uFun Club raids & arrests in Thailand (uToken)
uFun Club launched in 2014 and saw affiliates invest in packages of up to $57,000.
Through a Ponzi points based system attached to the uToken digital currency, the expectation was that affiliates would eventually generate a positive ROI.
If investors cashed out their uTokens, uFun Club would then simply pay them with funds invested by other affiliates.
A complex Ponzi scheme, but a scam nonetheless.
And now news of arrests of uFun Club owners and management in Thailand.
Sub Lt Ritthidet Warong and Arthit Pankaew, members of the Ufun Store Co which is thought to be part of a transnational scam gang, were arrested yesterday on embezzlement charges at a house at Bangkok’s Kannayao district.
Police also yesterday raided another house in the Yothin Pattana area of Bangkok allegedly owned by Rattawit Titiarunwat, another suspect in the network who is still at large.
Authorities confiscated valuables and two sports cars during the raid.
No word on yet on Athiwat Soonpan, the posterboy “Thai General” uFun Club used to promote the scheme.
Meanwhile Thai authorities estimate uFun Club had at least 14,700 investors, with around $307 million USD invested.
Police said Sub Lt Ritthidet held 51% of the company shares and was wanted on an arrest warrant while Mr Arthit was also one of the shareholders.
The court also issued arrest warrants for other executives and shareholders of the firm, including several Thais and three Malaysians.
Following widespread recruitment activity in Thailand, it appears an investigation was triggered after locals identified uFun Club as a Ponzi scheme and filed complaints.
The complaints made their way to upper echelons of the Thai government, with the Deputy Prime Minister eventually ordering an investigation.
Action against the firm began after several people filed complaints alleging they had been duped by the scheme.
The firm allegedly lured more and more people into investing in the scheme with promises of high returns.
Victims were allegedly duped into buying shares with an initial investment of 17,000 baht each. Members were told they would receive commission if they convinced more people to join up.
Deputy Prime Minister Prawit Wongsuwon instructed police to investigate the case and quickly hunt down and arrest the suspects.
Police have been working alongside the Consumer Protection Police Division, the Office of The Consumer Protection Board and the Anti-Money Laundering Office in the investigation. The company’s operating licence was revoked.
In addition to the uToken cryptocurency ruse, uFun Club also dabbled in an ecommerce portal.
This was an additional layer of smoke and mirrors, designed to mask payment of those who cashed out uToken with newly invested funds.
The authorities accused the firm of deceiving its members by telling them about a factory which manufactured its merchandise, which supposedly included a variety of health and souvenir products.
Checks found the factory was in fact a grocery store, Pol Lt Gen Suwira said.
Turns out that was a load of baloney.
Hardly surprising, considering the mountain of claims uFun Club investors have made about the scheme.
Ironically, one such claim was that Thai regulators had already investigated uFun Club and given it the all clear.
Jamison Palmer, a uFun Club investor in the US, even went so far as to create YouTube video claiming as such.
In the video Palmer displays a notice purportedly written by Thai police giving uFun Club the all-clear. Quite obviously however the notice was either written by himself or his fellow uFun Club investors.
Palmer (right) had hoped to spearhead the recruitment of US-based investors.
In one uFun Club promotional video, Palmer claims the company had “created five thousand millionaires”.
Thankfully Palmer’s efforts to get uFun Club off the ground in the US failed to take off. Had he of succeeded, no doubt the victims and money lost in the scheme would have escalated dramatically.
In any event, with news of arrests of uFun Club management and owners, Palmer’s bogus claims can safely be put to rest. Along with every other nonsensical claim made by other uFun Club investors.
All we had here was another Ponzi points scam, attached to an inhouse cryptocurrency.
I’m unfamiliar with Thai judicial procedure, so what happens next is at this stage unclear. The arrests only went down in the last twenty-four hours, and with more to come this is still very much a breaking story.
Stay tuned for updates…
Update 11th April 2015 – Additional information on those arrested:
Police seized Bt250 million worth of assets yesterday and said the raids were linked to a company, U-Fun Store, whose manager Ritthidej Warong, 39, was nabbed in Kannayao district. He rejected the allegation.
A second man arrested yesterday has been identified as Rathawit Thiti-arounwat. He was arrested in Chiang Mai while travelling to a Bangkok seminar to promote his business shortly after a raid on his home in the capital.
The search of Rathawit’s house unearthed many luxury items including Rolex watches as well as Audi, BMW, Mercedes and Porches cars.
The third person was identified as Chaithorn Thonglorlert, 41, who was arrested at a Bang Na complex. Officials seized a number of land title deeds and foreign currency documents.
Chaithorn told police that he was just a driver for a foreigner known as Daniel Dato, an executive of the U-Fun company.
A court has issued arrest warrants for a number of people, including foreigners who are believed to be involved in the alleged scam, he said.
People wanted under the warrants are Tay Kim Leng, 40, Lee Kuan Ming, 38, and Wong Sing Hlia. Three of them are Malaysian.
Suwira said Thai nationals Arthit Pankaew and Apichanat Saenkla were also wanted in connection with the alleged scam.
The Nation are also reporting that over 100,000 people invested in uFun Club.
According to Thai Visa News, $7.6 million USD has thus far been seized.
Those responsible for running the uFun Ponzi scheme are also looking at ‘imprisonment from five to 10 years and a fine between 500,000 baht to one million baht‘ ($15,000 to $30,000 USD).
Thanks to the various readers who sent in news tips regarding the arrests!
Raw footage of the raids and arrests:
They nabbed one of the guys at the airport!
The original source say 10 billion Baht, not 10 million.
I just picked my mistake up from another source, and you commented before I could fix it! 🙂
10 billion BHT puts uFun at around $307 million USD. So far the biggest MLM Ponzi scheme bust of 2015 by my reckoning.
Why was Palmer’s note half also includes the Chinese version?
This scam may be pretty big among the Chinese ex-pat population. Don’t be surprised if Beijing was pulling strings behind the scenes.
so it’s safe to say you’re not ‘baht’ing 1000?
Sorry, I should have said, why did Palmer display a note allegedly by Thai Police, but actually contains English and CHINESE?
Does the Chinese actually pertain to uFun Club?
Maybe Palmer just went down to his local Chinese takeaway and borrowed a menu.
It’s not like his target demographic were likely to know any better…
The Chinese portion, I just read the screenshot, is basically Google Translation, that says Thai Special Investigations have investigated UFUN and found it to be an honest and trustworthy business.
What he did was a Rodney Blackburn: he went to DSI’s website (which is obviously in Thai) and basically talked all over it claiming it says what he said it says.
What he actually read was a Chinese blog erwealth.blogspot.com from about 4-5 months ago.
Or one of the copies.
I figured as much. It was painfully obvious (editing of the video aside) that he was not reading from the official DSI website.
daniel dato is credited as being the ‘owner/founder’ of ufun. he is sometimes referred to as the executive chairman, and sometimes as marketing director of ufun.
in the press reports, in the article above, none of the big fish, ie daniel dato or general soonpan have been targeted or arrested. have they left thailand?
we will soon know if soonpan is a real general, or a fake one.
photos of the inauguration of the ufun ‘mining project’ show a lady at the center, is she the princess of thailand?
ufun was supposed to be the blockbuster of 2015, according to ardent ufun promoters all over the net, but it just ended up getting busted, in the first quarter itself.
running a ponzi, in full public view, backfired i guess. instead of giving ufun the sheen of legitimacy they were trying to appropriate, it attracted the authorities to their shenanigans sooner.
check the mining project photos of the princess of thailand here:
AFAIK Dato is/was in Malaysia when the arrests went down. uFun was holding promotional events there from April 12th. No idea about the general.
