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.

Comments

Post a Comment

Popular posts from this blog

I'm an accountant, I hate my job, but seriously, I wouldn’t know what else to do

I was born to be a lot of things, but being an accountant isn't one of them. In my heart of hearts I have always known this, but for some stupid subconscious reason, I have always ignored it. Why? Well...um...err...I didn’t know what else to do. How many people faced with the same predicament of deciding on a profession upon graduating used “not really knowing what to do” as their guiding compass? Blink. Ten years have passed and you’re left wondering, how did I get here? In this cubicle? Doing something I cannot stand (and I’m not even honestly good at), with people I quite frankly don’t really care about? For me that was accounting, a profession that conjures numerous clichés, such as boring, bean counting, personality not needed, number crunching etc etc. These have now evolved and have been replaced by repetition, reconciliations, long hours, fudging figures, high turnover, Enron and even more reconciliations. R-E-S-P-E-C-T But please don’t get me wrong, I have the utmost respe...
Read more

Three money managers who lived through the 1987 stock-market crash warn of danger today

Image
By  Philip van Doorn Published: Oct 31, 2017 1:49 p.m. ET SHARE   ‘I would take some money off now because ... there are clear signs of deranged valuations,’ says Gabelli fund manager Lawrence Haverty Getty Images A trader on the New York Stock Exchange on Oct. 19, 1987 — Black Monday. When the stock market crashed on Oct. 19, 1987, investors panicked. It was an unfamiliar event — the previous decline of a similar magnitude occurred 58 years earlier, in 1929. Now, 30 years after Black Monday in 1987, there are professional investors still at work who lived through that fateful day. In interviews, three of them talked about their experiences, offered insights into warning signs and gave advice on how to handle major downturns. They are: •  Lewis Altfest , president of Altfest Personal Wealth Management, which manages about $1.3 billion for private clients. Altfest founded the firm in 1983 after working as a general partner and director of research at Lord, A...
Read more

Have We Reached a Top?

By James Kostohryz It's never been my position that the flow of fundamental news would turn from positive to negative overnight and in a total fashion. The world simply doesn't work that way. When I terminated my core long position a couple of weeks ago for reasons explained in�Ten Reasons the Countertrend Rally May Be Over,�I outlined a series of factors I believe may manifest in the later half of 2009 and the first half of 2010. Indeed, most of these factors will be more back-end loaded, as negative factors tend to build on one another and gain momentum in time through the medium of psychology and social mood. It's my view that the flow of economically relevant events�-- and perceptions of these events --are in the early stages of a transition. In this case, a transition means the flow of relatively good news will tend to wane somewhat while there's an uptick in relatively bad news. This is what one would expect at a top. However, it's to be expected that during t...
Read more