The founder and CEO of the iCon Group, Warathaphon Waratyaworrakul, cried and promised full compensation during a meeting with the relatives of investing partners who tragically lost their lives after his company’s products failed to attract buyers.
During his appearance on the well-known “Hon Krasae (follow tides)” talk show, hosted by Kanchai Kamnerdploy on TV Channel 3 this Monday, Warathaphon, also known as Boss Paul, engaged with the family members of deceased individuals who had invested in and acted as dealers for his company’s products, ultimately losing their investments.
A woman from Phayao province shared the heart-wrenching story of her elder brother who took his own life by consuming weedkiller following the collapse of his investment in the company’s products.
She recounted how her brother, Nikhom, had taken a loan of approximately 250,000 baht from their mother to invest in the products but found himself trapped with no way out after the business faltered, leading him to commit suicide two years prior.
Also featured on the show was the younger sister of a former government official who had passed away.
She explained how her brother, despite severe illness and against family advice, invested 250,000 baht borrowed from acquaintances into the direct sales venture of The iCon Group.
He exhausted all his resources on training sessions and unsellable cocoa products.
It was reported that the affected individuals had invested through the company’s dealers, who allegedly failed to provide any support despite numerous pleas. After the death of one investor, a supervising dealer shockingly suggested that the deceased’s relative should also invest.
Another participant on the show was Patcharee, a woman battling polio, heart disease, and hypertension, and who uses a wheelchair.
Patcharee revealed that she had lost 170,000 baht, which she had invested in The iCon Group’s products using her personal savings and a loan from her elder sister.
Her expectations were high after attending a promotional event hosted by Mr Warathaphon along with various celebrities, but she ended up losing everything.
Many others had also invested in the business hoping to earn an income during the challenging times of the Covid-19 pandemic.
During the show, Mr Warathaphon occasionally broke down in tears, admitting his ignorance about the severe health conditions of some investors and the tragic outcomes, expressing deep regret for their losses.
He stated that although his call center had received numerous requests for business support, it had not been informed of any suicides among the investing dealers.
Mr Warathaphon sincerely apologized and committed to taking responsibility by dedicating his personal wealth towards compensating the affected investors.
He explained to Mr Kanchai, the host, that his initial intent in founding the company was to engage in direct marketing, conducting both wholesale and retail operations.
He outlined how initially, six years ago, his business offered only a single collagen product but later expanded to include coffee and dietary supplement products, with The iCon Group now boasting 14 different products.
He clarified that his company employed actors and actresses solely for product presentations and never to encourage investments.
The Central Investigation Bureau announced that as of Monday, police had interviewed 635 complainants, who collectively reported losses of 232.4 million baht.
Additional complaints received online brought the total number of complainants to 1,067, with overall reported losses amounting to 378 million baht.
