Thread: DBR fined by Iowa Insurance Dept

Originally Posted by almye

I don't undestand what DBR would have to do with PIPS. DBR was a group set up, NOT BY PIPS, to pool funds to join in the 3% fund. How can that make PIPS responsable??
Al

DBR promoted the 3% plan which belongs to PIPS.
Those states law define PIPS programs as securities therefore they want them to be registered before being offered in those states.

DBR is not registered with the state of IOWA to sell or be an agent promoting the sale of these "securities".

Why others that are not registered go unoticed is because nobody complained.

Correction....Yes, it's 600K put together. DBR gets 500K plus 100K fine for the 3 individuals put together.

I have never seen the 3% program as an produkt of PIPS,the have talking about to maiby start an 3% program..

But until now,i have been in PIPS fore almost 2 years,and i dont have seen an 3% program yet as an produkt of PIPS..

Just my 2 cent..

Tiiger

Originally Posted by Tiiger

I have never seen the 3% program as an produkt of PIPS,the have talking about to maiby start an 3% program..

But until now,i have been in PIPS fore almost 2 years,and i dont have seen an 3% program yet as an produkt of PIPS..

Just my 2 cent..

Tiiger

It was called PIPS secure. DBR was just a company that acted as the intermediary by pooling the funds to achieve the minimum required to enter pips secure.

Originally Posted by zik

It was called PIPS secure. DBR was just a company that acted as the intermediary by pooling the funds to achieve the minimum required to enter pips secure.

Yes i have been with Bryan fore a long time,so i now the name..

But Bryan and PIPS have never started PIPS Secure,the have just talk about to start an program like this in the future..

But Pips Secure have never been LAUNCHED as an Product by PIPS..

Tiiger

Originally Posted by Tiiger

Yes i have been with Bryan fore a long time,so i now the name..

But Bryan and PIPS have never started PIPS Secure,the have just talk about to start an program like this in the future..

But Pips Secure have never been LAUNCHED as an Product by PIPS..

Tiiger

That is true and I can't remember why DBR was pooling funds even before the program launched. If only they had been patient..

I feel bad for DBR people being pulled into this whole fiasco.
What started out to be ready for the launch of the 3% .... some cash but most picpay payments ..this being done and talked about inside the old Pips forum to set this up for all.

You can't tell me that there wasn't complaints by no good, do gooders .. How would the gov. know ?..If they didn't get complaints or if the Feds,banks,insurance companies weren't sitting in the forum getting all the info.

Who to say they aren't with us now.
Forums are a places to bread private info , into a place to collect it as well.

My heart go out to Bryan & Sharon as well ... This should of NOT happened
BUT Lets go right BACK to those do gooders and maybe some inside help to bring Pips down.

This is my opinion and my alone .. BUT the snails are slugging along the ground leaving a slimily sludge along their way.

its amazing to me how people give their freedom and power to insurance companys the banks,and goverenment agencies like they know everything and treat them as gods comming to our rescue they say "we will save you from yourself,you dont know what you are doing"
no wonder they are getting more and more bold irrational stupid people back them up.

That IS Disturbing....500K as fine for Bryan and at the speed of the Certified/Registerd snail mail, it should either have been received by today or the latest, this coming Wednesday in Malaysia.

When I had that oppunity to get "pooled in" with DBR, I opted out with some wisdom and given advise gained from confiding with others that sees the conflict about "pooling" as it is then understood that certainly will conflict with PIPS "other programs" interests and which later turned out to be Bryan's insisted opposition.

With this fine solely on the undisclosed fact that DBR held against members knowledge, about Bryan not being a member or signatory to it....is VERY disturbing now!!! VERY much for me at this point...sigh.
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If memory serves me right, wasn't it Gary Nichol who was over the 3% program and had approved these pools?

If Bryan gets fined, seems like Gary should be too.

Good point Tiiger.
How can their by fines against a program that were never launched?
As far as I know no money was ever deposited into any Pips secure program...

Think Iowa has overlooked a little tiny detail... lol