NZ Victims of Brokers - Thai Authorities Seek Info
1 August 2001
Thailand Authorities Seek Information from New Zealand Victims of Broker Deals
The authorities in Thailand have recently taken action against a number of so called “overseas brokers” operating from Bangkok. The brokers have been targeting people both in New Zealand and Australia usually claiming to offer investment opportunities in the United States. In the view of the Thai authorities the evidence clearly indicates that there have been breaches of Thai law. Criminal charges are being brought.
The brokers that are the subject of this action have traded under the names Brinton Group, Benson Dupont Capital Management, Osiris Asia Pacific, Strategic Alliance Corporation, Sigama Capital Management and Dreyfus Capital.
The Thailand Securities and Exchange Commission (SEC) is seeking information from New Zealand people who have lost money to these brokers. The SEC is seeking the following information in particular:
- the contact details of the investor;
- the name, address, phone number and fax number of the broking firm and the names of the persons who were acting on its behalf;
- a description of the nature of the transactions and the representations that were made by the callers;
- the amount of money involved;
- details about where the money was paid (address and account details of beneficiary);
- confirmation that the investor has been unable to recover the investment.
If you would like to assist then you are requested to send the information by hard form (not by fax or email) to:
Director, Office of the Secretary-General
Securities and Exchange Commission
16th Floor, Diethelm Tower B
93/1 Wireless Road
If you need clarification on what is required you can contact the SEC as follows:
Phone: 662 256 7708 / 662 252 3223
Fax: 662 256 7755
The information is required by the SEC in order to assist the investigation and prosecution of criminal offences against the people involved. We have been asked to stress to investors that the Thai authorities see little prospect of recovering the money that has been invested. Much of the money has never entered Thailand but has been remitted directly by investors to bank accounts in other countries. It has then been moved on quickly and is extremely difficult to trace.
We would be pleased to receive a copy of any information that is sent by investors to the SEC. Our address is: Securities Commission, PO Box 1179, Wellington.
We remind people once again of our warning to exercise extreme caution when cold called by people purporting to be brokers from overseas.
Norman F Miller
Senior Executive (Operations)
1 August 2001