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Here we are, presenting an interview with administrator Greg McKnight of Legisi.com. It’s a short interview, but I couldn’t find any better questions to ask since he won’t be telling us much what he’s doing with the loans that he receive.
Have fun reading 
———————-
Hi Greg, Thank you for accepting this email interview for our readers at No Bullshit HYIP Blog Community.
First of all, would you like to introduce yourself?
My name is Greg McKnight.
Why is your program named Legisi? Does it represent anything or have any special meaning?
Legisi (pronounce like Legacy) stands for Lucrative Electronic Gold Income Services International.
Do you have a team that is working with you at Legisi? If yes, how many staffs and what do they actually deal with?
Yes, we have three support staffers as well as several professional traders through our managed brokerage accounts.
Have you ever been involved with any other programs other than Legisi?
Other than losing money to HYIPs, no, I haven’t been involved.
Can Creditors actually visit or meet you if they have any queries about your program? If yes, how?
Yes, of course, I have meet personally with several people that are local to me.
My address is published on the website as well as my home phone number.
As for the how(?), you need to come where I am, let me know you’re here
and when and where you’d like to meet. How else?
What actually made you started this program?
With the extremely large number of scams on the Internet today, I saw an
amazing opportunity for someone with the right knowledge and connections
to step forward and create an honest, legitimate program.
Is there any other sources of Due Diligence being done on Legisi? Do list them if there is.
None that I know of.
Where do you see Legisi heading in the future. Is there any specific goals for it?
One of my personal goals is to run my program so well that the “scammers” won’t really be able to compete. Unfortunately there seems to be an endless supply of greedy, naïve people that will throw their money into something that cannot possibly be legitimate.
Does Legisi has any niche compared to other loan program offers in the Internet at the moment?
I still have no idea what you’re talking about here so I guess the answer is no.
I understand that it’s a loan to Legisi Holdings, LLC when members actually deposit the funds. Is there any field(s) that Legisi is expert in to generate the monthly high yield interest for members?
I’ve already told you that I use accounts managed by professionals.
Legisi’s started on December 28, 2005. Were there any hiccups in administrating Legisi since it started? If yes, would you like to mention the hardest period and how did your team overcame the situation(s)?
The only hiccups we’ve had were caused by hackers. When they “invaded” my original website, I took it down and moved it to a domain only disclosed to existing members. Then I hired programmers to build a highly secured website from scratch. That is what you now see at Legisi.com now.
Could you explain on this clause in your FAQ “We have committed to running a minimum of 5 years”, Why 5 years? Is there anything we or the creditors should know?
You’re mis-reading that statement. It means I won’t retire it in less than a 5 year period. I may run it longer, but at some point I will no longer need to borrow money at 10-12.5% and I’ll close the program after all members have been paid exactly as promised.
There’s also an emergency reserve fund that you have established, how much is it and have you used the funds as yet in the payouts?
No, we have not yet needed to access the Emergency Fund. How much is it? A very rude question indeed. How much is in your bank account?
Frankly. I wouldn’t mind answering that question, but lets move on.. What do you think of our blog?
I think all such sites can be great tools for newbies and novices as long as they stick to Due Diligence and don’t cross into paranoia.
So could Legisi offer any kind of Due Diligence to the creditors?
I kind of thought that was the purpose of the interview. What else are you looking for?
Popularity: 13% [?]
Hello Greg,
Upon Legisi site being available to public again, I note that the program terms have changed.
Can you please speak as to why? It appears that you either needed to adjust for unanticipated operating expenses or wished simply to increase Legisi’s profit?…combination of those two factors would make sense.
Regards,
Scott
Many of you wouldn’t know this but e-bullion charges a 2 - 3% uncapped fee for withdrawals. That means is costs me $20,000 to wire $1,000,000 to a brokerage. I couldn’t keep paying fees that high and 15% on my VIP fund so I lowered it to 12.5% to compensate and preserve the integrity of the program.
I think most — at least significant lendors — are aware of that Greg. E-Bullion is pricey no doubt! I haven’t dealt with E-Bullion in a while but last I recall it cost me 3.5% out.
