EarnByLoaning - earnbyloaning.com - Page 120

morpheus824 · #**1191** 10-26-2007, 12:49 AM

Quote:

Originally Posted by mrGSH

May I ask who is ^US^ are you talkking about your multiple personalities?

First of all, I'm not NewbieLiberty.

Second, MrGSH has banned both all types - pro and con. I have only been on TalkGold a few months, but he does dish out the warnings and bans more or less evenly. He's like a referee - no one is going to be happy all the time.

As for NewbieLiberty, I think he's giving this ID enough rope to hang him/herself. Go ahead and ban them, it doesn't matter to me.

Getting back on topic, I have requested that Pensco Trust contact me personally (through their contact form), and intend to get a real answer that satisfies MY curiousity. I will post here when and if I get a response.

Now can't we all just get along for awhile?

Accontant · #**1192** 10-26-2007, 01:32 PM

It isn't the job of Pensco Trust to verify whether an investment that YOU choose is or is not a scam, they are just structuring it into an account for tax effeciency. If someone had asked them to put their PicPay account into a trust they would have done it, more than likely. The due diligence they do, such as it is, is to verify that the funds you want to put into an IRA or Keough Plan is segragated from other funds you want to have access to that are not part of a tax savings retirement plan. They will verify that the company has a vendor license sometimes b ut not much more. Being a legitmate company they tend to assume a so called investment isn't an online ponzi scheme. The only real way to check if a company is legit is to check with both the SEC Edgar database and the State Regulator of Securities in the sate you live in. One of the other will have a file ona anything that is legitimate and if they don't it's a scam, it really is as simple as that. It's a plain fact that you CANNOT LEGALLY take moeny from the public with the promise of returning more back to them unless you register the plan with the feds or the state and in most cases both.

morpheus824 · #**1193** 10-26-2007, 04:09 PM

Quote:

Originally Posted by Accontant

It isn't the job of Pensco Trust to verify whether an investment that YOU choose is or is not a scam, they are just structuring it into an account for tax effeciency. If someone had asked them to put their PicPay account into a trust they would have done it, more than likely. The due diligence they do, such as it is, is to verify that the funds you want to put into an IRA or Keough Plan is segragated from other funds you want to have access to that are not part of a tax savings retirement plan. They will verify that the company has a vendor license sometimes b ut not much more. Being a legitmate company they tend to assume a so called investment isn't an online ponzi scheme. The only real way to check if a company is legit is to check with both the SEC Edgar database and the State Regulator of Securities in the sate you live in. One of the other will have a file ona anything that is legitimate and if they don't it's a scam, it really is as simple as that. It's a plain fact that you CANNOT LEGALLY take moeny from the public with the promise of returning more back to them unless you register the plan with the feds or the state and in most cases both.

I pretty much agree with everything said here. Really there are a few additional points I would like to make with respect to Pensco Trust and whether they have given their imprimatur to EBL, as has been thrown about on the internet.

The points are these:

1. Pensco Trust has specific rules for things that cannot be funded through your SD IRA. See the www.penscotrust.com/forms section and review the documents related to what is or is not an allowed transaction. You can't loan money to your wife, for example.

2. If funding a loan to EBL is or is not a "prohibited transaction" should be relatively simple to ascertain.

3. Has Pensco Trust authorized Quest Holdings, Inc. to use their name when discussing their programs? Whether or not EBL is directly tying themselves to Pensco is not really material - their "referral partners" like JLPicard and others may create an "agent" relationship that would tie the three parties together. (Just thinking - is this perhaps why all EBL referral sites went dark within days of each other? Perhaps the word came from the EBL bunker that put the lid on the Pensco affiliation?)

In conclusion, whether or not you want to loan/invest/gamble in a deal with EBL is really your business. However, when you voluntarily placed that money into a tax-deferred retirement account, you willingly gave up a certain amount of control, in exchange for tax advantages.

Of course, you could always withdraw the money from your IRA, pay the penalties and fund EBL loans to your hearts content. Unfortunately, that would no longer be tax-free, and that's the whole purpose of this type of transaction.

littleroundman · #**1194** 10-26-2007, 04:17 PM

Quote:

Originally Posted by mrGSH

Your link is NFG:

Oh, gee, sorry.

I didn't realize you wanted the really, really private address.

