Quote:
Originally posted by Rowan@Aug 28 2004, 03:26 PM
|
This is a long read but it is eye-opening to say the least!
This is the update many FLO members haven't been able to access the
FLO site to read, I post it below. I am able to access the chat
room pretty easily and this is the update they gave on the 26th. In
a nut shell, Evocash seized FLO members funds with the FLO program
so actions to be taken by FLO to survive are a hold of the
recieveables members had and give them to the exchangers who are
working with them still....eg. Goldnow, *******. Evocash froze
these companies accounts as well if they continued to serve FLO's
needs. FLO is paying them back the money they lost to Evocash over
the course of 6 weeks...THEN, all will be back on track is the
goal. Be advised this is the second accusation I am aware of with
two seperate investment programs that Evocash has done this. Get
Weekly Profits had the same thing happen to them this year and also
a friend of mine had there account frozen for no reason. My
personal experiences with Evocash have not been smeared yet, they
saved my funds from a hacker who took about $900 of my evos. But I
know my friend didn't do anything wrong and they kept there money.
Bottom line is this...No one knows who evocash is for certain, not
even Goldnow who was approached by them 4 yrs ago to be placed on
his website. Several bad things are going down with Evocash and
being verified by more then one exchanger and individuals. Osgold
experience is not an impossibility, be careful.
Best, Dana
There is not problem with FLO, but with unserious business practice
of Evocash and X-changers.
An Ecurrency Arena Exclusive - EVOCASH
We consider this to be an EXTREME breach of privacy. Evocash has
been
monitoring the activity of all FLO accounts and FLO Member accounts.
The question is ….In an effort to accomplish what?
EVOCASH Has FROZEN FLO Out-Exchange accounts and is demanding ID!
EVOCASH Has FROZEN FLO BUYERS HOLDING accounts and is demanding ID!
EVOCASH has forced us to open a single account and move all funds to
it
from Deposit Accounts.
Here is the correspondences from EVOCASH.
quote:
Your account is suspended
For us to consider releasing your account we will need you to supply
a
telephone number and a faxed copy of your Notarized photo ID.
Please also fax a current utilty bill showing your name and address.
This utilty bill must not be more than 3 months old.
Please tell us when this is available by sending an email to us at
accounts@evocash.com and we will give you the fax number to send it
to.
Regards,
Evocash
__________________________________________________
________________
Dear Sirs,
Further to our previous email where we confirmed that Evocash is no
longer an
option for FLO, please be advised that the FLO funding accounts have
now
been
suspended.
139799
131073
139435
139415
Any other accounts that have an history of accepting FLo fundings
will
also be
suspended.
Evocash
Security
__________________________________________________
__________________
Dear Sirs,
Please accept this as official notice that as of this date (time and
date of
this email) we will no longer accept out exchanges from your
Freelandopps
websites to Evocash accounts, either companies or individuals.
Please advise all of your members and remove Evocash from your
website
immediately and from your database so that no more exchanges can be
performed.
Please open one main Freelandopps account and transfer funds from
your
funding
accounts shown below. These accounts will be closed within 24 hours
but
in the
meantime if they receive any new credits these credits will be
returned
to the
account they originated from.
139789 1 FLO Credit
139799 2 FLO Credit
130712 3 FLO Credit
131073 4 FLO Credit
139435 5 FLO Credit
139415 6 FLO Credit
Evocash
Security
__________________________________________________
____________________
Two days ago, we were informed that the Evocash that was sent to
various
exchangers for out exchange by FLO members was put on hold by EVO.
EVOCASH made strict demands, accompanied by threats of exchanger
account
freezing, on these ecurrency exchangers in an attempt to force them
to
hold these funds.
This is not a situation that was pleasing to the exchangers. There
is
Great Fear in regards to EVOCASH at this time.
In an effort to determine the cause of this action we sent the
following
letter to EVOCASH.
quote:
Dear Evocash,
Apparently there are some serious issues that need to be resolved
and
we
would really like to offer our assistance in resolving them. We are
hopeful that we can resolve them together to benefit all parties
involved.
We were told yesterday by Goldnow that transfers from our members
accounts are being held by EVO for verification.