Over time, your offering of 12.5 is much less attractive than 15% of course.
I don’t mean to pick at your every word and honestly wouldn’t take offense if you chose not to entertain such specific questions…
E-Bullion costs are “anticipated”. That said, I realize you added E-Bullion later in the program. There is still always E-Gold (which you’ve had in place from the onset I assume) and Bank Wires.
From what you have stated, am I to surmise that most lendors now prefer to work with E-Bullion, thus the unanticipated increase in costs? Does E-Bullion now dominate your transactions?
Lendors making 4 figure spends in your program surely realize that simple Bank Wires are less costly.
But then, for some there may be other advantages to ecurrency beyond it’s costs
Greg, thank you for conducting this interview and entertaining follow-ups.
Regards,
Scott
Scott,
I’m sure the only way you paid 3.5% to withdraw e-bullion was through a 3rd party exchanger. Liquidation at EB is 2% for e-currency and 3% for gold.
While 15% is less attractive, we’ve still managed to attract $13M. 12.5% is very reasonable and a lot more than the bank, eh?
Yes, E-Bullion transactions are now 2/3 of our deposits.
I don’t and won’t accept Bank Wires (yet). E-currencies are much more easily managed.
Greg,
Please correct me if I’m wrong..
Profits wont be withdrawn until the 4-months holding period has expired?
forgive me greg but i want to know of some people that have gotten paid. there are a lot of scammers out there an i don’t want to fall victim.
Well I find Greg’s answers to the interview to be quite sarcastic and rude. Turn off.
hello corey, i find greg mcknight very refreshing, breath of fresh air you might say.calls things as he see’s them.i’m a proud member of legisi, making money each day.i think that is the point. wes ” prospector ”
“Sarcastic and Rude”???
Hardly! Sounds like a real PERSON talking in an unguarded manner, using plain language! He also sounds like he really knows what he’s talking about! If you haven’t had any experience with HYIP scams, you can’t appreciate the forthright approach you’re seeing from Mr McKnight.
As for me, I’m getting in NOW!
I have been a member of Legisi since April..always paid on time..referals also.
Greg is a no-nonsense kind of guy.
Personally I like that in an administrator
James
Ahhh… the cavalry has arrived.
Sorry if I sound arrogant or rude. I don’t mean to sound that way.
This is a no BS blog, right? Would rather hear straight talk or BS?
Enrico - profits can be withdrawn or compounded each month. Your principal is returned after the 120 days.
mureese - I really don’t want you to be another victime either. Unfortunately, I will not reveal any member’s earnings or names without permission. I don’t have it so I can’t release that info.
Corey - whether I turn you on or not is your problem not mine.
Wes, David, James - thanks for the kind words guys. Bonuses all around!! (just kidding).
Greg,
l am presently in the 10% program (since Sept 06)
l am trying to accumulate enough ($10,000) to enter the VIP program .5
I’m thinking that about 3 yrs. from now l can have enough return that i can retire on
my question is - in the VIP program can iwithdraw monthly - or do i have to wait one year for the program to cycle ??
thanks
Dave Brubaker
Greg,
Can you give us some examples of how this money is invested? I honestly think that your 10%/mo is really good however you must have found something that yields even more. Without details, I would like to know what that is.
Thanks
Gus
Gus,
I joined Legisi on 11/3/06 with a small loan and then made a much larger loan on 11/20/06. I have not been in long enough to see any interest payments to my account yet but after everything I have read as part of my due diligence I feel this is the opportunity of a life time.
Please find next the answer to your question as to where the money is going. This is straight from Greg McKnight himself that I found on another link:
The VISION of Legisi.com
The key to our long-term success at LEGISI.com is the same as any individual’s for attaining personal wealth - Multiple Streams of Income.
Currently, our funds are at work in the very lucrative FOREX (Foreign Exchange) and COMEX (Commodities Exchange) arenas with a small amount in the Stock Market. Profits from these investments as well as Internet Marketing and Sports Arbitrage Trading activities are used to enhance our program(s) and increase stability for the long term.
