August 29, 2008
You are not the only one. Several members of the PMT Forum unfortunately became victims too to the scamming prowess of a certain Ervin Abellanosa.
His modus operandi normally involve ecurrency exchanges. For example, an unwitting party would send money to Abellanosa’s bank account as payment for egold or Paypal funds to be exchanged.
July 31, 2008
Most of us are probably already aware of the so-called Nigerian or 419 scams but I’m sure there are still a few who would believe the outrageous propositions and eventually become a victim.
For the uninitiated, a Nigerian scam is a scam trick in which the target is persuaded to advance a sum of money in exchange for a supposedly larger gain. That is why this modus operandi is also called advance fee fraud.
April 23, 2008
Don’t fall for outrageous monetary offers sent to your email, even if the offer supposedly came from us!
Edsilpuno posted in his blog another one of those 419 Nigerian scam emails that dupe people into making a small sum of money in exchange for a share in a much larger gain. This one, however, even drops our name in the hope of deceiving more people.
Here’s a copy of that scam email.
September 3, 2007
Northsea Forex Group (NSFG)'s tumultuous year ended this week, with administrator Paul Twyman announcing that the company is closing down.
After months of profit hits and misses and allegations of money laundering from their previous broker, NSFG sent today an email to investors explaining that their forex broker issued them a margin call and that their forex account had been wiped out.
Full text of the NSFG email here.
March 4, 2007
CEO Kim Inman officially announced on February 27 that YMMSS/STA — "Your Money Machine Success System" — is ceasing operations effective March 1. Reports have it that the business might even file for Chapter 7 bankruptcy.
You can also discuss this program with fellow Pinoys in the YMMSS/STA thread in the PMT Forum.
September 27, 2006
The red flags were there — banned egold accounts, DDoS attacks, delayed payments. We were just waiting for it to happen. And today it happened. OffShoreClub.biz (OSC) is closing.
Following is the (unedited) mail sent to all OSC members by the OSC admin.
Dear Offshore Club Members,
I writing this sad news to share you some facts that affected our business and put Offshore Club in a situation where we can’t move any step to any direction.
To sum up the story, we will tell you exactly what happened with Offshore Club
from the beginning of 2006.
4.6. Right of Association
Issuer reserves the right to refuse service to particular individuals or entities, at its sole discretion, with or without cause.
In the middle of 2006, the impact was harder which was made by another payment processor which was Uniclear Express. As you already know Uniclear stopped withdrawals from their system and significant amount of Club assets was frozen there. I strongly believe that Uniclear would be in business later, but we can’t get our funds back still.
The same big drama kept going on.. and this time it was our wire transfer processing system. During short DDOS attack on our hosting provider some of our customers ordered charge back of wires sent to the Club. Banks of this customers began investigation and had put our bank account in “black list”. This situation draw unwanted attention of authorities and we faced with many other problems both online and offline.
In the last period of about two weeks ago, we were working very hard and thinking on how to solve our financial problems. Unfortunately, after long investigation we decided stop risking with our member’s funds. We do not want to happen that situation when all our payment accounts would be frozen by authorities. As I already mentioned our investigation shows that situation is critical.
In light of this facts we decided to close Offshore Club as online investment opportunity. As we stated we guarantee our investors principals and we would start refunding process in next few days. You will find more information about refunding process on our forum. Please do not trust any other information sources and trust only official information from the Club. I suggest our members do not panic and calm down: We will refund your principals.
Offshore Club Administrator.
September 5, 2006
The Singapore Police has published an update of their investigation of the GINSystem scam. More details in the Closed HYIP: GINSystem thread in the PMT Forum.
Question 3: What is the status of the investigation?
Answer: Police has prosecuted a director of Ginsystem Inc in the Subordinate Courts in Singapore for offences of cheating and an offence of consenting to Ginsystem Inc holding itself out to be carrying on business in fund management without a capital markets service licence.
On 28 September 2005 , the accused pleaded guilty to the charge on consenting to Ginsystem Inc holding itself out to be carrying on business in fund management without the requisite licence. He was fined S$50,000 (in default 5 months’ imprisonment) on 13 December 2005 . Accused paid the fine.
The case on 10 of the cheating charges was heard in the Subordinate Courts in Singapore from 28 September 2005 to 14 October 2005 and from 4 November 2005 to 7 November 2005.
The Subordinate Courts in Singapore had convicted the accused on 10 counts of cheating and sentenced him to a total of 18 months’ imprisonment on 15 December 2005 . He appealed against conviction and was released on bail pending his appeal. There were still 59 counts of cheating charges outstanding against him.
On 3 March 2006, a pre-trial conference was held at the Subordinate Courts in Singapore for the accused to answer to the outstanding 59 cheating charges. However, the accused failed to appear in Court and a Warrant has been issued for his arrest.On 2 May 2006 , the appeal on the conviction for the 10 counts of cheating charges against the accused was heard in the High Court in Singapore. The appeal was dismissed.
Full FAQ in the Closed HYIP: GINSystem thread.