Thread: Pips investors Investigated

Largo, There is not a court in the world that would accept that the evident failings in PIPS/PICPAY did not fall at the feet of the CEO. Unless my information is incorrect, that is Bryan!

So do not be an ***** all your life!!!!

Regarding cheques, even Bank Cheques take about a month to clear if they are from an International (that is, not YOUR local country), so the Bank Cheques we received from Malaysia took (roughly) a month to clear. If your bank takes 3 months then my advice is - change your bank! And if they reverse them after they have been cleared (which is different from reversing them out of 'non-available' funds in your account because the cheque did not clear) then the same piece of sagacious wisdom applies!

But the real, intelligent, and perhaps though-provoking question is: Would you rather have to take an extended time to clear the funds, or not get paid at all?

I am not suggesting that we ask Bryan to revert to 'company' cheques and give up on other means entirely. Rather I suggest that if he is not prepared to revert to e-gold or e-bullion (which personally worked fine for me earlier, thanks to LondonGoldExchange.com, who then promptly and cheaply sent me a bank draft), then it would be better by far to receive ordinary cheques until such time as the evident bugs in the interface between PIPS/PicPay and the Banking World in general are sorted out!

After all, I have waited over ten months for funds withdrawn in January to arrive! Three months to clear the cheque sounds bloody quick to me!

Regards

Graham B

Originally Posted by GrahamB

Largo, There is not a court in the world that would accept that the evident failings in PIPS/PICPAY did not fall at the feet of the CEO. Unless my information is incorrect, that is Bryan!

So do not be an ***** all your life!!!!

Regarding cheques, even Bank Cheques take about a month to clear if they are from an International (that is, not YOUR local country), so the Bank Cheques we received from Malaysia took (roughly) a month to clear. If your bank takes 3 months then my advice is - change your bank! And if they reverse them after they have been cleared (which is different from reversing them out of 'non-available' funds in your account because the cheque did not clear) then the same piece of sagacious wisdom applies!

But the real, intelligent, and perhaps though-provoking question is: Would you rather have to take an extended time to clear the funds, or not get paid at all?

I am not suggesting that we ask Bryan to revert to 'company' cheques and give up on other means entirely. Rather I suggest that if he is not prepared to revert to e-gold or e-bullion (which personally worked fine for me earlier, thanks to LondonGoldExchange.com, who then promptly and cheaply sent me a bank draft), then it would be better by far to receive ordinary cheques until such time as the evident bugs in the interface between PIPS/PicPay and the Banking World in general are sorted out!

After all, I have waited over ten months for funds withdrawn in January to arrive! Three months to clear the cheque sounds bloody quick to me!

Regards

Graham B

So where is the evidence of your accusations?

Largo

Originally Posted by GrahamB

Largo, There is not a court in the world that would accept that the evident failings in PIPS/PICPAY did not fall at the feet of the CEO. Unless my information is incorrect, that is Bryan!

So do not be an ***** all your life!!!!

Regarding cheques, even Bank Cheques take about a month to clear if they are from an International (that is, not YOUR local country), so the Bank Cheques we received from Malaysia took (roughly) a month to clear. If your bank takes 3 months then my advice is - change your bank! And if they reverse them after they have been cleared (which is different from reversing them out of 'non-available' funds in your account because the cheque did not clear) then the same piece of sagacious wisdom applies!

But the real, intelligent, and perhaps though-provoking question is: Would you rather have to take an extended time to clear the funds, or not get paid at all?

I am not suggesting that we ask Bryan to revert to 'company' cheques and give up on other means entirely. Rather I suggest that if he is not prepared to revert to e-gold or e-bullion (which personally worked fine for me earlier, thanks to LondonGoldExchange.com, who then promptly and cheaply sent me a bank draft), then it would be better by far to receive ordinary cheques until such time as the evident bugs in the interface between PIPS/PicPay and the Banking World in general are sorted out!

After all, I have waited over ten months for funds withdrawn in January to arrive! Three months to clear the cheque sounds bloody quick to me!

Regards

Graham B

Graham,

Why are you peddling your cheques as the way out!

Anybody who followed the events know very well that the problems of the last 10 months or so are due to the regulatory authorities controlling banks efforts to pay and so banks had to drop pips accounts etcc...

So why do you think that if the regulatory authorities refused to allow payments to be made by wire... they would allow pips to issue Company or banker's cheques???

Of course no!

That is the reason we have reached the investigation on pips/picpay... If they get cleared then banks would welcome back the business of Bryan...And then surely the way out would be for a mass-payment processor similar to VAT that would pay everyone by wires...would be the way out...

NOT CHEQUES...for goodness sakes...

All the best

spongebob

I also really don't understand why you keep hammering on the checks method, GrahamB.

Nothing, really nothing shows us that it would have helped in the withdrawal system situation we found ourselves in previously.

