Vivasurf.us is requesting ASAMonitor to remove their program from the monitor list. The only legitimate reason would be for this is payments are not being made, or selective payments being made and people are getting angry and voting accordingly.
Vivasurf.us website is still up at this time and accepting Sign ups. BUT I WOULDN’T Sign up if I were you.
This posturing on the part of Vivasurf is not promising, and spells out potential doom for the program.
I just tried to get onto TheSafeList and it seems they are having some trouble with their forum and monitor. We hope they can get it fixed soon.
EDIT: They are back up now
As the Casino Market is loosing more than 40% of their customer base (U.S. Players), it is now opening the door to a new ways to exchange for U.S. Customers. E-Gold! As a commodities bank E-Gold just grabs the basic information for accounts holders and doesn’t care if they are from the U.S. or Timbuktoo. Casinos are now seeing E-gold as a viable way to re-attract U.S. Players. As no information as to where the players are from, will be gathered by the Casinos.
This I believe, IMHO, will be the beginning of more outright Casino Scams on the Internet. Where people will sign up to play games that are either Rigged for the house(way to onesided), or the Casino will just fold up and run with the E-gold.
As always in the Internet world buyer, or in this case Player, beware.
I am willing to help Anyone get the appropriate licenses and registrations needed to become a PP or Money Transmitter. Contact me for details.
I called and Talked to a Karen Tinkle of OFIS of the State of Michigan, they (Tri-StarmoneyChangers.com) are by definition a Money transmitter subject to the laws of Michigan, as well as other states Money Transmitters Acts.
Michigan’s Law states “entities that offer money transmission services by paper or electronic means for a fee.” are defined as a Money Transmitter.
Ms. Tinkle also stated “Even if they were not based in Michigan they would still have to be licensed in Michigan, to offer these services or send or receive funds, for a fee, to any Michigan residents.” She also stated it doesn’t matter if it is a PRIVATE Members Only Group It still has to be Licensed, and regulated.
Ms. Tinkle also stated it is highly unlikely anyone talked to Ms. Linda A. Watters, Commissioner of OFIS about this, as she would send them down to the proper departments to be handled.
The Contact Information for this office is:
http://www.michigan.gov/cis/0,1607,7-154-10603-42245–,00.html
Financial and Insurance Services
P.O. Box 30220
Lansing, MI 48909
Ph: (517) 373-0220
or
(877) 999-6442
ofis-info@michigan.gov
Fx: (517) 335-4978
http://www.mtraweb.org/news.shtm#umts
6 November 2006 - On October 20, 2006, the U.S. District Court in Alexandria, Virginia, sentenced Dominic ADU-GYAMFI, of Potomac Falls, Virginia. ADU-GYAMFI, president of Reston International Corporation dba RediKash, received 12 months and a day in prison, two years’ supervised release, and was ordered to forfeit the entire $241,452 that ICE seized, for operating a Prohibited Money Service Business in violation of 18 U.S.C. 1960.
In May 2006, ADU-GYAMFI pleaded guilty to a one-count information charging him with 18 U.S.C. 1960. According to his guilty plea, ADU-GYAMFI transmitted over $28 million to overseas locations, including Thailand, Saudi Arabia, Ghana, England, Hong Kong, China, Cyprus and India. In 1992, Dominic ADU-GYAMFI incorporated Reston International Corporation in the Commonwealth of Virginia and established himself as president of the corporation d.b.a. RediKash. From December 2002 through the end of 2005, ADU-GYAMFI and others acting at his direction engaged in the business of money transmitting in Virginia, using the entity Reston International Corporation, dba RediKash. In 2004 and 2005, ADU-GYAMFI submitted applications to the Virginia State Corporation Commission’s, Bureau of Financial Institutions (SCC), to obtain a state license to transmit money. SCC sent ADU-GYAMFI certified letters deferring both applications and seeking additional information. A January 10, 2005 letter from the SCC directed ADU-GYAMFI to “immediately cease any and all money transmission business … since it is not licensed to conduct such business [in Virginia].” ADU-GYAMFI continued his illegal business, despite these warnings.
You can read it full here
The business of Being an UNLICENSED Money Transmitter can be Expensive, both in the terms of Financially, as well as Long Time behind Bars!