We were told today by ******* the same thing was requested.
We are not sure why this is happening and would like for you to
verify
why. Both of these exchangers were surprised by the request and felt
it
was important for us to be aware of it so our members didn't think
their
funds were lost. We would like to understand why this is being done
and
how long this hold will be in place. We do not want this to create a
serious issue for our members, as I am sure you can understand.
For your understanding we want to make you aware that we sell all
Evocash deposits to a variety of buyers we have in and out of our
personal group. These buyers provide us with physical currency on a
daily basis. Of course we trade out-exchanges for in-exchanges and
the
differences have been cashed out. Our buyers then hold, on reserve,
an
agreed upon amount to enable us to make rapid payouts to our
membership.
Due to the recent events (Metropipe tunnel denial, evocash to egold
limits, return of funds by X-changers, return of out-exchanges
attempted
while on a tunnel, and now the holds on member OE's) our buyers have
become fearful and do not wish to hold the reserve as they fear that
they may suffer a loss.
Due to this challenge we are at a critical point. Decisions have to
be
made on our end. We wanted to contact you first before making any
decisions to see if we can work together for mutual benefit.
We would like to point out that there was some confusion that caused
even more challenge with the Metropipe situation. Mike with X-
Changers
told us that our members coming from multiple IP's would solve the
challenge, he suggested that we tell our members to use Anonymizer
and
IDZap or similar proxies. We asked him if Metropipe were to add
multiple IP's if that would resolve the issue and he said it should.
We
realize now that we should have discussed this directly with you
because
it was not acceptable. Once we found out that it was not acceptable
we
made our members aware and asked them to comply with your wishes. We
apologize for our part in this misunderstanding.
In addition, the most recent newsletter addressed the issue of
contacting you in regards to any FLO issues. It has been enclosed
for
your awareness:
"DO NOT contact Evocash in regards to EVO to FLO Transfers. They
have
no
idea as to why a deposit or transfer has not shown up in your FLO
account. It is due to an error you made in providing us information
or
it is an internal to FLO error and ONLY WE can solve it. Contacting
EVO
in regards to FLO errors is creating a challenge for EVO and we need
it
to stop. If the problem persist for you and you find it too
difficult
to
make deposits to FLO following our rules, then don't make deposits. -
Regardless of your decision - DO NOT CONTACT Evocash with OUR
challenges.
If this problem persists we will promptly close your account, tally
your
dividends, deduct them from your deposits, refund you the difference
and
eliminate your membership. - This is not a request. DO NOT CONTACT
Evocash with OUR challenges. - If YOU are not sure WHO to Contact
ASK
US
FIRST! Contact a Moderator, we have over 20 of them to assist you. "
We have tried to change our attitudes and comply with your wishes in
order to do business. It is our sincere desire to continue our
relationship. Our membership is determined that we continue with
Evocash. The recent events have made that very difficult, but we are
hopeful that we can resolve any issues and move forward in a
positive
direction.
It is speculation, from multiple sources, that the challenge we are
facing is caused by an overload of Out-exchanges from FLO Members.
We realize, now, that we may have caused you additional challenges
when
we told many undeserving members to pull their dividends and leave.
Adding to that we have had a serious internal security issue
ourselves
which has forced us to take actions that would put fear into many
FLO
Members. Perhaps, and probably so, this too caused heavy Out-
exchanging
to occur.
As businessmen, we realize that a heavy amount of Out-exchanges
could
and probably would put a strain on any ecurrency. If we were Evocash
and had several million dollars inside we would not have it sitting
idle
while members spent it back and forth to each other. We would work
the
numbers and determine where we could put it to make the most return
while keeping a reserve amount relatively liquid. In a severe spike
of
OE's it would cause us stress to fulfill and we would be forced to
slow
the flow.
This may or may not be the situation it is purely speculation and
even
if it is, you may or may not want to disclose that information.
We are writing this to appeal to you and to allow us to do what we
can,
if we can, to assist! To enable us to continue to utilize your
service
and not cause you problems in doing so. Please advise us as to how
and
or what would be of assistance.
We need to know the reasons behind the hold at Goldnow and *******.
Without something to tell the membership they are left to
speculation.