Offtopic: When you’re using blockquote, can you remove the ahref code (it finished with brackets /a brackets). The name in bold is fine.
Saves me doing it, otherwise you’re publishing dead links when you quote the name of the source.
Thai news clips of the raids and arrests.
These people who tried to frame UFUN are gonna get in trouble, UFUN legal department is preparing for a lawsuit against this page and contributors of this fake new.. lol!!
No. She is the mother of the Crown Prince of Thailand’s first wife. She does have royal pedigree, but her title in English would at most be Dame.
By “these people” you mean the Thai government, police and regulators?
uFun management, currently fugitives with arrest warrants issued against them, suing anybody should be amusing to watch.
It seems even after their $300 million dollar Ponzi scheme has been busted, some uFun Club investors are still in denial…
Thai govt? Why is it not in the news? Cnn, channelsasia, that tv news, malaysian tv? Why not?
Oz, u clearly wanna put ufun down. Whats up with that?
While we are reading this, ufun/utoken hq and management has been reviewing this page.. we will wait and see if this news is true and also we will see how long this page will be up or taken down..
Not in the news? Are you blind?
uFun Club is a Ponzi scheme. There’s nothing to put down, only the facts.
uFun Club management are on the run following warrants issued for their arrest. The only thing they are reviewing are their escape plans.
I am a singaporean, which is a very financially strict country.. do u read and speak thai, malay, chinese etc?
Come on oz, we know where u are coming from. News from page such as behindmlm etc is not news..
Right, so this guy obviously has the IQ of a doormat or is trolling.
Links are right there in the article son. Time to wake the fuck up.
(Ozedit: Spam removed. Do not repost.)
If u really knew whats news.. last year the thai police and anti corruptiion bureau already made a thorough check at UFUN HQ in bangkok and found it to be an honest and legal business organisation/company..
And most of the news and pictures were edited/fabricated… so mr oz aka the next bill gates, please provide proof..
My post “Thai news clips of the raids and arrests” provides a link to clips from Thai media. UFun / UToken is finished!
Those who have joined most of them are retard as well.
I do invest but when I invest, never invest blindly. Get to know the system and the money flow.
NEVER trust a person base on word.
But hey, retards exist to be retard right?
Yes, you’re quoting that bullshit YouTube video Jamison Palmer uploaded. That was addressed in the article, which you obviously haven’t read.
Some guy in China types up a word document and you guys run around claiming it’s an official Thai regulatory investigation.
The only regulatory investigation is the one we’re currently seeing play out, which has resulted in the arrest of insiders and arrest warrants issued for uFun Club ringleaders.
Right. Someone photoshopped all the video footage out there, and multiple reports from differnet news agencies.
By all means continue to live in denial. After all, who knows how much you lost.
I invested usd1000 and already cashed out usd120,000 after 8 months. So am i still in denial?
About uFun Club being a Ponzi scheme? Sure.
How much you stole from subsequent investors is neither here nor there.
GAME OVER Ufun Club.
Hahahaha… u r such a waste of time… check out ufun, its gonna be public listed soon.
I rather check out international business exchange than to read your private and pathethic ranting.
There’s nothing private about the shut down of uFun Club. This is one of the most publicly covered Ponzi busts I’ve ever seen.
The level of footage and press access is amazing.
If you really did steal $120,000 from uFun Club victims, I hope you weren’t a major recruiter in your area.
If you were, have fun sleeping at night. Once your victims realize they’ve been had, guess who they’re coming after…
“Thailand’s Most Wanted” did a report on UFun back in January. youtube.com/watch?v=tErNQBuCaaQ
If you fast forward to 8:30, you’ll see an interview with Police Colonel Niran Adunyasak of the DSI. You’ll find his picture at dsi.go.th/view.aspx?tid=T0000013 – left column, third from the top.
He said that the DSI do not know whether UFun is a legitimate business, or a ponzi. They rely on people coming forward and making a complaint.
people who say they earn profit from Ponzi scheme just like a moron who still don’t understand what ponzi scheme is.
Of course you gain profit but profit from bubble debt.
Its like a time bomb. Once its explode, you may not feel it but thousand people joined after you who haven’t received profit yet is going to get hurt.
Its like a thief saying,
“hey, I rob his money and I earn profit, now join me to be a thief and you can rob money for me.”
@BrokerEXpert Please stop changing your name. If you wish to comment stick to the one alias.
speaking of jamison palmer, just yesterday he blogged about how his ufun team was 600 member strong, with most people having joined up in the last week, and how he was on the verge of exponential growth. he was bringing ufun to the ‘english speaking world’.
hmm, what will he say today, now that his grand plans are kind of ‘nipped in the bud’.
thanx for the info ozdelphi, i guess the mother of the first wife of the crown prince, will be quite eager to attend any inauguration, without due diligence, for her five minutes in the sun. low royal pedigree can be a bummer.
if soonpan is a real general, and we have royals involved/hobnobbing with ufun, then this can be a great embarrassment for the thai govt. this could explain orders to investigate, coming directly from the deputy prime minister himself.
@shah, your’e in Shock. lie down or something.
(Ozedit: Link to affiliate blog removed)
Hahahaha, the only way ufun can get listed, is if it sets up its own private fake stock exchange, just like how it set up its own private fake currency.
the thai govt has revoked ufuns license to do business, did you miss that shah? :
Things ought to get very interesting when the authorities finally discover the international nature of this business.
Nowadays, UFun is just the marketing and support side of the business. UToken Reserve Limited is based in the tiny east African nation of Seychelles, and its fiduciary bank, BDG Bank, is based in the tiny west african nation of Guinea.
A LOT of money has been sent to Guinea.
I was introduced to Ufun last year and was promised unheard of returns.
Along the way, some of the leaders managed to cheat me out of around $5,000 from my account. Serves the scammers well. Poetic justice
I found out one of the way they made money was the registration/sign up of new victims. It goes like this, the “packages” are sold at an exchange rate of MYR 3.8 to the dollar, I.e. If they package was $1000 we had to fork out MYR 3,800.
But the only really pay MYR 3,200 to register your $1000 package with UFun. This collaborative scam run by the company and its leaders makes an instant profit of MYR 600 from new suckers (read members).
And that is only the beginning of the scam….
Recently they had managed to lock in investors’ funds using the smoke and mirrors of “oh we are going for listing”.
Converted members fake digital currency to “Investment Points” to buy mutual shares that was going to be managed by them to invest in their own companies and projects which will in turn be public listed.
Are you lost already? Don’t worry nobody understood it anyways..
But the lemmings cheered while the not so dumb investors wised up and I guess this is where are today, the scammers being hunted by the police
I am an investor and I have just received information that everything is back to normal and Ufun are due to make an imminent announcement.
To be honest I don’t know how much of this is true… It’s a matter of waiting and the truth will reveal itself.
From who? Let me guess… your upline. :rolleyes:
the thai police had been investigating ufun for some time. they have made more than one planned raids yesterday, fully equipped with arrest warrants for many people. they are sure ufun was a ponzi. the operating license of ufun in thailand has been revoked.
if anyone is telling you that these above actions can be magically reversed, and all will be fine with ufun/utoken again, they are lying.
of course ufun may come out with some placating announcement, we know that daniel dato and maybe soonpan are still at large.
they have investors all over asia, they have to keep members temperatures cool. whatever they say, believe them at your own peril.
Yes everything is very vague at the moment, Only time will tell exactly what’s going on. Apparently this is the 3rd raid on the company in the last 2 years.
The company has made a lot of changes in the past few months, converting Utokens to Investment Points with members having no say… Many ppl were probably not happy and this could have caused them to make more complaints about Ufun.
