9 foreigners suspected in fund scam
The Department of Special Investigation (DSI) plans the arrest warrants for nine foreign individuals involving with Standard Morgan (Thailand), alleging them of operating an illegal investment fund.
At the press conference today, the DSI revealed the names of the nine individuals with different nationalities - Ronald Hodges, manager of the fund; David Lim; Eugene Yew Jin Wei; Wang Rongbiao; Vic Phua; Ryan NY; Jimmy (unknown family name); Andy (unknown family name); and Leo Lee Chan.
DSI chief Tarit Pengdith said on Wednesday that DSI is acting on the request by the Securities and Exchange Commission (SEC).
The DSI attempted to freeze some 20 bank accounts which may have been used for the illegal fund mobilisation. Opened by Thai and foreign nationals, many of them were closed before the freeze. Only about Bt15 million remained in the remaining accounts.
The DSI investigation showed that Standard Morgan (Thailand)'s fund has mobilised about Bt1 billion during July 2012 and August 2013 from about 300 investors.
The fund was established on July 14, 2012 and it was inaugurated at a major hotel in Bangkok on October 23, 2012.
