A former beauty pageant contestant has come forward as a victim in a Forex broker fraud case, revealing how she lost more than 70 million baht (roughly US$1.9 million) to a network of rogue brokers operating without a licence.
Teerayapha Wijitmaneewat, known as Phet, spoke to reporters on June 19 outside the Department of Special Investigation (DSI) building on Chaeng Watthana Road in Bangkok, shortly after officials concluded a press briefing on a raid targeting unlicensed Forex trading operations. The raid took place on June 16.
Phet explained that the brokers operated as part of an organised scheme. While investors were trading profitably, the brokers would secretly change account passwords, cutting the connection between the trading portfolio and the server.
Once locked out, victims could not amend orders or adjust settings. Portfolios would then collapse, with sums of US$20,000 to US$30,000 per account wiped out in moments. Phet said she had experienced this pattern more than 20 times.
She said her total losses reached 70 million baht. Some losses came from her own trading decisions, while other losses occurred after brokers allegedly changed her account credentials mid trade, leaving her unable to control or cancel positions until the portfolio collapsed entirely, a process traders refer to as a blown account.
Phet said a close friend had originally introduced her to currency and gold trading through several brokers. Of the brokers named in the DSI briefing, she identified two whose conduct she believes amounted to fraud, resulting in losses of tens of millions of baht.
She said this was why she came forward to give a statement to investigators. She also compared this style of trading to gambling for those without sufficient capital or financial discipline, adding that it drains money out of the Thai economy since most of the funds flow overseas with no benefit to the country.
Responding to online criticism from members of the trading community who claimed she lost money through her own poor trading rather than broker fraud, Phet said she had repeatedly tested and tracked the brokers’ chart behaviour. She said she found inconsistencies between price movements across different accounts, information she has also passed to investigators. She called on relevant authorities to step in and regulate this type of business.
On the 70 million baht in losses, Phet admitted the experience had caused her significant stress and that she had previously had thoughts of harming herself. She said she was now determined to fight the case and rebuild her life, reported Daily News.
The story Former pageant winner loses 70 million baht to Forex scam as seen on Thaiger News.
