Backstreet Boys and ‘N Sync creator was a Ponzi scammer
May 24, 2008
Most of us know Backstreet Boys and ‘N Sync but very few probably know that the man behind those boy bands is a convicted scammer.
Last week, Lou Pearlman, the creator of popular boy groups Backstreet Boys and ‘N Sync was sentenced to 25 years in prison for running a scam that swindled investors more than $300 million since the 1980s.
Updates on the PIPC scam (April 2008)
April 24, 2008
Almost a year after the Performance Investments Products Corporation (PIPC) scam broke out, there seems to be less news now from the media or the investigators. That does not mean, though, there are no developments happening in the background.
Here’s what we know so far, based on the latest report by financial fraud investigation firm Ferrier Hodgson.
Updates on the Royal Manchester Five scam
April 15, 2008
Just a month after the Royal Manchester Five scam became public, there seems to be less media attention now and the enthusiasm of victims to run after the scammers is beginning to die down.
We scoured the internet for recent updates on this scam but failed to get news on major developments. Here’s what we’ve seen, though.
Scam confirmed: RMF Trading Corporation
March 7, 2008
In the beginning, there was FrancSwiss.
Then came Performance Investments Products Corp. (PIPC) and Performance Foreign Exchange Corporation (PFEC).
Now, the latest multi-million peso scam to emerge is Royal Manchester Five, also called RMF Trading Corporation.
Several RMF agents and investors posting in the Royal Manchester Five discussion thread in the PMT Forum are confirming that the company is now officially a scam after the CEO and owner, 28-year-old Cyrus Hao, purportedly ran away with millions of dollars worth of investors’ money.
Says PMT member faithfully: All of the issued checks lately bounced kaya nag trigger na puntahan sa house na yung Chairman (Cyrus Hao) kase they can’t get hold of him and he’s the only one who has access sa bank accounts… it’s confirmed, the chairman ran off, the directors can’t find him anymore.. the house is empty and all bank accounts are closed.
Says suzette07: mukhang sa zamboanga daw dumaan then malaysia…
The development is strikingly similar to that of another fallen company PIPC, whose Singaporean owner Michael Liew allegedly fled the Philippines and disappeared with between $140 million and $250 million of funds in tow.
New scam using fake Paypal email
February 7, 2008
A Pinoy Money Talk (PMT) member emailed me yesterday to ask whether a Paypal transaction she is planning to enter into is a scam or not.
Apparently, some guy supposedly from the UK contacted her asking help to transfer Paypal funds. The guy claims he plans to visit the Philippines and needs help moving funds to the country.
This should already raise a red flag. Never, ever agree to such transactions because you may unwittingly be a conspirator to money laundering. A suspiciously large amount being withdrawn to a Philippine bank account raises the bank’s alarm and if you could not properly explain how you got the amount and why you are transferring money, you may be charged under the country’s Anti-Money Laundering Law.
12DailyPro investor? You only have until January 31 to file for refund
January 4, 2008
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.
It’s game over for AGLOCO
December 11, 2007
We knew it was coming, and now it’s official: pay-to-surf program AGLOCO is dead.
The same guys who owned and ran a similar program called AllAdvantage in early 2000 reinvented the business and launched AGLOCO.com late last year. They thought they already learned the makings of a successful “get-paid-to-surf-the-net,” but, from the looks of it, they did not.
It’s now the end of the road for AGLOCO, but unlike AllAdvantage where members were paid more than $160 million before going under, AGLOCO’s members did not see even a single cent.
FrancSwiss promoter murdered?
November 8, 2007
In the discussion thread This is sad… maybe FrancSwiss-related, PMT member pinoynetworker posted that currently making the rounds in the local networking scene is the news that a certain Christopher or Cris Irabon has been identified as one of the victims in a salvage incident early this week.
Irabon is said to be a “power leader” in the Philippine networking scene who allegedly actively promoted the FrancSwiss investment program that eventually turned into a scam.
Local daily People’s Journal has the official news on the killings.
THE four salvage victims stuffed in a sack found atop a bridge in Taytay, Rizal Monday (October 5) have been identified by their relatives, police said yesterday.
The victims were identified as Maricel Sena, 24, five months pregnant, her sister Robilyn, 19, Christopher Irabon, 33, and Rolando Lopez, 35, live-in partner of Maricel.
Estrelita Sena, mother of the siblings, said they last saw the victims alive on October 31.
Police said the victims were tortured before they were killed.
Were the murders motivated by the FrancSwiss scam? That is a question for the police to answer.
In any case, we offer our condolences to the families of the victims.
Related reading:
- Discussion thread - This is sad… maybe FrancSwiss-related
- Discussion thread - HYIP: FrancSwiss
- Article - Is FrancSwiss a scam?
- Scam Programs Discussion Board
- List of Popular Scam Programs
Do they really think we’re that stupid?
September 17, 2006
Got this email today. It’s obviously a scam targeting the greediest of all greedy ginks.
Does “Cheryl” really think we’d believe that she can double our money if we sent her $30? That e-Bullion has a flaw in the system that will let you “rob” them? And that, uh-huh, you can get away with it?
Sure, there are thousands (probably millions) who’d fall for this, but don’t be one of them!
