uFun Club abandon investors, Bina Puri file complaint
Prior to the regulatory shutdown of uFun Club, you’d be hard-pressed to find promotions for the scheme that didn’t mention supposed investment and partnership with Bina Puri.
One of the largest construction firms in Malaysia, Bina Puri operate the the Bangkok Marina Resort & Spa through a local Thai subsidiary.
Back in 2013 uFun Club laundered 17 million THB ($525,000 USD) through the firm, buying a 29 percent stake in Bina Puri’s Thai subsidiary.
A UFUN branch, UTR Co, also bought 100 units worth Bt150 million in the Bangkok Marina Resort & Spa Project, he added.
Despite buying in for 29 percent and dropping $4.6 million USD on resort units though, uFun Club
didn’t send anyone to represent it on the board, leaving it with no participation in the company’s management.
So why did they invest in the subsidiary?
Precisely so that uFun Club investors could run around the internet claiming that the scheme was in a partnership with Bina Puri.
So the flawed mantra went, if Bina Puri was one of the largest construction firms in Malaysia, how could uFun Club be a Ponzi scheme?
Flashy images of the Bangkok Marina Resort & Spa accompanied the claims, with these actions now landing uFun Club in hot water.
Yesterday saw Bina Puri file an official police complaint in Thailand, specifically referencing uFun Club and its investor’s misuse of their company name.
Pairat Chanchaikaew, an advisor to Bina Puri, explained to Thai media,
UFUN had used the company’s pictures and logo to promote its various activities and advertising, leading to damage to (the) company.
We had previously warned UFUN not to do this and had filed a police daily record of it.
After the UFUN fraud allegations broke and resulted in arrests, damage was caused to Bina Puri’s reputation in Malaysia.
Its credibility and reputation were being used by UFUN so (we) filed the police complaint.
The company would compile evidence for legal action against UFUN later on.
What will come of the complaint remains to be seen.
In other uFun Club news management appear to have now abandoned their investors.
Chairman Daniel Tay (aka Tay Kim Leng) appeared in a YouTube video yesterday, in which he stated he would no longer be making public appearances or media interviews.
Tay, appearing sweaty and uncomfortable, urged other uFun Club management executives and leaders to do the same.
Tay stressed that the company would only communicate with investors, the media and the general public through their lawyers.
The whereabouts of Tay and his fellow uFun Club management remain unconfirmed. They are however believed to be hiding out in Malaysia, with warrants recently issued for their arrest in Thailand.
Tay was supposed to front a press-conference yesterday, with members of the Thai media flown in by the company to attend.
The conference was to clear the air as to the legality of uFun Club, with management explaining to reports why uFun Club scheme wasn’t the $1.17 billion dollar Ponzi scheme Thai police claim it to be.
Instead Tay pulled out at the eleventh hour, citing concerns of Malaysian authorities. The conference, first thought to be cancelled, was then rescheduled to be held in Bangkok.
An hour after the conference had initially planned to have been held in Malaysia, recently hired Thai lawyer Jessada Jandee fronted the media.
Instead of explaining how uFun Club wasn’t a Ponzi scheme though, Jandee used the opportunity to question the legality of the current investigation.
Jandee (holding the mic in the photo above), explained that uFun Club had hired a “team of lawyers” to
investigate two points.
The points are: why had the Thai police issued arrest warrants without prior summons as well as the facts and information that led to the issuing of the arrest warrants.
How much uFun Club are paying Jandee and other lawyers in fees is not clear.
If I might save Jandee and his fellow layers some time, the arrest warrants were issued because uFun Club operate as a Ponzi scheme.
Affiliates have invested upwards of a billion dollars in uToken Ponzi points, which hold no inherent value, other than a fictitious value uFun Club have attached to them.
This value is anchored in nothing else save how much funds have been invested with uFun Club globally. Any withdrawal requests, made under the farce of selling uToken Ponzi points back to uFun Club, are paid out with subsequently invested affiliate funds.
It’s that simple.
In other news US uFun Club investors continue to mislead their downlines, people they convinced to join uFun Club and invest.
Voicing over a YouTube video uploaded on April 20th, Jamison Palmer refers to public awareness of the Thai Ponzi scheme bust as “irresponsible reporting”.
Palmer refers to the shutdown of uFun Club as “a small matter”. He then goes on to compare uToken Ponzi points to BitCoin, despite marked differences between the two.
The most obvious of those being the lack of an MLM opportunity attached to BitCoin, and that the value of the coins is set by the marketplace, not a Ponzi scheme overseeing the distribution of said coins.
That doesn’t stop Palmer from crapping on about BitCoin for nearly seven minutes though, with the question of why uFun Club isn’t a $1.17 billion dollar Ponzi scheme left unanswered.
Palmer, along with Paul Brady, Rodney Burton, Casey Tan and Michael Mansell, head up the largest group of US uFun Club investors.
Under the team names “uFUn VIP” and “uFun Dominators”, the group have previously been observed actively attempting to censor information critical of the scheme.
Separately, Patrick Pretty is reporting today that the Colorado Securities Division are looking
into the extent” of promotional ties the UFunClub “program” … may have in the state.
At the time of publication no other US regulator has publicly confirmed they are investigating the scheme.