Richard Cayne customer service

Complaintsboard.com 

Good morning friends,

Here's a little something I came across courtesy of the good people at www.complaintsboard.com

It's pretty scathing but I agree with it 100%. People should be angry about the quality of Richard Cayne's "services" and they have every right to voice their complaints online. 

Overview of Richard Cayne customer experience

Richard Cayne, the founder of richardcayne.com, has been receiving a lot of negative feedback from consumers. Many have complained about his lack of transparency and poor communication skills. Customers have also reported issues with his investment strategies, claiming that they have lost money as a result. Additionally, some have accused him of being unprofessional and unethical in his business practices. These complaints have raised concerns about the credibility of his company and its ability to provide reliable financial advice. Overall, Richard Cayne's reputation has been tarnished by these negative reviews, and consumers are advised to exercise caution when considering his services.

Violence?

https://www.sitejabber.com/reviews/richardcayne.com#36

Jeremy B, I would like to know more about this. Richard Cayne sent men to rough you up? When and where did this happen? Did you report the incident to law enforcement?

No offence, Jeremy, but I have serious doubts about the veracity of this story. It sounds like a load of dingo's kidneys (a made-up story) to me, but I will do my best to keep an open mind.

If you have any other details about this incident, feel free to drop me a line at duddykravitz1959@yahoo.com

I am still waiting to hear from Tom in the United States as well. 

Tough Guy Cayne?

Hello everyone. I hope you're doing well. I haven't added anything new to the blog for a while because there have been no significant changes to the situation. Royal Siam Trust investors have yet to recover any of their money and the status of the land itself is uncertain.

Here's something I came across recently:

https://www.ripoffreport.com/report/richard-cayne-meyer-asset/bangkok-poor-investment-bad-1483576#comment_1

Tom in the United States, I would love to hear more details about your story and share it with the rest of the world. Please feel free to contact me at duddykravitz1959@yahoo.com. You don't need to reveal your identity or any confidential information - just use a throwaway email address. Operators are standing by! Hope to hear from you soon. 

#2 Consumer Comment

Richard Cayne stole my money

AUTHOR: Tom - (United States)

SUBMITTED: Friday, July 16, 2021

 Richard Cayne stole my money. I wish that I had found these warnings earlier. I trusted Richard Cayne's fake self written public relations websites and invested with him. He stopped returning my phone calls and threatened to have my legs broken if I proceeded in the courts. Fearing for my life, I know that I will never see my money again. Avoid this thief.

A Public Service Message from Our Friend Richard Cayne: Avoid Investment Scams

Here's an article from Richard Cayne to warn us about common investment scams:

https://richardcayne.com/richard-cayne-meyer/richard-cayne-warns-about-common-investment-scams/

He warns us about 1) Cold calls / Boiler rooms 2) Precious metals and coins investments 3) Fraudulent offshore investment schemes 4) Free stock tips 

That's all fine and dandy but there is one glaring omission that Mr. Cayne never mentions in his article. Why is there nothing about "land-banking scams?"

I guess Richard would like everyone to forget about the Royal Siam Trust land-banking scam that he marketed with his close friend, Gregory Pitt. The money has vanished from the Standard Chartered account in Hong Kong and the land "investment" has turned out to be utterly worthless. 

Richard likes to blame anyone and everyone (except himself) but the end result remains the same. He is at best a terrible investment advisor and at worst an untrustworthy character who has caused hundreds of investors to lose thousands of dollars in a dog's breakfast of an investment. 

If you would like to read about land-banking investment scams, I have a link for you here:

https://www.ripandscam.com/land-banking-scams.php

All for now. Have a great day, wherever you are. 

Richard Cayne: FSA

Suspension of Business Activities

Here's something interesting from our friends at Financial Services Agency (Japan). Check it out:

https://www.fsa.go.jp/sesc/news/c_2020/2020/20201110-1.htm

https://www.fsa.go.jp/sesc/message/20210125-1.htm

It looks like yet another business associated with Asia Wealth Group Holdings / Meyer Asset Management / Meyer International (Richard Cayne) has been ordered to suspend its business activities.

Again? Didn't this happen before (yes, it did - back in 2010)? Doesn't really inspire confidence, now does it? 

Richard Cayne is really making a name for himself at the Financial Services Agency! At this rate, he'll have a Gold Card with them soon!

