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  #1  
Old 12-04-2007, 02:10 PM
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zen zen is offline
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Default HYIP Investors May Face Money Laundering Charges

HYIP Investors May Face Money Laundering Charges

By Mark : http://www.dgcblog.com/2007/12/02/hy...ering-charges/


Quote:
Gareth Manning from the Jamaican Gleaner is reporting information from an interview with attorney-at-law and University of the West Indies lecturer, Shirley-Ann Eaton.
HYIP ‘investors’ now stand to lose big as government laws and regulations change to target HYIPs and online ‘investments’. Gareth Manning did a recent interview with Shirley-Ann Eaton who is a former secretary of the Jamaica Bankers’ Association. Eaton says that money ‘invested’ with these type of schemes (A3union was included) CANNOT be returned by the court system in Jamaica. She points out, this is because the law does not cover schemes offering excessive interest on money loaned. The recovery provision only covers vehicles that carry a rate of 40% or less per year. The ridiculously high rates like 133% in 30 days is NOT covered by Jamaican law.
Furthermore, participants in the HYIP can ALSO FIND THEMSELVES IN PRISON if the schemes are found to be engaged in any sort of money laundering. Because these schemes are unregulated and high yielding, they do not operate within the normal regulated banking and securities system which makes them a desirable vessel for money launderers.
“I don’t know of anywhere in the world where anybody is getting a return of 120 per cent per annum on any kind of investment,” Eaton argues. “What if, willfully or inadvertently, these schemes contain proceeds of crime? What if money being given to them actually is criminal proceeds?”
Under the recently enforced Proceeds of Crime (Money Laundering Prevention) Regulations in Jamaica, any person can be found to have committed an offence under the act if that person knows or believes or even has reasonable grounds for knowing or believing that those handling their funds are engaged in laundering. If your HYIP is not registered with the proper securities and tax related authorities and is not reporting your tax positions on a gain or loss, that is reasonable grounds to believe.
If convicted before a resident magistrate, that person could be ordered to pay a fine not exceeding $1 million or be sentenced to a term not exceeding one year or to both a fine and imprisonment. If indicted before a Circuit Court, however, that person could face imprisonment of up to 10 years and a fine. In addition to prison terms for laundering, investors could face severe pressure from tax authorities. as under law they should be filing their tax returns.
In Jamaica the tax authority is investigating the use of proceeds from these ‘investments’.
Tax Administration Department spokesperson Meris Haughton, while unwilling to disclose the approach being taken to recover the billions owed to it in income tax by these investors, noted that “all annual sums invested are taxable and we would not want to disclose exactly how we will recover those taxes”.
The Jamaican Financial Commission (FSC), there are over 20 “extremely high-yielding unregistered investment schemes operating in Jamaica”. Here is their published list.
  • Caribbean Real Estate Investment Fund (CAREIF)
  • World Wise Partners Limited
  • A3 Union
  • Swiss Cash
  • Higgins Warner Music and Entertainment
  • MayDaisy E-Partner Plan Club
  • F1 Investments/F1 Holdings
  • Wealth Builder and Associates
  • Right Vision E-Partners Private Members Club
  • Strategical Alliance Investment Company
  • SGL Holdings
  • Partner Financials
  • Kingdom Investments Unlimited International (KIUI)
  • Image Consultants & Services
  • Nipo Farms
  • USIMO
  • Other investment schemes not Included because of court proceedings:
  • Cash Plus Group
  • OLINT Corp. Limited
  • Overseas Locket International Corp.
  • LewFam Investments and Trading Limited
  • LewFam Investments Club
Source: jamaica-gleaner.com


Jamaica is 'stepping up', but I'll be curious to see the if enforcement is successful.


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  #2  
Old 12-04-2007, 04:57 PM
JDT JDT is offline
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Good luck to Jamaica in finding out every bank account each Jamanican investor owns. No HYIP has ever asked for my bank account info. Some programs deposit/withdraw by bank wires. But I don't deposit/withdraw in that fashion unless I'm using an e-currency.

Quite frankly. putting an investor in prison for losing a lot more money instead of earning money is stupid. I wouldn't be surprised if some of these investors use fake snail addresses when signing up in HYIPs to protect their identities.

