GDT is now officially being wound up; a liquidator has been assigned to the case.
Since neither GDT nor Merv have any known material assets, recovery does not seem likely for the individuals involved - neither DXBC holders nor DXS Members at large.
But in this case, at least, finally - justice has been served.
The official documents will be available for view within perhaps the week.
It's just a matter of the paperwork flow making it's way through the system.
Thanks Dave for this update. I understand that, at least generally speaking, don't know the law in Vanuatu, that one of the jobs of a liquidator is to determine if criminal violations occurred. Maybe there will finally be some answers. It truly is unfortunate that people who entrusted a lot of money to the DX enterprise have lost it.
__________________ Click Here and win a free country!
...one of the jobs of a liquidator is to determine if criminal violations occurred.
Ah yes. I don't agree with the statement that "justice has been served." Maybe Mervyn has been 'served' and that's why he was called before the courts. I hope indeed that a 'liquidator' has the warrant to carefully examine ALL THE BOOKS involved, although Mervyn was thought to have said that there are none to be had ...
GN
__________________ Day 2,920 ..."Final flight of the rat back to Vanuatu"
Artificial HYIP: you could be right about the liquidator investigating criminal activities, but this doesn't seem to be something which will happen in this case. However, another case involving criminal investigation could be launched by someone else... the question would be jurisdiction, most likely. I suppose the Vanuatu liquidator would have to report any clear-cut cases of illegal activities, and report any such apparent activity or suspicious activity.
Also, perhaps someone in Vanuatu who has been wronged by Merv can request (or pay for) a criminal investigation. That might do the trick as far as getting one on a roll.
awty: agreed.
cu63point546: DXPT did deliver lifetime training... we trained until there was nothing left to train over. With GDT gone, there is nothing else left. You are right, though: justice being served will unfortunately be served 'thinly' in this case. A hell of a waste all the way around.
GoldenNugget: unfortunately, one can't even imagine the cost (in terms of man-hours) for a liquidator to be able to pin down even 1/10th of the records. Monies flipped through e/c accounts... DXS revaluations and internal/external exchanges... millions of transactions that were revalued, chopped, and re-classified constantly. Hopefully at least the Liquidator will be able to turn up some sort of assets, but the costs facing Merv for even foundational services, let alone the underpaid programmers, let alone DXBC holders, let alone the DXS Members at large... are already extensive.
The ability to turn up enough assets to make a dent in anyone's pocket just doesn't seem feasible. Maybe, though, the Liquidator will see some clear indication of illegal action. Somewhere. Somehow, among however many myriads of books, accounts, and revaluations he'll have to dig through on whatever budget has been assigned to him to... dig through all that. Could take... well, years?
Sheesh.
Or maybe a programmer (interviewed by the Liquidator, if that sort of thing applies?) will have some knowledge of suspicious actions they could pinpoint.
Well, anyway... there it is. Justice 'thinly' served... seems appropriate for now.
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GoldenNugget: unfortunately, one can't even imagine the cost (in terms of man-hours) for a liquidator to be able to pin down even 1/10th of the records. Monies flipped through e/c accounts... DXS revaluations and internal/external exchanges... millions of transactions that were revalued, chopped, and re-classified constantly...
Yes ..."they" have been very clever with this. It was made especially clear in a recent Vanuatu Daily Post interview, with reference to the DX 'system':
Daily Post: Do you have financial statements? Would people who have put money in be entitled to see financial statements? Mervyn Copperwaite: No. It was not designed for that.
Quote:
Originally Posted by DXPowerTeam
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The ability to turn up enough assets to make a dent in anyone's pocket just doesn't seem feasible. Maybe, though, the Liquidator will see some clear indication of illegal action...
Yes - the latter is what we must hope for. That the local perpetrator and any external operators of this scheme be held in accountability. It is my opinion that "investors" on all levels, as well as governments involved, have been severely misled, to put it mildly!
GN
__________________ Day 2,920 ..."Final flight of the rat back to Vanuatu"
cu63point546: DXPT did deliver lifetime training... we trained until there was nothing left to train over. With GDT gone, there is nothing else left. You are right, though: justice being served will unfortunately be served 'thinly' in this case. A hell of a waste all the way around.
I should make my point more directly. I don't think you would have any problem about having provided the training as advertised, per se. The problem would be if in the process of providing the training you made claims and representations about DX that a judge or jury could be persuaded were false or misleading. I'm no lawyer and I don't know what threshold would have to be crossed for this to be the case. However, having been involved in the nonsense of trying to make money online via various "opportunities" I am aware that when one is promoting a business or investment opportunity, one is liable for the claims one makes about it. I would presume that acting in good faith would be a mitigating factor. But my understanding is that it doesn't get one off the hook.
Perhaps you have sought legal counsel and have been advised that you are in the clear. If so, fine. I don't know you and have no particular gripe against you, nor any particular interest in seeing you have to deal with any further DXHeadaches. But, I would think that those who actively promoted DX could face some risk from those who accepted their advice.
__________________ The passion for truth is silenced by answers which have the weight of undisputed authority. - Paul Tillich
Artificial HYIP: you could be right about the liquidator investigating criminal activities, but this doesn't seem to be something which will happen in this case. However, another case involving criminal investigation could be launched by someone else... the question would be jurisdiction, most likely. I suppose the Vanuatu liquidator would have to report any clear-cut cases of illegal activities, and report any such apparent activity or suspicious activity.
Also, perhaps someone in Vanuatu who has been wronged by Merv can request (or pay for) a criminal investigation. That might do the trick as far as getting one on a roll.
A while back Pluggy had some contact with a person in Vanuatu claiming to have worked for Merv, and to have potentially incriminating data secured away. Hopefully, that person will have a chat with the liquidator or some other appropriate official now that the winding up order has been settled.
__________________ Click Here and win a free country!
So do you have any regreats over your involvement with DX...If I remember correctly you were pretty well convinced of its legitimacy up until the vanautu trip and the bluechip stuff. I'm just wondering if this has been a pretty painful experience for you with the constant ups and downs and if you would have done anything differently with your involvement etc.
GDT is now wound up; Liquidator is assigned.
Hybrid Mode