As an investor I hope all of this blows over….
uFun Club hasn’t been around for 2 years and it’s the first raid.
Money’s gone. Wherever they’d hidden it.
I’ve already invested large sums of money into this, anything i can do to get my money back?
a fresh report from the bangkok post which shares some more details:
it’s strange that there is no mention of daniel dato or soonpan up until now. i mean dato was the executive chairman and credited with the ownership of ufun, and soonpan was it’s very public, public face.
Tomorrow’s fish and chip paper .. actually probably someone with a chip on there shoulder stirring it up onwards and upwards :).
UFUN Club first became visible on the internet in January 2013, based on U-points and S-points and investments. It probably originated from Hong Kong. Then it jumped to Malaysia, Thailand, Singapore and other countries.
Utoken was introduced later.
if this is nothing but a big ponzi, involving people all over the world and involving massive amounts of money, how come there are no reports about this on Reuters, sky news, BBC news or cnn?
They mostly targeted Asians. Hence the Asian news coverage.
Not that it matters, but MLM Ponzi scheme news isn’t usually picked up by major news outlets. They’re usually just covered locally.
who cares. what difference would that make? they are not law enforcement.
In 2013, when Liberty Reserve was taken down, some of the folks didn’t want to believe it happened.
They claimed, for instance, that the only sources for the action were “small” news publications and questioned by the BBC wasn’t reporting on the matter.
The timing of the Liberty Reserve action coincided with an approaching weekend, which limited the initial media coverage. Same thing appears to be happening with UFunClub.
When the BBC did publish a report about Liberty Reserve, the supporters of Liberty Reserve then moved the goalposts.
The claim then became that the BBC had fabricated the story and that a Liberty Reserve competitor was responsible for the false reports.
Let’s see. UFunClub and certain principals or promoters are in a heap of trouble right now. But, by your reasoning, the journalists and contributors at BehindMLM are the real culprits and are going to be targeted in a lawsuit by UFun.
History shows that “chill the media” strategies haven’t worked very well in MLM/network marketing and that they come off like thuggery.
Ask AdSurfDaily. Ask AdViewGlobal. Ask Golden Panda Ad Builder. Ask Zeek Rewards. Ask Banners Broker.
Each of these “programs” tried to chill the messenger.
Your confidence in UFun’s ability to send journalists cowering may be misplaced.
Jamison Palmer got it wrong again. The guy left the US to go to Thailand and now probably will face charges for writing that note.
Ufun, Utoken has always been a scam but members are so brain washed that they couldn’t face the truth.
Luckily, I didn’t join and pay for the 2 star position after doing my research. It just didn’t add up especially as Thailand dictators have absolute powers.
Besides why the hell would you want to wire funds to a West Afican bank. That’s when the Alarming bells starting ringing.
This has happened before. UFUN will be stronger as all the BS gets cleared up. BITCOIN was also touted as a scheme.
Because it’s not international news.
Did you see reports on Zeek or TelexFree got taken down besides US (or in case of TelexFree, Brazil, and Dominican Republic)? Both frauds involved DOZENS of countries.
It may be big news to you, but it’s irrelevant to the “world news”, esp. not in English speaking countries that listen to the four news service you named.
You’ve been reading too much company propaganda.
Did one of them claim that Thai DSI “cleared” them back in November 2014, complete with Wikipedia explanation that Thai DSI is like American FBI? And it “thanked” all the detractors for getting DSI to “clear” UFUN?
That’s written by some Chinese guy, probably some of the Chinese names named as “arrested” in the news reports.
For the same reason neither has a report on the local lottery numbers for the day. Although this is a scam involving victims globally, the “story” is still rather local at this point.
I’ll be willing to bet there will be more coverage in official news journals as the case unfolds. For now though, you will have to rely on people like Oz, Patrick, Don and other sites that actually expend resources covering MLM.
Last time I checked (ok I haven’t) – Reuters, Sky, BBC and CNN don’t really cover breaking MLM news. Although this stuff is interesting to all of us and the victims – most ordinary people could really give 2 shits.
Bitcoin doesn’t have a Ponzi points business model attached to it. Also this has never happened before. This is the first time uFun Club has been shut down.
Zeek was actually mentioned in Norwegian financial news on August 18 2012, one day after the shutdown.
The reporter probably picked up certain terms like “unregistered securities” and “investment”. And it probably came from the right type of source (e.g. Forbes, WSJ, etc.).
People will often use a logical reasoning like “If the news is relevant for Forbes then it’s probably relevant for us”, i.e. they will more easily accept it if it comes from the right type of source.
I don’t see why this company is a ponzi.
New affiliate funds are used to pay off existing investors (when they cash out their Ponzi points).
There’s no other source of funds.
That unverified claim that DSI had “cleared” UFUN before? You’ve been reading too many press releases. Those are not facts.
You’re just in denial. What you call BS is the end of your dreams. Just be aware that the founders of this scam are the real dreamstealers, not us or the police.
BITCOIN never promised any profits.
It’s a combination pyramid/ponzi scheme. They promised large commissions if you had bought in a star package, and can convince others to buy up “stars package” as well.
It’s a Ponzi/pyramid hybrid.
Ponzi is a fraudulent investment.
Investment: I’m pretty sure people have the expectations of earning a profit from the investment in UTokens.
Fraudulent: UToken promised 1,000,000,000,000% ROI over 4 years to early investors, in 4 x 10 splits (e.g. 600 Utoken → 6,000 Utoken → 60,000 Utoken → 600,000 Utoken → 6,000,000 Utoken from 2013 to 2017).
Pyramid scheme: People are being rewarded from the recruitment of other investors, rather than from bona fide sales of products or services to end users.
Rodney Burton’s FB status..3 hours earlier!!
^^ Anyone who witnessed the shut down of Zeek Rewards / TelexFree / Achieve Community will immediately recognize hollow Ponzi rhetoric.
Ponzi schemes don’t recover from regulatory shutdowns.
What happens now is those at the top will spout out any old bullshit to stop all you lower plebs revolting. The owners of the scheme will quietly withdraw on the backend and that’ll be that.
The execs/owners with arrest warrants issued against them will go into hiding. They won’t be entering Thailand again anytime soon.
And the website and bank accounts are likely offshore, hence the reason they haven’t been closed yet.
It’s a dangerous game in anycase, with financial regulations bound to catch up with them sooner or later, irrespective of wherever they’re hiding the funds.
ZeekRewards was shut down completely on August 17 2012.
TelexFree was first shut down locally in Brazil in June 2013, and then in USA in April 2014. The website was open until April 2014.
BLGM stopped paying money out in October / November 2013. Some of the organizers were arrested 1 or 2 months ago.
So it seems to depend on government agencies’ strategies locally in each country or state. Montana is active and has a system in place, but will only stop a business locally. Massachusetts is active.
Guess we shouldn’t believe anything he wrote either. Muahahahahaha.
A Chinese adage comes to mind:
(it’s safe for work, really)
It is not a first time ponzi scammers used Thai royalty, Asian Networkers Conference used “Prince of Thailand” to give out prizes to ponzi admins and pimps in 2013:
It can be seen as a specific type of promoting or “sales idea”, based on some “social influence” theories.
People see themselves as relatively rational beings, e.g. they usually know some of their own limitations but they may believe OTHERS have the required knowledge to make qualified decisions.
Those “OTHERS” can be anyone from “Oprah” to “Prince of Thailand” to “10,000 other investors” to “Warren Buffett”, i.e. they believe if certain “others” have accepted something then they should accept it themselves.
