Hi,
A friend told me about this site that offers massive profits. it looks too good to be true. I’ve had a look at their discussion forum and to me it all looks very dodgy.
Has anyone had experience with this company, good or bad?
hrm
Hi hmackay,
I did a quick skim over the site and this is what I saw:
1. Lots of people on the forum asking where their money was, but for some reason content not to get it.
2. Pips is in Malaysia (or Philipines)
3. All investments made by Pips appear to be in SE Asia.
4. High returns = high risk.
5. It could be a ponzi scam, but more likely not.
6. I wouldn’t give them any money. The site does not portray what I would consider a trustworthy company.
7. I couldn’t quite understand how much I had to invest and how I would receive a return let alone how much that return would be. That was just from a quick browse, but if they can’t tell me those two things straight up I avoid them.In all probably a legit company but an extremely risky one. The places they do business are difficult to take action (legal) in. Just try getting your money back from them! You’d have to apply to a Malaysian court and buggered if I know how to do that or even IF I can do that. An old adage: “if it looks too good to be true, it probably isn’t true”
Surrey.
Surrey,
Thanks for your assessment.
I noted somewherein their discussion forum that it takes 9 nine months before u get some cash back.
Agree with you, looks too good to be true.
hrm
If it’s a scam it looks like a good one. Forums have a lot of posts on them going into last year. Some of the posts are very religious. Looks dodgy to me, no mention of what exactly the money is invested in nor a lot of talk about returns.
http://travismorien.com/FAQ/ripoffs.htm
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)kay henry
Here’s a great article…
http://www.thinkfn.com/artigo.php?id=107
If it walks like a ponzi, and quacks like a ponzi…
http://www.ssb.state.tx.us/press/pr6-6-05.html
______________05-60 Is ‘PIPS’ (People in Profit System) a Pie in the Sky?
Thursday 17 March 2005
In recent weeks, the Australian Securities and Investments Commission (ASIC) has received inquiries and complaints about promotions for a wealth creation scheme called PIPS or People in Profit System.
PIPS website asserts that members can design their own individual wealth creation plan. As an example, it is represented that returns of at least 2% every trading day can be earned from one particular ‘wealth creation’ option. That’s more than 14,000% each year if compounded daily over 252 trading days. At that rate, if you put in $1,000, you would have $21,601,632 in just two years.
‘Not surprisingly, PIPS has already received several nominations for ASIC’s 2005 ‘Pie in the sky’ awards,’ ASIC’s Executive Director of Consumer Protection, Mr Greg Tanzer said.
Apparently based offshore, PIPS is promoted over the internet and in face to face meetings arranged by local agents.
Information received by ASIC suggests that PIPS has recently become active in Australia.
‘As result of public inquiries and complaints, ASIC has already begun inquiries into this scheme, and we invite anyone who has information about its Australian promoters to come forward and assist us. Just email us at [email protected] or call 1300 300 630,’ Mr Tanzer said.
‘If you want to invest money, deal with licensed Australian financial services businesses. That way, you have far more protection if anything goes wrong.’
SOURCE: http://www.asic.gov.au
kay henry
Kay,
WOW.Interesting articles.
You are a wip at getting info.
So they are a PONZI.
Thanks Kay for your input.we need to
keep away from such scammers.hrm
Recurring theme….when things don’t add it’s usually because they don’t.
Watchdog warning on wealth scheme
From: AAP
September 06, 2005THE nation’s corporate watchdog has urged Australians who have invested money in a Malaysian-based wealth creation scheme called “People in Profit System” (PIPS) to come forward with information about the scheme.
The Australian Securities and Investments Commission (ASIC) said Malaysia’s central bank was investigating the scheme, which was being actively promoted in Australia but appeared to operate out of Malaysia.
“ASIC is keen to hear from any Australians who have put money into PIPS or can provide any other information,” ASIC executive director, consumer protection, Greg Tanzer said.“Until we have the evidence to bring before a court, we can only repeat our warning that PIPS just doesn’t pass the smell tests for sound investing.”
ASIC urged investors to deal only with businesses that held an Australian financial services licence, which would provide them with more protection if anything went wrong.
Mr Tanzer said schemes like PIPS were a sure-fire way to lose money as “profits” were simply paid from the money contributed by those who join the scheme later on.
Advertisement:
ASIC said PIPS was promoted over the internet and via face-to-face meetings.
Participants had to pay $450 or more to PIPS as a loan for 180 trading days. The loan is supposedly repaid with interest fixed at 2 per cent a trading day.At that rate, a participant putting in $1000 would have $21.6 million in two years.
PIPS says returns for the first 50-53 days constitute repayment of the initial loan and cannot be withdrawn. Subsequent returns can be either withdrawn or reinvested. Members are also required to pay a monthly fee.”
ASIC appears to be doing something– don’t hold your breath though–Hi there,
I was a member of pipsinc about 1.5 years ago. It was a fantastic program back then, I made a huge profit. I initially invested $1000 and was paid about $10,000. But at the start of this year, payouts were being delayed. Now, it is considered a scam.
There is other ways to earn big profits online though. My favourites are Studio Traffic and Paid Response. I earn about $1500/month at Studio Traffic and Ive been paid since late last year. Paid Response is newish (about 5 months old) and I have faith in it. I only make $330/month there at the moment but compounding and investing more should get the earnings up.
Anyway, Im only 16 at the moment and I am trying to save up to buy my first investment property before I am 18. I hope I make it!
hey,
i’m pretty sure it’s a scam, i invested in it. it cost us $1800.00 to get into it. and i found out that only $450.00 of it goes towards the investment. the rest covers the expense of parework, a set of cd’s in a cheap leather case. what a crock of crap. all we get if were lucky is a bs letter from bryan the scam artist about this and that. on how the site will be up and running again, never once said if we lost our money or not. just a bunch of cheap emails. the sob is enjoying our money among others, but one day he’ll get his, every dog has there day, we may not find out what happens, maybe we will. we’ll never know. but, remember 1 thing, IF IT SOUNDS TO GOOD TO BE TRUE, THEN IT’S A SCAM (bryan)!!!!!!!!!!!!!!!!!!!!!!!!!![angry2] [angry2][angry2][angry2][angry2][angry2][angry2][angry2]Originally posted by hmackay:Surrey,
Thanks for your assessment.
I noted somewherein their discussion forum that it takes 9 nine months before u get some cash back.
Agree with you, looks too good to be true.
hrm
)
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