Thread: Bank Negara - Update

Originally Posted by Owen Platt

That's correct. Those who jump up and protest that they are accused of sending illegal funds are totally misinterpreting the statement. Either that or they have a guilty conscience!

Owen,

I do not agree with your interpritation of the statement.

It is in pure and simple English - " engaging in money laundering by receiving money which are proceeds from unlawful activities".

One thing I can assure you and I am speaking for myself: I have a very clear conscience and I do not engage in any illegal activities.

I repeat that many misinterpret the statement. Let me explain:
The charges of money laundering are charges laid against Bryan and Sharon Marsden personally. There is no mention of Pips which is the entity to whom the members will have sent their funds. Therefore, in this matter, they have no involvement whatsoever.
The illegality will likely stem from the fraudulent transfer of funds from Pips to the Marsden's own personal accounts, and I would deduce from this that Bank Negara, who are continuing to investigate Pips and its various companies, are of the opinion that this in itself has been a fraudulent operation, in other words, is the unlawful activity mentioned.
Nowhere do I see any implication or imputation that the funds received as loans from members were in any way judged to be illegal.

It is all they need!

Why do you guys think that this is just a slap on the wrist? I don't get you or is this just like whistling in the dark?

Originally Posted by rolbuddy

Exactly.

After one year of "investigating", that's all they've got.

I should perhaps have added that the "fraudulent conversion" would stem from the fact that monies were abstracted from a bankrupt entity, an illegal act. Anybody who believes that a company which had been failing to pay the majority of its creditors for eight months is not bankrupt is just not facing reality. Arguments that non-payment was due to machinations of the major banks, governments and possibly little green men from Mars, really are fatuous. There was no money left.

My understanding is that the ROL Club was specifically for member of PIPS who had "loaned" money tp PIPS. You admitted in another thread that you, pesonally, did not "loan", "invest" any monies to PIPS,

Exactly, what are you doing here other than to try and sell a book!

amanz1

I did ask him the same question, Almanz. I got a simple response that satisfied me. Obviously I'll leave him to answer your question.

Anyway, this forum has come a long way from just Pips. It is now covers a very wide range of investments.

Originally Posted by mrdome

It is all they need!

Why do you guys think that this is just a slap on the wrist? I don't get you or is this just like whistling in the dark?

I agree, Mrdome. Sadly, there are still many hopeful people here who see this is as BNM grasping at straws to find something wrong with Pips / BM, etc. I'd say 40+ charges is a LOT and not just a minor infraction of the law. These are very serious charges and I truly feel for those who continue to hang on to some illusion that Pips is somehow going to return after all this. I will be very surprised if Bryan and Sharon do not end up spending many years in prison based on the way this investigation has gone. I am not necessarily wishing that on them...I hope justice is truly done here, but to keep saying things like "that's all they could find" as if it is nothing, is a bit naive, to say the least.

I agree with Bud Light. Marek said he originally founded this forum to give PIPS members a new platform after the original forum was gone. But that was about a year ago. Most people have moved on, and today it's so much more than just PIPS. So what do you want to do - throw anybody out of here who wasn't a Pipster? Even some of our moderators were no PIPS members!

Antje

So now when the court have charged BM, how will we get our money back?

Originally Posted by veronica4

So now when the court have charged BM, how will we get our money back?

I personally don't expect to get anything back from this. But if there is any money left, probably there will be some receiver appointed by the authorities who is going to distribute it. Don't forget the authorities have all our data and know how to contact the members if need be.

It was the same with 12daily.com (although they aren't in Malysia, of course, I don't expect things to be quite different over there). Even though I only invested 24 Dollars with 12daily.com, I have already received 3 emails from their liquidator with updates about the process, and if there is a distribution taking place I will get my personal share of it....

Antje