Daniel Tay admits uFun Club illegal, 11th arrest in Thailand
The arrest of Rathawit Thiti-arounwat last month continues to pay off, with two new warrants issued for investors in the “same network” of uFun Club investors.
The network refers to the affiliate downline genealogy Thiti-arounwat belonged to which, given the attention its receiving from police, appears to be one of the largest groups promoting uFun Club in Thailand.
One of the suspects has been apprehended, with police hunting down the other.
The duo were “two-star” members of UFUN, who allegedly have hundreds of other members down the line (in their downline).
A Two-star affiliate membership with uFun Club costs $1150, which sees the investment converted into 850 uToken Ponzi points (see uFun Club compensation plan breakdown for more info).
Udomchai Imrattanarak’s wife Lampan Imrattanarak and Boonsong’s wife Chananya Konsing were also taken into custody for questioning, while technological devices and financial documents were seized for further inspection.
Boonsong Jeungthanes is the second wanted suspect, still at large.
Thai police also revealed that the names of 8706 Chinese uFun investors who held accounts with UDBP Bank, have been shared with Chinese authorities for further investigation.
On Sunday it was announced that China had officially joined what is now a coordinated international investigation into the uFun Club Ponzi scheme.
In other uFun Club news a thirty-five minute audio recording from Daniel Tay has surfaced.
In it, a flustered-sounding Tay delivers what are believed to be the most recent updates from the uFun Club corporate team.
The single-most important takeaway from Tay’s recording is that uFun Club, in its current state, is illegal.
Note that Tay’s original recording is in Chinese (Mandarin), so we’re relying on a cliffnotes translation from BehindMLM reader Kasey Chang:
Tay denied he’s the founder, he “joined midway” 半路出家 he admits that most of UFUN is illegal, but he’s trying to convert the whole thing to legitimate enterprise (black convert to gray, gray convert to white).
uToken itself is a bubble now and there is no value behind the virtual currency
We’ve been saying as much since we first reviewed uFun Club earlier this year. There was quite obviously nothing backing the perceived value of uToken Ponzi points, other than the rate of newly invested funds and what hasn’t been withdrawn yet.
As all Ponzi schemes eventually do, it appears uFun Club has run out of invested funds. To that end Tay makes up
a bunch of excuses about how the huge profits did not get realized, but (how) some people earned up to 300% profit.
This is typical of a Ponzi scheme, where a fractional minority of early investors steal funds invested by later participants. Dollar for dollar, if everybody in uFun Club tried to “withdraw” the value of their uTokens, the scheme would collapse.
Not helping uFun Club’s cash flow crisis are ongoing reports of funds and assets seized in Thailand and China, along with the UDBP Bank raid last week.
uFun Club used UDBP Bank to launder stolen Ponzi funds out of China and Thailand.
To remedy uFun Club’s lack of funds, Tay claims uFun “will have to restart / reboot” and that the scheme will no longer accept deposits of less than $5000.
Tay urges existing uFun Club investors to ‘put in (more) money to prove the viability of the Utoken’, and focus on recruiting “people who really have money, who (will) invest $100,000 at a time”. Recommendations Tay suggests include “lawyers and researchers”.
Just tell them NOT about UToken’s rise in value, but tell them about how they’re getting protoshares in real enterprises like retail stores, Utoken exchange, mine, and more.
This message doesn’t appear to have carried through to uFun Club investors just yet, who were only yesterday celebrating a fictional rise in value of uToken to 18 cents a point.
uTokens at this point are monopoly money, with uFun Club affiliates unable to convert them to cash for months. Currently the only people profiting from uTokens are existing uFun investors who mange to offload the worthless points onto unsuspecting new victims (who pay them real cash in exchange).
To those uFun Club investors who realize they’ve been had, Tay tells them leave.
Let the unbelievers leave. There will be believers who will join us. That’s just the way things are. We will face the setbacks and come back stronger.
Don’t worry about the detractors, we only do business with people who believe in us.
Naturally those who choose to leave won’t be offered refunds (there’s no money left).
Looking to the future, Tay reveals plans to list uFun Club on the Australian Securities Exchange (stock market). The uStore project in China is apparently also going ahead, albeit under a different company name (uMatrin?).
What with Chinese authorities actively investigating uFun Club since September 2014, how that’s going to pan out remains to be seen.
It goes without saying that any uFun Club executives set foot in China (assuming they don’t falsify travel documents) will be promptly arrested.
Using a different company name is unlikely to fool regulators for long.
Meanwhile over the weekend we reported on what appeared to be plans to shift uFun Club’s operations out of Malaysia and into the Pacific.
With uFun Club investor Nicolas Giannos giving “successful” uFun presentations to Samoan Prime Minister Tuilaepa Aiono Sailele Malielegaoi, his deputy Prime Minister and the Governor of the Central Bank of Samoa, it looked like the pacific nation of 200,000 was a contender for uFun’s new home.
Now we’re not so sure, with Tay referring to Samoa in the recording as “比較落後的國家” (a relatively backward nation).
