Glendon Richard Bullard, the boiler room strongman, who died in Pai just two weeks after his marriage to a young Thai woman, was yesterday cremated in Chiang Mai – has left a gap in the syndicate dominating worldwide fraud operations based in Thailand and the Philippines……and a long list of creditors wanting to know where his cash is.
His death, which has yet to be registered in the United States, was greeted with skepticism by many, who thought it may have been staged. But it seemed that Bullard, who had every reason to disappear, died as a result of his recreational drug habit.
Bullard was a master of many talents. He was described by many who received his favours as a very generous man – but his cash came from fraud, blatant fraud. Anyone who gave him cash was a ‘sucker’.
His success was due in no small part to international banks who allowed him to open accounts with them to receive cash from ‘boiler room frauds’ and the inability or lack of will power of international police forces to get to grips with ‘boiler room fraud’ – the type depicted rather glamorously in the film ‘Wolf of Wall Street’ with Leonardo di Caprio playing fraudster Jordan Belfort.
Bullard was a master of the trade, working alongside Briton Paul Hayward, in Bangkok, using the same couriers to bring their cash from banks in Hong Kong and the Philippines in cases to Thailand.
Bullard even used to do this himself and was once arrested in the process – but this is Asia and there was of course always a way to smooth the way forward.
In May 2006 he was caught trying to board a Thai Airways flight from Manila to Bangkok with over US$500,000 in his carry-on luggage.
His cash along with Hayward’s was liberally invested in Thailand’s tourist sex industry and in the bar and restaurant trade – one of the easiest ways to launder money. But his success in the business did not reflect his success in fraud.
While Hayward controlled the master lease on Nana Plaza extolling how he would transfer it into a higher class venue – Hayward took the sub-leases on 12 bars.
But, after the initial launches, business bombed. The ‘classy’ girls went to bars operated by Thais or Japanese and oriental clientele. And the Western clientele moved out to drink at cheaper prices outside the Plaza. Nevertheless despite the crash boiler room wolves own and operate similar venues throughout Thailand and have put hundreds of millions of baht into the property market.
These operations of course cannot, and do not, operate without the co-operation of the Thai Army and Police. Indeed they have scores of police on their payroll.
Thai Police traditionally do not act because they say ‘The victims are not in Thailand’. With the new military government now in power adverts for ‘telephone salesmen’ ‘openers’ and ‘loaders’ in Bangkok have multiplied on Facebook.
Recently Bullard had spent more and more time in Chiang Mai the capital of northern Thailand, where he maintains a house at 251/53 Soi 9, Montana Land and House, Hang Dong, and has opened a northern version of Bangkok’s ‘The Game’ – bar and restaurant.
|Glenn Bullard with Matt Bachi at Pan Pacific Aviation.
This company actually did have a flying school – but it
If you have had dealings with any of these companies, it’s unlikely you will have been one of the mourners in Chiang Mai.
Crestwell Mining, Crestwell Resources, Pan Pacific Aviation, Pan Pacific Development, Pan Pacific Holdings, Strategic Holdings, US Transit, Fayette Enterprises, Captrust International, Phoenix Biologicals, The Roth Group, Grand Shaw Holdings, Aniel Liena Management, Barlow and Ramsay, Davis Mayer Group, Talbot Reese, Morley Thompson, Pollack and Quinn, TlwayTexco, James West Associates, McBain Baxter Holdings, Carver Brookes, Norbert Associates.