindMLM was not spared from this, with several uFun investors attempting to publish comments full of misinformation.
One of the more prominent examples I’ve seen doing the rounds is from an anonymous source, likely to be a top uFun Club investor hoping to string along their downline.
Dated 13th of April 2015, the missive signed off on by “ThaiNews” states:
After 3 days of investigation, the Military Office of Thailand decided to give order to release 3 person arrested last Saturday.
The Military had verify that uFun Store Co. Ltd are legal and fulfilled all the rules of Direct Selling business.
They notice that uFun Store Co. Ltd had running a legal direct selling business since 2014.
The General Atiwat Soonpan and the 2nd princess of the Royal Thai had giving full responsible and support of the business.
Three people that arrested last Saturday has been release from the Bangkok Royal Police Station today.
The related authorities will give full report on the investigation after they complete the report.
First off there’s been no public announcement by the Thai military that they are even part of the uFun Club investigation. Thus far all we’ve seen are Thai police leading the charge.
As to releasing people from jail and the uFun “general” and Thai princess accepting responsibility for the scam – none of that happened.
There’s no point even debating the text or playing devil’s advocate, they’re just flat out lies.
One other media specimen of note is a video purportedly shot on April 14th that features Daniel Tay.
Rather than return to Thailand and face police interrogation, Tay is currently believed to be hiding out in Malaysia.
In the video in question, Tay claims to be at uFun Club’s Kuala Lumpur office.
Flanked by two 3D models of uFun Club’s business model, Tay claims that “law enforcement” simple came to uFun’s office to “invite some respective person” down to their station for “further investigation”.
Tay does not acknowledge the arrests of his fellow insiders, nor does he state why he has not returned to Thailand.
The rest of the eight-minute video is dedicated to Tay spewing the tired Ponzi clichés.
“We aren’t a Ponzi scheme because we have 80 offices around the world…”
“You can check my history, I’ve never scammed anyone…”
“Despite running a Ponzi scheme, we have no intention to cheat anyone of their money…”
“If I wanted to scam you I would have already run away by now…”
“The media paid the government to investigate us and shut us down…”
And so on and so forth.
Tay also claims Ponzi schemes are “a new business model”, going on to compare uFun Club with Chinese ecommerce giant Alibaba.
As to why investors in Thailand were not paid when they attempted to withdraw their Ponzi earnings, Tay dismisses the claims citing “technical problems, a lack of information and a lack of manpower” as excuses.
A lack of funds isn’t mentioned.
Trusting Ponzi scammers is pretty much a waste of time. Daniel Tay and his buddies now have one goal and one goal only:
To launder as much uFun Club funds as they can to make off with, whilst stringing along investors long enough to hamper police investigations.
They slip through the backdoor with everyone’s money, and then uFun Club investors can sit around pretending they had no idea they were caught up in a $300 million dollar Ponzi scheme. Then everybody holds hands and laments over the money they’ve lost.
If only they’d done something earlier. Talked to police, asked their upline where their money was… anything.
Bullshit updates from uFun Club management and insiders aside, here’s what’s actually happening;
Four individuals, Chaithorn Thonglorlert, Pol Sub Lt Rittidej Warong, Rattavich Thiti-arunwat and Apichanat Sankla were arrested last Friday. In addition to the arrests, uFun Club’s office in Thailand was also raided.
These individuals were presented before a court on Sunday, with the court denying bail and remanding the quartet to custody until April 23rd.
The four are currently being held at Bangkok Remand Prison.
Specifically, the court denied the four bail over concerns they would flee, and because ‘the case concerned a large number of people and a huge amount of money‘.
For now the insiders are maintaining their innocence, having denied everything upon police interrogation.
Police are tracking down four other suspects — a Thai and three Malaysians — who are still at large. They are Tae Kim Leng, 40, a shareholder and director; Lee Kuan Ming, 38, a director; Wong Ching Hua, 42, a shareholder and director, and Thai national Arthit Pankaew, 47, also a shareholder and director.
Yesterday (Monday April 13th) then saw police conduct another raid on uFun Club’s Thai office.
The police team led by Suwira confiscated a number of computer servers from Ufun Store’s head office.
He said the search was aimed at finding additional information for the investigation into the case.
Inside the executive room on the sixth floor of the building, police found many documents that could be used to develop links to the executives involved in the scandal, he said.
The assistant national police chief added the search was focused on the company’s IT section and servers.
Assistant National Police chief Lt-General Suwira Songmetta also directly addressed the misinformation and lies being spread by uFun Club investors:
He said after the arrests of its executives, the company sent messages through social media that seemed to threaten its clients in a bid to stop them filing complaints with police.
He suggested that the clients should not be worried about the veiled threat and should go on filing complaints.
“Police are investigating this case. Anyone found to be connected to the wrongdoing will face legal action, no matter who he is”.
Hopefully this will go some way towards combating the attempts of uFun Club investors flooding the internet with nonsensical updates and misinformation.
Unfortunately these sorts of actions are common after Ponzi schemes are shut down, with those who made large sums of money scrambling to stop those they stole from filing complaints.
At present,
arrest warrants have also been issued for four other executives of the company – a Thai and three Malaysian nationals.
At the time of publication, those individuals remain at large as fugitives. They are on the run from the law and actively evading arrest.
All involved in the operation of the uFun Club Ponzi scheme face ‘a maximum prison sentence of 10 years and a one-million baht fine‘ ($30,700 USD).
at about 3.25 minutes, tay specifically says : ‘although ufun thailand account has been frozen temporarily’.
he then tries to placate ‘thailand members’ by saying the company will try their best, to pay them their withdrawals.
i think the complaints about ufun, to thai police revolved around payments not being made to members, because tay was explaining that delays were caused by technological problems, lack of manpower and other BS.
well thai police can rest assured, tay wont be entering thailand anytime soon.
ufuninc.com has its tech and admin support registered at selangor, malayasia. we know that ufun also funded a miss selangor beauty competition. are ties to selangor, malaysia deeper than we know?
If they scrummage up funds to pay off Thai investors, that’s going to leave everyone else in the lurch.
Ponzi schemes don’t print money, there’s only so much invested funds to be withdrawn…
right, if malaysian ufun investors make a few complaints now, it will be The End. where all can tay&company run?
Probably Indonesia, IMHO. They just opened a new office there, and it takes MONTHS for locals to get their act together.
One thing that seem to help is the local DSA chapter has the backing of national government: register with us or you’re illegal, period.
So if the local company refuse to accept their registration, and BKPM (the corporation oversight) yank their national license they’re done for there.
Of course they can still run to Singapore, Australia / NZ, etc.
Denial that nothing is wrong, people have been exonerated and released is nothing new to Ponzi schemes and aftermath.
When Zeek got raided by SEC/USSS/etc. there were rumors all over the place that Zeek will reopen soon, NC AG have found nothing (before they realized it was the Feds).
Then it’s “Zeek will restart in Europe”, then “Burks the old man was railroaded”, “Burks lawyer sold him out”, “SEC had no case”, then you have the Craddock’s load of crap about he will produce evidence to prove Zeek’s not a Ponzi, but he needs $$$ to hire lawyers.
It’s simple denial.
People don’t *want* to believe they gave money to a scam and their money is lost. They’d rather believe that they money is still magically increasing somewhere they don’t even understand.
They’d rather believe fantasy that somehow “prove” that their money is still there.
Standard 5 stages of grief behavior. Anger, depression, bargain, denial, acceptance.
Fixed.
right, but their credibility will get totally ruined, if they have to run from malayasia too. who’s going to put in money with ufun? news spreads like wildfire these days.
and, if tay is going to develop a new career, scrambling from country to country, he’d better take off that shirt first.
it’s like a Beacon!- ‘come and get me, i am danial tay!’ 🙂
right, behindmlm, is being directly blamed in immediate history by ‘the achieve community’, ‘WWSz’ and now ‘ufun’, for their ponzi failures.
that’s three strikes, at least!
what is it that eddy tan of ufun calls guys like oz? ‘poison writers’ who are ‘paid’ to attack them 🙂
eddy tan don’t love you oz! and does danial tay? nah!
Added to which is that the “true believers” have no idea that there are thousands of “Judas goats” in their midst whose job it is to spread disinformation while pretending to be simple members like themselves
@Oz, the Danial Tay video appears to have first been uploaded to the “Unispace Online TV” Youtube account, NOLINK://youtube.com/watch?v=ESAHZE-BGf4
1. With what happened in Ufun Thailand, most investors are keen now to withdraw whatever they can from the so called Ufun Malaysia & others.