Bitter words following a decision by Samoa not to welcome uFun Club with open arms? We’ll have to wait and see.
Daniel Tay and the rest of uFun Club’s executives who have not yet been arrested are currently in hiding. They are wanted by authorities in Thailand and now China, with Malaysia their last known whereabouts.
Malaysia have yet to officially commit to investigating uFun Club, with reports linking the $1.17 billion dollar Ponzi scheme to Malaysian politicians and members of the royal family.
Stay tuned…
US investors who had previously claimed that Malaysia had “no problems” with uFun Club also now appear to be in the dark.
Jamison Palmer (uFun VIP and uFun Dominators) wrote less than twenty-four hours ago:
You can wait for the bullshit version of events from Ponzi scammers, or read daily what’s actually happening in uFun Club right here on BehindMLM.
What was interesting to me is that in admitting UFun as it is currently being operated is illegal, he did not blame the members like most Ponzi masters do. And he also didn’t blame the “founders” of UFun which he omitted from naming.
Usually they are the ones who get blamed for not following the rules of the program and thus made it a Ponzi.
Also makes one wonder if when he is finally apprehended, if he will rat on the ones who started UFun and playing the victim card as most Ponzi masters do.
It all sounds very Phil Ming Xu to me. “Wasn’t my fault ‘onest, I only wanted to run a legitimate scam!”
Who is Daniel Tay’s “Tiger Liu” then? Warren Eu seems to know what’s up (and hasn’t been seen in public for months).
i think that should read ‘thailand and china’.
we mustn’t give malaysia even a teeny weeny bit of credit for anything!!
Argh yeah it should.
Following this one is doing my head in. I think we’re up to six countries named now.
well nicolas giannos also seems to have fallen silent after posting a ‘having a bad day’ quote yesterday morning.
either he’s been unable to pull off the samoan deal or he’s gone quiet on FB due to behindmlm’s outing of his activities.
and yet, malaysia is deaf/mute.
i wonder if danial tay gave his 35 minute speech in mandarin on wechat, instead of a video, so that he can deny it was him at all, saying all this?
Comeon now, Tay’s deflated warble is pretty recognizable.
i’m just going by, how tay invited thai press to malaysia for a press conference, and later reneged saying some impostor had spread false info about that ‘invite’.
since he’s being very frank in this wechat message, it’s entirely possible that he may back off from admitting it was him speaking. this happens with voice messages – it wasn’t me, someone was impersonating me!
lynn summers has released her own looong version of loony tunes in the form of a 48 minute! looong video.
didn’t have the patience to sit through her droning on and on, but some salient points i picked up are:
– the US stock market is neither bull or bear and she’s jus’ waiting for it to um, either go up or come down 🙂
– pre IPO shares are just the bestest bestest thing in the world!
– ufun is going to list its gateway klang 30% investment on some stock exchange. funnily she talks of gateway klang as located in “Thailand’. funny that she’s still talking about gateway klang after sagajuta and danial tay have both denied that ufun has any shares in gateway klang! is lynn summers a bald faced LIAR?
– unispace will get listed on euronext, and oh we gave money to the nepal tragedy charity.
– hear this!! china is ‘partnering’ with ufun to set up thousands of stores, and lynn summers is going to china next month!! obviously since china ‘loves’ ufun these days[!], this store business will get listed in china.
– and the nickel mine. never forget the nickel mine. ahem, lynn summers is going to ‘personally’ get the little nickel mine listed on the australian stock exchange!!
oz is complaining about his head being done in by the ufun spread. well, now just add up how many stock exchanges you have to follow for IPO listings and boom boom profits! 🙂
we live in a crazy world people and here is a stark and shocking example of it :
youtube.com/watch?t=2785&v=SYwrIRx5v0Q
I’m not following any stock market stuff until it happens.
Next stock market shenanigans on the calendar is DFRF on June 3rd. uFun Club is just endless promises at this point.
that was a Joke oz! as if these ufun idiots are going to get Anything listed Ever!!
I know what you mean about it doing your head in, I do the facebook UFUN page in my spare time and it is more than enough to keep me busy, and all I do is link to the reports you write a lot of the time!
My hat really goes off to you guys, you have done some amazing work. You and /Justicealwayslate have been massive catalysts in getting UFUN brought down, and a lot of people owe you a thankyou but might not know where to direct it.
Now, is there anyway we can report Lyn Summers to the Aussie regulators for promoting a ponzi? She is doing my head in and, while active, is a danger to families in Australia
why not just email them and see what happens?
Start with ACCC. I’m sure you can find their website easily.
Oz did all the work. I sometimes help out with translations and info-sharing across disparate sources, as you can see, but there’s always another scam popping up somewhere.
As long as there is greed, which is human nature, there will be scammers to take advantage of that greed to scam people.
All we can do is to shine a light on their nefarious activities. Scammers are like cockroaches. If you shine a light on them, they scamper out of sight. They need to be exposed.