Add caption

White Sands Beach Info

This is the latest entry on Richard Cayne's whitesandsandsbeach.info website:

Richard Cayne is clearly a legitimate business man who has nothing to hide unlike many others around the WSB case. To back that up we note that Cayne has 10 years of audited financial statements posted online on his website and stock exchange for the general public to see with full transparency. Audited by Baker Tilly the 10th largest accounting firm in the world. This doesn’t sound like someone wishing to hide nor does he and those who wish to contact him can do so easily at Meyer International Ltd to seek any clarification on the WSB matter.

It is indeed true that financial statements concerning Asia Wealth Group Holdings can be accessed online (https://uk.finance.yahoo.com/news/asia-wealth-group-holdings-ltd-060000149.html),

however, there has never been a shred of useful information concerning Royal Siam Trust or White Sands Beach posted. 

Let's go back and reconsider what we already know:

1) Investors were sold a land investment in Thailand ("White Sands Beach") through a company called "Royal Siam Trust Company." 

2) According to the old RST Company website, the company was working on four separate projects: White Sands Beach Project, Millennium Project, Horizon Development, and Valley View Project. I can only conclude that these other "projects" were entirely fictitious. 

3) According to the old website "White Sands Beach" was one of four projects under the umbrella of the Royal Siam Trust Company.

4) Investors sent their money to a Royal Siam Trust "planning fund" at Standard Chartered Bank in Hong Kong (account number 368-107-6186-2). 

5) One share in White Sands Beach Company - note that the "project" somehow morphed into a separate company - is listed at 100 Thai Baht.

6) "Units" in Royal Siam Trust Company were sold at US $13,500 - $23,000 each.

7) The directors of Royal Siam Trust Company are Richard Cayne and Gregory Pitt. 

What happened to the planning fund?!?

"Progress" on Royal Siam Trust?

Here is something I came across recently on Richard Cayne's whitesandsbeach.info website:

July 2020 UPDATE- We have verified through our independent lawyers in Bangkok that the investor group Richard Cayne represents is making progress. Perhaps a milestone victory has been achieved as during last month court hearing the judge reaffirmed the order that the group Richard Cayne represents (being original investors) should ALL be reinstated on the shareholder list. We are keen to hear on next update from Richard Cayne when the restructuring may take place so that we may all get back our fair share. Good job Richard and look forward to getting it restructured.

A "milestone victory?" Hardly! It really doesn't matter if investors' names are reinstated on the shareholder list because one (1) share in White Sands Beach Company is worth 100 Thai Baht. How much is 100 Thai Baht worth? Let's have a look-see...it's worth just over US $3. Don't spend it all in one place! 

One share in White Sands Beach is worth three bucks but Richard Cayne was marketing "units" in Royal Siam Trust for more than US $15,000 each. Where did that money go and why hasn't Richard Cayne produced a single bank document that shows what happened to the "planning fund" that investors put their money into? Very suspicious!

Does Richard Cayne really believe that Royal Siam Trust investors will be satisfied with this type of "progress?" I am not the least bit interested in having anything to do with a piece of property in Trat, Thailand and would prefer to recover my swindled funds. THAT would be a milestone victory. 

Japanese RST investors should find this interesting

Here is something about RST that was written back in 2006.

http://otsu.seesaa.net/article/15658158.html

The analysis is well-thought-out indeed. The person who wrote this was able to correctly deduce that Royal Siam Trust was a scam investment and had enough sense to stay away.

All I can say is that I wish I had come across this sooner.

An Update on the Royal Siam Trust Scam

RST money recovered by Richard Cayne: $ 0. 00

RST land recovered by Richard Cayne: 0.00 m²

Location of Gregory Pitt: unknown


Quite the success story, eh? A perfect score!

I took the liberty of going to the Interpol website and checking out their "Red Notices (for wanted fugitives)" and did a search using the names "Greg Pitt," "Gregory Pitt," and "Somphong Leekaew."

Nothing! Absolutely nothing! I guess Gregory Pitt doesn't need to worry about the long arm of the law anytime soon. Furthermore, it is a well-known fact that people with money and connections are able to buy their way out of trouble in Thailand. In all likelihood, Pitt will succumb to his health problems long before he sees the inside of any Thai prison cell and that suits me just fine. Good riddance to bad rubbish!