Kentucky Money transmitter Laws were signed into effect April of 2006:
A Money Transmitter is defined as:
A person is deemed to be engaged in the business of money transmission under this chapter if the person advertises those services, provides those services with or without compensation, solicits to provide those services or holds itself out as providing those services to or from this state, even if the person has no physical presence in this state.
Each application shall be accompanied by a surety bond or other similar security acceptable to the executive director, in the amount of at least five hundred thousand dollars ($500,000). The executive director may increase the amount of the surety bond, or other similar security, to a maximum of five million dollars ($5,000,000), upon the basis of the financial condition of an applicant, as evidenced by net worth, transaction volume, or other relevant criteria, that the executive director may establish by order or rule.
The failure to license as a money transmitter, or be designated as an agent of a money transmitter, can result in civil and criminal penalties.
Yes (IMHO) CEP Has to be registered as a Money Transmitter in the State of Kentucky as well.
Here is the Kentucky Office of Financial Institutions Website as Well
https://www.textpayme.com/us/about/licenses.tpm This company is also a Money Transmitter that is licensed in Kentucky, and many other States, they Display their Licenses proudly!
I called Directly to the State of Michigan Office of Financial and Insurance Services to get clarification.
The law states the Transmission of Funds (Money) either electronically or via paper means for a fee. So If I was to open a Payroll Processor Business (for a Fee) in Michigan I would need to get licensed in the State as a Money Transmitter.
Now if Tri-StarMoneyChangers Actually did the transmission of funds at NO COST WITHOUT FEEs they would not have to have a license, though they would have to be a registered business in that state.
Ponzi Scheme: There is not much tax literature on Ponzi Schemes, probably because many people who lose their savings are too ashamed, embarrassed or afraid to report their victimization. In essence, a loss from a Ponzi Scheme is a theft loss; it is a casualty. An older, but still very powerful ruling, is FSA 1999-942, which is actually a 1993 field service advice. It contains excellent citations that you should review further. (The following are excerpts from an actual IRS document. To protect taxpayer privacy, all references to the company name and products manufactured have been changed using fictitious references.)
The facts of this case may be summarized as follows: X was a corporation. It represented itself to be in the business of selling product. In reality, X was an elaborate ponzi scheme which began operation as early as several years earlier. It is estimated that the operation defrauded many investors out of lots of money.
http://www.pac-c.org/tax%20relief.htm
Basically, if a Program Scammed you out of Money That is Theft, and you can use that as a tax break on your Taxes on your Schedule A 1040 Form! But don’t believe me Ask you Tax Professional About Losses to Scams, they are More than Willing to help out! You may have to provide additional documentation on the matter, but hey a TAX Break take it!
There are a few things I will go over here.
Failure to Furnish Correct Payee Statements
26 USC, Section 6722, states that any failure to furnish a payee statement on or before the date prescribed therefore to the person to whom such statement is required to be furnished and any failure to include all of the information required to be shown on a payee statement or the inclusion of incorrect information….shall result in a penalty of $50 for each statement with respect to which such a failure occurs, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $100,000.
The draft regulations provide special rules for soliciting an individual’s TIN. The section 6723 penalty may apply to any individual who is required (but fails) to furnish his or her TIN to an institution or insurer. An institution or insurer that complies with the rules for soliciting the individual’s TIN will not be penalized for any failure to obtain or include a correct TIN on a Form 1098-T or the related information statement.
Failure to Comply with Other Information Reporting Requirements
26 USC, Section 6723, states that a failure by any person to comply with a specified information reporting requirement on or before the time prescribed therefor…shall result in a penalty of $50 for each such failure, but the total amount imposed on such person for all such failures during any calendar year shall not exceed $100,000.
The proposed regulations generally follow the rules under section 6724 for waivers of penalties for certain failures due to reasonable cause.
You may also want to check out This IRS Form 3949-A, It is a to Make a Report of False Tax Documentation, another words, if you receive a False 1099 from a Program, Fill out this Form!
http://www.irs.gov/pub/irs-pdf/f3949a.pdf
TIP: You can find their EIN number or SSN Number on the 1099 Form they Sent you!
Another point to make is if you had a Loss you can Fill out a Capital Loss Statement.
http://www.irs.gov/pub/irs-pdf/f6781.pdf
AS ALWAYS I AM NOT A LAWYER, TAX PROFESSIONAL OR IRS AGENT. PLEASE SEEK PROPER LEGAL AND PROFESSIONAL COUNSEL!