Future plans include E-Currency Exchange Services as well as sales of various information and health related products through strategic alliances and partnerships with various marketing concerns. Profits from these activities will increase liquidity and allow for Weekly and, eventually, Daily Payout Plans. But don’t look for ridiculously high, unsustainable rates of return. We will never resort to paying out earnings from “new money” like the filthy scamming HYIPs.
One thing I’m sure you’ve noticed is that I’m willing to identify myself. That’s something none of the scammers will do. If you click on my Contact Us link, you’ll not only know who I am, but where I am and even my phone number. I only take calls within my hours of availability and even then, I get so many calls that it’s very difficult to get through. I’d love to say, “Just leave a message and I’ll get back to you…”, but it isn’t the truth. The truth is that, since I have a life off the telephone and long distance is rather expensive, I don’t return calls. You’ll just have to keep trying until you reach me or send me an e-mail. I do find time to answer most of those within a reasonable amount of time, but if you have several questions, it’s still best to call because I hate typing. Always include your phone number and Login Username (if applicable) in your e-mail “signature”.
Please feel free to explore the various pages of this site. When you’re confident that Legisi.com will meet your passive income needs, click on the Sign Up link at the top of any page. You’re going to be amazed at what Legisi.com can do for you and your family’s financial future.
Thanks,
Greg
Well, we no longer use Sports Arbitrage at all. That was a consideration that was rejected before it started.
We are utilizing several markets. Mostly in currencies, but also oil and precious metals.
Dave - earnings can be withdrawn or compounded monthly. Principal is held for 1 yr. Active members can get answers in our Forum.
Thanks for the response Greg. This is just another reason to be a member of Legisi. The admin is the best and very accessible.
Long life Legisi!!!!
Hi Greg. Would like to know if or when you end this grate opportunity would you be willing to set somone else up with the info to do this again. Being able to make 12.5% compounded monthly is just good to ever go away. If you know other ways to do this it would be grate to get to get in on it. I think alot of us would like that.
ACOONA MATADA (no wories)
hi greg,
I know that e-bullion uses a crypto card to secure the
site which I will be using. do you have any plans to make
that type of security available for your web site or its members.
thank you
ED
Greg says he has pro traders — exactly what is it that he’s trading with “our” money? Are the investments hedged? If he’s investing in junks, that’s easy. If it’s equities, makes me worried for the upcoming inflationary environment we’ll be seeing in the next couple of years.
I went into the DxinOne system with a small amount and am grossly unimpressed. Plus I can’t get a reply from these guys.
Something fishy going on here? I was perusing the Legisi member forum until about a week ago, when it was brought down. Now the Legisi website has a “page not displayed”. Coincidence or likely another scam.
Someone tried to hack into the website and so they took the site down until they get the issues resolved. They were already in the process of making changes to the forum site when this happened. It happened some time Wednesday morning. They hope to have the website back up sometime this weekend and finish changing the forum as well. All members will continue to earn interest on there loans during this time.
https://www.legisi.com will only provide “Page not displayed”, “Unable to connect”, Etc. - browser dependent.
http://www/legisi.com will provide the following text:
“There has been suspicious activity observed within the Legisi server and as an additional security measure, Legisi has temporarily been pulled from the server until everything can be resolved. Accounts are still open, interest is still accruing and accounts are still maturing. The Legisi site should be back up and operational very shortly. Due to the holidays, please be patient as everyone involved tries to balance work and family.”
Legisi forum - Was proactively taken down about a week ago. It was communicated to members prior.
Unfortunately, the only communication provided to members about the main site is what anyone can read as outlined above. I have been able to get in contact with a couple of people on the support side and they have pretty much parroted what’s on the site. I have expressed to them that a more professional approach to communicating with members was in order but I don’t see that happening. I was told to be patient and the site would be back when all issues were resolved. Of course in this arena if something talks like a duck and walks like a duck it will quickly be deemed a duck! People certainly can’t be blamed for coming to that conclusion….
Based on all of my exeriences with Legisi to date I do believe this is just a bump in the road. The front-end is just that - the front-end. The back-end is what generates and/or facilitates the returns and must be protected. As long as the returns continue as promised - and as they have for a full year now - it is worth noting.
