Hundreds file suit over EBC $46M investment fraud

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Hundreds file suit over EBC $46M investment fraud

Post by CEOCambodiaNews » Tue May 09, 2017 6:22 pm

Hundreds file lawsuit over fraud worth $46M
Tue, 9 May 2017
Several hundred people from across Cambodia descended on the capital yesterday to file a lawsuit against the former heads of the Hong Kong-registered Empire Big Capital (EBC), an investment firm whose allegedly fraudulent practices robbed them of a collective $46 million, victims say.
In February, some 200 people demonstrated in Phnom Penh to demand the arrest of Malaysian national Sean Tan, a former chief officer at EBC.

Yesterday morning, more than 300 people gathered in front of the Phnom Penh Municipal Court to file a complaint against Tan, Huot Sovann, and Chi Gosaly, the three former heads of EBC.
In addition to returning the alleged $46 million in deposits they lost, the victims also want $20 million in compensation. Soueng Panith, an organiser at the demonstration, claimed the scam affected 15,000 families.

Attracted by promises of 10 percent returns each month, Kampong Speu resident Mea Chhel said he invested $14,000 with EBC, only to see the returns, along with his investment, vanish.
“I borrowed some money from banks [to invest]. But after I got the returns for two months, the company disappeared. Now, I am working as a security guard to get money to pay the banks’ interest,” he said...
http://www.phnompenhpost.com/national/h ... -worth-46m
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AE86
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Re: Hundreds file suit over EBC $46M investment fraud

Post by AE86 » Tue May 09, 2017 6:59 pm

CEOCambodiaNews wrote:
Tue May 09, 2017 6:22 pm
“I borrowed some money from banks [to invest]...” he said...
Greedy bastard.
Reckless driving cucumber - 成
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Re: Hundreds file suit over EBC $46M investment fraud

Post by ExPenhMan » Tue May 09, 2017 7:35 pm

Theses scam artists keep offering these ponzi schemes because people keep buying the BS and putting ALL of their money on the one number. Crazy. There's a long thread over on thaivisa today from a guy who lost millions, as did others, in the huge LM fiasco in Australia. He's having to pick up what's left and go back to the UK at age 70. Poor guy, actually, but he wrote his own bad luck script.
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Re: Hundreds file suit over EBC $46M investment fraud

Post by StroppyChops » Tue May 09, 2017 11:10 pm

ExPenhMan wrote:
Tue May 09, 2017 7:35 pm
Theses scam artists keep offering these ponzi schemes because people keep buying the BS and putting ALL of their money on the one number. Crazy.
What's that one number? I'm asking for a friend...
Bodge: This ain't Kansas, and the neighbours ate Toto!
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Re: Hundreds file suit over EBC $46M investment fraud

Post by Luigi » Wed May 10, 2017 8:38 am

One Is The Loneliest Number - Three Dog Night (Lyrics) - YouTube

:popcorn:
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Re: Hundreds file suit over EBC $46M investment fraud

Post by ExPenhMan » Wed May 10, 2017 10:20 am

StroppyChops wrote:
Tue May 09, 2017 11:10 pm
ExPenhMan wrote:
Tue May 09, 2017 7:35 pm
Theses scam artists keep offering these ponzi schemes because people keep buying the BS and putting ALL of their money on the one number. Crazy.
What's that one number? I'm asking for a friend...
The answer to everything is 42.
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Re: Hundreds file suit over EBC $46M investment fraud

Post by StroppyChops » Wed May 10, 2017 8:47 pm

ExPenhMan wrote:
Wed May 10, 2017 10:20 am
StroppyChops wrote:
Tue May 09, 2017 11:10 pm
ExPenhMan wrote:
Tue May 09, 2017 7:35 pm
Theses scam artists keep offering these ponzi schemes because people keep buying the BS and putting ALL of their money on the one number. Crazy.
What's that one number? I'm asking for a friend...
The answer to everything is 42.
Correct.
Bodge: This ain't Kansas, and the neighbours ate Toto!
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