iMatrix Statement

[iMatrix]

Hello Matrix Watch , Matrix Customers, and Matrix Owners,

I am the apologetic owner of the iMatrix website. I have been closely reading your forums on your website for over a year now and gathering my own information, opinions, and facts. It has been several months since a purchase has been made on my matrix site, and only a few purchases have been made in the past year or so.

I would like to give you a brief background about the origins of my site as well as updates of what I’ve been doing for the past year or so. At first I was a customer at GotMatrix who learned about Greg’s site through some eBay spam in an auction listing. After cycling a few times I saw potential, not only as being a customer, but being an owner. This is when I started to talk to Greg once in a while about how he ran things and how it worked. Then I opened my own matrix site, which I might say, is not one my finer judgments to say the least. I had heavily promoted my site in various matrix forums and thus gained a relatively large customer base rather quickly. Most of the purchases on my site (about 85%) were made during the first 6 months or so.

Around that time your MatrixWatch website came into being and I started to doubt that my matrix site was legal. I heard opinions from both sides (pro-matrix and anti-matrix) for several months and then also spoke to a lawyer casually about it, who stated that it was in fact a legal business. Thus, I kept the site running but stopped any promotions or posting in matrix forums. Over the past year I have come to the harsh reality that in fact I am running a ponzi scheme and have scammed a number of people. I am very saddened by this, as I did not have the intention of doing so.

I have been 100% attentive to my customers ever since I’ve started my site and I plan on being there for them in the future. If you have received customer complaints regarding my website I would like to hear about them. My customers have been in communication with me quite regularly through email before and I’ve answered all their questions and concerns. I have also refunded many of my customers. What I mean by the word “refunded” is that a customer and I have mutually agreed on a refund and I have paid them that. I also refer to “refunded customers” as customers who have been paid out more than they originally paid me. I still have many customers on my site that I have left to refund, and I plan on doing so in the near future.

The people who I’ve refunded I have not removed from my matrix lists simply because if I start deleting names from the lists, then other customers will be worried as well and potentially everyone can ask me for refunds at the same time. Over the past year I’ve been saving as much money as possible, so when a refund request does come to me via an iMatrix email, I can process it and give that customer a refund. In the past four months only one customer has come forward asking for a refund, which was last week. I have since been conversing with her through emails and will continue to do so until a mutual refund agreement has been reached. Then her refund will be processed.

As of right now, I’ve refunded everyone except for this one lady (which is in progress) who has contacted me for it. I would appreciate your kind consideration and help in that if you come across an iMatrix customer on your MatrixWatch website wanting a refund to forward their request to me so I can process it. Even though the website is still up and “running” since I’ve realized it is a scam, any purchases that have been made recently were immediately refunded to the customer. I have been refunding customers after they’ve contacted me in the order I’ve received their requests.

I will be closing my matrix scam site within the next week or two and offering my customers a percentage-based refund. I am currently looking into the details of whom I have left to refund and how much I need to refund them. I will be posting directions for my customers both here and on the iMatrix website on how to request refunds once I’ve gotten all the details worked out. I will give a timeframe in which customers can request a refund, and I plan on following through with it.

I realize that bringing such a large scam site down will require a lot of patience not only by my customers, but also by you and others who wish the customers to get their money back. I plan on following through with my promise that eventually every customer will be satisfied when I’m done refunding them; it will just take some time. We have yet to receive an irate email from any of our customers in the past year or so.

I am very saddened that I’m the scamming owner of this matrix site and it’s very unfortunate that I initially thought this was a good, legal way of making some money on the side. I feel very terrible for Greg, but he has made some decisions in the past that were very bad not only for himself but also for his hundreds of customers. I am willing to help you and your cause in order to bring justice to the GotMatrix customers, and also to smoothly close my site and refund my customers. I would like to wholeheartedly thank all of you at Matrix Watch for showing me the light and the error of my matrix ponzi scheme.

Best Regards,

--Ashu, iMatrix Administrator

[MatrixWatch]

While some matrix customers of Ashu's may not be very happy to only be receiving a percentage of their money back, I think that this is a good solution nonetheless.

The customers could instead opt to file a lawsuit, wait to cycle, or hold off until Ashu wins the lottery to pay them back 100% of their losses. But these options are both time consuming and non-guaranteed. Lawsuits take a while, and could very well end up awarding you only a percentage of your money back. Cycling is a waste of time since matrix sites are more well known as scams than ever before. Demanding a 100% refund is also unlikely because some cyclers have already been paid out.

Matrix sites pay off those who cycle with the funds generated from those "later investors" who signup for the lists. There is usually a little money left over to either fund an autocycle program or go toward the owner's profits. Since Ashu has already paid out cyclers, he obviously does not have the funds to give 100% refunds to those people who are still on the lists.

(Note: This is why we urge new matrix owners to immediately refund their customers and close down the site)

I think it is good that Ashu has come forward in the way that he did, and decided to at least work out some sort of refund plan for his customers. Many other matrix owners have decided to take off with all of the money and close down their websites. Ashu seems to be offering his customers closure and a way to end this whole nightmare in a civilized way.

We here at Matrix Watch will be watching this situation closely, and we hope that Ashu's customers will do the same. It is my hope that Ashu follows through with his promise to give out percentage-based refunds. From what he has said here, it appears that he is genuinly apologetic about some choices he made, and willing to resolve the situation in a way that is as fair as possible.

As I said, getting only a percentage of your money back is never as good as getting 100% back, but other options might award you far less or nothing at all.

Some people get into the matrix-site business thinking that it is a legitimate way to make some money and help others get some discounted goods, others get into it for the sole purpose of scamming people. If Ashu was in the latter category, he probably would not have typed out this message. What I read here appears to be a genuine testimonial from a guy who wants to put this situation behind him, and give those whom he unwillingly victimized some much-needed closure.

I commend Ashu for his honesty, humility, and willingness to work it all out. I hope that he sincerely carries out the plan he mentioned above.