More Bad Press

paddybawn · #1 06-29-2005, 08:55 AM

From the Statesman Journal today:

State regulators warn against investing in People in Profit Systems

June 28, 2005

Oregon state financial regulators are warning residents to avoid investing in a program called People in Profit System, also called PIPS.

The Department of Consumer and Business Services said the program involves possible unlicensed sales of unregistered securities. The department suspects PIPS might be a Ponzi scheme.

PIPS' securities are not registered in Oregon and sometimes are referred to as "loans" by representatives of the company.

Several other states already have issued cease-and-desist orders against PIPS and its promoters.

Potential investors were told that an investment of $450 could return as much as $8,800, or 5,000 percent, in 24 months.

Anyone contacted by PIPS representatives is urged to call Rob Brunner of the DCBS Division of Finance and Corporate Securities, (503) 947-7855.

-- Don Currie

mosdef1 · #2 06-29-2005, 09:20 AM

i dont get it, all these cease and decease orders but pips continues to run, im assuming they can only warn people but cant touch pips itself right? after reading the below order it seem they are in the same boat as everyone, they use the words "possible unlicensed sales" "might be a Ponzi" so again nothing really proven....people need to make their own decision.

"The Department of Consumer and Business Services said the program involves possible unlicensed sales of unregistered securities. The department suspects PIPS might be a Ponzi scheme."

i guess someday we will find out but for now pips is still alive (well sort of)

unbelievable · #3 06-29-2005, 12:23 PM

Quote:

Originally Posted by mosdef1

i dont get it, all these cease and decease orders but pips continues to run, im assuming they can only warn people but cant touch pips itself right? after reading the below order it seem they are in the same boat as everyone, they use the words "possible unlicensed sales" "might be a Ponzi" so again nothing really proven....people need to make their own decision.

"The Department of Consumer and Business Services said the program involves possible unlicensed sales of unregistered securities. The department suspects PIPS might be a Ponzi scheme."

i guess someday we will find out but for now pips is still alive (well sort of)

It would appear that C & D orders are basically toothless and that is why they are issued and worded as they are. Re-read them all you want. It does not change the fact that they are not definitive in regards the program they are addressing concerning the facts. They are wishy washy at best. They are a way of covering a politicians butt, just in case. If a program turns out to be an illegal scheme they will say they were on top of it. If it turns out legit they will say they never accused but warned people. Either way they have their butts covered. Do politicians ever do that?

Junkit · #4 06-29-2005, 03:52 PM

the US can only post warnings and C&D orders against selling within US soil. PIPS is based in Malaysia, far away from the reach of the US legal system... They can't audit PIPS to verify if it's a scam or not, only the malaysian equivalent of the SEC can

kpaddle · #5 06-29-2005, 05:19 PM

Quote:

Originally Posted by Junkit

the US can only post warnings and C&D orders against selling within US soil. PIPS is based in Malaysia, far away from the reach of the US legal system... They can't audit PIPS to verify if it's a scam or not, only the malaysian equivalent of the SEC can

Correct! Marsden did his homework and picked Malaysia for a reason. It is one of the most corrupt countries on earth. A few bucks slipped to the right people and you are untouchable.

He chose well when he went to Malaysia to start his most recent scam.

golfer · #6 06-29-2005, 05:31 PM

Quote:

Originally Posted by kpaddle

Correct! Marsden did his homework and picked Malaysia for a reason. It is one of the most corrupt countries on earth. A few bucks slipped to the right people and you are untouchable.

He chose well when he went to Malaysia to start his most recent scam.

This does show your stupidity. He has lived in Malasysia for many years prior to PIPS. You people here talk like you know everything about everything. That is why you sound so stupid.

golfer · #7 06-29-2005, 05:32 PM

Quote:

Originally Posted by Junkit

the US can only post warnings and C&D orders against selling within US soil. PIPS is based in Malaysia, far away from the reach of the US legal system... They can't audit PIPS to verify if it's a scam or not, only the malaysian equivalent of the SEC can

And the Malaysian SEC has been to PIPS 3 times since their inception and each time they passed inspection.

dogman · #8 06-29-2005, 05:39 PM

Golfer, there is no evidence that the Malaysian SEC has ever been to Pips offices much less 3 times.

Plus, at the same time that you claim the SEC has been to their offices, some Pipsters claim that the Malaysian SEC has no jurisdiction over Pips because Pips isn't selling investments. So if the Malaysian SEC has no jurisdiction, then why would they visit Pips offices?

Also, if the Malaysian SEC has really been to the office, then where are Pips audited financial statements? Why can't we see them?

Why does Bryan say that they are waiting until the end of the year to be audited? They should have already been audited if they are approved by the Malaysian SEC?

dirty_bird · #9 06-29-2005, 05:42 PM

States are issuing C&D's at this time. The Feds have not acted. The Federal Government conducts foreign policy, not the states. If the Feds decide to go after PIPS, there are plenty of avenues available.

The states will not "reach out & touch someone" in another country. The Feds will. But the states can go after Americans found to be promoting the scam.

DrWho · #10 06-29-2005, 05:43 PM

This is an interesting C&D; as there should be no one right now selling PIPS on USA soil, so why is it referring to that in there. ...sounds to me as if those who complained did not do their DD on what is going on inside of PIPS.
It has been quite some time since PIPS has had the refferal link & the advertising, ect.

It is very easy to have a C&D issued, and they have been issued in past times on misinformation, or lies in some cases. Once a C&D has been filed against a company it is up to the company to provide the needed information proving that they are not doing what the order is stating they are doing...Unfortunate for PIPS that they didn't follow through on the first c&d, they might not be in the world of hurt they are in right now...time is ticking...