PonziScams.com Schemes & Due Diligence

Trademarked has an Article Keeping busy… it is a good read about Admins Actually Stopping their Programs in MID STREAM to do refunds in whole, and some with profits.


This is a great indicator of accountability, and responsible administration. Even If I do not like these programs in general, I can appreciate the level of integrity of doing refunds, in whole or with profit.

Now if the “Others” Will do this without the suffering of their member base, this would be a great trend!

Gold is the Standard in Which E-Gold is based and works on.

Today this is the exchange rate for Dollars to E-Gold:
USD US $ 650.00/oz 20.898/gram

One week ago on 2/28/07 Gold was at $685.80 an Oz.
On March 2 2007 it closed at $640 an oz. Approx 7% loss of Value

What does this mean?

Simply put if I sent someone $10 worth of E-Gold on Feb 28, I sent .0145 oz of E-gold.

Now If I withdraw on March 2 2007 the same $10 worth of E-gold valued at $640 an oz. I get .0156 oz of E-gold. I get more E-gold back than what I had sent in the beginning. Now lets say E-gold goes back up to what it was at $685 I still get more money from the person who gave it back to me, due to they gave me more E-gold back than what I gave them in the beginning.

Now the Real problem. All sites deal in Dollars of E-gold not Grams or ounces. When they deal with dollars in a fluctuating market you will have programs that should have lasted longer die, or close earlier, or if the E-gold Market is growing. I.E. gold is going up in price, the program will last longer than what it should have.

These are just a couple of points to think about.

The hammer has finally fallen on Troybank.com. Troybank was implicated by Eutradeltd as part of their Scam.

The Shares that were to mature have not been paid, emails are going unanswered, and no one is picking up the phone. As well as no payments out from their regular program.

Stick a Fork in it, It’s Done!

You can also read about the Bogus SSL Cert’s Troybank was using
http://www.ponziscams.com/troybank-ssl-certs-bogus/

Also check this post out at Talkgold very interesting to say the least. If it is true you may have the ability to Find the real person behind Troybank.com

In an interview with John of 9Planetnosurf, he stated “When I see the river drying up, unlike other Admin, I will blow the whistle, stop spends in the higher ROI plans (close the for further spends), let that money get paid out and accept no more new spends there.”

I believe the explosive growth rate, factored with the high referral commissions (up to 14%) is what really crippled this program from the beginning. I believe any admin from now on should force referral commissions into one cycle of the program (especially if they are this high). Thus stabilizing the output from the program longer, and if the program goes bust that fast, the funds can be distributed back out evenly and more fairly to the investors, not to the referrers.

State of Missouri Office of the Secretary of the State has issued a Final Cease and Desist order to Rolfund, Crunkland Records, Crunkvest ltd, and Christopher A. Hogan.

As well as penalties totaling over $20,000. The case has been referred to the Missouri States Attorney General to Collect the fines and costs.

ROLFund.com
2020 Highway 25 B North
Heber Springs, AR 72543

Crunkland Records Ltd.
2020 Highway 25 B North
Heber Springs, AR 72543

Crunkvest Ltd.
2020 Highway 25 B North
Heber Springs, AR 72543

Christopher A. Hogan
2020 Highway 25 B North
Heber Springs, AR 72543

http://sos.mo.gov/securities/orders/AP-06-35a.asp

I called Greg Jennings of the OFIS of Kentucky to clear up any questions about being eligilbe. I recorded the conversation to make sure I didn’t miss anything!
kentuckyofis.mp3

The first minute you are going to have to be patient with, had to get to the right gentleman.

Edit: Added Transcript of the call.

Greg Jennings: Greg Jennings

Curt: Mr. Jennings, this is Curt I’m calling you back I am sorry about that.

Mr. Jennings: OK, That just freaked me out a Business call on my cell phone.

Curt: Sorry about that, a Friend of mine is thinking about starting a Payment Processors. I believe he is under the misconception of something, and I would like you to clear it up. He’s under the conception since he is not eligible to file for the license he can run it until he is eligible.

Mr. Jennings: Huh!? No!

Curt: Exactly

Mr. Jennings: That’s never the case, I don’t care if you are talking, Electrician, Plumbing, insurance, there’s never a case where you can actual run the business without having the license first.

Curt: That’s exactly what I was thinking.

Mr. Jennings: And it’s silly to even think otherwise, you can tell em I said that.

Curt: Will do, will do. What are the Requirements to start up one, He actually has asked to be a partner that is why I am looking into this.

Mr. Jennings: It’s Pretty stringent In this state, it’s you going to have to have half million dollar net worth, got to have half million surety bond, some type of surety bond letter of credit or something of that nature. And then you have the license fee, which is prolly the cheapest part it’s $500 for the License and Application and then there’s background checks, which are pretty extensive. That’s basically it. You know, You might be a Millionaire, I’m Not.

Curt: Couple of more questions, he showed me PayPals website, and I was looking through their licenses and they are not licensed in Kentucky. I’m not for sure if they are in the process or not.

Mr. Jennings: Yeah!

Curt: ok, ok

Mr. Jennings: They’re a bill payment processor, and all the Paypals I think they are licensed money transmitters through out the country.

Curt: ok, I was just double checking as they do not have it up on their website and I was like, well, I would double check, I would ask.

Mr. Jennings: Their, All Bill payment processors, anytime you have electronic transmission of money then you’re a money transmitter.

Curt: Right, Right. You have to have the Money transmitter license. That’s what I was trying to explain to him. I also tried to explain to him, that you would have to be licensed in, what there are what, 41 states now that require it?

Mr. Jennings: Yes

Curt: And you have to be license in each individual State?

Mr. Jennings: Yeah and there’s No Cross Bonding Either.

Curt: WOW!

Mr. Jennings: Yeah it’s pretty extensive.

Curt: So in order to setup one all over you might as well have About $20 Million.

Mr. Jennings: Yeah, you will have to have a pretty extensive bond. Yeah, Cause there’s no FDIC Insurance out there to cover these deposits.

Curt: What about Payment Processors that are outside the United States, I know of one in Canada.

Mr. Jennings: Ah, Well means that they are still doing business in any of the States they are still going to have to be licensed.

Curt: OK

Mr. Jennings: Just Cause your site is in Canada doesn’t mean you get a pass.

Curt: Right, ok. That’s exactly what I was thinking. Cause that way I can explain that to him as well. I appreciate your time you’ve help me out

Mr. Jennings: Oh anytime, Anytime No Big Deal

Curt: All right, Thank you Sir

Mr.: Jennings: ok thank you.

We have started back up our Scam Database in order to help you invest more wisely. Our mission with the scam database is for you to help us. When you find a Program that has scammed, contact us using the DDToolbar Contact Page. Once you do we will look into the program that Day and if warranted we will add the Website to the Database, as well as send out a Scam Alert, using the DDToolbar.

You can search the Database by Domain Name, Partial Domain name, you can even cross reference Server IP addresses of known Scam Programs. This is a very Unique and needed resource. You can also use it directly from the DDToolbar. Just type in the domain name without www. then click Known Scam Lookup.