RAPE OF HONG KONG SLEUTH TURNS ON THAILAND
Flying Sporran’s Diary
Hong Kong’s financial sleuth Lindell Lucy, of the ‘Rape in Hong Kong’ website has not surprisingly turned his attention to Thailand and so called independent financial advisors in the land of, err, smiles.
However it’s worth mentioning perhaps that many Thai based IFA’s claiming to have a presence in Hong Kong, which is more kosher marginally, than Thailand, in its financial dealings and policing, may not actually have a presence in Hong Kong.
Just like Bangkok based boiler rooms these IFA’s rent serviced offices and may even register companies in Hong Kong – and they certainly open bank accounts there. But their presence is of course in Thailand where nobody but nobody at the Thai Securities Exchange Commission, to whom they should register is particular bothered enough to take any action except put out 'Investor Alerts'.
Robbirt claims he too was a victim of Drake's LM Fund scam - but not so the same extent as most of his clients. One close to retirement client says he lost literally 'everything I had saved since I stared working'. Gambling that percentage of your clients's cash on one fund seems a little careless.
While of course the average Joe will go to jail for robbing the corner store of a couple of hundred dollars or whatever ; steal multi-millions in the financial world and it’s a civil case – and the victims will have to go looking for their money, which nowadays will probably be in a major international bank – the greatest protectors of fraudsters.
I have just been having an off the record chat with an executive of a major international bank during which I pointed out to him that his bank was servicing multiple accounts of boiler rooms based in Bangkok and other parts of Thailand.
“Of course the banks do not care where the cash comes from. My bank sets aside billions of dollars a year in the event of being caught out, which they often are, and life goes on.
" We are one of the worst."
I am not going to get that sort of quote from his press office though.
There appears to be a fading line between bank ‘traders’ and ‘boiler room’ boys. They are both about getting out at the right time cashed up.
“Our traders are guys with Lamborghini’s and no personalities,” he said with a chuckle.
To go to Lindell Lucy’s piece at the Rape of Hong Kong click here.
Declaration: The author of this site also lost cash invested in the LM MPF promoted by Neil Robbirt.