Legisi is back up. I don’t know any of you who write on this forum but I do know Greg from other endeavors from my past. If he says he is going to do something he can back it up. I look forward to the upcoming year with Legisi.
I have been looking into the Legisi.com program for the past several weeks, and I have become very interested about it. One nagging question I’ve had, though, while calculating the figures for my deposit, is “Do you have to pay taxes on the returns you receive?”
Also, would anybody advise taking out a loan to make a deposit into the Legisi system. I currently don’t have the funds available to make any decent returns, and I am wondering if there have been others who have pursued this route.
I appreciate the glimmer of hope that Legisi provides in a world full of low-life scammers.
I’ve also been looking for new ideas for passive income and keep coming across legisi. I was recently introduced to dxinone and the idea of affiliate advertising. So far I’ve gone no where with that, but it’s only been a month. I’m also thinking about taking a personal loan and closing out my dx account in order to open and fund a legisi account. In the end I understand it is a risk and nothing is “guaranteed”. However one thing stands out about legisi that I have never come across in any internet money making system before. I’m not talking about the fact that this business has a physical address and working phone number. That should be a given. I’m talking about a consistant stream of positive comments and testamonials across many different sites (including this one) all geared toward a seemingly respected and trustworthy Greg McKnight and a system that is the real deal. I look forward to funding an account and getting started!
As noted above, site and forum are both back up. Need to be an active, funded member to gain access to the forum….
First of all, I am not rich. I am living payday to payday. I am a vietnam veteran and a first Iraq war veteran. I retired from the military in 1998. I have been looking for years for a passive income. I have lost a lot on internet businesses from Amway to ebay and mooree… I am still working and struggling to send my children to college and to make both ends meet. California is an expensive place to live in. I have bought a land at Holiday Island, Arkansa for $20,000.00 cash that is depreciating vise appreciating. I am selling it to invest in “Legisi”. When I learned about “Legisi”, I must have read it 50 times over. On December 15, 2006, I finally decided to open an account with e- bullion as instructed. I gathered all my saving and borrowed money to come up with $10K and deposited it cash to e-bullion. I realized, I needed to invest $10K for the VIP 12.5 % to be compounded 100% . I gathered all my loose coins and sold some of my unwanted items at home and came up with an extra $300.00 cash . I again, I deposited this amount to my e-bullion account for a total of $10,300.00. When my funds cleared at e-bullion, I immediately opened and funded a “Legisi” account for $10,000.00. I had $300.00 cash left in e-bullion and I decided to get an e-bullion “Crypto Card” for about $99.50. I am aggressively re-evaluating my finances to fund my e-bullion to loan more in my “legisi” account. I cancelled all my alligator membership cards. I have complete confidence with “Legisi, LLC. Lately, when the “Legasi” website was temporary closed, I took their explanation in heart. Yes, I concur, there are a lot of “hackers” out there that do not have better things to do than to destroy this great business. I have never met nor talk to Greg Mcnight but I have the greatest respect and confidence with him and his staff. I know they are working hard for for me. I wish Greg Mcknight the best. One day I will personally meet him with my “BIG” check. They have my utmost support and trust. I highly recommend them to my friends, so get in the band wagon and JOIN!!!
respectfully,
George G. Devera
Why did you reject sports arbitrage as a trading strategy?
I was one of the people who signed up with Mazu Publishing for the money trading program. No matter what I tried I couldn’t get enough information to get it going. Every time I almost “got it” the rules were changed & I finally gave up in frustration. I still don’t think it was a scam; I blame myself for not grasping it. However the original expenditures on Mazu do make me hesitate on investing in this.
I sure wish someone could convince me of the fairness & legalities here.
Ken, can go to the forum that Legisi has setup and browse and see what other members are saying regarding the program. Here is the link:
http://legisireserve.com/phpBB2/index.php
Does anyone know if anyone is making money investing in sports arbitrage in a real way ($100,000 plus to trade with)? If so, I’d be happy to pay well for some advice.
email me Ron Weben at americaninvestinggroup@yahoo.com
Greg,
I have two questions.