We want to work with you to eliminate the challenge so that
everything
can continue normally and smoothly. We assure you that we will do
all
in our power to provide any and all assistance that is possible on
our
part.
We have to take some form of action. We have to make a release to
the
membership. We are begging for your enlightenment in order to not
cause
further challenge for you, or ourselves. We would like to work with
you,
not against you so please tell us what we can do to help.
We await your reply,
Freeland Venture Group
__________________________________________________
______________
After sending the above email we discontinued the Evocash in
exchange,
feeling that it was to our advantage to increase reserves at egold,
pending an EVOCASH reply. Their only replies were the ones we shared
at
the beginning of this release.
EVOCASH has taken serious action that threatens the very existence
of
our opportunity. We are left solely to assumptions and what little
information we can gather from reliable sources.
A couple of scenarios exist.
1) EVOCASH is simply Stealing the funds and intends on a closure.
This
would be similar to the OSGOLD closure a few years ago.
2) EVOCASH made bad decisions in regards to their fiduciary
responsibilities to members and does not have the funds readily
available to accommodate the large out-exchanges coming from FLO
Members.
3) Governmental Interference has caused EVOCASH to comply with some
investigative issue and EVOCASH has willingly done so.
Here are the situations for your consideration……
a) Larger Out-exchanges from EVOCASH undergo a security check. When
members attempt to out exchange Evo at random sends a security check
email. Most cases this was done same day and only on rare occasions.
All of a sudden they start doing it on numerous OE requests. Some
members report it being done on all requests. This is no longer done
same day. It starts to be done two and three and four or a week
after
the original requests. Some members report that they receive a
security requests letter several times over the course of several
weeks
before the OE is allowed.
Our summation - a stall tactic. Evocash needed a reason to delay
Out-exchanges due to a cash flow shortage. - They intend on keeping
the
funds - or, some ABC group has forced this action.
B) EVOCASH claims that the Metropipe Tunnel is a security problem
and
that we cannot use that service. We disagree and debate the
situation.
Mike at X-changers acts as a liaison with EVOCASH since they are
threatening to eliminate us if we do not comply. Mike says that EVO
wants to work with us and that we should get the membership to use
something like Anonymizer or IDZap. We observe that these services
are
similar and only provide different IP's on a daily basis. Metropipe
alters their program to provide better than this and is still
denied.
All EVOCASH access via the Metropipe tunnel is eliminated and ALL
funds
that were transferred using the tunnel were returned to the members
using the tunnel.
Our summation - a stall tactic. Evocash needed a reason to delay
Out-exchanges due to a cash flow shortage. - They intend on keeping
the
funds - or, some ABC group has forced this action.
c) X-Changers decides to return all Out-exchanges for the 13th,
14th,
and 15th due to the fact that their Customer Service is faltering
and
the load needs to be distributed among several exchangers.
Traditionally, and as was previously discussed with x-changers in an
open chat discussion in February or March, when an exchanger has an
abundance of funds and cannot complete the OE, they simply send it
to
another exchanger; in most cases still collecting a small fee and
increasing their profit. In some cases they simply give up all
profit
and still provide good quality customer service. What they do not do
is
refuse to service the request. Reputations are at stake. In this
case
the funds were retuned to us after two or three days along with the
csv
files and we were then forced to send the funds to members via
evocash.
Our summation - a stall tactic. Evocash needed a reason to delay
Out-exchanges due to a cash flow shortage. - They intend on keeping
the
funds - or, some ABC group has forced this action.
d) EVOCASH limit's the evo to egold exchange allowance from 50K to
8K
daily maximum.
Our summation - a stall tactic. Evocash needed a reason to delay
Out-exchanges due to a cash flow shortage. - They intend on keeping
the
funds - or, some ABC group has forced this action.
e) We negotiate with several other exchangers to provide service to
FLO
Members other than those provided on the EVOCASH site and other than
that which is subject to all of the above. Exchangers are eager to
accommodate and see no challenge in handling the 400K to 1 Million
dollar a day FLO Load. EVOCASH threatens the exchangers with the
freezing of their accounts if they do not comply with a hold on
various
members OE's. We have yet to determine the stance that the
exchangers
are going to take in regards to EVOCASH's decisions. We have emails
that claim exchangers have returned some funds to FLO Members.
