Thailand’s Department of Special Investigation (DSI) received a complaint by 2400 citizens who lost more than $32 million dollars (or 1 billion baht) due to trading with a scam forex broker under name ShareForex.
According to victims, the broker promised great payouts and high returns simply by trading the foreign exchange. By downplaying the risk (which is a common scam practice), the broker managed to attract a great number of customers.
Popular Thai newspapers the Bangkok Post published an article claiming how the broker was using pictures of popular celebrities in order to convince clients to deposit money. They also showed them images of alleged broker employees taking part in financial conferences and events.
Samart Jenchaijitawanit, president of the Stop Money Game Association texplained how those images were simply photoshopped and altered, and they frequently used paid actors for promotional materials. They were also convincing traders that they had a booth at the Money Expo.
The irony of the entire case is that they really had a booth, but only for a short period of time. Very quickly, Securities and Exchange Commission issued a warning for visitors not to use their services as they don’t have a proper license.
However, 2400 people managed to make a deposit with ShareForex. One trader allegedly lost over 10 million baht. ShareForex scam promised traders that for a deposit in the amount of 3,859 baht ($1,000), they will be able to profit 40 baht a day. They also promised traders that they will make more money if they deposit more or if they refer a friend.
Piyasiri Wattanavarangkul, the DSI’s chief of Bureau of Illegal Financial Business Crime, stated how this case will get a special status due to the number of people involved.