Richard Cayne has accomplished nothing at all on behalf of his investors or "claimants" as he likes to call them and no doubt he and his supporters will angrily retort "at least he's trying." And to that my answer is "So what? Who cares?"

Sorry to say, but we live in a world where results are everything and effort counts for very little. Participation trophies are for preschool children and no one has ever been awarded a Nobel Prize in "Attempted Chemistry."

"At least he's trying." That's pretty cold comfort for investors who have seen their life savings or children's education funds wiped out because of this land-banking "opportunity" marketed by Richard Cayne.

If and when this situation changes, I will post further updates. I wouldn't hold my breath though.

More about me - who I am and who I am not

The following is from the whitesandsbeach.info website:

So now Richard Cayne believes that “Daniel Kennedy” and “Paul Boucher” are the same people? Nothing could be further from the truth!

I am who I say I am – Paul Boucher. I invested in Royal Siam Trust in 2007 (thanks to Richard Cayne and his terrible investment “advice”). I can post a copy of my worthless RST share certificate if that helps.

I have posted and shall continue to post comments online about Richard Cayne as a warning to others and to express my dissatisfaction with his business and Royal Siam Trust. I have no interest whatsoever in defending his former business partner, Gregory Pitt, and certainly have nothing to gain from helping him. I have never had any contact with Pitt but he seems to be another thoroughly loathsome individual.

Richard Cayne seems to have this unhealthy obsession with this Daniel Kennedy and I really don't know what to make of it. Since it really has nothing to do with me regardless, I will leave it at that.

I am still waiting for Cayne to give his version of events about Royal Siam Trust. More specifically, I want him to explain how the information he provided to his clients could be so inaccurate. Was he being dishonest or merely incompetent? I can't think of any other explanation for this.

Anyone who wishes to contact me is welcome to drop me a line at duddykravitz1959@yahoo.com and I will be more than happy to answer any questions you may have. All I ask is that you keep it clean and be civil. I will not respond to insults, profanity, or any other childish behaviour.

Have a great day, wherever you are.

Paul (not Daniel)

Where in the World is Carmen Sandiego Gregory Pitt?

Richard Cayne has been boasting for quite some time that his partner in the Royal Siam Trust / White Sands Beach mess, Gregory Pitt, has been handed an eighteen-year prison sentence by a court in Thailand. Unfortunately, Mr. Pitt has decided to go into hiding rather than face the music.

I find it very difficult to believe this claim. First of all, as investigative journalist Andrew Drummond correctly points out, "I do not believe for a second that he is in jail. Nobody with cash goes straight to jail in Thailand. They go to appeal and the Supreme Court first – which can take at least a decade."

At least a decade? Oh my Heavens! That reminds me of those old TV commercials that always ended with "Not going anywhere for a while? Grab a Snickers!"

Secondly, does anyone really expect me to believe that no one has been able to locate an obese, alcoholic WHITE man in Southeast Asia? Take a look at this picture and tell me he doesn't stand out like a sore thumb.



"Where did he go? He must have vanished into fat thin air!"

Lastly, go back to my post dated October 26, 2014 and take a good look at the second document. The co-founders of Royal Siam Trust Company were Richard Cayne and Gregory John Pitt. This is not a case of Richard Cayne, the unsung hero investment broker, hunting down the land whale crook, Gregory Pitt, on behalf of his investors. Richard Cayne and Gregory Pitt set up and marketed this landbanking scam together and when their deception was discovered, they began pointing fingers at each other.

I believe that Richard Cayne knows where Gregory Pitt is and may even have been in contact with him since he "went into hiding." I won't believe otherwise until he is located but I'm not optimistic. Maybe grabbing that Snickers wasn't such a bad idea after all....

Bye Bye Tokyo, Hello Bangkok

Here is the farewell letter that Richard Cayne sent to his clients before moving away to Bangkok:

I would like to thank you for patronizing our services over the past 10 years. This notice serves as an announcement that Meyer Asset Management Ltd has closed operations in Japan due to several regulatory changes with the Japanese Financial Services Agency. Meyer Asset Management Ltd has been registered as a “licensed investment advisory agency” in Japan under the jurisdiction from the Kanto Local Finance Bureau as a Financial Supervisory Authority (hereafter the FSA).

