The Thai TV host retired from the shows amid the iCon group scandal

THE iCon Group has attracted significant attention in Thailand as numerous investors and agents have fallen victim to its direct selling and network marketing business model. Many invested in the company, only to find its returns drastically below expectations, fueled by the company’s inflated advertising claims.

THE iCon Group was founded by award-winning CEO Waratphol “Paul” Waratworakul, popularly known as Boss Paul among the company’s agents. He is known for his motto: “You’ll never get rich if you’re working hard in the wrong place.”

Boss Paul often shared stories of his struggles before becoming the head of the company, explaining how he worked as a waiter and office staff before building his successful business. Amazingly, it only took the iCon group three years to generate over 5 billion baht in sales.

According to various news agencies, the company promoted itself as Thailand’s leading online sales business, promising life-changing opportunities for those who became agents. Agents were told that they did not have to maintain a warehouse or carry stock, and were offered the chance to win significant prizes if they achieved high sales.

However, each agent was required to pay a specific amount for membership or to obtain higher positions in the company. They also had to pay monthly online advertising costs of 3,000 to 5,000 baht.

Celebrities inspire confidence

The company often showcased the success stories of its top agents to recruits, displayed luxury cars awarded to successful agents, and offered extensive online marketing courses to help agents increase their sales.

In addition, the iCon group used famous Thai celebrities to build trust with the recruits. Several of these celebrities also held high-ranking positions within the company.

Celebrities involved include well-known TV presenter Kan Kantathavorn, lead actress Peechaya Wattanamontree, former actor Yuranunt Pamornmontri and the company’s two main presenters, Pakorn Chatborirak and Pakorn Lum.

For those with limited funds, senior members of the company encouraged them to sell their assets and valuables to invest in the business.

However, agents struggled to sell the products because the brand was relatively unknown. The company then advised them to hire more agents instead of focusing on product sales, which made the business model look like a Ponzi scheme.

Many agents were unable to sell products or recruit new members, resulting in significant financial losses. Some investors went bankrupt and, tragically, some chose to take their own lives to escape their debts.

The CEO defends himself

CEO Paul recently addressed the controversy surrounding his company, claiming he was unaware of the bankruptcies and suicides among his agents. He suggested that some of the negative reports may have been fabricated to damage his company’s reputation.

However, Pau expressed his willingness to face legal proceedings and offered to compensate the families of those who had died. He also stated that he would accept any punishment if he or the company were proven to have broken the law.

Several Thai news agencies have reported that the victims are now gathering evidence and preparing to submit their complaints to the RTP. Some media have indicated that the number of victims in this case may exceed those affected by the recent gold scam involving Mae Tuck and her husband.

If you or someone you know is in emotional distress, please contact the 24-hour Samaritans Thailand Hotline: 02 713 6791 (English), 02 713 6793 (Thai) or the Thai Mental Health Hotline at 1323 (Thai). Also reach out to your friends or family at this time if you have feelings of loneliness, stress or depression. Seek help.