PIPC update: US law firm to undertake investigation

Here’s an update on the Performance Investments Products Corporation (PIPC) scam.

For those who have never heard of this case, PIPC was a foreign exchange trading investment firm which became one of the largest financial scams in the Philippines victimizing a number of high-networth individuals. The company grabbed headlines back in July 2007 after its Singaporean owner Michael Liew fled the Philippines and disappeared, allegedly taking with him more than $250 worth of investors’ money.

An update from a group of investors running after PIPC showed that a law firm from the United States has agreed to undertake the PIPC investigation. The email circulating among the investors state:

A U.S.-based law firm has agreed to undertake a PIPC Claims Investigation, which means that it will review all the documents now in the possession of the Liquidators, Ferrier Hodgson, and, if it is able to confirm the claim that some banks aided and abetted the PIPC ponzi scheme, the law firm, along with associated counsel and a U.S.-based national  law firm, will immediately initiate legal action to recover all our losses.  This same law firm is now also suing JP Morgan for the role its predecessor, Washington Mutual, played in the Millennium Bank ponzi scheme.

The lawsuit will be strictly on a Contingency Fee basis, which means that investors will not have to shell out a single penny until  we win the lawsuit. The law firm has emphasized very strongly that in the U.S., there is generally a 3-year statute of limitations on cases of this nature, so there is absolutely no time to waste.

For more updates, join the PIPC investors’ group at the PIPC Scam Forum.

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