Over the past 10 years we have been pioneers in advising clients on a range of over 200 top global fund companies each offering several lines of investment products and therefore Meyer wanting to keep a very open architecture advisory business where we can genuinely help advise our client to create portfolios of investments from the very best of investments around the globe have decided in an effort to be completely compliant with local laws and regulations cannot do this business in Japan. 

In order for a firm in Japan to introduce overseas products to Japanese residents the introducing firm must be appropriately licensed and such products would have to be registered with the Financial services Agency and therefore to offer such a broad range of products would be impractical and cost prohibitive to register each one. In addition to which a securities or advisory firm in Japan is subject to information requests by the FSA or Japanese tax bureau at any time and would be required to release investors confidential information on demand.

Therefore due to client driven demand for more confidentiality and even wider range of services and products from our advisory service it has been decided to shut the Japan operations and clients will be serviced by Meyer International offices from Bangkok, Thailand operations center. We are pleased to advise that being based in Bangkok will give us the flexibility and strategic positioning to be very central to our clients all over Asia and allow us to offer clients even more global investment choices with a much higher degree of confidentiality. 

In order to achieve ones financial objectives, investors need professional advice and need to receive support from an independent position at all times. We believe that having choices from a wide variety of investments products from all over the world in order to achieve such financial objectives is paramount.

Our consultants will explain to you regarding future business plans should you have any questions.

Thank you very much for your continuous support and understanding.

Sincerely yours,

Richard M. Cayne
Managing Director
Meyer Asset Management Ltd

And here is a bit of reading between the lines about what the message might really mean:

So, according to Cayne, registering investment vehicles with the FSA in Japan is "impractical" (translation: not subject to approval) and "cost prohibitive" (for the business offering them). And the FSA can gather private details about clients through their investment broker (translation: the FSA can investigate to see if the broker is complying with Japanese law). Finally, Cayne suggests Thailand is more "confidential" than Japan (translation: the Japanese authorities will be more likely to investigate dodgy businesses than Than authorities). Finally, a "consultant" will not contact you because there are no consultants. The 'consultant" will likely to be Cayne or a flavor-of-the-month associate. 

Let the buyer beware.

Wait! There's more! Check it out:

Looks like the parasite ran away from Japan when the authorities decided to enforce regulation. They really don't like being registered and licenced do they? Too difficult to stitch up the unsuspecting punters with their useless managed funds and assorted ponzi scams.
What's the next best location - Thailand of course! Join the rest of the unlicenced unregulated and unscrupulous financial conmen preying on gullible expats.
Is it just a coincidence or do all conmen hide behind the sham of supposedly keeping their investors confidential information, only as a pretext to hide their own dodgy dealing?

If it sounds too good to be true...

Richard Cayne giving people advice on how not to get ripped off! Oh, what priceless irony!

http://richardcayne.net/if-it-sounds-too-good-to-be-true-it-may-be-a-ponzi-scheme/

According to the article, here are the warning signs that investors need to be aware of:

High returns on investments with seemingly no risk. Even under normal conditions, a yield over 5% to 8% may seem incredible. To get 200%, with a guarantee, is most likely a Ponzi scheme.

This is food for thought - especially considering that Richard Cayne told me that Royal Siam Trust was such a good investment that I could "double or even triple" my money. Your words, Mr. Cayne, not mine.

• Regulations are often the bane of investors, but they are there for your protection. If you deal with an unregistered or unlicensed dealer or investment, there’s no way for you to confirm their legitimacy, and you’ll definitely have less recourse when things go wrong.

It's kind of like doing business with an investment advisor in Japan who abruptly shuts down operations there and runs moves away to Bangkok, Thailand after getting sanctioned by the competent  authorities at the FSA. It's definitely true that Royal Siam Trust investors have no recourse whatsoever now that the guy who sold it to them is living in Thailand. I guess their only "recourse" now is to have faith that the same person who got them into this mess will somehow get them out of it.

• You get great looking statements showing how your investment has grown, but you can’t find out exactly how this is happening and can’t get your hands on that money easily. It’s still your money, so you should be able to track your funds, and, if necessary, withdraw from or close your account depending on the nature of the investment and asset class.

Whatever happened to the www.royalsiamtrust.com website? And didn't Richard Cayne tell his clients that they could resell their "units" in Royal Siam Trust early if need be?

Hmm. Something seems fishy here.

Blood In Bangkok?

