Alaska orders fines against PIPS securities violators

[jokach]

To go along with the statements made by the Alaska AG stating that "PIPS" or People in Profit System, the Alaska Administrator of Securities has ordered fines against the folks who run the whole scam:

reposted from:
http://www.sitnews.us/0805news/081805/081805_pips.html


August 18, 2005
Thursday pm


The State of Alaska's Administrator of Securities, Mark Davis, of the Division of Banking and Securities, issued a final order against People In Profit System or "PIPS" (also commonly known as Private Investment Profit System).

The final order issued on August 5th imposes a $75,000 fine against each of the nine respondents names in the original order, which was issued in May. Respondents are Pureinvestor.com, Bryand Marsden, PIPS Inc., PIC Trust Limited, Westoby Works, Team JollyPIPSter,LLC, Gary R. Westoby, Deborah M. Westoby, and Torben Ole Jolnaes.

The original Order determined that PIPS is an unregistered security, which is being offered for sale in violation of the Alaska Securities Act. The Order also finds that the PIPS "2% Plan," where investors are told they will get paid 2% per day on their investment, is a fraudulent investment which is being sold through misrepresentation.

The Order required the principals of PIPS to stop selling this investment until it is registered as a security. Under the terms of the original Order, the respondents had 15 days to request a hearing. No respondent filed a request for hearing and none of the named respondents replied to the original Order.

In April, Attorney General David Marquez issued a warning that PIPS is an illegal Ponzi scheme. A Ponzi scheme is an investment swindle in which high profits are promised from nonexistent sources and early investors are paid off with funds raised from subsequent investors.

PIPS has gained international attention and several state securities administrators have issued orders against PIPS. Securities Administrator Mark Davis urges anyone that has information regarding PIPS or if you were an investor in PIPS to contact the Division of Banking and Securities at (888) 925- 2521 or by email at dbsc@commerce.state.ak.us



Source of News:

Alaska Department of Commerce
http://www.commerce.state.ak.us


I guess its becoming more clear, if it already hasn't been mentioned already, that PIPS is not really a wise 'investment' since it claims to be a security, but in reality its not.

jokach

[Pips believer]

Truth about pips is:

I invested 2K 2 years ago as many others have, and have received over 75 times that back plus my account was on withdraw at date of pips going offline which means a lot of cash may be accumulating as we speak... heheh

So for all you doom and gloom addicts... I'm sorry but I believe in Bryan and I believe he will get it all worked out.

In the mean time I have invested in the copycat of pips and it will also pay me royally until the gloom and doom sayers create havoc on that system as well. All of you who have benefited from pips will know these guys can do it too... until pips is back on line join the wealth at [DON'T SPAM! - removed by moderator] it pays 2% and 2.5% when your account grows to over 10K... 3 day withdrawals :cool:

You reap what you sew... be positive and all will be good and if for some reason it doesn't pan out... I'm one of the first to follow Bryan and his next adventure because I believe in the man and do not judge him on the performance of systems subject to adverse effects from negative complaints and actions of the newby and the doom sayers.

I'll bet he has done more for the needy in the world than any of the people badmouthing him or pips. WHERE IS THE FEEDBACK ON ALL THE GOOD HE HAS DONE?

BLESS YOU BRYAN (I know you will achieve your dream cause your heart is in the right place) PS thanks for allowing me to help those in need that I come across. :applause:

[Arzel]

The truth is that only those that get in early benefit from these scams, as a long term invester you are a perfect example of the early investors taking from late investors. I hope you are able to sleep well at night knowing you have defrauded, either knowingly or unknowingly thousands of people. Good job!

Also, it nice to see that you are promoting a new scam before the rubble clears from the pips scam, guess we have to add another site to our list of scams.

[sisco50]

"I guess its becoming more clear, if it already hasn't been mentioned already, that PIPS is not really a wise 'investment' since it claims to be a security, but in reality its not.

jokach"

Won't argue that PIPS isn't a wise investment. Money making schemes are never really an investment but more of a gamble or game for some. In this case, I don't believe PIPS claims to be a security. It is the PIPS bashers that claim it is a security and as such is not registered with the proper authorities. Therein lies the problem. :) PIPS was borrowing money from lenders (members), not selling securities. In my mind, the two are not the same at all.

[sisco50]

The truth is that only those that get in early benefit from these scams, as a long term invester you are a perfect example of the early investors taking from late investors. I hope you are able to sleep well at night knowing you have defrauded, either knowingly or unknowingly thousands of people. Good job!