Trying to put investors in prison is just about as tough as investors trying to track down scammers who run the programs. You need to know the investor's snail address.....and how would Jamaica know the addresses associated with all of the Jamaican members are real addresses (and real names for that matter)?

I can see trying to catch HYIP scammers. But "putting investors in PRISON" won't work if the investor signs up under a fake name and a fake snail address. Since HYIPs ain't gonna send me anything by snail mail, what's the point of using my real address?
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  #3  
Old 06-26-2008, 11:23 PM
cl8ton cl8ton is offline
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Is a "buy/sell transaction" included.

Suppose a drug dealer purchases GOLD COINS and sells them to someone for 240% of spot price. And, the coins are held by an escrow agent until they are paid for under a buy/sell agreement. Will the buyer be prosecuted. (I know the answer)

The drug dealer, unknown to the buyer, is protected because the coins are held in escrow by an attorney who would be first in line to be prosecuted, not the buyer.

The buyer is not liable, because he is purchasing the coins only, and is not a part of anything illegal.

The transaction does not fall under the Securities Act of 1933 because as it stands in light of a buy/sell transaction, it is GUARANTEED by the United States Constitution.

For instance, suppose you purchase something that is stolen, unknown to you. Do you go to prison for it?

Just because the buyer has his reasons to pay 140% more than the coin is worth is his problem wouldn't you say? You know, somethings may seem STUPID to some folks, but it is only out of ignorance of the full picture do they think that in this example.

I have found a way to GIVE money away and RECEIVE more than I give away using Biblical principals of "giving". Luke 6:38 If you aren't versed in the Bible, it is rather hard to understand. And, because man's laws hold most people back from living a financially secure future, it is their fault for listening to man rather than God.

Again, my homepage is for folks in my hometown with a few exceptions. It is not to seek out "investors" as some morons might thimk!

I purchase circulating gold and silver coins from anyone that lives within a 50 mile radius of my hometown that wants to sell them to me for 140% over spot the day the buy/sell agreement is signed. For a gross amount of 240% paid at 20% per month over 12 months.

And, all along the coins are held by an escrow agent until they are paid for. ABSOLUTELY NO-RISK to the seller. Does anyone other than a moron/idiot see that this is NOT an investment? So, the so called "investor" is like anyother person, say a car dealer that buys cars cheap and sells at retail. In this case, the retail price of the gold coin is "wholesale" and the 240% paid over 12 months at 20% per month is "retail". The only thing is: You won't find too many people that will pay upwards of $2,400.00 for a $900.00 coin that is not a collectable and is only worth the intrinsic value.

Where I get the excess funds to pay for the coins is from the largest ponzi scheme ever devised. The federal reserve and IRS scam ran from offshore. cryer vs IRS

AGAIN, this is just for your information because NO ONE can sell me their gold coins unless they live within a 50 mile radius of Philadelphia, Mississippi.

SOMETHING YOU CAN DO:

Seek out Bonded-Investing II members from way back in 2000 - 2004 and refer them to me. I'll pay you 20% of their gross deposit so you can join Gold Wave. You'll find it at my homepage. But, do note, you can not join unless I send you the money first TO PURCHASE THE COIN(S). I do not allow "new money" out of your pocket. There is NO SPEND to link at any of my web pages, so don't look.

Clayton L. Parker
http://www.thesamgroup.net
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  #4  
Old 08-09-2008, 11:36 PM
bluehannah bluehannah is offline
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I have stopped investing in hyip long ago coz I also heard about this info. Well it involves money and scams have been going around so no surprise it will be implemented.
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  #5  
Old 08-15-2008, 04:54 PM
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zen zen is offline
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Quote:
Originally Posted by bluehannah
I have stopped investing in hyip long ago coz I also heard about this info. Well it involves money and scams have been going around so no surprise it will be implemented.
Welcome to THF bluehannah, though considering your post, I wonder what you are doing at a HYIP forum?
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  #6  
Old 08-16-2008, 02:56 AM
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forwardone forwardone is offline
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Quote:
Originally Posted by zen
Welcome to THF bluehannah, though considering your post, I wonder what you are doing at a HYIP forum?

Perhaps to get his signature seen?
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