Warathaphon Waratyaworrakul, founder and CEO of The iCon Group, has promised full compensation to investors who lost money after his company’s products failed to sell. Facing relatives of those who invested and later died, Warathaphon, also known as “Boss Paul,” expressed deep remorse during an appearance on the popular talk show Hon Krasae on TV Channel 3, hosted by Kanchai Kamnerdploy.
One of the attendees was the sister of Nikhom, a man from Phayao province who took his own life two years ago after his investment in The iCon Group collapsed. Nikhom had borrowed 250,000 baht from their mother and saw no way out after his business failed. Another woman on the show, the sister of a retired government official, said her brother also lost 250,000 baht on products and training courses offered by the group before passing away.
The programme featured Patcharee, a disabled woman who invested 170,000 baht in The iCon Group’s products. Suffering from polio and other serious health issues, Patcharee explained that her investment, funded through savings and a loan from her sister, had evaporated. She, like others, had hoped for financial success during the Covid-19 pandemic but ended up with nothing.
Warathaphon, visibly emotional throughout the broadcast, apologized and said he had been unaware of the struggles and losses many of these investors faced. While his company’s call centre had received requests for assistance, no reports of suicides had reached him. He committed to compensating the victims with his personal wealth.
Addressing the allegations, Warathaphon clarified that The iCon Group started as a direct marketing venture six years ago, beginning with a single collagen product. The company later expanded to offer coffee and dietary supplements, now selling 14 products in total. He also emphasized that the actors and actresses hired by the company to promote its products were not involved in recruiting investors.
The Central Investigation Bureau reported that police have questioned 635 complainants so far, with a total of 232.4 million baht in claimed losses. Online complaints have brought the total number of claimants to 1,067, raising the total alleged losses to 378 million baht.