1) Do you provide a written contract to loaners guaranteeing return of principal? If not, why not? Absent a contract, do you have any legal liability whatsoever to the loaner?
2) Is there an early exit option, and what is the penalty for terminating participation early?
I am surprised that these types of questions are not addressed in your FAQ.
Thanks,
Peter
Peter,
If you read everything on the Legisi website then you know the answer to the first question.
If you want contracts and guarantees then go elsewhere. That is why you get such a great interest rate with Legisi. There is “risk” involved. If you can’t stand the heat then stay out of the kitchen.
As to your second question “under extreme circumstances” Greg has let some people terminate early and there is a 50% penalty.
Greg states all of his rules on the website in plain view.
I have been a member since Nov. ‘06 and am very happy with Legisi as well as many others as you can see there comments in the Legisi forum.
It’s interesting to note how strongly you believe in Legisi since you’ve just joined them only in Nov ‘06.
But that’s the way how it goes when a member influences another.
Hey peter I know a american based company that offers contracts on funds invested email me mureese1@yahoo.com
I have complete trust with Legisi, LLC Staff. My first deposit of $10,000.00 December 19, 2006 was mistakenly placed in Legisi Balance Fund for 120 days at 10%. I just discovered it January 10th on my second deposit of a lower amount. I requested it to be change on VIP Legisi Fund at 12.5% for 360 days from “Legisi Support Branch”. It was done quickly without question. Where else could you get a fast service!! Legisi staff is geared to handle support in the quickest sense with less stress and worry. Keep up the outstanding service. Looking forward to deposit some amount again next month. Greg please commend your Staff for doing such a great job.
I made my first VIP loan to Legisi in August 2006. In Sept. I loaned another 2K to the balanced fund paying 10%. That loan matured last week and I requested a withdrawal of the total amount, $2000 $928 in interest earned. I was notified by e-Bullion a few days ago that they were sending me a check for the full amount minus their fees. I also have another VIP loan and several smaller ones earning interest. I looked all over the internet for anything negative before getting involved and I couldn’t find anything except for one negative comment from someone who obviously wasn’t involved and didn’t have all of the facts. I certainly don’t regret my decision and I totally trust Greg to do his best for all of us.
Bev, I’ve been around much longer than you in the scene. Not that I’m conceited or snobbish (you can see me that way if you wish I wouldn’t care), There’s no facts on what Legisi does, and there’s no way to note whether it’s running any sort of Ponzi.
August 2006? 4 months? Give it max 2 years to go if it’s something like that. If it is not, I’d applaud and give thumbs up to Legisi.
Does the interview tells you anything that Legisi is doing? No.
Jude,
There is all kinds of information on the internet at other sites that talks all about what Greg is doing.
If you don’t want to get involved that is your choice.
There is not another opportunity like this on the internet that I have seen with his track record and length of time.
All Bev and I can tell you is what we have experienced along with others.
It will be your lose not ours if you don’t get involved.
We all know there is risk involved but that is why you receive the tremendous rewards.
Larry, of course I’m not trying to be the bad guy here. Wish you all the best in Legisi and may you earn as much ROI as you can there.
hey jack you should invest with my company, it is here in the U.S. GA to be exact
Do not — Do not give this person your money, you have no legal claim to get it back, will you get a lawyer and start a legal action to get your money back? The amounts most of you are investing is not worht getting a lawyer for. Eventually he will say there is no more in the pot to pay back, and you can be sure that is posckets are lined with you money.
Mazu was nothing and this is the same.
Why E Gold and E Bullion, what is the matter with the US $.
It is a lot easier to work with and accepted all over the world, it is just more BS!!!!!!!!!!!!!!!!
And Mureese, what is the name of your company?
Vanguard Funds? Merrill Lynch? Morgan Stanley?
Bank of America?
What is your record and where are your financial statements?
