Dear Sirs,
After reading several posts in several forums, I am totally confused about the problems that PIPS is facing. The following probable problems are highlighted in many forums. I do not know which is the real problem.
So far Admin has not told us what are the problems they have other than just giving us vague answers. Even I could not understand from BM's recent post. It is very difficult to understand the real meaning.
Around 22 family members of mine have joined through me for the past 4 months and I am really getting tough questions from them. PLEASE HELP ME TO UNDERSTAND THE REAL PROBLEM SO THAT I CAN JUST TELL THEM WHATS HAPPENING WITH PIPS.
Is it because :
1. Banks not ready to work with PIPS ?.
2. Patriotic act ?
3. Money Laundering ?.
4. Non-compliance of Govt. regulations ?.
5. C&D orders ?.
6. Money frozen by banks ?.
7. Pips unable to tell the Govt. the source of their income ?.
8. No platform to pay the money?
9. No money to pay members?
10.Pips ponzi?
Is there any other problem which is not in this list ?.
Can anybody guess them ?.
Thanks in advance.
Pateince
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Thread: I AM CONFUSED ABOUT PIPS
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05-08-2005, 06:53 PM #1
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I AM CONFUSED ABOUT PIPS
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05-08-2005, 07:46 PM #2
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Re: I AM CONFUSED ABOUT PIPS PROBLEMS
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07-08-2005, 06:30 PM #3
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ANY one ?.
Hello! I am a true pipster. I have invested a large amount. However I wish to know what is the real problem with PIPS.
The following thread reveals that the Banks or platforms are not the problem for HYIP programs. Studiotraffic is paying to its members using HSBC and other Banks.
I think C&D order is also not a problem because they came in after PIPS stopped payments ie Dec. 2004
I guess only two problems according to me:
1. There is no money as there was no trading for the last 18 months(warren post)
2. Records and Accounts are not in order ( warren post)
I think PIPS should tell us the real problem so that we can look for alternative HYIP programs.
http://www.studiotraffic.org/forum/showthread.php?
May God bless Bryan so that he will have wisdom to overcome the problems of PIPS.
Regards
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07-08-2005, 07:05 PM #4
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The posts by Warren have been confirmed by Pips as bogus.
The arguement that there is is that Pips has no money. There is money because money is been paid out, there r many confirmed posts of wires received as recently as Aug 5th. Mortage payments paid as recently as Aug 5th. And all the staff r still working at Pips, so they r still been paid so there is money. Would u work for free if u knew u were not going to get paid?. I think not.
The speculation that there is no money is based on "noone has been paid for eight months", thats is not true (refer above) the correct statement is that there is a "theres an eight month backlog of wires" since january.
That is true, why is it true?, well there is money in ur Picpay account, the problem is getting it from there to ur bank account. presently there is one way to do that i.e. via the Plilipines bank. That bank is not able to do this very quickly. Hence the backlog.
That is why the boss and his staff r working their butts of to come up with a viable alterntave (such as the new bank once the licence is issued).
Pips is not a scam, there is no fraud, there is no shortage of money, just a backlog of pending wires.
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07-08-2005, 07:11 PM #5
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Thanks! Roshenco,
It is appreciated.
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07-08-2005, 07:38 PM #6
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Originally Posted by roshenco
I am just asking. Otherwise what you say appears to be just more speculation. You seem rather confident in your knowledge so I am asking you how you can prove what you know? What is your evidence that is verifiable?
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07-08-2005, 07:48 PM #7
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No, I do not work for pips, I simply phoned them via the usual support nos and asked specific questions. Just as anyone else can do.
My post is based on fact and not specualtion. Fact, members have received payments as recently as Aug 5th, mortgage payments as recently as Aug 5th. Proof that there is still money!.
Fact, there r still pending wires, reason, the Plilipines bank cannot handle the volume of still pending wires. They r still working on Dec 04.
So if theres no money, from "where" is that money coming from?.
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07-08-2005, 08:22 PM #8
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People are asking what the main problem is –
I think that the following post sums up everything.
This was posted on the PIPS forum by Team JollyPIPSter
reporting a conversation with Gary:
Team JollyPIPSter : How are the withdrawals coming?
Answer:
GARY NICHOL – We have had a good couple of weeks and the latest upload went out on the 30th (December). We are still having talks with the new bank we are using. They chased us to do our business and we told them exactly what the business structure was. We talked with them about what they could expect. We told them we could do 10 million per month or more and they said that was OK. We were actually under the volume by a million or so from what we projected. They agreed and we got started. Now they are scared. It is as simple as that, they are scared. It is due to the numerous transactions for different values. If we were to go with one singular transaction for one amount, it would not be an issue. If we went with 2000 individuals with 2000 individual transactions there would not be an issue. With PIPS since there are 10000 transactions from one account, this is a problem with the banks. The banks look at three things when this type of activity occurs.
1. Is it a legitimate Business?
2. Is it fraudulent?
3. Is it money laundering?
The last two easily come to light as they don’t have any understanding about the program. This is why the banking problems continue to haunt us.
END Quote
I read someplace that some agencies were investigating PIPS accounts – trying to find out the origin of the money loaned to PIPS.
IF this is true then this makes sense regarding the anti-money laundering provisions of the Intelligence Reform and Terrorism Prevention Act passed in December 2004.
When I attended the meeting in Orlando we were told that there were some people in Singapore and other places putting in $300,000 at a time. This would definitely raise questions from the authorities since the passing of the Anti-Money Laundering Reform Bill.
I’m in PIPS because of the clone system – I was given 2 accounts and gave one away. I put in an additional $1,000 over a period of time – they are NOT interested in my account!
They are interested in the origin of money from people who put in $1,000’s of dollars.
Bryan is going to have to figure out HOW to verify the origin of everyone’s initial payments to PIPS/PICPAY! Tricky!
What documentation will satisfy the international banking regulators? Who knows….
There are probably other issues but I think this is the main one that has to be resolved BEFORE payouts to anyone for anything!
Give them a couple of months to get this resolved! It's not easy!
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07-08-2005, 08:35 PM #9
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Originally Posted by driz
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07-08-2005, 10:32 PM #10
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Old news maybe, but nonetheless the core of our problems!
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