StormPay: The Plot Thickens
Wow! It has been quite a week for autosurfs and HYIPs. Last week, a major HYIP/ponzi Profits4InvestingToo.com shut down, citing server problems. That pales in comparison to this week, in a saga involving 12DailyPro (12DP), StormPay, BYU students, and numerous autosurfs & HYIPs using StormPay.
Here's a brief recap, to spare you from reading the previous posts [1][2][3][4]. The current autosurf leader, 12DP was stuck between a rock and hard place. 12DP was trying to withdraw a substantial amount of funds in order to meet their EMO payment requirements to its members. Apparently, StormPay was refusing to release any funds, until 12DP removed EMO as a payment option. The reason given for this demand, was to reduce fraudulent credit card chargebacks.
12DP released a series of statements, to the effect that they had complied as best as they could by removing EMO, and were waiting for StormPay to release the funds. Not soon after, the accounts of various autosurfs were reportedly frozen as well. The online forums were having a field day speculating, with members sharing wild conspiracy theories and rumours.
A statement supposedly from StormPay was circulated, claimed that Stormpay had suspended the accounts of various autosurfs and HYIPs because they believed that these were ponzi schemes and and were freezing the related accounts pending an investigation.
Around the same time, a student news broadcast caught the attention of ABC4, a US local TV Network based in Utah. The broadcast publicly condemned and denounced 12DailyPro as nothing more than a ponzi scheme. The facts supporting this were largely mathematical, (although the numbers shown on the blackboard represented an idealised % that didn't factor in transaction costs, log-in difficulties, downtime, etc). In addition, a big deal was made over the company registrant address being a residence in a downtrodden location (ahem, *cough* Stormpay NetIBA *cough*).
More announcements were made by 12DP and various autosurfs/HYIPs, and access to Stormpay and NetIBA websites have been patchy the last few days, fueling rumours of a big Stormpay scam. (At the time of writing this, Stormpay and NetIBA are both back online, but questions still remain.)
There has been a lot of misinformation being spread around, including a rumour that the Stormpay building had been burnt to the ground to hide evidence. LOL. :) But, the truth is slowly coming to light.
Here's an article from a local newspaper:
Then, there's ABC4's update on their news report... their previous 2 news reports can be found here and here. Obviously, the focus of the attention is on 12DailyPro, but I expect this to shift in the coming days.
Whew... another long post. I know. But, we're almost at the end.
I found a recent article for motor racing, in particular StormPay.com Weekly Racing Series.
Here's what made me laugh...
I wonder who does their PR? (the guys who did Enron's)?
How will this story end? Either way, I'll be glad when the dust finally settles.
Other links:
http://www.fairpatton.com/
http://drunkonlife.com/Daily-Blog.html
12DailyPro Announcements tracked here
TalkGold.com Stormpay Discussion
Here's a brief recap, to spare you from reading the previous posts [1][2][3][4]. The current autosurf leader, 12DP was stuck between a rock and hard place. 12DP was trying to withdraw a substantial amount of funds in order to meet their EMO payment requirements to its members. Apparently, StormPay was refusing to release any funds, until 12DP removed EMO as a payment option. The reason given for this demand, was to reduce fraudulent credit card chargebacks.
12DP released a series of statements, to the effect that they had complied as best as they could by removing EMO, and were waiting for StormPay to release the funds. Not soon after, the accounts of various autosurfs were reportedly frozen as well. The online forums were having a field day speculating, with members sharing wild conspiracy theories and rumours.
A statement supposedly from StormPay was circulated, claimed that Stormpay had suspended the accounts of various autosurfs and HYIPs because they believed that these were ponzi schemes and and were freezing the related accounts pending an investigation.
Around the same time, a student news broadcast caught the attention of ABC4, a US local TV Network based in Utah. The broadcast publicly condemned and denounced 12DailyPro as nothing more than a ponzi scheme. The facts supporting this were largely mathematical, (although the numbers shown on the blackboard represented an idealised % that didn't factor in transaction costs, log-in difficulties, downtime, etc). In addition, a big deal was made over the company registrant address being a residence in a downtrodden location (ahem, *cough* Stormpay NetIBA *cough*).
More announcements were made by 12DP and various autosurfs/HYIPs, and access to Stormpay and NetIBA websites have been patchy the last few days, fueling rumours of a big Stormpay scam. (At the time of writing this, Stormpay and NetIBA are both back online, but questions still remain.)
There has been a lot of misinformation being spread around, including a rumour that the Stormpay building had been burnt to the ground to hide evidence. LOL. :) But, the truth is slowly coming to light.
Here's an article from a local newspaper:
Callers concerned about StormPay.comSo, who's scamming who? Who's been spreading misinformation? I honestly can't say with 100% certainty. All the parties involved are pleading innocence (or is that ignorance?)
By HEATHER DONAHOE
The Leaf-Chronicle
Numerous customers of local online money transfer service, StormPay.com, expressed concerns to The Leaf-Chronicle about being unable to process transactions through the company’s Web site during the last four days.
The company’s Web site could not be accessed and returned an error message Saturday night. Three calls to StormPay.com CEO Steve Girsky were not returned Saturday night.
Customers contacted The Leaf-Chronicle because of a story available on the Internet announcing the StormPay.com’s sponsorship at Clarksville Speedway.
The business, which is at 1690 Golf Club Lane, appears to be undergoing a massive renovation project. The building, where lights were on Saturday night, remained set up with various office machines and equipment. No one responded to knocks on the business’ door.
An employee with the construction company performing the renovations said Saturday night he spoke with a StormPay.com employee Friday but could not offer any information about the company’s status.
For more on this story, see Sunday's edition of The Leaf-Chronicle.
Originally published February 4, 2006
Then, there's ABC4's update on their news report... their previous 2 news reports can be found here and here. Obviously, the focus of the attention is on 12DailyPro, but I expect this to shift in the coming days.
Whew... another long post. I know. But, we're almost at the end.
I found a recent article for motor racing, in particular StormPay.com Weekly Racing Series.
Here's what made me laugh...
StormPay.com is a globally recognized leader in online payment processing and free online auction listings. StormPay lives up to its name with “lightning quick e-commerce.” The StormPay.com Dirt Late Model Series is also lightning quick with the action on the track.
I wonder who does their PR? (the guys who did Enron's)?
How will this story end? Either way, I'll be glad when the dust finally settles.
Other links:
http://www.fairpatton.com/
http://drunkonlife.com/Daily-Blog.html
12DailyPro Announcements tracked here
TalkGold.com Stormpay Discussion
posted by manic_depressive_1 at 2/05/2006 05:41:00 AM
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