Jack,
Funny you should mention Vanguard. I think they are as good as you can get for a mutual fund company. However, over the last 13 years I watched my 401K triple and then drop back to almost where it started. It had finally gotten back to where it was when I put it into Legisi but I lost many years of growth. That is certainly no guarrantee either. Also, I started a Roth IRA with them 7 years ago and when I took it out I had earned a whopping $28.00. That’s in 7 years! I’ll take my chances with Legisi and a few other companies that have a good track record. I’d never be able to retire if I left it with a mutual fund. I know many people would never do this and that’s entirely up to them, but I have to try.
From what I’ve read and seen out there, I’d be in the VIP plan in a shot, if I didn’t have to take money out of the Fed to get there. As it is, I’m sorry I didn’t add my “gambling birthday money” to my balanced fund, as I’ve already lost half of it on some of Greg’s lying cheating hyips, and its only two weeks!
I’m hoping to add enough over the next year to get into VIP, but I imagine by time I do, it will be down to 6%. Ces la vie!
I am looking into Legesi too… i’m trying to keep an open mind and look at this objectively.I think alot depends on a person’s level of risk! However, I have noted the excitement of many who have tried this and our benifiting. For those that are worried about their money, investing that is, I have a good approach for you! Mostly likely youv’e already lost money in a internet opp. or the stock market or whatever. The start up ($250) in Legisi is a heck of alot less than lot of things we waste our money on. Yes, you could lose it but highly unlikely.
Suppose you did invest $250, see what happens, test it out. Continue and then when you’ve earned your princple back, take out your $250.00. Now you can leave the rest of $250.00 in and forget it. Now you don’t have anything to lose youv’e got your principal back. Now take your money else where and invest somewhere low risk. Meanwhile, that $250.00 you kept there keeps growing. All you do keep re-loaning it every term. Now I figured it out, if you kept going for 36 months you would make $7700.00 round figures with no principal investment and a little time checking it. Really, you have nothing to lose do you? So okay, let’s say it is corrupt and you lose it all, you’ve lost your interest and are disappointed, but technically it’s not money out of your pocket. On the other hand you may win big! So don’t be to skeptical you can’t judge Greg on the basis of other HYIP investments.
so far from what i’ve read about legis, it’s worth trying it.i am very interested in putting in money in, but does anyone know how how we pay taxes on the interest earnings. do we get a statement from legisi on our interest earnings and file our taxes on it at the end of each fiscal year?
bogs, do you need to pay taxes for loaning people money? Since Legisi claimed that your funds are part of a loan to them. I’m not sure though, just taking a shot.
I think that depends on your countries tax laws. I would guess that it would be considered capital gains but not sure. You should ask your CP Accountant. This company is offshore, probably for good tax reasons. Anybody know??
In the US, interest income is taxable. I believe the tax rate is different than the rate for ordinary income, but I’m not sure; you should check with an accountant. Interest income will be reported to you and the IRS via a 1099-INT form, and will be reported on your tax return by way of Schedule B.
Hope that gives you a little guidance. I’m sure an accountant will have all the particulars for you.
Thanks for sharing with us Chris, appreciate it
Thanks for the feedback guys on interest income thru Legisi. I will surely get my CPA’s input on it. how are you guys doing so far with your HYROL with Legisi?
Chris or somebody. can you tell me if i am doing my calculation correctly here.
example. 10,000 vip fund @ 12.5%. if i decide on cashing out an 11% interest monthly earnings into my account balance & compounding the remaining 1.5%. is my calculation here correct?
Principal monthly payout @ 11% monthly compounding @ 1.5%
1st 10,000.00 1,100.00 150.00
2nd 10,150.00 1,116.50 152.25
Thanks a bunch guys for shedding some light on the interest income. i will surely get my CPA’s input on it. Thanks Chris.
Chris or somebody. can somebody tell me if i am doing the math correctly here?
example. if i open a 10,000 vip fund @ 12.5% and want to collect 11% monthly
deposited into my account balance & leave the 1.5% to compound each month, should the calculation be like this;
Principle mo. int. earned @ 11% compounding Interest @ 1.5%/mo.
1st 10,000.00 1,100.00 150.00
2nd 10,150.00 1,116.5 152.25
You can designate percentages of compounding when you put in your loan, and you can also change the level each month or whatever, as you wish. For instance, if you want to compound 10% on your investment, and take out 90% and you put in 10000, the breakdown would be something like 10000x.125=1250-125(compounded)=1125 returned to you.
