Following on from the arrest of twenty-one Eagle Gates Group scammers in April, nineteen have since been jailed.
On October twenty eighth 4 Thai and two Taiwanese defendants had been discovered responsible of defrauding the general public and committing a transnational crime.
As reported by the Bangkok Submit;
The primary defendant was sentenced to 50 years in jail whereas the opposite 5 had been every sentenced to twenty years’ imprisonment.
All six defendants had been additionally ordered to return cash to buyers who had been tricked into becoming a member of the scheme, and pay annual curiosity of 8%.
13 Eagle Gates Group scammers had been every sentenced to 10 years in jail, lowered to ‘six years and eight months as a result of they gave helpful testimony.’
Two of the defendants had been acquitted.
BehindMLM reported in April 2020 that twenty-one Eagle Gates Group scammers had been arrested. I consider this is similar group of 13 that had been sentenced in March.
I wasn’t conscious that a few of them had been already sentenced. By my rely eleven Eagle Gates Group scammers had been despatched to jail in March, six joined them final month and you’ve got the 2 acquittals.
That leaves two arrests unaccounted for. The result of these suspect’s instances is unknown.
Eagle Gates Group was a multi-million greenback Ponzi scheme launched in 2016. Worldwide investor losses have been pegged at $52.2 million.
Of be aware was the corporate’s faux CEO Eddy McClough (proper).
McClough was an early instance of in the present day’s cryptocurrency Boris CEOs. Whether or not Thai authorities managed to uncover his precise identification has not been disclosed.
Whereas regulation of MLM Ponzi schemes throughout south-east Asia is sporadic at greatest, Thai authorities have finished an exemplary job of searching down these behind Eagle Gates Group.