You mention "revert back to company checks"
That never was so you cannot revert back to it. It also will never be because they simply aren't available in the country Pips is working from.

You either are playing ignorant of the financial systems set up outside of your own country or you are.

You stating that Largo needs to change banks is really weird. There simply is not a bank in most EU countries that would do it different.
Why? well simply because checks are part of a world that is far behind us.
The security mechanisms surrounding checks are time consuming and banks over here simply are not organised anymore to cope with them.

Hello, this is the 21st century. Transfers go through cyberspace instead of by sneaker-pace (at least in our part of the world).

GrahamB

A true story that came to my knowledge!

A person in the nordic countries received a cheque!....he went to the bank and the bank hesitated to honor him the money. The amount was significant, and the bank told this guy that he would have to wait a few days. The next day the police came to his house and arrested him!

The cheque was false, and this poor guy had to spend a night in jail until he was released the next day. Much later he learned that the cheque was false and the whole operation behind this cheque was a fraud.

BTW, I have not used or seen a check in approx. 10 years.
What centery are you living in?

hine

What will happen to this type of claim like the one in NC when pips comes back and starts paying again? will the people who filed the claim simply drop it? or I suppose the couple who took their money could pay them back and buy out their account?

There may be situations out there where people asked others for exchanges and it was not a case of marketing. What happens then?

Hopefully pips will be back very soon and all of this can be resolved.

B

Originally Posted by barbarajean

I suppose the couple who took their money could pay them back and buy out their account?

I hope that either way the people that filed the claims lose their PIPS accounts.

They do NOT deserve to be a part of the PIPS family. (IMHO)

Originally Posted by barbarajean

What will happen to this type of claim like the one in NC when pips comes back and starts paying again? will the people who filed the claim simply drop it? or I suppose the couple who took their money could pay them back and buy out their account?

There may be situations out there where people asked others for exchanges and it was not a case of marketing. What happens then?

Hopefully pips will be back very soon and all of this can be resolved.

B

Hi B,

Good question, and sadly, it may be a tough one to answer until we have all the facts on how much everyone will be paid and when they will be paid. Certainly, the individuals who took money from people are going to have to fight the battle alone, so PIPS is not involeved, the individual is.

Remember, it takes nothing more than being accused to drag a person into legal system to prove otherwise, and sadly, these people to not have a leg to stand on as they evidently were caught promoting what was perceived as an unregistered investment, so how would they answer charge? Oh, I didn't know, gee wiz, I only gave them what they wanted, or I opened account for them, etc. etc, either way, they are going to be held responsible and will have to pay people back.

If and when PIPS or whatever it will be called returns, then they will have hope that they will be able to afford to pay those people back. If they are forced to before PIPS is back, as in court order, well, if I was them, I would want to make sure that those accounts are transferred to those who paid for it. It could become a very sticky situation either way. If people withdraw their charges, it does not erase fact that unregistered securities were being promoted by this person, so they may end up with fine or jail regardless, never mind ordered to pay back people.

All we can do is hope they can refund people and the sentence may be lighter rather than going through trial process, which will cost even more, never mind the seizure of their assets and criminal record issues. Hope they can get through it, I know it must be real stressful for those involved, so we shall see.

Good luck to all, Mike

Originally Posted by Offshore-Wealth.com

Hi B,

Good question, and sadly, it may be a tough one to answer until we have all the facts on how much everyone will be paid and when they will be paid. Certainly, the individuals who took money from people are going to have to fight the battle alone, so PIPS is not involeved, the individual is.

Remember, it takes nothing more than being accused to drag a person into legal system to prove otherwise, and sadly, these people to not have a leg to stand on as they evidently were caught promoting what was perceived as an unregistered investment, so how would they answer charge? Oh, I didn't know, gee wiz, I only gave them what they wanted, or I opened account for them, etc. etc, either way, they are going to be held responsible and will have to pay people back.

If and when PIPS or whatever it will be called returns, then they will have hope that they will be able to afford to pay those people back. If they are forced to before PIPS is back, as in court order, well, if I was them, I would want to make sure that those accounts are transferred to those who paid for it. It could become a very sticky situation either way. If people withdraw their charges, it does not erase fact that unregistered securities were being promoted by this person, so they may end up with fine or jail regardless, never mind ordered to pay back people.

All we can do is hope they can refund people and the sentence may be lighter rather than going through trial process, which will cost even more, never mind the seizure of their assets and criminal record issues. Hope they can get through it, I know it must be real stressful for those involved, so we shall see.

Good luck to all, Mike

Mike;
What unregistered securities? As far as I can remember we "loan" PIPS money and they pay us back interest on the loan. What "unregistered securities" were promoted?

Cigarman. Well said....... but I'll make one addition with reference to all the dumb pipsters and their negative comments - "SHUT UP AND WAIT."