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Sunday, 17 February 2008

A Guide to Seek Legal Action against HYIP Scam

A Victim of a High Profile HYIP?

We are talking about a minimum pooled sum of more than $5,000 being frauded.

If you are a victim of an HYIP with at least $1,000 or more as with (Minvestment case and also of old cases such as Solid Investment and Troybank), legal recovery is possible should the funds be still circulating in any of the digital currencies such as e-Gold, e-Bullion. Such actions taken would be more effective if a group of victims team up together to seek legal actions against the fraudster(s) (or scam organization)

Upon engaging a solicitor to act on the group’s behalf, the solicitor would then proceed to file a class action action suit and court order to freeze the existing assets that are left in any of the digital currencies or even bank accounts if any is involved.

Usually if an obvious ponzi fraud is involved, no one would step up to rebut the legal action (You won’t expect anyone to step up to defend its rights from Minvestment do you)? The solicitor that is in charge would win the case, and have the remaining frozen assets distributed back to the victims, with percentage of the recovery be claimed for legal fees and services so victims won’t have to come up with a pool to engage the lawyer to fight the case.

Of course, the lawyer would have to agree to fight the case for you and see that some assets are still there and worthy for any recovery.

Legal Action Won’t Work If…

  • The money is already transferred out to somewhere untraceable.
  • You are in profit from an illegal HYIP scam.
  • You have no proof of spending.
  • You are involved with a HYIP that is still paying.

Recommendation

I would highly recommend Michael J. Bruzzese who has been actively involved in HYIP fund recoveries. Well there are interesting posts around the Internet that blames Michael for HYIPs that was paying diligently till he filed class suits against them. Well if you aren’t involved in one, would you face this problem in the first place?

Michael can be contacted via email at mjb@mjb-law.net should you require any actions against ponzi scams.

ps. A suit is already filed for Minvestment for recovery at the time I am writing this article.

How Much Will You Be Getting Back?

To be honest, I’m not sure. We wouldn’t want the case where it would be similar to EMO placed under receivership where EMO users would get peanuts back. I would appreciate if Solid Investments or even Troybank victims come up and discuss about class actions taken against these scams and till date have they received anything back.

But filing something to recover at least a portion of your money would be better than nothing and very different from the EMO receivership in this case.

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