It’s nothing wrong in the idea itself, e.g. Warren Buffett has a lot of investment knowledge and people can potentially learn something from him. 10,000 other investors have potentially done SOME research before they invested. The Prince of Thailand probably has some qualified advisors. So the idea may actually work.
WHEN IT BECOMES A HABIT
It becomes more questionable if people use it as a HABIT rather than as an IDEA, e.g. if they start to THINK like “since it’s recommended by Oprah Winfrey, it must be a good thing”. Or the opposite idea = “not recommended by Oprah Winfrey”.
* Oprah Winfrey may recommend some plain BS selfdev methods simply because she was impressed by something herself. She’s not qualified enough to detect the difference.
* Warren Buffett have both some good investments and some poor investments. He’s usually qualified enough to detect the difference after some time, to correct his mistakes and to make it work anyway. People should probably copy THAT idea if they wish to copy any of his ideas.
Most of the marketing methods revolve around “social influence” ideas. “Princess of Thailand” will not impress experienced investors, they will mostly look for other factors (e.g. balance sheet, revenue, profitability, etc.).
“Social influence” is typically about what people can SEE with their own eyes. In UFUN Club, people clearly seem to be affected by physical appearance (“UFUN Tower”, “Miss Malaysia”, etc.).
Very few will ask questions about business functions, e.g. “Why does the company need a whole tower when it only has a very limited number of employees in Thailand?”.
Update from UDN Bangkok:
You can’t fit 2,000 members into an executive suite for weekly meetings.
Oops, I miscalculated something in post #66.
4 x 10 splits = 10*10*10*10 = 10,000 times the initial number of UTokens (for early investors) = 1 million % ROI in 4 years (2013 to 2017).
the website servers may be out of reach of the thai police, so they will have a hard time shutting it down.
what does burton mean by ‘no cease and desist order placed’.
that’s a bald faced lie. ufun thailands business license has been revoked in thailand starting april 8,2015. how much more ‘cease and desist’ do you need?
‘main ppl that we deal with were not arrested’ – this is the crux of the issue.
daniel dato , soonpan and other top henchmen of ufun, are still at large. they can continue ufun activities in other asian countries, for a little while longer.
but see, if thailand is going all out and stopping ufuns business, it wont be long before malaysia and other countries follow suit.
and burton said thailand offices are open, and it’s business as usual?
really burton, how is that even possible, when top thailand executives were arrested and the business license revoked? his sheeplings should ask him to logically explain his statement.
Why does a company need to have weekly meetings with 2,000 people (members or employees)?
I specified “business functions” in that statement in post #73:
“Weekly meetings with 2,000 members” sounds more like some type of “social function” than a type of business function. It sounds like the type of “Hallelujah meetings” commonly used by pyramid schemes.
Weekly meetings of that type may have a function if they try to recruit additional investors, e.g. if existing members can invite new prospects to presentation meetings. Some investors will be more willing to invest if they see other people do it, i.e. they will be affected by other people’s decisions.
My post was about exactly that. “UFUN Club’s sales ideas seem to revolve around some ‘social influence’ theories”.
Of course not. A “few” insiders attended. Everybody else heard about the meeting from the insiders, then conflated that as “attended”.
Whether they are self-delusional… that I leave to you to decide.
Cryptocurrency news CoinTelegraph covers the UFUN raids
It may explain the “relatively small footprint on the internet” I found when I checked Alexa rankings in the other UFUN thread. UFUN Club simply isn’t designed for online marketing.
Post #70 in that other thread:
UFUN Club doesn’t spread like a normal online business opportunity, it spreads like an offline one. Its marketing methods are primarily designed for offline activities, e.g. physical meetings with prospective investors.
I terms of “online activity” (in Europe), UFUN Club has mostly attracted “the wrong types of people”. They’re not skilled communicators online, e.g. marketing statements have often sounded more like “meaningless bragging from wannabes” than sales pitches.
2013 corporate presentation video, 3m40s into the video:
The video itself is a 6m30s “official presentation” in English. “Sponsor beauty pageant” and “sign image spokesperson” are parts of the official “build a brand” strategy.
When I have analysed UFUN Club from a business perspective, I have always had the impression that it’s not a real business. It looks more like “self development ideas gone wrong” than a real business project.
I don’t see much difference between Phil Ming Xu’s “religious ideas” and the ideas I see here. It’s a different type of religion here, but it revolves around relatively similar thought sets.
Bangkok Post: UFun bosses remain behind bars.
“Pol Sub Lt Rittidej Warong”
notice that warong is a police man? and he is a lawyer who owns 51% of ufun stores?
what can i say? a ‘lawyer policeman’ at the top of a ponzi/pyramid scheme!
and gen athiwat soonpan, the Face of ufun, is a thai army general?
is thailand completely unable to manage it’s ‘People in Uniform’? embarrassing!
A lieutenant general, lowest general to be had. Does not show up in any list of lt. generals in Royal Thai Army searchable by Google.
Some Chinese UFUN website claimed he’s minister of defense in Thailand. Muahahahahaha!
This seems to be the only photo I can find that’s confirmed to be Lt. Gen Athiwat Soopan
So there is such a guy. He may be a general relegated to some backoffice in Thai’s Ministry of Defense.
Further research shows that “Dato'” in Dato’ Daniel Tay… is an honorific. It’s the lowest “honor” that can be awarded by one of the nine Malay state royal rulers.
UFUN’s Daniel Tay appears to speak fluent Mandarin Chinese in the Youtube videos I found, though he spoke it with a heavy accent. Apparently his Chinese name is: 郑总 (Zheng, Zong)
The problem is I’m not sure this guy is real, as there’s a different Dato’ Daniel Tay referenced in the news in Malaysia, very different guy.
According to Wikipedia, Zheng is indeed spelled “Tay” or “Teh” in Malaysia. Though “Tay” is a Singaporean spelling.
Can’t cross reference that “dress uniform” picture of Daniel Tay. The ONLY place it appeared is in UFUN ads.
I suspect that “Tae Kim Leng” is “Dato’ Daniel Tay”.
The “older” Dato’ Daniel Tay’s full name is “Daniel Kwan Hui Tay”. Even Bloomberg had a profile on him. He’s real.
One last piece of info… UFUNSTORE.COM was registered by a “Tay Kim Leng”
A Tay Kim Leng also registered eeropac.com
registrar address of eeropac.com goes to a admin(AT)emerge.com.my
which registered at least 11 other domains.
@Anjali, he is a director of UFun Store Company Limited, and shareholder with 51,000 shares, or 51% of total shares.
@K Chang, Soonpan appears in several YouTube videos. I did a search of his name spelt in Thai, but nothing came up. The Thai army is top heavy with useless generals, so I didn’t go any further.
Search “ufun strong and stabilize” on Google images. You’ll find some interesting photos. One is apparently of the founders of UFun in dress uniform. From left to right:
Dato Liew – know nothing about him.
Dato Taniel – Dato Danial Tay.
Dato Bright – at Bangkok MOA ceremony, named Bright Lee.
Dato Warren – at Bangkok MOA ceremony, named Warren Eu.
Thanks for the additional info.
Emerge.com.my seems to be a Malaysia ISP, nothing more.
Dato’ Liew is “Leo” Liew (Dan?)
What’s really stupid is why are they posing on the SAME DESK with the same MacBook?
Here’s Kelvin Choo
Here’s Leo Liew, EXACT SAME DESK!
Here’s Neo Ong, ALMOST same desk?
Found something interesting… there’s an “Angel Business Club” supposedly in UK that involved much of the same crew:
WOW.. Now these nits are saying it’s Not the Same UFUN as seen in this Facebook Post Below…
Neo Ong and Bright Lee are not Dato’s. Warren Eu is a Dato’. They were involved in the Miss Kebaya pageant.