Does that help at all? been a long time since I’ve freehanded any arithmetic!
Why do your terms prohibit informers to the IRS, FBI, CIA etc.
What do you have to hide??????
10% compounded monthly give you a yearly return of 150%, there is no legal way that year after year they can generate the amount of money needed to pay out.
Wake up people and see the truth!!!!!!!!!!!
Go to Google Earth and see where they operate from, Podunk!
Just ready their website, it tells you nothng about what they do with your money, just about how they are better and are going to beat the scammers at their game.
Wake up people and see the truth!!!!!!!!!!!
Greg keeps using the words, ARENAS and ARENA, don’t be so trite!!!
They tell you not to contact anyone because their operation in the U.S. is illegal period. The amount of interest they are paying is consider illegal against U.S. Usury Laws. Laws stating the maximum amount of interest a person or company can pay on a loan. The IRS will be all there ass sooner or later because if the people that are lending the money to Legisi Don’t put their interest earnings in their tax return that is illegal as well. The whole operation is no more legit than the illgeal drug industry, anyone caught not paying taxes will suffer as well as legisi it self. most will surely see jail time and heavy fines. But American Investing Group LLC is based in the U.S. and are looking for loans from small investors. taxes are paid IRS is in the loop, SEC is in the loop, state authorities are in the loop at American Investing Group LLC best rate of return 50% a year. its not 10% a month but it is legal and you want go to jail. Go to AmericanInvestingGroup.org or contact me at my office 229-255-7213 office hours M-Sat 10am-6pm EST
mureese,
I was very interested in what you had to say right up until you plugged your motive. If you want to talk about Legisi, then great! Give you input and ideas, reasons for and against. Don’t plug, its cheep and questions your credibility.
Solie The only Credibilty in question here is Legisi. I just spit the truth and showed people were they can get a legit investment from with great returns. Not some illegal Ponzi.
I wld like to know if it’s true that the 10% & 12.5% payments will be reduced to 6%/month in the coming months.
I hope anyone of you cld shed light on this!!!
The interest rates will be reduced shortly, probably within the next month or so, to 6%. The minimum buy in at that time will be $1000, and the term will be 1 year. You will be able to compound any or all of your loan interest, but you will not be able to remove the principal until the end of the term of the loan (1 year).
Regarding the dreaded t word (Taxes) Legisi is an offshore company. If as an honest US citizen, you wish to declare your income, you can do it on a cash basis. In other words, if you are leaving the money in Legisi or in e-gold or e-bullion, you wouldn’t be responsible for reporting interest as income until you took it into your hands (or bank accounts) in US dollars, so if you decided to roll it over for an additional term, the money would never see your hands
If you never take possession of the money, I can’t see that it would ever impact on your personal income (if you donate it, etc).
This is just my opinion and should not be used in substitution of any legal advice from your attorney or accountant.
Good luck to us all! and thanks Greg and the crew!
Michelle or Greg,
If I were to invest now in the VIP program at 12.5%, and soon the rate is lowered to 6%, at the end of the year could I let it continue to roll over at 12.5%, or would it be lowered to 6% for the next year. The web page talks about how much could be earned over a 3 year period, would that be honored, or reduced?
Cliff, I should remind you that if you are going to have any dealings with Legisi that you read his website and the rules of the company. Rule #1, do not use or refer words like “invest” or “taxes and other terms that do not apply to Legisi. There are certain legalities involved. You could/would lose membership possibly. You can use “loan” instead as this is what you are in fact doing with the money you send. This is just a heads up!!
Regards
Dan.
Cliff, I can answer this one. Your VIP loan will continue at 12.5% only through it’s original 12 month period at the end of which you will have the option of taking your principal and interest earned out or reinvesting it for another 12 month period at 6%. Hope that answers your question.
Bev
Thanks Bev, however I think you’re about to get a reminder from Dan to use the word “re-loaning” instead of reinvesting.
