Thai TV presenter dropped from shows amid iCon Group scandal

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 that their returns were drastically below expectations, driven by the company’s inflated advertising claims.

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

Boss Paul often shared stories of his struggles before becoming the boss of the company, telling how he worked as a waiter and office worker before building his successful business. Remarkably, it took just three years for iCon Group to generate more than 5 billion baht in sales.

According to several 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 they did not need to maintain a warehouse or inventory, and were offered the opportunity to win major prizes if they achieved high sales.

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

Celebrities inspire confidence

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

Furthermore, iCon Group used famous Thai celebrities to build confidence among recruits. Several of these celebrities also held senior positions at the company.

Among the celebrities involved are well-known TV presenter Kan Kantathavorn, leading 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 allegedly encouraged them to sell their assets and securities to invest in the business.

However, agents had difficulty selling the products because the brand was relatively unknown. The company then advised them to recruit more agents instead of focusing on product sales, which made the business model appear similar to 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 debt.

CEO defends himself

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

Even so, Paulo 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 it was proven that he or the company violated the law.

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

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