I would like to make one thing perfectly clear: I have nothing whatsoever to do with this Gregory Pitt character and he had nothing to do with this blog. I don't think much of him and I am certainly not helping him to go "hammer and tongs" at Richard Cayne. I'm on the side of the investors and no one else.

The original story can be found here: http://www.andrew-drummond.com/2015/01/financial-adviser-and-law-firm-manager.html

FINANCIAL ADVISER AND LAW FIRM MANAGER AT HAMMER AND TONGS

Tuesday, January 13, 2015

THERE WILL BE BLOOD IN BANGKOK!

What happens when you put a Bangkok financial advisor together with the foreign managing director of a typical foreign controlled local law firm in Thailand and put them into the Thai property business?

Graham Macdonald MBE and Greg Pitt

Well almost certainly it seems a lot of very unhappy investors and potential suicides.
But the second answer is that they both are going to fall out over cash – and when they do they will create anonymous sites on the internet, often through Google blogger, and go at each other hammer and tongs.

Such is the case with Gregory John Pitt, Managing Director of Mackenzie Smith Law firm and a Canadian financial advisor Richard Cayne, a Canadian from Montreal and boss of Meyer Asset Management, formerly of Tokyo.

Both were involved in a project with a company called ‘Royal Siam Trust’ based in St. Lucia. They were allegedly investing in land in Koh Chang in Thailand’s Trat Province hoping to make a killing on the rise of land prices. ‘The Royal Siam Trust’ website has been down for some time.

The Mackenzie Smith Law site has got a virus and Greg Pitt a former stalwart of the British Chamber of Commerce in Thailand seems to have dropped out of the social circuit in Pattaya where he appears to spend most of his time.

That's maybe because there are claims on the internet that he has been jailed for 18 years.

I do not believe for a second that he is in jail. Nobody with cash goes straight to jail in Thailand. They go to appeal and the Supreme Court first – which can take at least a decade.

Nevertheless there is a long narrative headed ‘A Gavel Falls In Paradise’ written by a ‘journalist’ called Elliott Rosenthal on Pitt’s trial. Rosenthal claims to be the Asia Correspondent At Large for a publication called Money and Investing Weekly – but there is no internet footprint for either him or the magazine – so I guess it won’t be out next week.

The article is on a website called whitesandsbeach.com Perusal of the site shows it has been set up to attack Pitt.

Richard Cayne is all over the net (articles in his favour) and he has a Drew Noyesque flavor about himself. Once you have read all the sun shines out of his posterior stuff and get to the nitty gritty you get a totally different picture.

‘Royal Siam Trust’ was supposedly investing in White Sands Beach on the island of Koh Chang, down in Trat. Pitt ,  a former pupil of Millfield School, was the CEO of the Royal Siam Trust while I understand Cayne was also a director and who put his clients’ funds in it (or not as the case may be).

A former marketing manager for Mackenzie Law is a man called Richard Prouse.

Alan Hall and Richard Prouse

Could this be the same Richard Prouse who deputized for #AlanHall the former Chiang Mai Expats Club founding member and boss of PFM International, an IFA, who skipped Thailand last year leaving a lot of aggrieved clients?

Yes it is.  Here they are together.

#RichardProuse, a former pupil of Norwood School, South London, famously gave an interview to the Chiang Mai City News in northern Thailand, claiming the whole world was against him - including his wife - showing the reporter his scars.

Now anyone who knows anything about White Sands Beach also knows that little happens on the island of Koh Chang, once designated in the era of Thaksin Shinawatra as a place of development for more well off tourists, knows also that little happens on the island without the involvement of a major island family – just like Koh Tao, Koh Phangan and Koh Samui in the south.


Most of the initial clients were from Tokyo which both men vacated to come to Thailand – #RichardCayne leaving with some very bad blood.

As for #GregPitt - I’m guessing that being an IFA and also the MD of a law firm in Thailand is the ultimate ticket. You can sue your investors under the Computer Crime Act if they insult you for losing their money.

Footnote: #AlanHall formerly of PFM International, which sold the now crashed LM Managed Performance Fund to Clients among others is now up and running with a company called Aztec Gas Limited not to be confused with Aztec Oil and Gas of Houston, Texas.


Anyway the links are out there. Enjoy or weep.

