Multiple Canadian provinces, including British Columbia and Quebec, have their financial regulatory agency released statement about how they will investigate Profitable Sunrise HYIP as a possible fraud.
http://www.patrickpretty.com/2013/03/12/update-canadas-ontario-and-quebec-join-alberta-in-issuing-warning-on-profitablesunrise/
a blog about Skepticism, MLM, Scams, and Critical Thinking
Tuesday, March 12, 2013
Sunday, March 10, 2013
Breaking News: BidXCel closed
BidXcel, which apparently launched in late 2012 (after the Zeek Rewards ponzi scheme was shut down in August 2012), apparently closed in March 2013 with only a terse announcement on its website.
None of the leaders can be found, and even affiliates that formerly claimed to have made "six-figures" from BidXCel is now blaming the company for "management made a lot of mistakes leading to affiliate frustration".
There's even hearsay that one of the company owners allegedly said that this sort of business cannot survive in the US... at a craps table in Las Vegas.
BidXCel supposedly is a "legal" version of Zeek Rewards, where the company compensates affiliates to making bid sales. However, all affiliates seem to talk about was recruitment of more affiliates. The "six-figure" affiliate above claimed to have spent 3 months recruiting 200 affiliates, and each of those affiliates went out and gotten her 2000 downlines, resulting in her six-figure income.
Clearly this "opportunity" ain't what it cracked up to be... But it may have soaked up millions of dollars... and a lot of people bought something worth virtually nothing.
None of the leaders can be found, and even affiliates that formerly claimed to have made "six-figures" from BidXCel is now blaming the company for "management made a lot of mistakes leading to affiliate frustration".
There's even hearsay that one of the company owners allegedly said that this sort of business cannot survive in the US... at a craps table in Las Vegas.
BidXCel supposedly is a "legal" version of Zeek Rewards, where the company compensates affiliates to making bid sales. However, all affiliates seem to talk about was recruitment of more affiliates. The "six-figure" affiliate above claimed to have spent 3 months recruiting 200 affiliates, and each of those affiliates went out and gotten her 2000 downlines, resulting in her six-figure income.
Clearly this "opportunity" ain't what it cracked up to be... But it may have soaked up millions of dollars... and a lot of people bought something worth virtually nothing.
Saturday, March 9, 2013
BREAKING NEWS: British authorities cracked down on "Profitable Sunrise" HYIP
British Financial Services Authority (FSA) on March 5th 2013 put "Profitable Sunrise" on its warning list of questionable companies and individuals that does NOT have a license to provide investment anywhere in Great Britain.
Most of the list were setup by fraudsters to "clone" a real company by making one that sounds very close to it but Profitable Sunrise, operated by the Novaks, made the list because it is an HYIP, essentially a pyramid scheme that relies on recruiting more and more people paying into it to pay a huge return to the early investors. Profitable Sunrise apparently operates out of the Czech Republic.
It's also reported that New Zealand may join the list of countries declaring this HYIP verboten.
Friday, March 8, 2013
BREAKING NEWS: Alabama also shuts down "Profitable Sunrise" HYIP
According to Patrick Pretty, Alabama has also issued a warning regarding "Profitable Sunrise" HYIP, which was issued a cease and desist by North Carolina only a week or so ago.
For details, see PPBlog report:
http://www.patrickpretty.com/2013/03/06/urgent-bulletin-moving-alabama-issues-warning-on-profitable-sunrise/
For details, see PPBlog report:
http://www.patrickpretty.com/2013/03/06/urgent-bulletin-moving-alabama-issues-warning-on-profitable-sunrise/
Sunday, March 3, 2013
BREAKING NEWS: "Profitable Sunrise" HYIP issued "cease and desist" by North Carolina
After the demise of Zeek Rewards, many Zeekheads ended up on Profitable Sunrise, which was one of the dozens of schemes trying to go after Zeekheads. Profitable Sunrise claims to be in UK, but in reality seem to operate in Czech Republic. On February 27th, 2013, North Carolina issued a cease and desist, ordering Profitable Sunrise to cease operating in North Carolina immediately.
Profitable Sunrise is what's known as HYIP, or "high yield investment program", usually a pyramid scheme or a ponzi scheme. Though it often claimed to be associated with more legitimate names or locations. However, investigators associated with state of North Carolina pointed out that funds are wired to a bank in Czech Republic for deposit into Profitable Sunrise, and thus, there's no doubt that it is offering an investment product, and thus, conducting business illegally in state of North Carolina.
Profitable Sunrise is what's known as HYIP, or "high yield investment program", usually a pyramid scheme or a ponzi scheme. Though it often claimed to be associated with more legitimate names or locations. However, investigators associated with state of North Carolina pointed out that funds are wired to a bank in Czech Republic for deposit into Profitable Sunrise, and thus, there's no doubt that it is offering an investment product, and thus, conducting business illegally in state of North Carolina.
Saturday, March 2, 2013
Zeek Update: Claims Process ready before end of March 2013
In a letter posted to his website zeekrewardsreceivership.com, receiver Ken Bell said that the claims process will start by end of March 2013, as he expects Judge Mullens to approve the process very soon.
Bell also stated that those "net winners" who have NOT contacted his office to return the ill-gotten gains amicably can expect to be sued in the coming months.
http://www.ponzitracker.com/main/2013/3/1/zeek-receiver-issues-update-will-seek-court-approval-for-cla.html
Bell also stated that those "net winners" who have NOT contacted his office to return the ill-gotten gains amicably can expect to be sued in the coming months.
http://www.ponzitracker.com/main/2013/3/1/zeek-receiver-issues-update-will-seek-court-approval-for-cla.html
Tuesday, February 26, 2013
The Idiocy of Trying to Profit from a Scam Without Violating Any Laws
In a lot of these pyramid schemes and suspicious HYIPs, those who get in early makes money (and those who start such things, of course) and those who got in late lose money.
Thus, it stands to reason that there's a certain... Clique of such people who then starts to index such operations, trying to "time" it, i.e. Make a killing then take the money out before it goes kaput.
Then there's the websites that advertise to those people, and makes a public index of such programs to attract more traffic and more ads.
Why would ANY ONE put their money in these non-sensical products?
Thus, it stands to reason that there's a certain... Clique of such people who then starts to index such operations, trying to "time" it, i.e. Make a killing then take the money out before it goes kaput.
Then there's the websites that advertise to those people, and makes a public index of such programs to attract more traffic and more ads.
Why would ANY ONE put their money in these non-sensical products?
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