2. What happened in Thailand will caused massive reduce in money coming in to so called ufun in the 60 countries.
3. When massive withdrawals & less money from new investors will cause payment delayed.
4. Thus this will cause investors facing delayed payment to file their complaints to the local authorities.
5. The management are well prepared for this type of scenario & thus blaming game starts to begin.
6. They will divert the blame game to the local the authorities for rading & closing their business operations.
7. So to those invertors in other countries are you prepare for what going to your hard earned cash?
8. So folks just hang in tight and enjoy the show on how the fund to unravel.
Why investors never ask how did Ufun generate their incomes in order to be profitable & pay high returns?
Must be from new investors, rights! The are more keen to look for new investors rather than promoting & expanding their online products.
Now the big question: How soon will Thais police issue the warrants of arrest to Interpol Malaysia for those wanted Malaysian?
To the investors your days are numbered! So please fasten your seatbelts as its going to be a turbulence flight!
haha, its designer’s Versace shirt, might look silly to you but it is more an expensive statement than a short (Of course if it is not a chinese fake versace 🙂 )
…
well shame on versace.
Ufun a Ponzi or Pyramid scheme?
1. A Ponzi scheme is built meticulously from the ground up. What makes these scams so difficult to detect is the care with which the deception is handled.
An unscrupulous broker begins by creating false documents, which he then uses to lure investors. The money he gathers does not go into any real investments, however, but into his own pocket.
As the scheme progresses the broker secures additional investors, and uses their funds to continue to line his own bank account, as well as returning some to the initial parties to support the illusion that their investments are creating dividends.
When there are no more new investors, this form of investment fraud is usually exposed.
2. Pyramid Schemes – An Insidious Type of Securities Fraud
One of the differences that makes a Pyramid scheme more difficult to detect than a Ponzi scheme is the sheer number of people involved, which lends the scam credibility in the eyes of investors.
Rather than recruiting investors, the perpetrator of this scam recruits more recruiters.
Each investor is expected to bring more investors on board working under him, and the money is then disseminated to the levels above.
This creates an organizational structure similar to a pyramid, hence the name. Since these scams lack a solid foundation in goods or services, the pyramid collapses once no new investors can be found.
eddy tan, said to be the marketing director [VP?] of utoken, is distributing coolaid on FB.
in a video about a month back, eddy tan explained why ufun didn’t have/need a website.
today, with the thailand Head Quarters of ufun closed, he’s explaining why ufun does NOT need an office to survive, because it a global currency in 90 countries.
yeah, a while back, the thailand office was plastered everywhere as the ‘final proof’ of the genuineness of ufun. suddenly it’s not important anymore.
eddy tan, has already started blaming ‘members’ for putting information online, which is exaggerated and drew attention to ufun. hey, tan, it was Non Payment COMPLAINTS in thailand which drew attention of the authorities!
the members have only been posting online, the spiels they received from company meetings/uplines.
the company did not even support them with a proper website giving details of the management or compensation plan. and eddy tan wants to blame members for regulatory action!
eddy tan unashamedly admits that he had been heading three product based pyramids earlier in his career, which were all shut down. what makes him think, that ufun, with no viable products will survive? day dreaming much ?
facebook.com/ufunutokennews/posts/1618800185009736
Now Malaysia mainstream media news on UFN Thailand. So will Malaysia be next? just wait & see, folks!
Three Malaysian masterminds wanted in Thailand over UFun pyramid scheme – themalaymailonline.com/malaysia/article/three-malaysian-masterminds-wanted-in-thailand-over-ufun-pyramid-scheme#sthash.jENoZbpe.dpuf
malaysia has started reporting the ufun story as of three hours ago. this article from themalaymailonline.com says:
according to utoken news, the company and danial tay, will be holding a meeting and signing an MOA for the gateway klang project on 25th/26th of april, In Kuala Lumpur.
uh, ‘hunted runaways’ doing business in the middle of kuala lumpur, in full gaze of malaysian and thai regulators! how will that work?
we live in exciting times.
The Rakyat Post is a better coverage, IMHO:
therakyatpost.com/news/2015/04/14/thai-cops-seek-three-malaysians-suspected-of-operating-pyramid-scheme/
really! now that malaysia is reporting on ufun too, does anybody think, people are going to come in from across the world, to test fate and risk time in a malaysian jail?
i think not.