Technically, Warren Eu is a Dato’Sri, one grade up. He’s co-founder of UMatrin, nutritional supplement company that sells stuff like superhoney, stemcell essence, uberdetox, and sea cucumber essence (not actual names, but that’s what they translate to).
Scammers come up with all sorts of excuses when their schemes go bust.
There’s a lot of money on the line and their downlines are out for blood with the pitchforks.
Be particular wary of any messages signed “the management”. If you never saw any updates signed off on by these monikers before, then there’s a good chance it’s just an upline trying to hold the fort down.
The actual owners/management of uFun are fugitives on the run.
People behind Ufun:
(Ozedit: link to affiliate presentation removed)
Will Singapore & Malaysia be next? Only time will tell, folks!
UFunStore.com domain registered address
From UFUNinc.com website:
They *want* to believe it’s not over, that some how this “transnational” entity will keep going despite shutdown in Thailand, but denial of reality doesn’t help them at all.
Someone can show them the video in post #2. 🙂
Or they can show them “UFUN Group Excellent Group Leader” on Facebook.
these nits are smart enough to blame behindmlm, for misreporting, but temporary blindness, restrains them from seeing the huge photo oz has put in his article, showing the police and press Clearly Outside the ufun/utoken tower.
ha, samuel lee, the websites of ufun promoters carry the ufun store brand along with ufunclub and utokens, proving that it is associated with ufun. quit lying.
here is a link to a promoters website [non copiable], that clearly lists ufunstore as a division of ufun, and states that ufun derives commissions from ufunstore, and hence it is legal:
I got “Daniel” s Chinese name wrong. The Zhong is short for “chief” or “president”. His last name is Tay (or Zheng in Chinese).
According to anotehr website, his full Chinese name is Zheng Jing Long, or Tay Kim Leng in a more Singaporean spelling. Unfortunately, you’ll have to read Chinese to get this, but 鄭憬隆 is the way his name’s written in Chinese (pinyin is Zheng Jing Long), and it is Tay Kim Leng.
There is no doubt he’s the one Thai police are looking for.
Daniel Tay is in Malaysia. There’s a website that claimed Tay gave a speech in KSL Resorts in Bahru Malaysia on 11-APR-2015 touting UFUN in an “ILM Gala Night” event.
Apparently he did refer to the Thai issues as
Well, first thing he could do is jump on a plane to Thailand and address the issues directly.
I’m sure a quick coffee and chat with the Thai police will sort out the $307 million Ponzi scheme issue quick smart.
the funny thing is that the website of ufun – ufuninc.com , does not name any management in person. there is some generalized yakyak about ‘A board of investors and E-Commerce experts’, But No Names.
here’s a question for samuel lee – when the management is promoting ufun publicly, all over the place, how come they are not listed on the website? what’s to hide?
i think the way ufun is set up in thailand, some ‘local actors’ names may have been used for purposes of registration etc. hence the big shits danial dato, soonpan etc have not been targeted yet.
hence promoters like samuel lee, are misguiding their sheeple, that the people who were arrested, are ‘unknowns’, and have nothing to do with the ‘real’ management of ufun.
Not sure what is this Winners Mastery Academy, appears to be a “success coach” thing in Singapore?
Some websites even claim that Tay was CEO/owner, but website’s registered by a Kathy Ng (pronounced Wu, blame the French) and website says head teacher is a William something.
well, jamison palmer’s blog has gone quiet, he aint saying nothing to the 600 people, most of whom he recruited last week!
in a video on his blog, palmer says he has shifted to and lives in asia [didn’t mention any specific country or state], to grow his ufun business.
maybe he’s busy catching a plane back home.
The English language reports don’t mention that the most senior police officer involved is none other than General Somyot Pumpunmuang, Thailand’s national chief of Police.
In the video posted by Oz, he is shown arriving in a high end Mercedes Benz at 07:17. UFun is finished in Thailand.
In Asia, it’s quite usual for a scam to involve a high-ranking police early on. TVI Express recruited a provincial police chief early on.
They may not have given him direct positions. Most likely he was invited as a VIP, then PR machine started touting “no way this is a scam, else the police chief wouldn’t be here”.
This means the scam gets investigated EXTRA HARD by his deputy (who wants the chief’s job, as the chief may be forced into retirement). Not to mention the police has their face smeared in **** and will be extra angry.
Yep, UFUN is done, and don’t be surprised to see Interpol Red Corner notices going out to Singapore and Malaysia soon.
Sorry, should have clarified that TVI Express recruited a provincial police chief in INDONESIA. Never heard what happened to him after TVI Express collapsed.
Sorry everyone, my last post is misleading. I meant to say that the most senior police officer investigating UFun is the national police chief.
Actually , the chief police-Gen Somyot Pumpunmuang is more the head of the raiding team not the figure complicated in the UFun scheme.
MednSpa, the Malaysia chain, is involved somehow. I think UFUN dumped a lot of money into that chain.
I thought I saw a public announcement that so-and-so (involved with UFUN) got involved with MedNSpa, like a buyout or something. However, I can’t seem to find the link any more.
Wouldn’t be the first or last time for police chief to lead the raid. In Colombia, the investigation on WCM777 ponzi scheme was announced by the Colombia president to Police Chief on TWITTER. 🙂
Letter of Clarification from BPuri
Anyone knows why Daniel Tay and other leaders were not arrested or wanted? I thought his the CEO of UFUN.
Oz = “In addition to the uToken cryptocurency ruse, uFun Club also dabbled in an ecommerce portal.”
Oz not picking straws but utoken is NOT a cryptocurrency, I HATE when utoken guys try to compare utoken to bitcoin its just ridicolous
Attenton uFun Club affiliates. Crap you make up about the current investigation/arrests will be marked as spam.
If you cannot source your information do not post it. “Company management”, your upline or “my best friend’s dog” are not suitable sources.
It’s related to translation difficulties. He’s listed as wanted under a different name Tay Kim Leng (Malaysian).
@Oz, may I ask why my post containing a link two Thai news reports was not approved? The reports concerned UFun computers being seized.
@primo; M_Norway is right.
According to Thai newspaper, apart from the 3 arrested, 4 are on the run on arrest warrant including Daniel Tay. This (april 13) morning Thailand time, the investigation team searched the UFun building and confiscated some PCs and servers.
By the way, I am Thai living in Bangkok.
It was in response to Shah’s trolling. We know the offices were raided and equipment seized.
They say it is, and even has an exchange rate, and their fan sites are marking every bit of a rise against USD as some sort of validation.
It’s even covered in altcoin news like CoinTelegram.
Tay is in Malaysia, attending a local “gala night” event at KSL resort. He mentioned something about “problems in Thailand”, claimed he will NOT get plastic surgery to hide.
I compared UFUN Club to Phil Ming Xu’s WCM777 in post #81 because of “stacked social proofs / no real business function”.
Phil Ming Xu was too eager to tell the world about how successful he was as a business man, so he forgot to add any real business functions on the website (wcm777.com + a clone).
Business functions = how a business communicates itself to customers, investors, other businesses, authorities etc. = an online shopping portal will immediately try to direct potential customers to that function, to what it see itself as its primary function.
On WCM777.com, I found 3 articles trying to tell the world about the successful business man Phil Ming Xu, one article telling about a joint venture with Siemens, one “Merry Christmas” (in June), and one other article. Half of the website was covered in some type of “religious symbols”.
A video presentation CAN be a type of “business function”, e.g. people unfamiliar with the business can prefer to watch a presentation first. But having people watching video presentations is in itself not a primary business function.