I would now like to draw your attention to an internet article that appears to have been written by Richard Cayne himself.

 http://www.articlesfactory.com/articles/finance/richard-meyer-cayne-credibility-of-an-offshore-financial-consultant-in-japan.html

Go ahead and have a look at it. Don't worry - this blog will still be here when you get back....

Okay, so the gist of the above article is that Meyer Asset Management had slipped through the cracks but finally received a completely routine (but overdue) inspection from the regulators? Nothing to worry about, right?

Now let's look at another article that I found online:  http://www.whitecase.com/articles-09092010/#.VE8UOYuUdCc

The "Penalty Imposed" section on page 2 of the article is particularly noteworthy. Although the article written by Richard Cayne seems to lightheartedly suggest that Meyer Asset Management received a small "tap on the wrist" kind of punishment from the regulators after a "routine inspection," the White & Case article states that in actuality Meyer Asset Management was ordered to suspend its business activities for 90 days!

A three-month suspension of business activities is a serious matter indeed and cannot be explained away by gobbledygook such as "just because you have a drivers license doesn’t mean you are allowed to drive 150 mph." I think a more apt analogy would be that of a restaurant that had failed a health inspection and was ordered not to serve any food for three months. Would you want to have lunch at a place like that?

It seems that just as eating at unsanitary restaurants can represent a health risk, doing business with Meyer Asset Management can be detrimental to one's financial health as well. Just ask the people who have invested thousands of dollars in Royal Siam Trust landbanking (introduced/sold by Richard Cayne and/or Meyer Asset Management).

Here are two more documents about Royal Siam Trust Company.

Notice that the first one is dated 11 April 2012 and it clearly states in two places that Richard Cayne is indeed the Director of Royal Siam Trust Company Limited. The banking information on the paper is also correct - investors did send their money to the Standard Chartered Bank in Hong Kong, account number 368-107-6186-2. If Richard Cayne would like to provide an explanation for this, I would be all ears. Let me guess....a fake document planted by the real Director? Possible, yes. Likely, no.

The second document is a little older (dated May 27, 2004) and shows that Royal Siam Trust has two directors, Richard Cayne and Gregory Pitt. How could Richard Cayne not know that something was wrong with this investment when he was one of the Directors of the company? I cannot help but conclude that one (or both?) of these men has been dishonest about this investment.

Surely, the records from the bank in Hong Kong will indicate whether or not the funds are still there and, if not, where they have gone.

Introduction

Hello and thanks for taking the time to stop by and have a look at my blog. I have written it because I would like to warn the public about Richard Cayne and his companies - Meyer Asset Management, Meyer International, and Asia Wealth Group Holdings. Anyone thinking of investing their money through Richard Cayne should only do so after careful deliberation. His former clients have been known to suffer financial “setbacks” and funds seem to have disappeared into thin air. More specifically, I am talking about a land-banking scheme called “Royal Siam Trust” that was introduced to investors by Meyer Asset Management/Richard Cayne.

What is the purpose of this blog?

I have only one goal in mind - I would like this blog to serve as a warning to the public about land-banking investments, Meyer Asset Management, and Richard Cayne. 

Who am I?

My name is Paul Boucher. I am a disappointed, angry, frustrated Royal Siam Trust investor. 

Who is Richard Cayne?

Richard Cayne is a Canadian citizen from Montreal, Quebec, Canada. He moved to Tokyo, Japan in the mid-90s and started his career as an investment advisor. According to some online rumors, he was employed at Banner Financial Services in Tokyo but did not leave that company on good terms:

As far as what he did to get on my bad side, he used to be employed by a good mate of mine in the same industry. When he decided to strike out on his own, instead of doing it honestly, he got an IT savvy friend of his to come in and copy the company client database. He then spent several weeks systematically altering contact information of key clients, and took their physical files with him. Sadly, at the time the laws on data theft hadn't been properly codified and there wasn't much the police could do.

To be fair, I have no idea whether these allegations of data theft are true. I will leave it up to you, the reader, to draw your own conclusions.

So Richard Cayne decided to "strike out on his own" and, thus, started his own company, Meyer Asset Management. It was through this company that he marketed the Royal Siam Trust land-banking investment.

What is Royal Siam Trust?

According to Richard Cayne, Royal Siam Trust was a legitimate investment in beachfront property in Trat Province, Thailand. Investors were sold "units" of land for about $15,000 each and were told that the land would eventually be sold to a developer at a profit. 