As they say in the classics:

Your wish is my command:

https://earnbyloaning.com/private.php

Look at that, it's all "secure" and everything.

morpheus824 · #**1195** 10-26-2007, 04:43 PM

Quote:

Originally Posted by littleroundman

Oh, gee, sorry.

I didn't realize you wanted the really, really private address.

As they say in the classics:

Your wish is my command:

https://earnbyloaning.com/private.php

Look at that, it's all "secure" and everything.

Now THAT's what I'm talking about!

Thanks LittleRoundMan!

morpheus824 · #**1196** 10-26-2007, 05:47 PM

Quote:

Originally Posted by Accontant

Being a legitmate company they tend to assume a so called investment isn't an online ponzi scheme.

I reread your comments. I have to add my two cents worth about the "they tend to assume a so called investment isn't an online ponzi scheme".

While they may not initially know the true nature of the business their client is investing in, when the client becomes an agent for the "business" in terms of referral fees, and touts the method by which they funded their "loans", and thereby avoided Federal taxes on their "earnings", that might just cause additional scrutiny by Pensco Trust.

Pensco Trust has a fiduciary responsibility for $2.1 billion dollars in client assets. I'm not sure the Board of Directors sanctions a "tends to assume" rule when determining whether or not to allow the funding of a new type of opportunity.

But then again, maybe they do. And once I confirm the requirements, perhaps they will allow SD-IRA clients to fund loans to my new Unicorn and Dragon farm. I'm paying 10% per day on loans of $2.00 or more, plus a $5.00 per Unicorn egg bonus.

engedi05 · #**1197** 10-26-2007, 05:53 PM

anik.. you are spamming everywhere..

**mrGSH** · #**1198** 10-26-2007, 06:20 PM

So I guess we have consensus here:
1. claims about Pensco allowing loans to EBL were true
2. 1. does not mean endorsing
3 1. should not be considered a prove of legitimacy of EBL

morpheus824 · #**1199** 10-26-2007, 07:37 PM

Quote:

Originally Posted by mrGSH

So I guess we have consensus here:
1. claims about Pensco allowing loans to EBL were true
2. 1. does not mean endorsing
3 1. should not be considered a prove of legitimacy of EBL

As I promised yesterday, I contacted Pensco Trust regarding the question of WHETHER or NOT Pensco allows EBL funding requests.

I just got off the phone with Pensco Trust's New Hampshire office. As of right now, THEY DO ALLOW funding.

Here's what I found out:

1. Quest Holdings, Inc. is ON the Pensco Trust "approved" list.
2. Pensco Trust does allow SD-IRA holders to send funds to Quest Holdings, Inc.
3. Pensco Trust's DD is "are they legally incorporated", and to the best of their determination, they are involved in a legal business. It's not a very high bar frankly.
4. Pensco Trust DOES NOT ENDORSE any particular investment that an IRA holder may invest in.
5. This does not prove the legitimacy of Quest Holdings/EBL as a business enterprise.
6. If Pensco Trust was to receive definitive information regarding Quest Holdings/EBL that lead them to believe that EBL was somehow engaged in an illegal business, they would then removed the company from their "approved" list.

I have contact information for a person in their San Francisco Compliance office should the need arise.

So, EBL'ers, its PARTY ON

Get those loans in NOW! Enjoy your 50% on 120 day loans. Max it out and go for it!

Ponzi On Dudes!

Kermitthefrog · #**1200** 10-27-2007, 07:55 PM

Quote:

Originally Posted by morpheus824

First of all, I'm not NewbieLiberty.

Second, MrGSH has banned both all types - pro and con. I have only been on TalkGold a few months, but he does dish out the warnings and bans more or less evenly. He's like a referee - no one is going to be happy all the time.

As for NewbieLiberty, I think he's giving this ID enough rope to hang him/herself. Go ahead and ban them, it doesn't matter to me.

Getting back on topic, I have requested that Pensco Trust contact me personally (through their contact form), and intend to get a real answer that satisfies MY curiousity. I will post here when and if I get a response.

Now can't we all just get along for awhile?

mrGSH has banned only "con - people" as far as I can see, Jlpicard and aliases are still not banned.

The only moderator active in the legisi AND EBL thread is mrGSH

Maybe this has something to do because he is on the Jlpicard alias list ?!

http://www.talkgold.com/forum/showpo...postcount=1027

Moderator mrGSH is doing more than he is supposed to do when he contacts pensco himself and reports this back to us , no ?