From a Norwegian contact of mine
Dear All,
Please see below some information supplied by a Norwegian contact of mine which has been taken from information in the Norwegian press.
It is not an official statement of any sort, just my contacts translation of the facts so far presented. I have his permission to publish here and will update when he has anything else to add.
It makes some surprisingly interesting reading:.....
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The trial has finally started and the newspaper writes about what’s going on every day. So the first 3 days has given us a lot of information and more will probably come every day the trial is running. I have read it and done some conclusions of my own based on the facts presented in these articles and facts presented in the articles that came in the end of last year.
The articles that are published now tells us that 32 mill NOK (5,732 mill USD) are frozen in Selbu Bank in Norway. Another 1 mill USD is frozen in Loyal Bank and there where investments made for 15 mill USD. Those investments were made in the summer of 2005.Frode claims that before those investments where made the GPS invested in Private Investment Profit System (Pips), how much that was is not printed in the article.
For those of you that don´t know PIPS, it was an investment company very similar to GPS. It was based on private loans to the company and the company paid a daily interest at 2 % a day with compounding. I think this company was running for about 3 year before it´s assets was frozen by the Malaysian government. The leader Brian Marsden is being charged for engaging in money laundering by receiving money which are proceeds from unlawful activities, an offence under section 4(1) of Anti-Money Laundering Act 2001 read together with section 87(1) of the same Act. If you want to know more about this trial you can go to http://www.bnm.gov.my and look for information regarding PureInvester.com (PIPS).
Remember that PIPS is charge for Money Laundering and it´s account is frozen, so the money is still there. The thing they did wrong was not to demand
identification documents and source of founds documents of member when joining. After the trial against them is over, probably in December, there are a lot of money that should go back to it´s right full owner.
Let just look at the fact that has been given us from the police threw newspapers:
80 mill NOK (14 332 000 USD) was going in the system from members.
30 mill NOK (5 374 000 USD) of those are frozen in Selbu Bank.
So only 50 mill NOK (8 958 000 USD) of the members money was ever invested.
According to Frode they started investing in PIPS and the amount there is unknown today, because the news didn’t print it.
In the summer of 2005, according to the police, Plexpay invested 15 mill USD, 76 955 000 NOK, in other investments, probably because PIPS access was frozen and they couldn’t get to their invested money.
On top of this, according to the police inspector Kjell Erik Waclawczyk, 150 000 000 NOK (26 873 000 USD) was paid out to members and he couldn’t answerer where the extra 100 mill NOK came from. (Ti siktet etter ny Plexpay-razzia)
Plexpay network started in may 2004, but it was first in December 2004 that they stared GPS. Before it was just the basic products that all of us gold or platinum members received, an account at Loyal Bank, our business site in Plexpay which gave us the ability to make money by telling other people about it and the wonderful Priority Travel package.
So from December 2004 to September 2005 Plexpay turned 50 mill NOK in to 226 955 000 NOK and this is without counting the investments that were made in PIPS. That is 453.91% in less than a year.
According to the DA Plexpays members had on their account 600 mill NOK and he wonder where this money is. YES, they are short about 370 mill NOK, but that is because money is frozen in PIPS, because PIPS accepted a small portion of money that came from illegal activities. The rest of the frozen money in PIPS, that didn’t come from illegal activities, will be returned when that trial is over.
But the 600 mill that we, the members of Plexpay, “should” have in the system are frozen. We could only “take out” the daily interest during the period that we lend our money to plexpay, so we couldent all demand all 600 mill at the same time. And if an investment company makes an investment that goes wrong, they try to “correct” this with other investments. And remember that it was only up to 3% daily that was promised. I think 453.91% on the money I invested is acceptable, don’t you?
This is just my thoughts about the facts that are presented to us so far. I will continue to fallow the trial, but I will not translate any article from Norwegian to English. I simply don´t have the time.
From my Norwegian contact
Page 37 in the veridict:
GPS vil isolert sett ikke medføre at det skjer
en omsetning etter hvert, og hvis den hadde stått på egne ben, ville GPS kunne
vært lovlig etter lotteriloven.
It says that if GPS wasen´t managed by the same company that manged stock market (envole) GPS wasen´t breaking the lottery law. The reason that they where convicted is not Pyramide Scheme, it´s breaking the lottery law.
According to the lottery law in Norway, if you have a member fee, and this member fee is used as payment to member that recruited you, they haft to deliver products or service to a value of at least 50% of the member fee. Plexpay did this!!!
The court set the value of an offshore account at loyal bank to 50$ witch was what Frode stated in the court. Priority Travel was set to 359$, total 409$. The problem is that the deal with priority travel was made in October and was going to start 1 of December but in reality it was first in April that the priority Travel was sent out. There for according to the court 8 of 12 month Plexpay didn´t match the 50% rule and there for where they convicted!!!
Everyone convicted except Steinar, who plied guilty in court has appealed. Elena, Frodes wife was present at the court with her layer, but not charged or convicted. I think they can win the appeal, but our money is a different story. The main investment where in PIPS and they are being investigated for receiving money that comes from illegal activities. It´s only a small portion of all the money in pips that did that, It´s a total of 54 transactions.So after that them money should be free to claim. The problem is that all payment went throe PicPay with had no demands for members to properly ID them selfs. So you could basicly have a picpay card issued to Donald Duck. In that case you need proof that Donald duck is you. In court, Frode has not presented any proof of this kind. That can mean 2 things:
1. He dosn´t have them
2. He didn´t want to present them because he was afraid that money will bee seized to. In that case it could be central to the appeal.
PIPS trial is as I stated before held in May 2008. Verdict should come in June.
I think we can all see the money we put in to Plexpay as lost and move on with our life's. When we get something back it will be a bonus.
