Filipino admin of ‘Point Share Gold’ program arrested but now out on bail

James Ryan Jonas

Pinoy Money Talk (PMT Forum) member manoy06 disclosed today that Henry James Banayat,  CEO and administrator of online investments scams Point Share Gold (PSG) and PointSharExtreme (PSX), was arrested last week in La Union City, Philippines by members of the Ilocos Regional NBI office.

However, the suspect is reportedly now out on bail.

Banayat apparently ran a string of online scams that duped hundreds of investors in the Philippines and abroad millions of money.

One of these programs is Point Share Gold (renamed Point Share Extreme later on), wherein investors were supposed to get 100% return on their $100 minimum investment after successfully referring three other members to the program. (Does the word Ponzi ring a bell?)

Afterwards, investors supposedly were to receive $350 every month and, on the 12th month, a final bonus of $1,000 was to be awarded.

In less than a year, hundreds of investors around the world stopped receiving payments as the program collapsed. Meanwhile owners and staff of the program, including Banayat, constantly reassured members that payments would resume. Up to this date, it did not.

If you were a victim of this scam, we encourage you to file a report to the appropriate authorities in order to pursue the case against Banayat and the rest of his cohorts.

In the Philippines 

National Bureau of Investigation (NBI)
Director: Atty. Nestor Mantaring
Telephone: 523-8231 to 38

SEC Company Registration and Monitoring Department (CRMD)
Director: Benito A. Cataran
Telephone: 727-2011

SEC Compliance and Enforcement Department (CED)
Director: Hubert Dominic B. Guevara
Telephone: 727-3367

In the USA

Internet Crime Complaint Center 

Related links:

James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.