Over 80 uFun investors file claims for at least $679,000
Whereas most uFun Club investors are still living in denial or worried that the company will terminate their accounts if they speak up, nearly 50 investors in Thailand have now filed complaints with police.
At the time of publication, over 80 uFun Club investors have come forward to report combined losses of nearly $700,000 USD.
Some $12 million dollars US has been frozen in Thailand alone, with authorities estimating that uFun Club globally took in over a billion dollars.
Money held elsewhere in uFun Club accounts remains unaccounted for.
Nine police teams have been set up to handle the case and if the evidences collected against any executives of the company warrants would be sought with the court for their arrests, said Pol Lt-Gen Suveera.
Despite the progress of the case in Thailand and looming extradition requests of uFun Club’s fugitive executives, many investors on social media are calling for calm and patience.
As is common with Ponzi scheme busts, the belief being circulated is that if everyone keeps quiet the regulatory investigation will just go away.
This couldn’t be farther from the truth, with silence from investors only increasing the time uFun Club management have to cover their tracks and attempt to hide assets.
He disclosed that several investors had expressed concern that if they lodged their complaints with the police their investments might not be redeemed.
Nevertheless, he said he had advised the investors to file their complaints and the police would keep their identities confidential.
Despite these assurities, a Bangkok Post article covering the same story had a photo of what is believed to be several uFun Club investors talking to police.
Whether uFun Club will retaliate against the investors, despite pledges from management that they will “fully cooperate” with Thai investigators, remains to be seen.
Looking forward,
Commenting on the management’s attempt to convince the investors that their business was legal and sound through the social media, the assistant police chief snubbed that if the management was confident of its business they should report themselves to the police.
Pol Lt Gen Suwira said police expect to wrap up their probe in time to submit it to prosecutors early next month. He urged any remaining victims to file complaints with police this month.
“We have now got complaints from people in as many as 19 provinces. At this point, we have set up nine teams of investigators for this case,” Pol Lt-General Suwira Songmetta, assistant national police chief, said yesterday.
“We will act fast. When state attorneys agree to prosecute, we will be able to seek the extradition of those who have fled overseas,” Suwira said.
At least one of the wanted uFun Club executives has stated that he will return to Thailand to face charges “shortly”.
General Athiwat Soonpan fled Thailand the day uFun Club’s offices were raided. A few days later he told local press he would be “returning to Thailand soon”.
Whether or not Soonpan has actually left the US yet is unclear.
Stay tuned…
oz, soonpan released a recorded ‘message’. he did not directly speak to local press. no one knows where he is hiding, so he could not have spoken to local press.
your sentence gives the impression, that soonpan is openly in the US and speaking to local press there, without a care in the world.
At least one local media report existed in addition to the video. The statement was made before the video came out, indicating local media managed to get in contact with Soonpan before the video was made.
I did link to it in the article in question (so many, forget which one exactly).
There is of course no mention of leaving the US in the video, so whether or not he changed his mind between speaking to the press and publishing the video I’m not sure.
hmm, thailand has a military government. soonapan may negotiate a return.
it appears he is not the ‘brain’ behind ufun, but was more of a ‘brand ambassador’ because of his uniform. he could be a goldmine of information for the thai investigation, as he was in constant touch with the top management.
danial tay etc all ran to malaysia, but soonpan took off in a separate direction to the US. seems he has his own game plan.
just a thought, but it is possible.
Tay and crew went home. That’s where they came from.
IMHO, Soonpon went to US to find time to “negotiate” and come up with a spin story, like he was duped, he’ll give up his fortune, blah blah blah.
1. The Royal Malaysian Police (PDRM) for three Malaysians, including a title ‘Datuk Daniel’ allegedly deceptive about 100,000 people around the world through a get rich quick scheme. The suspect is also believed to be the mastermind behind the fraudulent pyramid schemes.
2. Citing reports BangkokPost.com, hunted suspects are shareholders and directors of the company UFun Co Ltd, Tae Kim Leng, 40; director Lee Kuan Ming, 38; shareholder and director Wong Ching Hua, 42; and shareholders and directors of the company Thais, Arthit Simmonds, 47.
3. Police of Malaysia Deputy Director of Intelligence and Operations, Commercial Crime Investigation Department (CCID) II Datuk Abdul Jalil Hassan said he was aware of the scam artists UFUN Store Co Ltd and has received numerous reports among local people on the scheme.
4. “It is understood that the Thai police are investigating three individuals. They have not asked for help from the police so far.
“However, if the three suspects were detected in Malaysia, action will be taken on a case those already reported before,” he told reporters yesterday Harian Metro.
5. This article was published on: Monday, April 20, 2015 @ 6:30 AM – See more at: hmetro.com.my/node/44971#sthash.2ORhpMzX.dpuf
Uh, so are they or are they not hiding out in Malaysia then.
Very strange Malaysian police are stating “if they are detected in Malaysia”.
Well I don’t think the prepetrators of the scheme are in Malaysia. Since the court trial will be in Thailand & probably Malaysia also, China which is a vast country is more an option for them.
But their families will most probably already in Australia and New Zealand instead of China.
jamison palmer, one of the US’s top recruits into ufun, who assigned himself the task of taking ufun to the english speaking world, has been quiet since news of thai investigations and arrests broke.
jamison palmer moved to asia, to build his business out from there and appears to be the downline one casey tan, who himself is the top recruiter of ufun. tan’s FB page has posts like these:
there appears to a ‘designed’ anti US/anti US dollar spiel used to sell the idea of ufun. this can be seen on posts on palmer’s FB page as recently as april 1st, 2015.
so, if casey and palmer are both using this anti US/dollar spiel, and both are top recruiters, it’s quite possible that this kind of ‘indoctrination’ is used not uncommonly.
palmers FB page says:
we see ponzis use marketing spiels like ‘we are the best’, ‘we are legal’, ‘we will go on forever because of our magic algorithm’.
this is the first time , that at least, i am seeing a more economic doomsday ‘indoctrination’ type of spiel.
for a ponzi scheme to use nation bashing as a marketing tool is a tad dangerous in my view.
the truth will soon come out.
ufun affiliates have gone crazy on the net announcing programs in kuala lumpur, malayasia on the 25th/26th of april, 2015, for signing of the ‘gateway klang’ MOA.
lets see what happens. now the malaysian police has confirmed that they already have complaints to act upon.
General Soonphan & Dato Daniel Tay missing in action. They have abandoned the sinking ship leaving the crews & passengers on themselves to stay afloat.
The greedy investors are still in denial mode. The truth hurts!
Published on Apr 19, 2015
Category: Comedy
Now, THAT’S funny
China doesn’t think Ponzi and pyramid schemes are funny.
Our resident Thai have mentioned YungSuMao (Cloud Digital Commerce) before. It started in China, was closed by ChiPubSec in SEP-2014 and several escaped to Thailand.
There’s another Ponzi that hit China the year before that… MeiZhouKuanYe (Trans:American Continental Mineral Industry) that swept northern China from Oct 2013 to June 2014 and escaped to the US, while continue to control affiliates in Thailand.
Chinese PubSec, with a bit of help from Interpol and Thai Royal Police, rounded up suspects as the MZKY suspects went to Thailand for a promo event. The suspects from YSM earlier rounded up were all sent back to China on Nov-2014.
News Link in Chinese: news.sina.com.cn/o/2014-11-14/182331146229.shtml
Got a picture of Casey Tan for you:
pinterest.com/pin/305892999664292428/
You think there’s a family resemblance with UFUN VP “Eddy Tan”?
i0.wp.com/www.successbuilderslearning.com/wp-content/uploads/2015/03/UToken-Meeting.jpg
Oops, key for the latter picture, from left to right: Jamison Palmer, Kim Song Lim (BDG Bank and Utoken Reserve), Eddie Tan (Ufun FP), Casey Tan
Kim Seng (not Song, sorry!) Lim is a Malay-born Chinese, and “founder” of BDG, which means Guinea Development Bank.