Our summation - a stall tactic. Evocash needed a reason to delay
Out-exchanges due to a cash flow shortage. - They intend on keeping
the
funds - or, some ABC group has forced this action.
__________________________________________________
__________________
Regardless of the reasoning the challenge is enormous and the
outcome
unsure.
This is not solely a FLO Problem or a FVG problem it is a more
serious
FLO Member Problem.
WE ARE ADVISING YOU TO IMMEDIATELY GET ALL OF YOUR MONEY OUT OF
EVOCASH
AS YOU MAY NOT BE ABLE TO IN A FEW WEEKS, MAYBE A FEW DAYS, OR
POSSIBLY
A FEW HOURS.
__________________________________________________
________________
Challenges for you to understand.
Without our Buyers we do not have a program. Buyers convert
ecurrency
to
cash the same way an exchanger would. Buyers accept ecurrency,
provide
us physical cash, hold a reserve and resell us the ecurrency as
needed.
Our Buyers accounts have been frozen and ID has been demanded. -
THIS
WILL NOT BE ACCOMODATED. Evocash knows this very well. This leaves
us
with a problem. Our agreement with the Buyers is a `Payment on
Demand'
agreement. Therefore their loss is FLO's loss. Without the Buyers we
have no program.
Our Buyers had agreed to reopen the egold options and repopulate the
egold reserves. However we must first repay their loss. Obviously,
the
ventures are yours, the investment is yours, the rewards have been
yours
and the loss is yours.
We do have plan that will solve the problems until EVOCASH releases
funds ..or should we say IF.
Starting Immediately the program will be altered to accommodate our
Buyers, build the reserve and return to our Normal routine.
First change is we will operate in Egold and Netpay ONLY! Unless
EVOCASH
retracts the FREEZE and Provides us with a substantiated cause for
this
action.
Second, all Out-exchanges will be suspended until our Buyers have a
chance to create a reserve substantial enough to accommodate the
OE's
in
Egold and Netpay. This delay should be of short duration. Perhaps
only
10 days to 2 weeks.
3) All receivables will be returned to credit accounts and made
available for re-venture. Although this move will invariably cause
much
concern we can see no other way to accommodate our buyers. This move
will allow all the Gains from the additional time to be forwarded to
the
buyers for repopulation of the reserves.
4) Our Program will consist of a single Venture Opp. The duration
will
be of 6 weeks and return 90%. The increased duration will allow us
to
complete the accommodation of the buyers. Once the Buyers are fully
compensated we will return the venture duration to 4 weeks.
5) The Private Program is suspended until further notice. There is
no
way we are going to invite our Top associates into this chaos. They
would soon depart screaming and running for the hills. We will keep
the
large member base and opportunity our program represents for them as
a
carrot and invite them to participate by providing their services at
such a point in the future when we are back on track and running
smoothly.
6) We are working diligently to secure a relationship with an honest
ecurrency. One that follows their own privacy policy and does not
change the rules to fit the day or mood. This might not be able to
be
accomplished. Only time will tell.
These action were neither desired nor necessary prior to the actions
taken by EVOCASH. Aside from a complete dissolving of the program
this
is the only course of action we can determine will result in a
complete
resolution of our desire to continue. Without our buyers we have no
program. Our anonymity will be maintained and therefore we are left
without choices. Understand as well, losses in business occur. That
is
the way it is. If there is any hostility generated from this
alteration
it should be directed at those responsible. We have taken the action
necessary to maintain a survival. Some may deem these actions wrong
on
our part. To them we will say….consider the alternatives. EVOCASH
will
not allow us access to the funds that are there. Those funds are the
ones that would be used to pay you. Without those funds we are
stagnant
unless we adopt this course of action.
We advise all that will to rally behind our effort to survive.
Support
our decision and encourage others to do the same.
As stated from the beginning, we will not jeopardize the originating
opportunity to provide FLO. Without your support our efforts will be
in
vain. If our efforts are in vain then we will find it a necessity to
concentrate our efforts in areas that allow results.
