Lies and more lies at Private Investors Union

Do you believe Private Investors Union (PIU) lied to its investors about the actual status of the program?

In their 47-page PDF report, PIU claimed their death was caused by Financia Investing denying them their US$1.5 million withdrawal request in November 2006. Reports have shown, however, that Financia Investing already collapsed a year earlier, around November or December 2005, as proven by Fair Share Investing and other investment pool programs.

Wanna hear some more lies from PIU?

In an interview with the HYIP monitoring site HYIP Navigator, Michiel de Vries, Head of PIU's Marketing Department, said that they created PIU because they were "absolutely not pleased with the reputation of the HYI industry."

2. Why did your Team decide to open Online Investment Program PIU?

We together were already working offline with investments for 4 years, but we were absolutely not pleased with the reputation of the HYI industry. Therefore we decided in February 2005 to open the website, to reach a wider public and give everyone the chance to invest with us.

In their 47-page pdf explanation of how they collapsed, however, PIU distanced itself from and feigned ignorance about the existence of HYIPs:

On February 2005, the program was born:

At that point, we created our private website and that is what it was meant, just an union of private investors, friends and neighbors that would have liked to start or make their testinvestment.

At that point in time we were not aware of the whole jungle that was called the HYIP arena, we were amazed at how fast they found out our website and started to put them in so called HYIP monitors.

Talk about consistency.

Speaking of which, what did PIU say again about how they generated profit? In their site (reproduced below from Boulat.com) and in their HYIP Navigator interview, they claimed they are "merchants trading gold assets between a long list of contacts."

And yet in the pdf report, they said they formed PIU in February 2005 after investing in Wanda Lee Newby's forex trading corporation Financia Investing.

So which is which?

They did mention at one point or another, however, that they have started venturing into forex trading. But never did they say that they were actually piggybacking on another trader. Until the program's collapse, PIU investors thought the trading part was being done by PIU itself. You can't thus blame investors if they felt they were deceived.

Here's another interesting twist to the PIU saga. 

Boulat — don't confuse him with Ali G.'s alter-ego, Borat — reported on January 19 the death of PIU. No issue there, really. But in the same update, he said:

Either PIU was a honest program which failed because [sic] ignored basic Diversification rule…

Or PIU simple is using "Financia" fiasco as excuse!

Unfortunately, we'll never know the truth; it is of [sic] nature of all online (and offline) investments. 

We'll never know the truth? We thought Boulat "personally know[s] some key people behind Private Investors Union"? Those were his exact words back in September 2006 when he was still actively promoting PIU:

So if Boulat knew these PIU people "personally", why can't he just ask them directly?

Finley Peter Dunne once said, "a lie with with a purpose is one of the worst kind" and in the case of Private Investors Union who deceived hundreds of its investors, it is "the most profitable."