Comments on: “PIPC Scam” – Marketman’s Take II

By: investors

investors — Sun, 12 Aug 2007 06:10:18 +0000

If you’re interested on some more info about the “other” scam associated with PIPC, read the following:

– https://www.pinoymoneytalk.com/2007/08/09/nbi-raids-pfec-philippine-office/
– https://www.pinoymoneytalk.com/2007/08/09/is-pfec-illegal/

By: Marketman

Marketman — Thu, 09 Aug 2007 05:19:44 +0000

liza, you should have seen some of the comments from the fishpan lady that I completely deleted… :) They were actually worse…

By: liza m.c.

liza m.c. — Wed, 08 Aug 2007 16:40:14 +0000

“inquirer” is a lot worse than the fishpan lady…

By: Marketman

Marketman — Tue, 07 Aug 2007 01:56:18 +0000

Nicole, you are right, and in todays anti-money laundering environment, the trail should be a good one. What concerns me now is the position that the local managers are taking, at least as reported in the press only, that they actually had nothing to do with the investments, they were only an IT firm… hmmmm, sounds like legal maneouvering is now taking over to ensure protecting behinds…

By: nicole

nicole — Tue, 07 Aug 2007 01:44:38 +0000

Marketman: good insights. there is a money trail…. check that

By: aguho

aguho — Sat, 04 Aug 2007 18:24:12 +0000

Substitute FOREX with real estate,or prepaid legal,or Amway, or mortgage fraud, the list of Ponzi schemes goes on and on.Unfortunately, this is the path that many over encumbered Filipinos here in Southern California have chosen as their plan for â€ retirementâ€. Ooops forgot the mother of all schemes that SoCal pinoys fall prey toâ€¦. the casinos,card rooms, and lottos.

Repeat after me â€ Get rich quick schemes do not workâ€

I would suggest that many Filipinos here in So Cal will never be able to retire, and will work until they drop deadâ€¦ Watch as the coming housing/credit bubble crushes thousands of kababayans here in California.

Here is a simple piece of advice to live byâ€¦. If you cannot afford something DONâ€™T buy itâ€¦

aguho

By: Miles

Miles — Sat, 04 Aug 2007 15:06:41 +0000

goodness me!! i have been so engrossed in work that i have not been reading the news. this is another black mark in our economics. i do agree that the preneed companies acutally hurt more people since what they invested their hard earned money in was for their children's future. frank herbert was right,(i am just paraphrasing here) "the only science that we have perfected in to an art is the science of discontent." oh, and that inquirer guy is so bitter that he can't even express himself properly

By: Marketman

Marketman — Fri, 03 Aug 2007 00:10:17 +0000

The latest “news” is that the PIPC Manila office/GM is claiming it only provided tech or computer assistance to the BVI (British Virgin Islands)Company… so if you got burned on this PIPC thing, the next key question is: “How could the sales agents of a tech and research company be soliciting investments from Filipinos for placement in a BVI company… and if these sales agents were describing the terms of the investment and how it worked, were they technically authorized to do so as employees or agents of a tech or research company?” Ah, the legal machinations shall begin… So, it seems, according to the newspapers at least, the current only answer to my key question #1 above is something along these lines “we aren’t an investment company, we didn’t encourage you to invest, we didn’t take your money…you did all of that either knowingly or unwittingly with a BVI based company, and oh, just ignore that it was us encouraging you to put your money with that company… or something.” Gosh, if they were doing TECH advice, why did they have so many “agents” scouring Manila for potential clients???

By: Marketman

Marketman — Thu, 02 Aug 2007 22:16:52 +0000

remonio, yup, but the foresight came in telling several folks asking about these kinds of deals several years and months ago to stay away from investing in dubious schemes, they are the happiest camper friends I have at the moment; nearly burned, financially more learned… The same holds true for CAP; not hindsight, pointed that one out and was warning folks about it for 5 years before it went into serious trouble… If you visit some of the discussion threads on PIPC, there were MANY who were sceptical and warned against investing in it months before it blew up…

By: remonio

remonio — Thu, 02 Aug 2007 17:59:24 +0000

MM, although you have valid points, all this is Monday morning quarterbacking. Hindsight is 20-20.