UFUN CLUB’S BUSINESS FUNCTIONS
It’s difficult to see any clear connection between “Bangkok Marina Spa & Resort” and online shopping, or between “Miss Kebaya Selangor” and online shopping, or between any of the other material provided and online shopping.
It seems like the primary function of UFUN Club is to tell the world about “successful leaders” and “big business contracts”. People will literally be drowned in that type of information, while the real business functions seem to be completely missing.
Suspect scams are always more about social proof than actual business.
I wonder how they got Warren Eu involved, as his IMATRIN brand was at least, on the surface, a real “business” selling stuff (of what utility, who knows).
IMHO, this smells like he’s “inner circle” rather than mastermind(s), i.e. he’ll appear at functions, but he’s not promoting it personally, unlike Tay, Cho, Liew, et al. who are all Malay, not Thai.
Tay speaks fluent (but accented) Mandarin so I wonder if this scam was really originated in Malaysia… and how widespread it is, maybe in China?
Thai followup: Apparently UFUN sent out notices on social network urging members nothing is wrong, do NOT complain to police. Police don’t like that at all.
More coverage in Western press, this time on CoinBuzz
Even Chinese newspaper is repeating the news, though they got the facts wrong.
@ K Chang
Minor nitpick: Malay is an ethnic group (the largest) in Malaysia.Tay , Cho and Liew are all ethnically Chinese not Malay.
I think you meant to say they’re Malaysian not Thai if you’re referring them by citizenship that is.
No idea who the guy on the rightmost is, but he’s identified as UFUN Malaysian Chinese “Professor” Yang Consultant
THis was some sort of a charity event in Shenzhen, China back in Feb 2015. They didn’t even bother giving his full name. Here’s the webpage:
There’s also mention of some linkup with some company in Chengdu, China. This scam is also affecting mainland CHina.
It originated from Hong Kong, according to the 6m30s “2013 official presentation video”.
Its first real “growth market” was Malaysia. It grew there long before it started to grow in Thailand. Many of the “leaders” are Malaysians.
How widespread it is can partly be seen in post #98, in the list of offices I found on Facebook.
In other countries (e.g. Australia and the U.S.), it’s too small to have an office. It doesn’t really spread via the internet, most internet presentations are done by local people in local languages.
If it was launched from HK, it didn’t attract many locals, but it sure attracted a lot of Chinese ex-pats, as a good portion of the promo stuff was in Mandarin Chinese, but simplified script that’s used in China, NOT Hong Kong.
Some will try to balance the material and try to make it look more like a real business. “If we wish to pretend to be an online shopping portal, then the best way to do it is to put up a real online shopping portal people actually can use. And we should try to make it look like the primary function of the business”.
Example: Zeekler.com had all the necessary functions in place to look real. It didn’t look very profitable, but at least it looked like a real business and worked relatively similar to a real business.
Certain selfdev books will tell you to market yourself as the person you want to become, e.g. “market yourself as an internet guru” or “market yourself as a great leader”. They try to sell an IDEA people can believe in, but the idea doesn’t work well if people don’t have the required experience.
Phil Ming Xu was more similar to a “selfdev believer” than to a real business person. The UFUN Group leaders belong in that same cathegory of “believers”. They will only attract other believers.
I checked its “internet history” in the other thread, post #140.
All the initial findings were in Chinese (Hong Kong, January 2013). 6 months later, most findings were from Malaysia (around June 2013). 3 months after that the findings also covered Thailand (around September or October 2013).
“Findings” was used for the number of meaningful search hits, e.g. I didn’t try to translate anything but I looked at the TYPE of material. So I watched a few Malaysian video presentations and a few Malaysian promotional websites when I focused on the middle part of 2013, e.g. May – September.
It’s about 2 different thought sets, involving different parts of the brain.
The easiest way to look like a real business is actually to HAVE real business functions in place, and to have some people using those business functions on a regular basis (more than “tried it once”).
The easiest way to look like an “internet marketing guru” is actually to produce something people can be interested in and recommend to others as “qualified material”. You will need real experience for that, e.g. to be able to handle followup questions.
The easiest way to look like a “great leader” is actually to do what a great leader is expected to do. It’s usually about organizing something for others, make THEIR work become more effective and meaningful. It can be about more than that, but it shouldn’t be about “telling the world about yourself and how great you are as a leader”.
“TRY TO CONVINCE THE WORLD ABOUT IT”
The opposite idea is “try to convince the world about it”, e.g. by referring to yourself as a successful business man, great leader, internet guru, top income earner, 7-figure leader, etc., and by producing “social proofs” people can believe in.
Jamison Palmer seems to believe in that idea. The UFUN leaders seem to believe in that idea. The people joining UFUN seem to believe in that idea.
From my perspective, UFUN looks very similar to some type of “selfdev cult”. You will first need to become a “believer” yourself before you can see some type of value in it.
yes, ufun definitely did not project themselves as a normal business would do. they did not even have a website, till about a month back!
they used the ‘physical meetings model’ gathering members and potential members and giving them mumbo jumbo about crypto currencies and utokens inevitable rise. the members promoted ufun on the net, through their own pages, but the company did not have a website.
this decentralized and purposely vague method, was naturally to keep investigators and authorities at bay.
eddy tan, who is purported to be the marketing director for utoken, explained in a video that the reason the company did not have a website was mainly because:
1] they did not want to draw attention of the credit card companies, who would try to pull ufun down, because y’know, soon everyone would be using utoken and the credit card companies would go out of business !
2] the ahem, ‘sensitive’ nature of utokens [translated: ‘illegal’ nature of utokens]
3] and yeah, eddy tan had some tough words for ‘poison writers’ who are ‘paid’ to write negative articles. but he told his audience not to get affected by these ‘poison writers’ and not become ‘small’ like them 🙂
the website as it’s stands today at ufninc.com is a splendid Display of Nothing.
nothing about the management, nothing about the compensation plan, it’s just selling the ‘idea’ of ufun, as norway correctly pointed out.
if you have some time to waste, watch eddy tan blabber:
Can anyone translate what going on here!
Thanks for the updates Predator, I’ve put together an article on the latest misinformation (including Daniel Dato’s video) here – https://behindmlm.com/companies/ufun-club-investors-in-denial-over-shutdown-spread-lies/
That’s why I pointed out something about “completely different thought sets”. It will first make any sense if the audience are true believers themselves, if they all belong to the same cult of believers.
If people wish to pretend being something, the easiest way is actually to first become skilled enough to play that role successfully (e.g. be able to give meaningful answers to questions, and be able to limit the scope if people ask questions).
“Skilled enough” = they will need to know their own business = they will need to have some real functions to look at (“current experience”), or some real experience they can recall from memory. READING about it or THINKING can’t replace experience.
Conspiracy theories, e.g. “the credit card companies will try to put us out of business if we become too visible”, will mostly have an effect on people who already are true believers. Real businesses won’t need to hide themselves like that.
@predator; that news clip is from April 13 Ufun HQ search.
The police finds a lot of ducuments and video clips linked to many people including Gen Soonpan. More arrest warrants will be issued , the news said.
The police said the UFun toplines are distributing letters via social media asking the members not to file complaints to the police.
Considering that the whole police department, the money laudering authority, the comsumer protecting office, the department of special investigation etc are all working hand in hand, I believe the Ufun will be history soon.
I had a quick look at UMatrin. It seems to follow in the same footsteps as UFUN Club = recruitment, investments, BizPoints, P-Points, B-points (but no currency yet).
Pretending to be about real business activity, but that isn’t being reflected in search results (it’s based on offline recruitment, just like UFUN).
I didn’t check the “front side” of the business. I actually ignored it. A business front can be relatively inexpensive to buy, e.g. Paul Burks managed to sell some Free Store Club.