Interest. The IT director also came from Malaysia. Can’t tell “Ken Looi” came from.
China already knows it’s a scam. News items are listed under its Chinese name: MaKeBi
Here’s one of them, in Chinese though, with video. I’ll add a short translation below:
news.qtv.com.cn/system/2015/03/07/012202183.shtml
Wait a minute… Now I am confused… I thought this was UToken…
But other sites says this is Crypt0888? WTF?!
So Crypto888 is actually from Malaysia?
I watched the entire Chinese news segment. WTW of Malaysia was mentioned, but that may have been a conflation / lie. AFAIK WTW is just a property company?
Is this linked to UMATRIN somehow? The Chinese news mentioned something about Bird’s nest and other products.
These fraudsters in China claimed that the unit was worth 20 cents and is not worth a dollar. Octocoin have been flat for months.
Can this even be Octocoin? Or were they just making crap up as they go?
I think I get it now. This is actually OLD NEWS. I got a cut-off edition of the news. This actually happened in 2014.
Apparently the WTW website are all gone. And the upline had disappeared.
Here’s the FULL version of the news. WTF?!
haokoo.com/money/2010627.html
So the Crypto888 is a reload scheme, as they recycled the old name, MaKeBi.
This really makes no F***ing sense.
The name they gave for the company supposedly in Malaysia backing thie MaKeBi is YouChaoShi 优巢士, which doesn’t mean anything, but it sounds VERY close to UToken or UFun. It really has NOTHING to do with Octocoin.
The only way I can think of that makes sense is this scam was indeed referring to Utoken, which had been kicked out of China, where it *did* went by “MaKeBi” (sounds a little bit like Malaysia, Mark, and Bi/Bit/Coin)
And then Crypto888 recycled the MaKeBi and connected it to Octocoin instead a year later.
FWIW, Utokens in Chinese is generally 优特币 (Yo-te-bi) (and Bitcoin is Be-Te-Bi)
UFun should be related to UMATRIN (aka 优美庭 Yo-mei-tin). AFAIK, YouChaoShi does not exist. I can’t seem to find companies in Malaysia or Thai that specialize in bird’s nests (too much pressure from international communities) that start with “U”.
FYI, most bird’s nests came from Indonesia any way, about 80%. (Malaysia distant 2nd 12%, Thailand 3rd at about 8%).
well, this proves mr palmer has been in the thick of things.
if ufun investigations spread to the US, his goose is cooked. the FBI will not like the anti US shit he has spewed on his FB page, all to get people to invest under him, and make a quick buck.
his FB page is full of boasts about the highroller life he leads.
today there was a demonstration by a ‘decently’ large group of ufun affiliates outside the thai police HQ, chanting ‘i love ufun’.
i guess they are still in shock and denial. people don’t like to believe they’ve been had.
facebook.com/100007274565647/videos/1575072319411905/
FB pages of ufun affiliates do not carry any news articles from the thai press, which is following the ufun police investigations.
they seem to have shut out this information completely. since most/all affiliate pages are not carrying ‘real news’ it can only be assumed that this order has flowed down from the top.
it is entirely possible that normal affiliates with busy lives, will just check their uplines FB page for ufun information, and log out satisfied that the situation is under control.
not many normal people will search for ‘news’, and will accept what is put before them, by a ‘trusted source’.
news about the ufun investigations, going on and gaining strength, is clearly portrayed by almost daily thai media reports.
in the face of this, affiliates are posting this kind of nonsense as recently as 9 hours back. wear your ‘believe it or not’ cap before reading this :
i warned you !!
Denial and willful blindness toward the truth. Nothing special. Zeek affiliates did the same in the last month of Zeek’s life.