Who thinks IAM are a bunch of CRIMs?
The Thai police seem to:
Message 16192077
Mastermind of Bangkok share-dealing scam remains at large
SECTION: CITY EDITION; BUSINESS & FINANCE; Pg. 15
LENGTH: 591 words
BYLINE: By JON GREENAWAY
DATELINE: BANGKOK
BODY:
A third "boiler room" share scam operation targeting Australian investors was raided in Bangkok yesterday while authorities said they were no closer to finding Irishman Mr John Kealey, suspected of being the mastermind behind the separate groups raided on July 26th.
Officers of the Securities and Exchange Commission of Thailand, in conjunction with the Anti-Money Laundering Office and local police, raided International Asset Management, a group believed to have been selling
ramped shares in start-up technology firms in the United States, but found the office vacated. Authorities searched two floors of a building in a street near Silom Road in the heart of Bangkok's financial district and impounded documents left behind.
International Asset Management, and a linked entity, SDD Consulting Group, came to the attention of the
Anti-Money Laundering Office after the group attempted to transfer 11 million baht (E275,000) out of Thailand two weeks ago and the SEC received repeated complaints from investors unable to get their money back.
"It is a bit difficult to say with any degree of precision but I think after our raid two weeks ago the people behind this activity are lying low," said Rapee Sucharitakul, assistant secretary general of the SEC yesterday.
Real estate agents report termination on luxury apartments renting at anything up to (pounds) 6,000 (E7,000) a month. Two days after the first raids, four suspected "boiler room" bosses were relieved of $ 100,000 and 2.5 million baht in cash by authorities before boarding a flight to Zurich.
According to diplomatic sources, two US nationals are the principals behind International Asset Management - one of an estimated 40 to 50 unlicensed broking firms thought to have opened in Thailand in the last two to three years. Most operate by cold-calling overseas investors from Bangkok and selling shares with high-pressure telemarketing.
Meanwhile, the Royal Thai Police believe Mr Kealey remains at large in Bangkok, but are no closer to an arrest despite having three separate units with 65 officers on the lookout for him since his company was raided 12 days ago.
"It is not easy to find someone in Bangkok, it is a very big city," said Police Maj-Gen Chalermdej Chompoonuch of the Central Investigation Bureau. "But we are hopeful we may have some news by the end of the week."
Authorities would not confirm they were looking for another Irishman in connection with Brinton Group and Benson Dupont International, the groups raided on July 26th, as they did not have his passport - but sources say he is
a close associate of Mr Kealey.
Immigration police say they are on alert in case Mr Kealey tries to leave the country.
Since news of the raids broke, nervous investors have besieged prudential authorities in Australia and
Thailand and the Australian embassy in Bangkok, trying to recover investment amounts totalling several million pounds.
The SEC has a recorded message telling callers they do not have the power to recover funds from within Thailand. If cash had been transferred to a third country, chances of retrieving it were minimal.
Irishman Mr Paul Hickey and four other directors of the Brinton Group and Benson Dupont International were
charged with fraud and operating an unlicensed brokerage late last week, and if convicted could face up to
seven years imprisonment.
CRIMs Cant Hide! |