Also, it nice to see that you are promoting a new scam before the rubble clears from the pips scam, guess we have to add another site to our list of scams.

LOL Kind of funny in a way. I am one of those people that spent some pocket change but do not feel defrauded at all. It was money I was willing to gamble and no one tried to convince me to join. I made that decision all by myself and have no regrets. I guess I never will understand the people that spend more than they can afford to lose and then go crying for help when they lose it. I can't grasp what type of a mentality would do that. :(

[Arzel]

LOL Kind of funny in a way. I am one of those people that spent some pocket change but do not feel defrauded at all. It was money I was willing to gamble and no one tried to convince me to join. I made that decision all by myself and have no regrets. I guess I never will understand the people that spend more than they can afford to lose and then go crying for help when they lose it. I can't grasp what type of a mentality would do that. :(

Funny, I can't grasp the mentality that would join an obvious scam with full intention of ending up with some poor saps money that spent more than he could afford to lose, especially when it is the early people that convince later investors that they won't lose anything. I guess some people just have no concience. :mad:

[MooMoo]

I have to say I am rather confused by alot of what is discussed on this site.

I try to look at things before making payments to unknown companies, and I imagine most people do the same - it is, after all, common sense to do so. In the same regard, I accept responsibility if I make payment to someone I do not personally know, for any kind of 'get rich' scheme. Yet it seems that people who do exactly this and then have 2nd thoughts afterwards are actually considered 'victims'!!

I must admit I do not know much about PIPS. However, for an organisation to become this large it surely must have had a product that appealed to many people. These people, like YMMSS is appears, are now regretting making payments to the organisations. However, common sense dictates that they should have done their research before making payment. Yes, they may have made a mistake in making payment to a company that they do not know very well. But should they really be classed as victims? Furthermore, whilst I personally have sympathy for them when they realise they may have made a mistake, I do not think it is helpful to make 'digs' at others. This forum should be about helping others, not putting them down.

Surely its time for people to accept responsibility for their own actions.

[sisco50]

Funny, I can't grasp the mentality that would join an obvious scam with full intention of ending up with some poor saps money that spent more than he could afford to lose, especially when it is the early people that convince later investors that they won't lose anything. I guess some people just have no concience. :mad:

Arzel

Let's clear up a minor point before going on to bigger and better things. I personally didn't join in an obvious scam with ANY, let alone FULL intention of ending up with some poor saps money that spent more than he could afford to lose. I never, and I will repeat never, tried to convince anyone to join this program. I never tried to make a w/d either. So not only did I not end up with some poor saps money, I did not get mine back either. I have other reasons for doing what I do with my money. Some might even call it paying for an education. :) Regardless, I am not the person you insinuate me to be and I have a very clear concience. But you are right; some people don't! :(

[Arzel]

Just to clear things up, although it probably came across as directly stated towards sisco50, it is more of a general statement.

Granted there are people that become involved in these types of scheme fully knowing that there is a risk involved, and they should probably know better, and probably shouldn't complain when they end up losing everything.

However, there are also people that are new to the internet, new to being exposed to scammy people, new to excitment and allure of these types of schemes that get caught up in the whole thing that really are innocent, and it pisses me off to no end when people come in hear and blame them for not knowing any better. That is not helping the situation any, and is not the message I would like to try and get across.

You see it happen all the time, not neccessarly here, but in real life, I have seen it.

Scenario:

Some friend of yours hears about some way to make a few extra bucks, heck some guy he knows made $1,000 last month, and didn't have to do much at all. Maybe things aren't going so well, your car needs some new tires, but you can't afford to drop $400 right now. This only cost $50, and in 3 months you could have $500. You can afford $50....kind of, you just decide to cut back on a couple of things for a couple of weeks. A couple of months go by, and guess what, you have $500 bucks, and think to yourself. WOW! This is great, you tell some more friends and decide to toss the whole $500 back in. Hey I could handle $5,000 in a couple months, buy myself a whole new car, plus I'll drop in a $100 extra a week, yeah I can't afford it right now, but in a few months I'll pay off those credit cards and be home free.......

End scenario.

How many people do you know or have heard of fall into the same trap? Spend enough time working these schemes and you will hear alot of them, I bet a lot of YMMSSers fell into the same trap. People say they should know better, but it is a hard temptation to resist, especially when they get paid initially. The same thing happens with gamblers.

My point is to not so quickly blame the victims.