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The Court-appointed receiver for the 12DailyPro (12DP) autosurf investment scam recently announced that the Investor Web Portal, the website where 12DP victims can file and monitor their refund claims, has been shut down for security reasons. Investors, however, can still contact the receiver, Thomas F. Lennon, using email or telephone.

Here’s a copy of the letter sent to investors currently waiting for their 12DP refunds.

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Thomas Lennon, Court-appointed Receiver for the 12DailyPro (12DP) autosurf investment program, recently announced that the 12DP receivership estate will receive as much as $11,750,000 from the online payment processor StormPay.

This is in accordance with the Settlement Agreement signed by both parties which also provides that StormPay’s claims against 12DP in excess of $16 million will be waived.

Lennon believes the Settlement Agreement is a better option that pursuing a case against StormPay because it can further delay the distributions of funds back to investors and litigation costs alone could exceed $750,000.

Investor refund coming soon

The $11.7 million funds from the settlement will be added to the more than $5 million funds currently held by the estate. After receivership fees and expenses have been deducted, the remaining balance will be distributed pro-rata to investors who lost in the 12DP program.

Read the article How to file a 12DailyPro refund claim to know if you are eligible for a refund.

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If you previously invested and lost money in the online investment program 12DailyPro (12DP), you only have until the end of the month to file for a refund claim.

You need to log in to the 12DailyPro Investor Web Portal on or before January 31, 2008 and accept or dispute your Claim Amount. If you indicated that you “Dispute” the Claim Amount, you need to submit supporting documents also before that date in order to be eligible for the refund.

A guide on the 12DailyPro refund process is here.

If you were an investor of the erstwhile online investment program 12DailyPro, you now have a chance to file a refund claim and be able to get some money back if you lost money in this online scam.

Thomas Lennon, Court-appointed Receiver for the 12DailyPro (12DP) autosurf investment program, recently announced the opening of a Web Portal where investors can submit a refund claim.

12DP was an autosurf program that promised investors 12% return on their invested funds every day for twelve days. As an autosurf program, members were to run a program on their computer that would automatically view certain websites and thereby purportedly generate advertising revenue.

12DP Investors have until January 31, 2008 to login to the portal and accept or dispute the amount of the claim.

Investor claims will be calculated using the Money-In-Money-Out (MIMO) formula, which means the claim amount is equivalent to the net amount of investments (money in) and distributions made to the investor (money out).

Here is a step-by-step guide on the 12DailyPro refund process.

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Lost money in 12DailyPro?

You now have a chance to take part in the remaining assets of 12DailyPro, which could reach as much as $17.5 million, as per the 12DailyPro Receiver's latest report.

Thomas F. Lennon, Court-appointed permanent receiver for LifeClicks LLC and 12DailyPro (12DP), filed a Court report last month stating that they are currently holding a balance of $317,018.79 in unrestricted cash and $5,206,207.82 in restricted cash. They are also currently pursuing the recovery of approximately $12 million more funds of 12DP being held by StormPay's credit card processors, Global Payments Direct and NovaInformation Systems.

In the same report, the Receiver outlined how people who invested in 12DailyPro can file a claim for refund. However, only those who suffered a net loss are eligible.

If you are qualified, read more to find out how you can file for a 12DailyPro claim.

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More than $6 million worth of funds previously held by the scam autosurf program 12DailyPro (12DP) have been recovered and although refunds are being planned, how and when this will be done are still not finalized.

This is the gist of the Second Interim Report filed by Thomas F. Lennon, Court-appointed Receiver of 12DailyPro, in June 2007.

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In mid-2005, Charis Johnson began operating 12DailyPro (www.12dailypro.com). 12DailyPro or 12DP, as investors called it, was an an autosurf program wherein investors were promised 12% return on their invested funds every day for twelve days. In order to receive the daily earnings, members were to run a program on their computer that would automatically view certain websites and thereby purportedly generate advertising revenue.

