I read where the Australian Securities and Investments Commission (ASIC) - the Aussie version of the SEC - issued a press release regarding PIPs, the ponzi-scheme scam I wrote about earlier. According to this securities regulator, the ASIC has already started to investigate the PIPs program and any promoters working in Australia.
Mr. Greg Tanzer, ASIC Executive Director of Consumer Protection is quoted as saying, "Not surprisingly, PIPs has already received several nominations for ASIC's 2005 'Pie-in-the-Sky' award."
From reports I have recieved from individuals who follow this scam, PIPs quit making payments last December, and have blamed a series banking errors, computer glitches, and other straw-man excuses to string along the faithful and keep them on the hook. But the cracks are starting to become painfully obvious. I personally know of one person who is waiting for her investment account totaling about $9,000 to be paid to her, even though the request was made months ago.