A product line can be relatively inexpensive to buy. The fact that a business have products isn’t enough to make it a profitable business. JubiRev had products, and it collapsed after 60+ days.
UMatrin was sold to (or maybe it bought) Golden Opportunities Corp. in late March 2015. “One worthless company being merged with another worthless company”. Ticker change from GOOO:US to UMHL:US.
I checked one quarterly report from early 2014 (EDGAR database). Golden Opportunities Corp. is a “no income no assets” company, and seems to have been that since 2005. It has used shares as money to pay people in some of the years.
BTW, UMatrin seems to be targeting India as a primary market for the opportunity.
yes, ufun and mednspa, are getting into a partnership allegedly.
news posted 17 hours ago claims:
ufun seems to be going into a PR overdrive, to ward off imminent collapse.
in this month, they have a meeting to explain the thailand problem, and for some signing up, for the gateway klang project, or something.
the PR overbite that takes the cake however, is that ‘french stock exchange officials’ will travel to malaysia on 9th may, to sign up ufuns, ‘unispace’ for a listing on the french stock exchange!! [loonytunes just started a slow background play!]
mednspa, malaysia, appears to be a company which is past it’s prime.
the last ‘press release’ from them was in jan,2012.
the last ‘event’ listed on their site was in jan 2013.
strangely, the head office is in ‘selangor’:
let’s list the ufun selangor connections:
– tech and admin support of ufuninc.com is registered to selangor. this address is shared by UBTMall:
– ufun funded the miss kebaya, selangor competition
– ufun is getting into a partnership with mednspa, which is head quartered in selangor
…..danial tay may be a resident of selangor, malaysia?
also, why does the mednspa.com website NOT say anything about impending nuptials with ufun?
the gateway klang project is a huge project in selangor. it is being constructed by some major construction companies in partnership with the Port Klang Authority (PKA).
this project has been in the pipeline for a decade at least, but stalled for one reason or another.
as recently as April 2, 2015, gateway klang has been in the news, regarding the awarding of a contract, to provide project management services to it.
question: if the awarding of a contract for gateway klang, can find mention in the news, why will 30% ‘ownership’ of ufun in gateway klang, not be announced/attract any attention ?
gateway klang is pretty ‘infamous’ due to all the delays surrounding it. given ufun’s bustout in thailand, wouldn’t the malaysian press be all over the story, about how ufun is a 30% partner in gateway klang?
yet, Only ufun talks about this HUGE partnership with gateway klang.
gateway klang says nothing.
malaysian press says nothing.
is this a case of parallel universes?
uh, i don’t quite know how to say this, but on april 8th, ufun promoters were posting, that ufun was getting a Whole Country to adopt utokens as it’s Official Currency.
yes, you read that^^^RIGHT!
yes, you read that^^^RIGHT AGAIN!
They’ve crapped on about getting China to adopt uToken as their official digital currency in the past (from memory). Not surprised!
Pretty much anything that comes out of the uFun PR machine is smoke and mirrors, serving no other purpose than to get people to stop people focusing on it being a Ponzi scheme.
huh? the Same China which has the death penalty for ponzi schemes?
short and fatal conversation!!
ufun is incorporated in brunei, an upcoming offshore jurisdiction and tax haven.
this is recorded in the contract with bina puri holdings:
no one knows who the board members of ufun are, the best excuse of an explanation i found, from ufun promoters so far is:
1) Thailand seems to be the country to end the scammers’ dreams.
2) Last year that particular Chinese self-proclaimed billionaire was caught in Thailand for money laundering activities. His offices in Selangor, Malaysia was investigated and eventually closed.
3) As I know, there are a couple of similar Ponzi schemes going around in Malaysia similarly to buying stocks of a particular company and recruiting downlines.
4) Anyways, great coverage guys; Oz, K Chang, et other. Keep it up!
2) That Chinese self-proclaimed billionaire caught in Thailand for money laundering activities was called Zhang Jian.
Google him. Zhang Jian has been locked up in Thai prison since middle of 2014.
Addendum to my above post.
That wasn’t even his real name. 🙂 His real name is “Chong Mi Chiew”.
He was pushing YunShuMao, literally “Cloud Digital Commerce”. but it’s pyramid selling; buy-in and expect payout later. Victimized thousands in China.
Chinese PubSec were after him, so he went off to Thailand, supposedly to get a “temporary ordination” at a Buddhist temple (i.e religious retreat to clean his soul), where he allegedly tried to recruit the monks, and yelled at by the head monk for violating temple rules left and right, left without returning the ceremonial robes and whatnot.
Thai authorities caught him in Phuket.
Report in Chinese: NOLINK://www.chinapress.com.my/node/573522
And an English report: NOLINK://www.thestar.com.my/News/Nation/2014/07/06/Get-rich-or-get-duped-Giant-billboards-promoting-scheme-not-what-they-seem/
Mr. Li’s correct, the perp’s still in Phuket jail. Apparently he ripped off the Triad in Malaysia, so right now he’s biding his time in jail.
According to article, Phuket jail don’t have beds; everyone sleep on the floor. Though it’s possible to wire in some money to buy more food if you can’t stand jail food.
Forgot, Zhang Jian’s “real name” can also be spelled as “Song MiQui”.
That makes investigation difficult, esp. if they also get an English name into the mix.
One last post: Apparently China wants their fugitives (Song, GF, and assistant) back. Here’s a good summary in English for that case:
Thank you for your correction. Ethnicly Chinese Malaysian citizen.
this is hilarious.. why ppl are so gullible …billion dollar club that has some flimsy facebook page, rubbish marketing material, no land line contact number, phoney offices address..
im from malaysia, if i can turn you into a millonaire my office will be located in city center not places like taman serdang jaya.. LOL..
well said IMP.
someone who you just met online tells you to send a $500 bank wire to a bank in Singapore for invisible currency. wants your personal info and gives you a website that says you own this magical currency. no credit cards (leaves paper trail) and we dont do this, your sponsor does. we even have several names to our companies.
classic ponzi scheme
It was your choice to invest or not. Any investment is a risk. Hopefully the investigation authorities will use a fair standard of review (unlike the U. S. Authorities. The whole idea behind utokens would be that once a certain level was issued, it would then be traded like any currency.
The value would be based upon the reserves and intrinsic value like any currency. Anyone purchasing could have spent them at any time.
The company only stated they would not go down in value as they set the exchange value. This is unique but not illegal. The value was never set or determined by members coming in at a later date.
(Ozedit: Offtopic derail attempt removed)
Ufun members did harm to the company when they projected the value would rise dramatically. These members should be given a refund and their membership cancelled.
Ufun should cancel the referal fees (the multi level part) as this would prevent recruiting and the advertisement of huge and quick gains.
Unless there is something known but not published ufun is legitimate from the beginning. (Ozedit: Offtopic derail attempt removed)
Irrelevant to the fact uFun Club is a Ponzi scheme.
What kind of “any currency” has infinite growth? The only reason uFun Club were able to set artificial guaranteed growth in value is because they were running a Ponzi scheme.
Bullshit. The company can’t pay out more than it took in. What you thus saw was a balancing act where uFun hedged it’s best against how much new funds were coming and what was being withdrawn.
Gambling on how much monopoly money will be reinvested is a ticking time bomb.
You don’t know the half of it…
participation in ufun is not about ‘investment’ or ‘risk’. it is about illegality.
it is ILLEGAL to run [or sometimes even participate] in ponzi/pyramid schemes, and this is the ‘standard of review’ that will be used by thai regulators.
members projected whatever BS they were fed by ufun management and TOP investors.
this ‘blaming the members’ ruse is used everytime a ponzi stumbles and falls.
really, members should not take the blame lying down!
