Daily fraud update: 15th April

Chris Lee

Further arrests made in Forex-3D case

An alleged foreign exchange Ponzi scheme in Thailand has seen another of those accused of being associated with it taken into custody.

Forex-3D, which is accused of having tricked thousands of traders through a pledge to deliver high profits, has been in the foreign exchange news headlines for a while.

However, it has now been revealed that Sitthanat Pho-ngern – who is 30 years old – was arrested on Tuesday by representatives of the Department of Special Investigation.

It is understood that his arrest came about following the issuing of a warrant by the Criminal Court.

He has been charged with involvement in the scheme.

He is accused of having tricked people to use Forex-3D, which did not have the relevant licenses to operate.

Overall, the Forex-3D scheme is alleged to have scammed thousands of people.

Around 3,000 traders came forward to say that they had lost out.

It is understood that around 1.58bn Thai baht was invested in the allegedly fraudulent scheme.

This is currently equivalent to roughly £38m or $48m.

Media reports suggested that Sitthanat Pho-ngern was working from a flat on the Ratchadapisek road in the Huay Khwang district of Bangkok.

In a sign of how the ongoing coronavirus pandemic has affected law enforcement operating in the anti-crypto scam field, there was extensive discussion in a local newspaper – the Bangkok Post – about health-related steps taken following his arrest.

It detailed how he was examined medically as soon as he was taken into custody, and the article shared details of his travel history, medical records and temperature.

SIM swap lawsuit continues in US

A lawsuit focusing on an alleged case of “SIM swapping” in the US is now well underway.

Michael Terpin is suing the major telecoms provider AT&T over claims that the firm failed to protect him against a SIM swapping incident which he claims saw him lose a significant amount of cryptocurrency.

SIM swapping is a form of identity theft which is used to steal cryptocurrency from wallets, often with the assistance of an “insider”.

Now, AT&T has requested that a punitive damage claim worth around $200m should be removed.

Terpin’s lawyers have come back with a statement attempting to counter this.

“We contend that AT&T cannot simply get the matters of fraud or punitive damages dismissed before we have even gone to discovery”, quotes the Terpin team.

“In fact, we expect to find this was not an isolated incident, but rather a pattern of SIM swaps and other negligent behavior that shows a pattern of moral disregard for its customers within the highest levels of the corporation responsible for consumer protection and for security.”

Documents which have made it into the public domain also indicate that Terpin is accusing some of the firm’s staff, which is a household name in the US, of various nefarious behaviours.

The “actions of AT&T’s corporate officers and managing agents were malicious, oppressive and fraudulent”, the documents read.

AT&T has attempted to have the case dismissed.


Chris Lee

Latest news

Cybercrime still on the rise – be wary of potential scams
While our attention may be drawn to the latest news regarding the COVID-19 pandemic or the Tokyo Olympic Games, cybercrime statistics continue to grow unabated in the shadows. Read more
How to Learn to Trade Unpredictable Summer Markets
Recent events in the financial markets have left traders and investors dazed and confused. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2011 Global CFD & FX Broker
Number One Broker
BEST FOREX BROKER Visit broker
5
#2 ForexTB logoYour capital is at risk Founded: 2015 Global Forex & CFD Broker
Number One Broker
LOWEST FEES Visit broker
4.9
#3 Tickmill forex broker logoYour capital is at risk Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#4 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#5 Forex Broker Pepperstone LogoCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9

    Forex Fraud Certified Brokers

    Forex.com Logo
    IC Markets Logo
    Pepperstone
    XM Logo
    AvaTrade logo
    BlackBull Markets Logo
    IQ Option Logo
    City Index Logo
    Vantage FX logo
    ATFX Logo
    skilling logo
    Plus500 Small Logo
    FXTM Logo
    HYCM Logo
    OctaFX Logo
    Exness Small Logo