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  1. #1
    Junior Member
    Join Date
    Dec 2005
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    Default Scary HYIP Stories!!

    I just received this from fellow HYIP investtor which I like to share with you.

    News on Solid Investment & VIP Invest
    I picked this up from several sources:
    e-gold accounts of VIP and Solid Investment and W2U have been frozen
    pursuant to a court order issued by the following attorney:
    Michael Bruzzese
    The Bank Tower, Suite 1008
    307 Forth Avenue
    Pittsburgh, PA 15222
    Tel: 412-281-8676
    Fax: 412-281-8046
    [email protected]
    We are in contact with Mr. Bruzzese and will post updates as to the status of
    any investigation and or refund process.
    Apparently there is more than one attorney involved…
    Bartony & Hare, LLP
    Law & Finance Building
    429 Fourth Avenue Suite 1801
    Pittsburgh, PA 15219
    Tel: 412/338-8632
    Fax: 412/338-6611
    Email: [email protected]
    Various commentators are viewing this development as a disaster for the HYIP
    At this point I have an open mind; on the one hand it could weed out the
    scams, but on the other it could lead to the premature end of good and bad
    programs alike.
    I would like to believe that Bruzzese and co. are doing a worthwhile job in
    bringing the admin. of ponzi programs to book when they attempt to
    disappear, and they should be applauded and supported in this.
    However, if, as some are implying, they are in fact precipitating the downfall
    of programs by getting the program’s e-currency accounts frozen and then
    claiming their own refunds plus profits before anyone else, then that’s quite a
    different matter, and indeed a cause for concern!
    Here are some of the scare stories that are doing the rounds:
    There is a very scary thing happening in HYIP right now. At first, you think it
    is a good thing, but then you realize that in fact, it is not a good thing at all
    for the majority of people that participate in HYIP programs.
    There is a group (or possibly groups) of people out there that are using an
    attorney by the name of Michael Bruzzese
    who is getting court orders for egold to freeze accounts of any HYIP he sets
    his targets on. He has frozen the accounts of RJHI, Solid Investment and
    VIPInvest to name a few.
    What happens then is he has rights to claim the funds in the accounts, and
    any corresponding account, for his clients. This means they stop the program
    from paying, they get all their funds out and the rest of the members get
    little to nothing. The program can no longer pay out and there may not be
    any remaining funds for anyone else to get anything back.
    While it seems like it is good that the guy can stop “scams”, is it really fair
    that they do this to programs that are paying and that they recover funds
    only for their own clients leaving everyone else with no chance whatsoever of
    seeing money back?
    Frankly, it seems to me that now there is another huge risk in HYIP beyond
    the risks we all are aware of in the first place (we all know that HYIPS are a
    gamble and high risk). The new extra added risk is that your fellow members
    are going to use this attorney to close the program at any moment, even
    when it is still paying (as was the case with VIPInvest).
    So beware, because now the “good guys” are no longer on YOUR side either.
    And another similar one:
    As I understand it the HYIP world that we know and continually try to make a
    few bucks on has changed drastically over the past couple of weeks.
    In the past, a big program would fold and we would lick our wounds, and then
    a group would pool together and try to recover any possible funds, normally
    long gone by the time the recovery lawsuits started.
    I have been told there is now either a group of attorney’s joining the
    programs or someone with attorney’s that are family members, I can’t really
    tell which it is from the stories I have been told.
    They join all programs with a small amount, then when they see that a
    program is going big, they pump in a large spend. If the program is one day or
    two days late making payout, they file the papers and freeze all the
    ecurrency accounts of anyone that has ever logged into the account that is
    accepting funds from members.
    They then present to the court their “contract” amount due to them and
    they have accomplished a couple of things, #1 if it was even partially ponzi,
    they have gotten their full amount due out, without having to share it and
    get cents on the dollar from a class action suit and #2, if it is a scam then
    they are much more likely to freeze it before all the funds are moved.
    Because they have no real legal fees, just a few bucks for filing fees, this is a
    very low expense for them, compared to the payout.
    What this can mean is that if there is a glitch of any kind causing a delayed
    payout, for example an exchanger being one day late getting funds
    transferred into the eccurency, then our funds are gone, but these members
    will get paid anyway.
    It has never been safe to put large funds into a program, but IMHO it is now
    I seem to remember that Bruzzese was the guy that was looking into the
    Prosperity Club disappearance. I gave my details to him but haven’t heard
    anything back as yet. Now was that collapse precipitated by Bruzzese and
    co. or was he trying to help fellow members? I like to think the latter, but at
    this stage, we don’t know, hopefully time will tell.
    I think the comments that are being circulated may just be a knee-jerk
    reaction to the almost simultaneous collapse of Solid Investment, VIP Invest,
    Wealth2U and RJHI and people may be looking for conspiracy theories to
    explain their misfortune. There was without doubt a strong ponzi element to
    all these programs, so they were bound to fall at some stage, but is it
    possible they were pushed?
    P Chin


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  3. #2
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