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.
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! |
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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.
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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?
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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.
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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.
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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:
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
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!
