Thailand’s iCon scandal shows enduring popularity of get-rich-quick schemes

More than 740 complaints have so far surfaced against The iCon Group, Thailand’s Central Intelligence Bureau said late Monday, alleging losses of about $8 million.

Founded six years ago by Waratpol Waratworakul, better known as “Boss Paul,” the company leveraged its rags-to-riches narrative to attract up to 400,000 recruits eager to sell beauty products and supplements through a multi-level marketing scheme.

But many of these hopeful members claim they were duped into buying sales courses and opening lines of credit of up to 250,000 baht (US$7,500) to purchase more products, all in the name of climbing the company’s ranks and lead their own sales teams.

As new recruits joined, they expanded their networks, creating an extensive network of 300,000 to 400,000 participants. However, when the products didn’t materialize or didn’t sell, countless members saw their savings wiped out, victims’ lawyers allege.

In a tearful two-hour television interview on Tuesday night, Chief Paul confronted the widow of a man who killed himself because of debts incurred after registering for iCon.

“I’m so sorry for your loss,” she said, crying and vowing to compensate the victims.

“I will help compensate them to my last baht… And if I run out of money, I will work to find money to pay them all.”