point share extreme

[roger463]

what about this program? ponzi?

[mercinary]

If it is any indication, the first google search I put in came up with a handful of "this is a scam" web pages.

Investigating further....

-Merc

[mercinary]

So it took friggin 15 minutes of surfing their website before I found a FAQ that actually started talking about what the program is all about. This is what I found:


NOTE: To enjoy the continued benefits of each Plan, Members must maintain an ACTIVE participation in the Program. Active participation is defined as making at least one transaction every 90 days. This includes purchases and Pay-It-Forward. It does NOT include withdrawals or funds transfers from one Member’s account to another.


PSX Gold Plan 100
Cost: $100
Term: 20 days to payout
Benefits:
* Receive an amount twice the purchase price, 20 days from date of purchase.
* Receive a monthly premium of $350 for 12 months, beginning the 4th month from date of maturity
* Receive a $1,000.00 bonus on the 16th month from date of maturity: 1x per member.
* 20,000 banner (468x60) impressions and text ad credits
* E-Book and Shopping Cart placement


PSX Gold Plan 500
Cost: $500
Term: 30 days to payout
Benefits:
* Receive an amount twice the purchase price, 30 days from date of purchase.
* Receive a monthly premium of $1,750 for 12 months, beginning the 7th month from date of maturity
* Receive a $5,000.00 bonus after 2 years of active membership: 1x per member.
* 50,000 banner (468x60) impressions and text ad credits
* E-Book and Shopping Cart placement


Which sounds to me like a doubler (claiming they can double your investment), but I'm still investigating before passing judgment.

Moving on, I found this overall description of their business:

PointShareXtreme.com is a private multi-faceted Internet Marketing program.

The company represents various global markets comprised mainly of a shopping network, marketing program, a real estate program, professional traders engaged in forex trading, the commodities market, inter-banking, electronic pre-paid loading services, e-books, sales, advertising, and future expansion to many more product lines and services.

Sounds like a lot of areas to be involved in!! The next FAQ asks "What does PSX offer?":


PSX offers various Internet Marketing Plans which Members may purchase, and from which they may earn. PSX also offers Members the opportunity to advertise and sell their own products through a partnership with PSX.


So these are the plans I posted above I guess. Moving on...there is a FAQ that asks "Is PSX a HYIP?":


No. Most all HYIPs are relatively short-lived programs, lasting from weeks to about a year, and are usually Ponzi schemes. PSX is an Internet Marketing business, designed to continue for many, many years into the future. Many view it as their retirement program.


The next FAQ question is "How Does PSX Earn Its Money?":


This is, for the most part, proprietary information and will not be disclosed in detail. No large corporation reveals its inner workings, its formulas, trade secrets, or profitable business dealings with the public. Suffice to say that a good portion of the returns are generated through the leveraging of funds, activity in various worldwide markets, partnerships with other businesses, and the sale of a wide variety of products globally.


OK, now big red lights and alarms are sounding in my head. What do they mean no large corporation reveals its inner workings? True, they may not reveal their secrets, but they sure as heck have to report their revenue & how they generated it!!! I am very wary of this scheme now...


And that was the end of the FAQs (at least the ones that described the business). So here are the bare facts that I gained from their website:


You have to pay in $100 or $500 every 90 days to be a member.
They claim to be able to double this money in a very short period (1 month or less).
For your money you get a banner ad, and placement of an e-book (whatever that means).
They don't reveal how they are investing your money.


I don't have any evidence (yet) that the scheme is illegal in any way, but one thing is for sure...it sounds MIGHTY fishy. The old saying probably rings true with this one. If it is too good to be true, then it isn't true! If I were you I would stay far away from this one.

-Merc

[annwey]

Hi - I came here thinking there would be lots of posts against Henry J Banayat of PointShareXtreme - where are they? Am I missing something?

PointShareXtreme, Allec-Exchange, Compumatrix - all sites are down now that the forum has given up on ever receiving the promised payouts (for the last 1-1/2 years) on PSX.

It's time to organize and file against him. Anyone?

[green]

Pinoy scammer of ‘Point Share Gold’ program arrested but now out on bail?
Posted on July 24, 2007
Filed Under HYIP News and Scam Updates




Pinoy Money Talk (PMT Forum) member manoy06 disclosed today that Henry James Banayat, CEO and administrator of online investments scams Point Share Gold (PSG) and PointSharExtreme (PSX), was arrested last week in La Union City, Philippines by members of the Ilocos Regional NBI office.

However, the suspect is reportedly now out on bail.

Banayat apparently ran a string of online scams that duped hundreds of investors in the Philippines and abroad millions of money.

One of these programs is Point Share Gold (renamed Point Share Extreme later on), wherein investors were supposed to get 100% return on their $100 minimum investment after successfully referring three other members to the program. (Does the word Ponzi ring a bell?)

Afterwards, investors were to receive $350 every month and, on the 12th month, a final bonus of $1,000 was to be awarded.

In less than a year, hundreds of investors around the world stopped receiving payments while the owners and staff of the program, including Banayat, constantly reassured members that payments would resume. Up to this date, it did not.

If you were a victim of this scam, we encourage you to file a report to the appropriate authorities in order to pursue the case against Banayat and the rest of his cohorts.

In the Philippines

National Bureau of Investigation (NBI)
Director: Atty. Nestor Mantaring
Telephone: 523-8231 to 38
Email: director@nbi.gov.ph
Website: www.nbi.gov.ph

SEC Company Registration and Monitoring Department (CRMD)
Director: Benito A. Cataran
Telephone: 727-2011
Email: benito.cataran@sec.gov.ph
Website: www.sec.gov.ph

SEC Compliance and Enforcement Department (CED)
Director: Hubert Dominic B. Guevara
Telephone: 727-3367
Email: hbguevara@sec.gov.ph
Website: www.sec.gov.ph

In the USA

Internet Crime Complaint Center
http://www.ic3.gov/
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Your cooperation is needed. The Philippine government is very serious in the destruction of all internet investment scams and prosecuting the scammers. However, your formal complaint to above agencies will be helpful.! Thank you.