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scottsinct
scottsinct,
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hyip investments

Resolved Question:

Is hyip investment illegal in the U.S. And is the person that referred me to this ponzi/scam responible for my loss
Submitted: 6 years ago.
Category: Legal
Expert:  scottsinct replied 6 years ago.

Hi there,

Can you tell me more about the program you were in?

Thanks,

Scott

Customer: replied 6 years ago.
Reply to Scott's Post: I purchased a invest program online...vertical marketing is the co. They involved me in a high yeild investment program or hyip co called open trade. I invested 7526.00 and the company dissapeared with my money. Is this gary jerzowsli that owns verticle marketing responsible for my loss ?
Expert:  scottsinct replied 6 years ago.

Hi there,

I hate to tell, but there is almost no way for you to recover the money that you lost. I hope that you won't try investing in any other HYIP's, since they all operate in similar ways.

The site was registered in Panama: http://www.hyip.com/hyip/common/380/Open+Trade , so the US would have no way of getting that money back for you.

Yes, a program that promises you 2.2% interest daily is an illegal ponzi scheme. Basically, money that you put in is used to pay out previous "investors", and then there have to be more "investors" in order for you to get paid.

Think about it like this: Ten people put in $10, with the promise of getting back $11 in a few weeks. There is not $100 in the "fund". When the 11th person puts in their money, the first 10 people can get their $11, but there is no money left for you. If this keeps going, you can end up losing $1000's of dollars.

Here is a link to a page about another scammer who cost people $500 million (http://en.wikipedia.org/wiki/Charis_Johnson). There is no way for you to get your money back, since whether knowingly or unknowingly, you participated in an illegal activity, by investing in an illegal ponzi scheme.

See this page for more info on these illegal, risky, and dangerous programs: http://en.wikipedia.org/wiki/Ponzi_Scheme

Let me know if you have any questions,

-Scott

scottsinct,
Category: Legal
Satisfied Customers: 17710
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scottsinct and 3 other Legal Specialists are ready to help you
Customer: replied 6 years ago.
i WAS WONDERING IF THE COMPANY i BOUGHT THE INVESTMENT PROGRAM FROM THAT INVOLVED ME IN THE ILLEGAL PONZI WITHOUT MY KNOWLEDGE IS RESPONSIBLE FOR MY LOSS IE GARY JERZOWSLI AT VERTICLE MARKETING ?
Expert:  scottsinct replied 6 years ago.

I'm afraid that it doesn't matter who told you to join a ponzi.

Normal returns on investments can range up to an average of 18% per year (during the 90's, for example). 2.2% per day is equivalent to 30000% per year!

Some questions for you:

What did this Gary tell you about the program you were going to join?

Is Gary a registered broker/dealer?

I have done a bit of research and found out that Gary might not even be a real person -- regardless, he is a known scam artist. Check out these links:

http://www.ripoffreport.com/reports/0/217/ripoff0217924.htm

http://www.ripoffreport.com/reports/0/181/RipOff0181843.htm

I'm sorry that I have to answer you this way, but I'm trying to be honest with you.

-Scott

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