Is www.asiagoldmining.com a fraud company. I invested in VGMC cps gold shares some time ago in 2011. I was paid dividend regularly . Then in 2012 they said they were going Ipo and stopped paying divendends since Oct 2012 saying that all our divendends will be reinvested in AGMac which is buying all shares of VGMC investors. They have promised to buy our shares at a higher price in 2014. Now they are encouraging us to buy platinium shares and they insist that we must buy a minimum of 10000 shares. Meanwhile all purchase or sale of shares is done online/email. There is no soft copy of documentation. Do you think i should go ahead and buy the platinium shares or keep my fingers and hope to get my capital back? Would appreciate a sincere reply. Thank you.
Hello Jacustomer,VGMC was a Ponzi scheme, operating outside of the auspices of any Securities and Exchange commission. They pay off for a while, and then they don't because the entire structure is self-limiting and eventually it will fall apart when the number of investors on the bottom are not sufficient to produce the money needed to pay off the top.Until that happens, Ponzis may be profitable for some, as it seems to have been for you, but eventually, when they fold, you have no recourse to your money because they are outside of the reach of your own law and agencies and unlawful, to boot.We have been asked about VGMC many times, and I'm not casting idle aspersions about it. There are international warnings in the investment community that they were not a lawfully registered and regulated company. I'm just cutting to the botXXXXX XXXXXne because you may already have been aware of all that, and many people who invest in HYPs don't much care about their legality, so long as the HYIP pays out.So Virgin has come to its likely end and has rolled itself over into another company in the hope of attracting a whole new base of investors and thus extending the life of the Ponzi. I would be leery of overinvesting under the circumstances, unless I had a lot of surplus cash that I could afford to lose if it didn't work out.
Thanks for the information. Under such circumstances as you described how long do you think it will be before this new AGMac folds up?
Hi Amir,I can't, of course, predict the future. However, the Association of Certified Fraud Examiners say that most Ponzis average around 2 years of activity before they collapse. Infrequently, one may last longer. I believe the longest one on record made it to 10 years, but that's very rare.People who get in at the beginning generally are the ones who do well, assuming they pull out quickly enough, since once it folds, you won't see any monies unless, as with Zeekler, the authorities step in right before the collapse and freeze all accounts.