The Royal SiamTrust Company website (www.royalsiamtrust.com) is no longer available; however, it can still be seen by using www.waybackmachine.org

Let's have a look at the website and some of the claims that were made by the Royal Siam Trust Company. The following is from the Top Page of the old website:

Welcome to Royal Siam Trust website! Royal Siam Trust Company Ltd. (Royal Siam) is an asset management company which concentrates on the purchase of strategically located raw land in various rapidly growing & expanding areas throughout Thailand. Royal Siam has now made the Land Banking concept an affordable and convenient way for investors to gain access to investments that would otherwise only be available to large institutions or wealthy individuals. With over US$500 million of land under management, Royal Siam has a history dating back to 1955 as being one of the most prestigious land managers in the Kingdom.   Please go on to "Land Banking" and  "Invest Grade Land" for more details.

A history dating back to 1955 and half a billion dollars of land under management? Sounds impressive! Let's take a look at the FAQ page next:

What if I want to sell my units of land before planning or development occurs?

If individual owners wish to sell prior to the group selling to a developer or entering into a Joint Venture with a developer, owners will be free to sell to anyone they wish in the same manner to which they bought (subject to approval by Royal Siam). Royal Siam will also be happy to offer assistance in finding a buyer as we have many clients who are keen to purchase prime Land. Many investors buy Land and trade it for a higher price before developers come in to make an offer. Obviously the longer you wait the more valuable your land becomes although it starts to rise in value from the moment you buy it.

I understand that I can resell my unit(s) before the land gets developed as it rises in value year to year. Are there a minimum number of years that I should keep the land before I need to liquidate and spend my money? One can still expect to get an exceptionally good return on the investment in three or four years if a liquidation needs to be made. Royal Siam would be glad to help you resell through it�fs distribution network, should you want to sell out prior to the whole area being bought by a developer.

Sounds reassuring, doesn't it? Now if only it were true, there would be no problem.

So what's wrong with Royal Siam Trust?

The problem is that investors were deceived by claims that were somewhat "exaggerated." For instance, Royal Siam Trust does not have "a history dating back to 1955." Far from it! According to a document that I have dug up while looking into this whole unpleasant business, Royal Siam Trust Company Limited was incorporated on May 27, 2004. And it was incorporated not in Thailand, but in St. Lucia. I think it's safe to assume that the claim of having $500 million of land under management may not be entirely accurate either.

Is it true that "Royal Siam would be glad to help (investors) resell through its distribution network, should (they) want to sell out prior to the whole area being bought by a developer?" Alas, no. Perhaps some more online chatter will shed some light on the true state of affairs:

Yes, it seems that Royal Siam Trust was a scam and is still selling these ‘units’ at white sands beach. People who purchased ‘units’ of land and were promised that they could get their money out at anytime CANNOT get their money back now. It also seems that Meyer asset management has the gift of the gab that will have people handing over their hard earned cash very quickly.

That isn't very reassuring at all but it also seems to be 100% accurate. People who have asked Richard Cayne about cashing out of Royal Siam Trust have been given hogwash excuses such as "RST is closed to new business," "the company is currently undergoing a restructure," or "you have to wait until a developer comes in to buy the whole project." That's a far cry from what was promised in the Royal Siam Trust sales literature.

What else are the netizens saying?  Here's another comment:

If Meyer Japan is involved run (and hide your wallet) Plus look at the site, they are talking about how great things will be in 3-4 years well that was two years ago and they still haven’t made money. If Meyer is involved you can change it from Royal Siam to Royal Scam.

According to another document that I was able to obtain while researching for this blog, Meyer Japan is most definitely "involved." The document shows that one of the Directors of Royal Siam Trust Company is…Richard Cayne himself. What that means is that Meyer Asset Management was not just acting as a broker to introduce investors to Royal Siam Trust in the same way that an investment advisor would introduce financial services such as those offered by Allianz, Zurich, or Credit Suisse. It means that Richard Cayne, through his company Meyer Asset Management, was recommending that his clients should invest in another company under his control, Royal Siam Trust Company. That can hardly be called impartial financial advice and doesn't seem very ethical, does it?

Where is Richard Cayne now?

Richard Cayne closed down his Meyer Asset Management office in Tokyo near the end of 2010 and reopened under the name Meyer International in Bangkok, Thailand. 