Where did they get those ideas from?
Most people simply repeated marketing BS they had got from the company itself.
Which intrinsic value?
UToken cost nothing to produce, e.g. they can produce a billion UToken for a few cents simply by adjusting a virtual balance.
Utokens will have zero value in a normal market. You could sell them to members of a network, e.g. old members could sell them to new members.
If you run out of new members, the currency will be rather worthless. You can’t expect merchants to accept Utokens if the company has been shut down.
JIMMY, ARE YOU THE HONOURABLE DATO DANIEL TAY??
Shah are no longer here.. sitting on a his chair..regret
Me? Regret? Lol!!!
Come on guys, ufun legal team are having a great time now.
Anyways, jokes aside. Why ponder so much on these. The truth will come out eventually. People will try anything to hurt a business, and also some will try to cheat others.
Only the TRUTH matters. And guys please, be kind to one another ya..
Have a great day everyone..
The truth will bite you right in the butt. You have been warned.
“The truth” was rather unspecific. If you wish to warn people then you should probably try to be more specific about it.
Ksp7653, are u a judge? Lol!!!
I think u have to take great care of your own butt.. Or maybe i guess u do not read the latest news???
Ufun lawyers and legal team are pressing the Thai Police and questioning them as to WHY DO THEY CONDUCT THE RAID WITHOUT WARRANT AND EVIDENCE, AND ONLY TAKE REPORTS FROM ACCUSERS, AND NOT VICTIMS… i guess you are not asians like us.
Back to the case, ALL ufun members have gain and received profits(except newly joined members).
And this is the BEST PART.. UFUN LEGAL HAS STARTED PURSUING INDIVIDUALS WHO DEFAMED/FRAMED UFUN. I guess we will have to wait again for the latest news and information..
Good luck everyone 🙂
No they aren’t. They’re holding photo ops with flower arrangements on a stage.
Because uFun Club’s business model is all the evidence you need for a regulatory shutdown.
Numbers on a screen != profits.
No they haven’t.
Christ, get Daniel Tay’s dick out of your mouth son.
latest information is that your dato wont come out of hiding, and one event of the 26th april in malaysia has been cancelled, and the other one ie the gateway klang MOA signing will also get cancelled at the last moment.
latest information is that you all have Lied about the binapuri project, and the poh kong jewelry chain, and the UDBP bank and you’re most likely Lying about gateway klang too.
the lawyers can say anything at press conferences, but at the end of the day they will have to convince the judge that ufun is not a ponzi.
the latest information is that your dato and his lawyers, talk about this and that, but Never address the question of WHY ufun is NOT a ponzi.
saying it’s a new business in a new paradigm, sounds good, but it wont hold up in court.
shah can you tell us why ufun is not a ponzi/pyramid scheme?
Right, Shah’s on permanent spambin.
Usual “ignore everything and just spout nonsensical spam” attitude of someone who hasn’t realized they’ve been scammed yet.
Anjali, to me, its not a ponzi, moneygame or pyramid scheme.
Since u are not a member, let me put it simply.
All of our money that we investef in, ufun group uses it to expand our business, in marble mining, solar power company, buildings, resorts, tv stations and media communications and more.
Apart from all these businesses, ufun group creates utoken noncrypto digital currency which is backed up by gold reserves which also belongs to all members.
And we members do trading by using utokens, and profits from all these we shared among all members according to the sum they invested, and we benefits frm our ufun group branches of businesses.
U wont know because u are not a member, but for me, i have received monthly profits.
Oz, u really make me laugh!!!!
I am a 44yrs old singaporean businessman who is doing timber and coal businesses in singapore malaysia, thailand, brunei and indonesia.
My 25yrs of business experience and having a degree in finance doesnt make a stupif investor…
You don’t need to be a member to understand how a Ponzi scheme works.
is paid out to existing investors. You in turn are paid out of funds invested by subsequent investors.
uFun Club hasn’t invested in anything, it’s all Ponzi smoke and mirrors.
nothing more than how much invested funds haven’t been withdrawn yet. Once those funds run out, kaboom.
Yet here you are, trying to justify a $1.17 billion dollar Ponzi scheme.
Your degree is broken, go back to finance school and get another one.
does the malaysian police have an arrest warrant for danial tay?
then why did he not go through with the press conference in KL, malaysia? the thai police cannot arrest him there? why’s he hiding shah?
who will sign the gateway klang project MOA? will tay attend that event?
you forgot to tell us why ufun is not a ponzi scheme, shah.
Oz, u making me laugh harder!!!!
Total i invested since day one i joined was usd1000(which i received120,000usd profits)usd10,000 and usd150,000.
And i have withdrawn a total of usd900,000++ profits. And u all saying i m stupid? Hahahaa
Anjali, i already stated about the company businesses above. Please read.
That you stole funds from subsequent investors is neither here nor there.
Some people strive for a higher existence, something greater than making a living scamming other people on this planet.
There is nothing funny about committing wholesale fraud to the tune of a million dollars.
Not only are you stupid, you are everything that is wrong with this industry.
yes i read it and it’s hogwash.
ufun is not invested anywhere. not binapuri, not gateway klang not mednspa, not solar power not any shit. it’s all just talk. there’s no revenue generated from anywhere except from fresh investors.
apparently you have earned a lot of money from ufun and you don’t want this ride to end. your’e too blinded by greed to see the truth.
Congratulation oz, u make me smile wider. I am a (Ozedit: Ponzi scammer, and nobody is interested in your excuses.)
Don’t even try to use god to justify your scamming shah, it’s beyond pathetic.
yes , lets turn to God to solve everything then!
This is shah (Shahferi Ahpek):
Facebook history says he’s worked mostly in restaurants, bars and hotels (current place of employment is the hotel Marina Bay Sands), and he likes to play the drums.
Nothing about a finance degree.
This guy is full of shit. He joined uToken in December 2014 and has likely lost his hospitality life savings in the scam.
This is not a uFun Club millionaire.
oops, i thought he was ‘shah’ from gujarat, india, living in singapore 🙂
well, shahferi apparently has the soul of a musician, logic may not be his strong suit.
the returns promised by ufun must be music to his ears! 🙂
i hope you haven’t lost too much money shahferi!
I’m told Unascos now formed with SKC Management Consultancy Sdn Bhd 是什么公司 operated from KL (skc4all.com).
I put money with them in January at KL event with more than 300 people. Still haven’t seen them start investing. Does anyone know what is going on?
Who told you?
Are you aware that “是什么公司” = “is what company”?
some of the people I met at KL event.
KL event for uFun or KL event for SKC Management Consultancy Sdn Bhd?
You know who invited you to the event, and I suspect it was ex-uFun affiliates you were acquainted with.
They’re just selling you dreams, looking to take even more money from you. That much should be obvious.
Was an SKC event I went to in Jan. Cant now rremember who invited me, was the company’s staff that called in December.
One person I met at the event told me that SKC was Utoken before operating from Thailand, but lost a lot of people’s money. And that the owners felt guilty and setup Unascos to make money back for the investors.
Now moved from Thailand to KL and formed SKC offering managed share trading. I invest 20,000 MYR in January following the event, still not seen any returns.
Sounds about right. At this point if you can trace anything back to uFun Club, don’t bother.
They’re obviously sticking to the “investment project” script and will just run off with your money like they have everyone else’s.
Oh, as if you can trust their judgement a SECOND time!
There’s a Chinese expression: bitten by a snake once, afraid of rope for 7 years.
It’s not even 7 MONTHS since we heard UNASCO finally collapsed… Is it?