JusticeAlwaysLate put up a digest version (cut 35 minutes down to about 10) and it’s a big hit attracting a lot of comments. 🙂
Too bad he didn’t have time to do a full transcription either. One of these days…
I prefer to say that I’m here because of my good looks and nice personality, “to add that extra dimension to this website”. 🙂
I did some background research in a different thread 6 days ago, e.g. to check whether she had a license.
behindmlm.com/mlm/regulation/ufun-club-affiliates-who-intimidated-their-victims-arrested/#comment-338218
I decided not to waste any time on her. She doesn’t seem to be a “major player” in Ufun, she only likes to pretend to be one. She primarily seems to promote Ufun to a closed group of investors she already knew before she joined Ufun.
Her visibility on the internet seems to be related to that she is playing the role as a “Financial expert / highly successful investor”.
She has played that role for many years, selling some “one year stock trading courses” and “stock trading seminars”.
Her business doesn’t seem to be very successful in itself, but it might appear to be successful to other people (“if you play a role well enough, other people may actually believe in it”).
From my point of view, she seems to be rather unimportant (if we ignore the impression of importance that she tries to create herself).
I can’t take all the credit. Alot of information is provided by readers, without you guys I wouldn’t be able to put together half the coverage here.
I agree she is not instrumental to UFUNs success, but she is a danger to people in Australia in my opinion. She has a lot of contacts, and the credibility to make people invest fortunes in UFUN.
If we can cut that out with a quick email, then Im all for it!
Will do so now
Well, following your reviews about utoken being a scam, does that make Bitcoin, Litecoin, Onecoin and the concept if crypto or digital currencies a scam?.
^^ OneCoin yes.
Being a “coin” doesn’t equate to being a Ponzi scam, a business model does.
Try understanding the review next time instead of pulling out strawman comparisons.
Is that how your teachers answered your questions when you were in school. Who will ask if he understands a concept. I just asked cos i wanted to make some inferences to the coins i mentioned.
I think because people do visit your blog, it is getting into your head. You did not answer the question fully.
The point is these programmes are all using Bitcoin as the pioneer and an example in their preaching.
If people know about Bitcoin then they tend to believe everything they are told about other digital currencies. And that’s the point, so to help people know which is a scam, you got to do the comparisons.
Some responses i get to some questions and comments from other people are one sided. Try understand before you answer or you don’t answer at all. Thanks
Do it elsewhere then, because anything other than uFun Club’s Ponzi points business model is offtopic.
Neither uToken, uFun Club or the Ponzi Points business model have nothing to do with BitCoin.
justicealwayslate is reporting a chinese article which appears to be related to that wechat recording by danial tay in mandarin.
i cant make head or tail of it, Paging Chang!!
is danial tay Denying making that recording?
huh and huh?
facebook.com/JusticeAlwaysLate/photos/a.419929838185892.1073741828.419828431529366/440583292787213/?type=1&theater
Even if it’s real, some Utokians will deny it. Basically Utokians don’t believe the audio’s real because Tay usually issues video message.
But the denial is NOT issued by Tay, but by Utokians, with all sorts of excuses like “it doesn’t sound like him”, “why would he issue audio now”, and so on and so forth. Then conspiracy theory kicked in, i.e. “some insider is trying to ruin the company”, blah blah blah.
The problem is they listened to the JAL’s digest version that’s 10 minutes long, not the full 35 minute version.
On the other hand in the two sidebars the paper did went over all the good points, like “bubble”, “trying to go legit”, and so on.
It’s your basic “denial” at work, basically. Newspapers “reported both sides”, and left it at that.
Every scam has their cadre of denialists. Seen it all in TVI Express, Zeek, TelexFree… Some denialists are even official (i.e. Carlos Costa) while others are nameless minions.
right, so WHY did danial tay release an audio message, when he has the arrangements to put out video messages ‘in style’ seated between his golden pyramids?
1] he does not have access to his golden pyramids desk anymore ie he has fled.
2] he has given an audio message that he can conveniently disown at any time.
it is obvious danial tay’s message has come in the light of china’s investigations, and the joining of hands between thailand and china.
he has tried to calm the chinese ufun investors by announcing the new plans of the company, and the IPO shares. but people don’t like change, especially with payouts stopped and ongoing investigations, it just seems like an ‘excuse’ and no one buys it.
goodluck to ponzi scammers in the US, europe and australia who have been given a payment gateway to sell god knows what.
it was utoken, then it was to be mutual funds, and then it’s to become pre IPO shares, but according to a link provided by umesh rana of ufun, what members are paying for is ufun ‘energy water’.
We have no intentions of doing it either. It will only derail the discussion.
Utoken was used as a virtual investment in a Ponzi scheme. People could invest in Utokens, watch them grow, trade them with other members of the network, sell them to people they recruited. But that doesn’t mean they had any value or any real function outside the network.
OneCoin is used in a similar way.
Bitcoin is used differently. It does actually have some legitimate uses, but it’s not very commonly used by consumers in general.
Thanks very much @ Norway. Understood