Investforlife & HYIP Programs one year later

May 2009 marks  roughly one year since this blog started, and it is interesting the turn of events.  It has been a most interesting year as the details of the Alternative Investment Schemes(AIS)/Un-regulated Financial ORganisations(UFO)  came out. It was however sad to see and hear the stories of persons deceived and deluded, some even to this day.

While there were others, the following persons, Jason, Nocotec, Jay, Robin Irie,  JohnDoe, DaveSin  were particular targets of harsh criticism for the daring to call the HYIPs Scams. So reviled was this group that were driven from a site (blog) that will remain nameless but it is now known as the #4 bus.  Interestingly, it was the suggestions of some of the posters on that blog that resulted in the formation of this blog. 

Their suggestion was taken and investforlife.wordpress.com was born. One year later, having been featured on NationWide, CVM TV, mentioned indirectly by Observer writers, and over 950,000 page views, Investforlife remains while may UFOs have died along with many supporting websites.

Here is the list of the some ‘programs’ or ‘clubs’ and their prognosis.

  1. Cash Plus – Dead. CEO arrested and charged.
  2. WorldWise  – Dead.
  3. May Daisy – Dead. Anyone knows where the CEO is?
  4. Olint – Dead. CEO arrested and charged.
  5. Capital Blu – Dead  CEO arrested and charged.
  6. TCI FX – Dead.
  7. CARIEF – Bedridden.
  8. Higgins Warner – Dead.

Feeder Clubs – Dead

  1. Lewfam (Jamaica) – Dead
  2. SGL Holdings(Grenada) – Dead 
  3. KUI(Jamaica) – Dead
  4. Wealthbuilders(Jamaica) – Dead
  5. UWIN(Antigua) – Dead
  6. Vision Increase(Panama) – Dead
  7. Regency International(Florida) – Dead. CEO arrested
  8. F1 Investments(Florida) – Dead. Filed lawsuit against May Daisy
  9. Willshaw(St. Lucia) – Dead
  10. RKR Funds – Dead.

Some sites where the predominate theme appeared  to be the defense of the UFOs have also died or changed focus. We congratulate those that allowed the contrary fews to posted.

  1. jamaicainvestmentwatch.com (dead)
  2. cashplusinvestment.com (refocussed)
  3. http://www.highyieldsource.com/forum (in need of cleaning up, controlled by spammers)
  4. wealthmax.wordpress.com – remains for the record.

Thanks to all the contributors that have kept this blog going, despite the challenges. May this experience be a lesson to us. Think and check before you invest.

Advertisements

End of the Road for I-Trade FX

Is it the end of the road for I-Trade FX? It appears that way, if announcements seen and a notice posted on the website mean anything.

I Trade FX notice

Forex Capital Markets LLC (www.fxcm.com) announced on May 4, 2009, it has reached an agreement to acquire the U.S. and international retail forex clients of i-Trade FX. Subject to regulatory approval, accounts are expected to be transferred from i-Trade FX to FXCM on May 8, 2009. source 

This source offers an explanation on what is happen although there could be more to this particular story.

Like several other forex firms, I-Trade FX has decided to cease offering service to US retail clients. Other firms that have decided to exit the U.S. retail business include ODL Securities, Hotspot FX, and CMC Markets. To offer retail forex trading services under NFA rules, Forex Dealer Members (FDMs) will be required to have a minimum of $20 Million in firm capital as of May 16, 2009. source 

I-Trade FX’s relationship with the David Smith/OLINT and the resulting problems with the the NFA has certainly not helped their cause. Last  month, the NFA fined I-Trade FX US $250,000.

Interestingly, the shut down appears to be affecting some non-us clients. One visitor to the blog from Australia commenting on the issue, said  that since May 8, 2009,  she has been unable to get access to her account and the lack of response from I-Trade has been a source of frustration. 

We would love to hear from I-Trade FX.  I-Trade FX customers would love to hear from you.

Sources:

 

 

Of interest:

Another Jamaican ‘Investment’ Manager charged

The Gleaner Power 106 news is reporting that a Jamaican Investment Manager has been charged. Quoting a Associated Press source the Power 106 newsroom is say that the Royal Cayman Islands Police Services have charged 48 year old Robert Christopher Girvan  obtaining a money transfer by deception and producing a false document. 

The following hedge funds have said to collapased and have been closed by the authorities in Cayman Islands and the subseuqent 

  • The Grand Island Commodity Trading Fund I,
  • Grand Island Commodity Trading Fund II and
  • the Grand Island Income Fund

These were registered by the Cayman Islands Monetary Authority in 2006.

  • Grand Island Master Fund, was not registered in the Cayman Islands

Officials say the fourth, the Grand Island Master Fund, was not registered with regulators in the British territory

It is understood that the funds allegedly under management ranged from $20-30 Million Cayman Island Dollars

Sources: