Beware of Scam Gold Traders

Wittaya Yensabai 22.06.2010 11:34

Thailand’s Gold Traders’ Association (GTA) has issued a warning to the public to beware of shady companies persuading people to invest in gold on overseas spot or futures markets. Jitti Tangsitpakdi, president of GTA, said, "Many scam gold trading firms have been established and had already duped customers into investing in the gold spot market or in the futures market. Many such investors have filed complaints with the GTA and the Securities and Exchange Commission. The two agencies are working with police economic investigators and have already apprehended a number of people working for these firms". He added, "These illegal operators usually open an office, scam their customers and then close and move to new offices to avoid detection"

"Staff at such firms persuade prospective customers to invest a minimum of US$10,000 and give them false advice on buying gold", Mr Tangsitpakdi said. "The companies are reluctant to disclose their addresses to customers."

"Filing lawsuits against fake companies is difficult because such establishments are illegal" Mr. Tangsitpakdi further warned. "Prospective customers can check on the status of all gold trading companies because each firm must be legally registered at the Gold Traders' Association, as either an importer or exporter. This enables them to be exempt from customs duty and revenue tax",

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