Another blow to the Pattaya property market
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Vp Of "the Beaches" Condo Project Arrested For Fraud100 million in depositors money lost?
Started by arachne, 2009-06-07 18:16
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53 replies to this topic
#3
Member Posted 2009-06-07 18:21:02
Post a link. www.pattayadailynews.com/shownews.php?IDNEWS=0000009421 #5
Floppy Member Posted 2009-06-07 18:32:31 Quote The 800 room, 20,000 Million baht project started in 2005 and is located at the Najomtien area of Jomtien Beach. Prices for apartments are between 5 and 20 million baht. Seems like this project was doomed to failure anyway.. 800 rooms in a 20,000 million Baht project works out at 25 million Baht per unit and selling for between 5 and 20 million????? #6
Super Member #7
Senior Member Posted 2009-06-08 00:18:18
Another link http://www.thebeache...om/g_morgan.htm Oh man that is sick. The Bernie Madoff of "The Beaches". #8
Super Member Posted 2009-06-08 00:37:31
I wonder how stories like this will make people think twice about jumping into condos / homes that have not even been built yet.
What a shame. #9
Senior Member Posted 2009-06-08 02:13:45
I wonder how stories like this will make people think twice about jumping into condos / homes that have not even been built yet. What a shame. If they're not jumping into them before they're built they're jumping out of them when they are. 
#10
Super Member Posted 2009-06-08 06:11:38
Quote The 800 room, 20,000 Million baht project started in 2005 and is located at the Najomtien area of Jomtien Beach. Prices for apartments are between 5 and 20 million baht. Seems like this project was doomed to failure anyway.. 800 rooms in a 20,000 million Baht project works out at 25 million Baht per unit and selling for between 5 and 20 million????? #11
Platinum Member Posted 2009-06-08 06:39:03
Does anyone know if they actually started building yet.
#12
Titanium Member Posted 2009-06-08 08:23:51
This development was being touted as using Escrow Accounts to protect depositors money, so how have they lost anything?
#13
Errant Member Posted 2009-06-08 08:31:56
This development was being touted as using Escrow Accounts to protect depositors money, so how have they lost anything? I think they lost as the funds were never made it to the escrow account. Which is really too bad. #14
Floppy Member Posted 2009-06-08 08:45:35
This development was being touted as using Escrow Accounts to protect depositors money, so how have they lost anything? It would be a problem if the deposits didn't go through the company books and bank accounts. One wonders how the deposits were paid, in cash? The people who have paid deposits that have not been registered should really form an action group. I would have thought that as this man was acting as representative and marketing manager of the project that the company, not the individual is liable to reimburse the depositors. But of course, we don't know all the details. #15
Atomic Member Posted 2009-06-08 11:01:00
What would you expect from the Pattaya property pimps...honesty and integrity
Again reinforces the dangers of buying off-plan in a large development from an unknown developer. Too bad for the people who are out deposits but plenty of warnings about these scams. Edited by MeetJohnDoe, 2009-06-08 11:01:20. #16
Border Riever's Posted 2009-06-08 11:21:31
100 Million is a very small ammount in terms of the size of this project, (if indeed it is actually 100 million "lost", and not just a convenient figure plucked from obscurity by the media), i would hope the developer will make good on these "payments" for the sake of the rest of the project.
I guess time will tell. #17
Platinum Member Posted 2009-06-08 19:37:23
This development was being touted as using Escrow Accounts to protect depositors money, so how have they lost anything? The people who have paid deposits that have not been registered should really form an action group. I would have thought that as this man was acting as representative and marketing manager of the project that the company, not the individual is liable to reimburse the depositors. But of course, we don't know all the details. [indent]"Most of the customers affected are from Sweden and Russia and police have announced that anyone who has deposited money with Mr. Morgan should check to see whether their payments have been registered in the company records. Should anyone discover that their reservation has not been registered, they should contact the police immediately." [/indent]makes me think that it's folks who didn't "go through the company books" who may be in the worse situation. But, I also wonder about those who DID go through the company books. #18
Titanium Member Posted 2009-06-09 09:40:52
This paragraph from the pattayadailynews.com article: [indent]"Most of the customers affected are from Sweden and Russia and police have announced that anyone who has deposited money with Mr. Morgan should check to see whether their payments have been registered in the company records. Should anyone discover that their reservation has not been registered, they should contact the police immediately." [/indent]makes me think that it's folks who didn't "go through the company books" who may be in the worse situation. But, I also wonder about those who DID go through the company books. It seems to imply that deposits were taken by Mr. Morgan but didn't get forwarded to the company which may be why he's been arrested for fraud. #19
Banjo Picking Member Posted 2009-06-09 11:17:10
Go to the Pattaya Daily News link below and scroll down to comment number 4
http://pattayadailyn...NEWS=0000009421 Very interesting comment from a Russian man who had dealings with Mr. Morgan and one other person who has been mentioned in this forum before. #20
Super Member Posted 2009-06-10 09:48:18
From the Company Website: "Mr. George Shoepper Morgan was terminated"
 Did they use Arnold for the job?
#21
Banjo Picking Member Posted 2009-06-10 11:06:13
From the Company Website: "Mr. George Shoepper Morgan was terminated" Did they use Arnold for the job? Nah!! he'll be back #22
Senior Member Posted 2009-06-11 10:44:43
I know of two people that were interviewed for a sales job at The Beaches by this guy. George asked both of them if they could lend him 200,000 Baht as his cashflow was a bit tight. One of them he actually asked at the interview! The other was a few days after the interview. Not sure if the 200K was supposed to be to grease the wheels and ensure they got the job - neither paid and neither got the job. I suspect there wasn't even a job in the first place. Quality! Another Pattay success story.
#23
Super Member Posted 2009-06-11 10:50:07
Name names so they dont start up again somewhere,or maybe a visit by a hitman.
#25
Super Member Posted 2009-06-11 11:45:11
Investing in this sort of thing away from one's homeland or in your own homeland are so iffy, especially in the recent economic environment.
So often a large part of the investors are people trying for a quick buck, or are handling money for people back in their homeland, again for a quick buck. There are fast talking developers showing up all the time all over the world. Anybody that knew anything about Pattaya and Jomtien and the current glut of condos must have little business sense to invest in this project. But I guess some got in before the economy recessed as much as it did. |
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