Haven't lost any money to online scams.......results are typical.
It seems like in this "industry" common sense is not all that common!
Can you believe it's been almost a year?
The prosecution of accuseds associated to Project Banners continues. There have been several pre-trial appearances, and hearings regarding seized property, evidence admissibility, and disclosure issues that accompany most large scale matters.
The matter has not yet been assigned a trial date, but remains before the courts. The accused's remain charged and are subject to bail conditions.
I'm not presently in a position to advise when the trial date will be set.
Detective Sergeant (3024)
Toronto Police Service
Organized Crime Enforcement
Asset Forfeiture & Strategic Partnership Sections
guess who published this in 2013? Wonder where he is now?
The “Ponzi” Fact
What is a Ponzi Scheme?
Much has been written about Ponzi schemes, the rights and wrongs of such programs and quite correctly warning people of the dangers of getting involved in schemes such as these. Sadly, many companies have also been wrongly accused of being Ponzi schemes by those that do not understand the difference between a Ponzi scheme and a legitimate business plan thereby damaging the future of those legitimate businesses.
In a nutshell, a Ponzi scheme is a fraudulent investment operation that has been designed to pay investors a large return on their money, unfortunately this can only be sustained by using the money being paid in by new investors. The schemes do not generate any profit so therefore only the initial investors have any chance of making a return.
A Ponzi scheme entices new investors by offering higher returns on their original investment than other more traditional investment opportunities. This is usually given as short term payouts that are abnormally high. However, as the scheme generates no profit, the high returns need an increasing amount of new investors to “keep the cash flowing” and consequently the scheme going.
Inevitably a Ponzi scheme is destined to collapse, due to the payouts eventually eclipsing the money coming in from new investors. However Ponzi schemes are usually interrupted by the authorities before they collapse. This is usually because the promoter is either selling unregistered securities, is gaining a reputation for higher than average payouts, or is unable to maintain payments and complaints are being made which eventually come to the notice of the respective financial regulators.
These companies become a victim of their own success as more investors get involved the more the chance of the scheme coming to the attention of the authorities.
Ponzi – A brief history
These type of fraudulent investment opportunities are named after Charles Ponzi, the first great exponent of the scheme.
In 1920, some years after arriving in the United States from his native Italy, Ponzi launched his great “get rich quick” scheme. His scheme was based on the arbitrate with International Reply Coupons (IRC), used to purchase postage stamps.
Ponzi claimed that he would, through a series of agents, purchase IRC’s from abroad, places such as Italy and other European counties. These coupons would then be redeemed in the United States for postage stamps of a higher value. After costs, expenses and using international exchange rates Ponzi claimed to be able to make a profit of 400%.
The scheme generated millions of dollars in revenue before it was unmasked as a fraud. It was discovered that only 27,000 coupons had been purchased when in reality 160 million coupons were required to run the investment successfully. It was then discovered that Ponzi had diverted investor’s money to pay earlier investors and himself. Soon afterwards Ponzi was arrested.
Ponzi and the Internet
The Internet is rife with Ponzi schemes. Terms such as “High Yield Investment Program mes” (HYIP) and “Offshore Investment Opportunities” are used to conceal Ponzi schemes and mislead the buying public.
Some Ponzi schemes offer long term opportunities with only medium rates of return. This is still unsustainable as no profits are being generated.
Any scheme that offers high income returns for your investment must be carefully investigated and researched before parting with your hard earned cash.
Ponzi didn’t actually invent this system; there are references to similar schemes in Charles Dickens 1844 novel “Martin Chuzzlewit” and the 1857 novel “Little Durrit”. Ponzi however was the first person to bring the scheme to life. His scheme took so much money that it was the first to be recognized in the United States.
So reader beware – research thoroughly before taking a leap of blind faith into a scheme that promises to change your life. Yes there are some good companies and many great opportunities but you need to trust your research and not the words of others.
David H Hooker
Executive Vice President -Strategy India
“Set The New Gold Standard”
posted to wrong thread will repost
"Where are they now" thread
In the calm before the Monsoon I mean storm of the TM judgement I dont know if anyoine has read the December report on Banners Broker
Banners Broker International Limited - Spergel
Plus over 600 pages of report
Plus an order
The upshot of the eight report is that Kuldip tried to hide over 50k. the largest lump was over 8k and he lodged it in his daughters account. the applied to freeze her account.
the court agreed and the ori9ginal Judge Newbolt eventually saw that decision and agreed with it and mt the daughter who also agreed with it and Newbolt arranged for living expe4nses to be allowed to be taken by her from her account.
Last edited by Beacon; 01-25-2017 at 07:53 AM.
The Receivers have now Officially moved to Canada:
BANNERS BROKER INTERNATIONAL LIMITED
Website Link for Information in Connection with Banners Broker International Limited:
Banners Broker International Limited
Communications/Notices by Isle of Man Joint Liquidators/Receiver:
On 6 October 2016, the Joint Liquidators made an application to the Isle of Man Court for an order releasing the Joint Liquidators and effectively transferring all Banners Broker International Limited (“BBIL”) insolvency matters to the Canadian court-appointed receiver of BBIL, msi Spergel inc. (“Canadian Receiver”). On 9 December 2016, the Order was granted by the Isle of Man Court and the Joint Liquidators were released from their role as Joint Liquidators. The Order also transferred all insolvency administration matters to the Canadian Receiver. A copy of the Order is posted below.
If you have previously filed a claim with the Joint Liquidators you do not need to file a claim with the Canadian Receiver at this time.
If you have not yet filed a claim in the UK proceedings, the Canadian Receiver will provide instructions on how to file a claim once the transition of the BBIL insolvency administration matters from the Joint Liquidators is complete. If you have already communicated with the Canadian Receiver and provided your contact information, the Canadian Receiver will contact you with information about how to file a claim.
In order to obtain any further updates or to amend your claim, please contact the Canadian Receiver directly using the contact information listed below. Information about the BBIL insolvency proceedings in Canada can also be found below.
Address: msi Spergel inc., 505 Consumers Road, Suite 200, Toronto, Ontario, M2J 4V8, Canada
Attention: Frieda Kanaris