The reason for Richard Cayne's abrupt departure from Japan is not quite clear, however, it seems to have something to do with "administrative disciplinary action against Meyer Asset Management Ltd" taken by the Japanese Financial Services Agency (FSA). More information can be found by following these links: 

http://www.fsa.go.jp/en/newsletter/2010/06c.html,

http://www.whitecase.com/articles-09092010/#.UuEnU2SmpcA

There is absolutely nothing whatsoever to indicate that Royal Siam Trust had anything to do with disciplinary action being taken at Meyer Asset Management. It does, however, seem a little unsettling that Meyer International/Meyer Asset Management still tries to attract investors who are living in Japan from offices located in Bangkok. Would it not be better to be located in the same country as one's clients? The hardworking men and women at the FSA can protect and offer guidance to investors if they are deceived by a Japanese company. But what are investors to do if they ever run into trouble with a company operating from Thailand? Perhaps Richard Cayne will tell his clients that being in a different country means less government interference. That may very well but true but it also means a lack of government protection from regulatory bodies as well. Risky, to say the least. 

Richard Cayne claims to have hired a law firm to straighten out the Royal Siam Trust problem but almost five years have gone by and no progress has been made whatsoever. Every few months or so, Royal Siam Trust investors receive an email "update" that contains no real news or relevant information. The gist of these emails is "the lawyers are working on it. Just shut up and keep waiting." Why is this taking so long? It's a pretty open-and-shut case. Investors were deceived and the Royal Siam Trust land-banking project was mis-sold. It follows that funds should be returned to anyone who purchased units in Royal Siam Trust. 

Richard Cayne and Gregory Pitt

According to the website http://whitesandsbeach.info/, another man named Gregory Pitt is responsible for people having lost their investment. I must admit that Gregory Pitt does indeed sound like a shady character but I still believe that Richard Cayne is the person who should be held accountable for causing so much financial damage to myself and my family:

1) I invested in Royal Siam Trust on the advice of Richard Cayne and not Gregory Pitt.

2) What about the claims that Royal Siam trust was founded in 1955 and had $500 million in assets? Obviously, these claims are not true. Did Richard Cayne knowingly deceive his clients by providing them with misleading or false information? Or is he just an incompetent financial advisor who doesn't know what the hell he is doing?

3) A huge part of the Royal Siam Trust sales pitch was that the investment is 100% safe and that investors can cash out early if they choose to do so. When I asked Meyer Asset Management about cashing out early, I was told it was impossible and to wait several years for a land developer to buy the entire project. Lies, lies, and more lies! 

It seems as if Richard Cayne would like us to believe that he is some kind of unsung hero who has been unfairly accused of setting up a scam investment. I don't know if he is the one who set up the investment but I know for sure that he is the one who sold it. I also know that he has yet to provide a satisfactory explanation or even an apology for recommending such a terrible investment choice. He says his lawyers are working to fix the problem but they have accomplished absolutely nothing so far and I am tired of waiting.  

More online chatter about Royal Siam Trust

http://akko-richard.blogspot.jp/

http://www.sunnypages.jp/travel_guide/tokyo_professional_services/financial_advisors/Richard+Cayne+Tokyo/5028/reviews

http://whitesandsbeach.info/about-the-white-sands-beach-investment-scam/what-iswhite-sands-beach/

http://www.japanriders.com/showthread.php/508-Meyer-Asset-Management

http://www.scam.com/showthread.php?t=169393

http://richard-cayne-meyer-international-asia-wealth-group.pissedconsumer.com/scammed-for-50-000-20131228467090.html

http://otsu.seesaa.net/pages/user/m/article?article_id=15658158

http://www.complaintsboard.com/complaints/meyer-asset-management-meyer-international-richard-cayne-investment-fraud-c632362.html

http://singaporeprofit.com/2008/04/09/land-banking/

http://meyer-asset-management.pissedconsumer.com/richard-cayne-meyer-international-investment-scam-20120426314793.html

http://www.scambook.com/report/view/296394/Meyer-Asset-ManagementRichard-Cayne-Complaint-296394-for-$65,000.00

http://www.sbkjapan.com/forum/viewtopic.php?f=3&t=1673

The above websites have lots of different opinions from all kinds of people so I am not going to go into detail or even comment about them. Please have a look at them and make your own conclusions. 

All for now. I will update this blog if/when necessary. Thanks for reading!