The Australian Securities and Investments Commission (ASIC) and Bank Negara Malaysia (BNM) began an investigation in September 2005, in a scam called (PIPS) Or People in Profit Systm.
This PIPS Scam was run by two well known online scammers, Bryan Marsden and his wife Sharon Marsden.
The PIPS scam which can be found in most online investor forums was based in Malaysia and heavily marketed in Australia . The Australian authorities have been warning investors and the public about the PIPS Scam since March.
The PIPS Scam it became known under many different names, PIPS, PIPS Inc, People in Profit System, Private Investment Profit System, Pure investor and PIPS Financial Services are just a few of them.
A potential investor would be required to make a 450$ payment to PIPS. In exchange PIPS promised a 180 day period of interest on your payment in the amount of 2% per day.
To put this scam in perspective, if this payment was compounded for a normal trading year, the original 450 would amount to more then $500,000. Most legitimate high risk stocks would get in the range of 20%, maybe 25% per year.
PIPS also claimed that during the initial 50-53 days of interest you could not withdraw your money as this is interest with constitutes the repayment of your loan.
If you have lost money with PIPS Scam please contact the authorities at firstname.lastname@example.org
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