Ms. Johnson was extremely successful in attracting investors and raised approximately $500 million in less than nine months. Investors’ money was handled not by 12DP itself but by third party Internet payment processors such as Stormpay, EMO, and e-gold.

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The latest breakthrough 12DailyPro news came in November 2006 but recently, however, there still are no major updates regarding the receivership status of 12DailyPro or the possibility of refunds.

We might hear some 12DailyPro updates in April 2007, though, once the Receiver submits a 2nd Interim Report to the Court.

While waiting for the report, let's recap some Frequently Asked Questions (FAQ) about 12DailyPro and 12DP refunds, as posted in the website of Thomas F. Lennon, the Court-appointed receiver.

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As scheduled, the First Interim Report of the 12DailyPro receiver was submitted to and heard for approval by the United States District Court Central District of California on October 23, 2006. In response to the report, the Court:

… having considered the First Interim Report of Permanent Receiver Thomas F. Lennon ("Receiver") for LifeClicks, LLC and 12DailyPro hereby orders as follows:

1. The Receiver's First Interim Report is hereby approved.
2. The receivership will continue pursuant to the Permanent Injunction Order and any supplemental orders issued by the Court.
3. The Receiver shall file another report to update the Court and parties in interest in approximately 180 days.

It is so ordered.

Hon. Stephen G. Larson
Judge, United States District Court

That means we can expect to see a second 12DailyPro update and report from the Receiver on or before April 2007. Will there be refund updates in that report? We can only hope, but personally I'm not betting on it.

What's the 12DailyPro First Interim Report all about anyway? Nothing much in there really, except for the usual legal blurbs and an explanation of who and how many were scammed by 12DP, how much was stolen, etc. For these details, read the Stats of a Scam: 12DailyPro’s $500M stash & other figures article.

[tags]12DailyPro, 12DP, 12DailyPro scam, Thomas F. Lennon, autosurf, refund[/tags]

Just to reiterate, here are information sent on September 3 by Thomas F. Lennon, Court-appointed receiver for 12DailyPro (12DP), regarding refunds and chargebacks:

• investors who used credit cards for a credit transaction are not prohibited from initiating a charge back but the rules of the credit card issuer regarding the chargeback period determine the time allowed;

• investors that used checks, electronic fund transfers and debit cards are prohibited from initiating a charge back by the Orders issued by the Court;

• all investors and creditors are enjoined from initiating any legal action against 12Daily Pro, LifeClicks or Charis Johnson;

• all investors — foreign or domestic, used EMO, egold, or Stormpay, etc. — will be treated equally under the law;

• any distribution plan proposed by the Receiver will be done on an equitable basis regardless of the length of time the investor was invested in 12DP.

Actual text from the Receiver' report:

As previously noted in the letters sent to investors/members, investors who used credit cards for a credit transaction are not prohibited from initiating a charge backthrough their credit card issuer. Investors that used checks, electronic fund transfers and debit cards are prohibited from initiating a charge back by the Orders issued by the Court. The Orders are also posted on the web site. Please note that in many situations the period within which you could have initiated a charge back may have passed. The rules of the credit card issuer determine the time allowed. The rights of consumers to dispute electronic transfers are limited to unauthorized debits or errors in the amount of debits, but do not provide a right to reverse a transfer because the consumer has discovered thatthe recipient was perpetrating a fraud. Moreover, all investors and creditors are enjoined from initiating any legal action against 12Daily Pro, LifeClicks or Charis Johnson.

All investors, foreign and domestic will be treated equally under the law. Investors who used EMO and E-Gold as payment processors will be treated the same as investors that used StormPay. Any distribution plan proposed by the Receiver will be done on an equitable basis. The length of time an investor was invested in the program will not be a considered in distributions.

[tags]12DailyPro, 12DP, 12DailyPro scam, Thomas F. Lennon, autosurf, refund, chargeback[/tags]