Thai share scam suspects fined

All of those convicted face deportation

More than 30 Britons have been fined by a court in Thailand and given suspended jail sentences after being convicted of offences connected to an alleged £100m share scam.

The Britons were part of a group of about 80 foreigners arrested in raids on two illegal stockbrokers.

The court sentenced the 78 foreigners for overstaying and illegally working in Thailand.

The company set out to defraud people by saying that their money would be invested in the stock market

Thai Police

It fined the foreigners between 5,000 and 8,000 baht (£76 to £123) each and gave them one-year suspended jail terms, a court official said.

Following their sentencing, the 78 were transported back to the immigration department where they will be processed before deportation.

One Briton and one other foreign national are understood to still be in custody, awaiting questioning by Thai investigators on more serious charges.

Investors 'cheated'

The raids, which also led to the arrest of a number of Thai nationals, followed a two-year investigation into complaints from securities regulators in Australia, New Zealand and Hong Kong.

The brokerages concerned are alleged to have helped cheat investors of more than $150m (£100m).

Thai police alleged the foreigners were hired by the firms in Bangkok to call overseas investors, particularly in Australia and New Zealand, and sell non-existent stocks.

BBC correspondent Gina Wilkinson in Bangkok says it is being described as one of the world's largest global stock-dealing scams.

Detailed list

Assets valued at £4m, including 35 boxes of documents, 20 computers and large amounts of cash, were also seized from the offices of the Brinton Group and Benson Dupont Capital Management in the Thai capital's central business district.

A local newspaper has published a detailed list of those detained it says was supplied by Thai police.

According to the Nation newspaper, 33 of those arrested are British, 12 are American, 10 are from Australia, a similar number are from Ireland, while others are from Canada, New Zealand, Liberia, the Philippines, Spain and Jamaica.

Some are as young as 20 but many are middle-aged. The oldest is reportedly 71.

Thailand's Securities and Exchange Commission (SEC) said in a statement: "High pressured selling tactics were allegedly used."

Fraudulent tactics

Some of those detained are thought to have worked from bases in Tokyo and Hong Kong.

"The company set out to defraud people by saying that their money would be invested in the stock market," said deputy police chief Sant Sarutanond.

"Many complaints showed that after the money was transferred to Bangkok accounts, either investors had problems getting their money back or no further contact could be made to the brokers at all," he added.

A Foreign Office spokeswoman said British Embassy staff in Bangkok would visit any Britons still detained on Friday, she added.

There are also reports that the firms involved were involved in an international money laundering ring, with large amounts of money leaving Thailand.

Maximum penalty

However, police say they have not caught the ringleader of the operation, according to reports by foreign news agency AFP.

The maximum penalty for fraud in Thailand is seven years in prison.

Trading securities without permission carries a maximum sentence of five years' jail and a fine of more than £7,500.

Prime Minister Thaksin Shinawatra said Thailand's laws needed to be reviewed to prevent fraudsters from operating out of the country.

Similar scams were also uncovered in the Philippines capital Manila earlier this month.

Fifteen people were picked up and detained in a raid on offices in the city's Makati financial district.