In closing, let me say, our buyers will be accommodated by this
restructure and are satisfied. Therefore the delays that you are
forced
to suffer are caused by unnecessary decisions made by EVOCASH. They
have seized your funds. We recommend that you get out what you can
and
do so as soon as possible. The exodus will be great and
overwhelming.
Be first!
--- In
invesorama@yahoogroups.com, "disfrazar" <disfrazar@y...>
wrote:
> Dear Members,
>
> This news was received this AM. I am still not saying this is the
> end of FLO but I have not been paid now for several days after
> making an outexchange and I have also asked for assistance with
this
> outexchange and have received NO assistance! To try and get on the
> chat if you can get into the website (it is so slow) is next to
> impossible because the line is out the back door to talk on it.
> Maybe it is all simply things that would have occured anyways but
I
> don't think so. Some members have written to me (pissed) because I
> said something negative about this program. I was simply
delivering
> the news just like I am doing now. You guys wanted the truth and
now
> that your are getting it, it seems some don't want to hear it.
Sorry
> if I have burned your sensitive ears but I will continue to bring
> the truth to you even if Invesorama's membership goes down to ONE
> member! I don't like to be the bearer of bad news but it is my job
> after all! And who is to say it is all bad?
>
> Blessings,
> Leland Rothwell
>
> Subject: X-Changers Newsletter - FLO issues
> Account: 28646
> Dear Loyal X-Changers customers:
>
> We want to take this opportunity to set the record straight on
> some rumors that may be surfacing on various forums and internet
> chat rooms regarding our association with a company known as
> Freeland Opps a.k.a. FLO. We know
> that online forums and chat rooms are often times the breeding
> grounds for lies and false accusations that do more harm than
> anything else.
>
> HISTORY:
> X-Changers for the last several months has been the main
> exchange maker for FLO out-exchange requests. FLO admin would
> send us a payment via egold or evocash along with batch files as
> to how the payments were to be distributed (i.e. egold, evocash,
> check, wire, etc...). As FLO membership grew so did the FLO out-
> exchange requests and their internal problems.
> For starters, FLO reported having many internal server issues
> that were causing FLO out-exchange requests to be lost or not
> processed. This caused many FLO members to think X-Changers had
> received their out-exchange request, when in fact we did not
> receive the file or even a
> payment for the "lost" out-exchange request from FLO.
>
> To add to the above technical issues, FLO informed their members
> on or around the 10th August 2004 that they had a serious hacker
> within their database that was causing many FLO member accounts
> to be compromised. FLO at that time decided to suspend all out-
> exchange options except for bank wire requests until they could
> find the source of their security breach.
> To this date we are not sure if FLO has ever resolved this
> security issue.
>
> Due to the above security concern, X-Changers decided to stop
> processing all bank wire out-exchange requests for FLO until the
> matter could be resolved. We informed FLO of this decision on
> or around the 15th August.
> We then promptly returned ALL of the outstanding FLO funds and
> batch files we were holding back to FLO admin so they could
> refund their member's FLO accounts.
>
> IN SUMMARY:
> FLO has had reoccurring problems maintaining active accounts
> with many of the major e-currency systems. First, they had
> problems with e-gold and balance limits placed on their
> accounts. Next it was Virtual Gold. And
> now Evocash. For whatever reason, these three e-currency
> systems have asked FLO to stop doing business with them. It is
> obvious to us, that FLO is operating in a manner that is
> unacceptable to these e-currency companies. Since we are a
> major exchange maker for these e-currencies, we
> must look after our own interests and do what is best for X-
> Changers and our customers. We have been in business for almost
> 5 years and feel we have earned a very good reputation in the e-
> currency exchange arena. We do not wish to tarnish this
> reputation.
>
> Thus, we have elected to terminate our services with respect to
> processing FLO out-exchange requests. At this current time, X-
> Changers is no longer performing any FLO out-exchange requests.
> Any and all inquires about a
> FLO out-exchange request must be directed to FLO admin and not
> to X-Changers.
>
> We apologize for the length of this email but we felt it was
> necessary.
> Thank you for all your support and loyalty.
>
> Sincerely,
> X-Changers
urple'>The sound way to make money online!</span></span>
) seemingly, but I doubt it.
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