Bangkok Boiler Room Alert

A Flying Sporran Enquiry
Tuesday December 6 2011
A boiler room exposed on this site last year has re-invented itself under different names in Bangkok, as they always do, so here is a warning for you chaps out there, who do not know what to do with your savings.

Do not give any cash to Asian Green Technology Holdings, or Devonshire & Douglas.  Boiler rooms continue to thrive in Bangkok, also sometimes they change to ‘pump and dump’ schemes. They can do this because they have many authorities on their payroll.

These guys above were formerly trading as Earle Carlton & Hughes out of offices in Soi Saladeang.

They will say they are trading out Hong Kong and Macau but you will find their grunts down the Sukhumvit Road in Bangkok.

Boiler room scams are quite easy to spot with a slightly discerning eye.  Their websites are full of wordy mission statements but no real facts. They do not always give addresses. The contact us button will often lead to one of those forms you have to fill out, like on this site. When they do have addresses those addresses will be serviced offices. Any telephone number will only be a forwarding number.

How to spot a Bangkok boiler room grunt in a Bangkok bar?

If you suspect do not immediately approach him with any questions about his work. Give him a false name, preferably not Andrew Drummond.  Talk about football and women, even teaching English. Play pool.

 

Tell him you are killing time before checking out the plumbing in the Baccarat in Soi Cowboy. These are his main subjects out of work.

Confronting a boiler room security man outside the Amari Atrium in Bangkok. This guy had traced ‘Flying Sporran’s car number within seconds and had found the address to which all threats go.
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Wait until he is relaxed, a couple of pints will do that if you can stand the boredom.  Then ask him.

If he is a ‘grunt’ he will sweat a little, avoid your eye, and say either ‘this and that’ , import export’ or something like ‘I’m trading forex’ , financial advisor’, ‘share dealer’. 

Then ask him what happened to the Euro and sit back.

I have been writing about boiler rooms for years starting with this story in ‘The Times’. Below is more recent stuff

 

Earlier story Earle Carlton and Hughes

 

The Great Bangkok Boiler Room Murder Fiasco