What is the source of the information on the interest rate dropping to 6%? I scoured Legisi.com, and found nothing on this at all. I am just about to jump in with my first $10,000.00 for the VIP, as soon as I get my taxes back. If the drop to 6% is legit, when is it going to take effect? I’m hoping I can get my $10,000.00 in at 12.5% BEFORE the drop to 6%.
If the drop to 6% is legit (i.e., Greg has said so), has he said WHY this is happening?
Also, If I put the $10,000.00 into VIP this month (taxes willing!), and choose 100% compounding, will the 12.5% rate apply to the compounded amount as well for the full 12 month term of the VIP loan? Or at such time as the 6% for new loans takes effect, will compounded amounts from that point forward only earn 6% interest per month?
Many Thanks,
–Louis
Not having the time to go in and find it for you right now, it is in the Legisi forum under “Greg’s Corner” I believe. He probably hasn’t updated the website to show it yet. From everything that I have read, everything that you “loan” plus the compounded amounts will continue to grow at 12.5% for the full 12 months.
Cliff - this is why I don’t post much. I’m petrified of slipping up. So what do I do? Time to go back into hiding!
Bev
Sorry Cliff,
I didn’t mean to pick that point out about using certain terms. If was merely to let you know ahead so you could miss the speed traps along the way. But as far as the big change to 6% I am not sure myself yet.I’m still keeping an eye on that topic in the forum!
Best regards,
Dan
Dan
Just teasing, I did appreciate the clarification, it was helpful. Now we just have to get Bev back out of hiding.
One thing is certain is that if they are going to change to 6%, then a person should get as much cash together as possible or a least the min $1000.00.
I think when it changes you’ll only be able to reloan your pricipal amount and interest. I think you will not be allowed to ADD to your fund, just reloan on a 12 mo. term. Do you all have the same understanding of this?
Eg. If you loan a $1000 you can only build on that $1000 and keep rolling back in the interest to reloan.
I still say that you can operate on a “cash basis” and report the income in the timeframe it is received. You don’t report capital gains until you sell your property and receive the profit. This can be treated as a capital gain just as easily as it can be treated as interest income. If there is one advantage you should be able to take away from this its not paying t?xes on it until you’re receiving the money. Very often I will decide when to sell a stock based on my t?x position for that year, and whether I want to offset gains with losses. However, you need someone well versed in dealing with foreign income. I’m going to move to khazakstan and not worry about it! Nah - maybe Montseratt or Nevis
Addendum - per the powers that be, and I quote :
Interest is t?xable when available for withdrawal by the t?xpayer
End quote
I choose to interpret this as being when I have removed it to ebullion and/or egold and am prepared to take possession of it - before then it is not available for withdrawal to me. When one of my stocks declares a dividend in December, its not an event to report, not till I have a check in my hand in January. And that is pretty fundamentally cash basis accounting.
See an accountant all you rich people!!!!
Hi Michelle,
I had 2 long discussions with the IRS about HYIPs/Autosurfs last year. There are 2 types:
1. If the deposit returns in x number of days and it is no longer earning and it is available for withdraw, then the earnings count as taxable. It doesn’t matter whether you withdraw to an ecurrency or make a new deposit with the funds. The shear fact that they are available for withdraw makes them taxable.
2. If the deposit is continuing to earn, then you don’t have to count it as taxes until you actually withdraw it.
In both cases, the deposit offsets the earnings. So you pay taxes on the difference between your out-of-pocket and your gains. In the first type, each deposit is considered out-of-pocket, regardless of whether you spent via an ecurrency or from your account balance.
I hope this helps! Please note that I am NOT a tax consultant in any way and am not responsible for any one using the above advice or not. I am merely reporting what one IRS agent told me a year ago.
JMO,
Sharon
Rico,
My advice is to consult a tax expert. It’s well worth the expense (plus you get to write off the expense on your taxes.) However, the IRS agent told me to report it as miscellaneous… just as if I’d gotten a 1099-MISC form.
JMO,
Sharon
Hi Sharon,
Your conversation with the IRS is not that dis-similar to my opinion
as long as money is kept active in Legisi, its still earning interest.
The problem with taking it as an “event” in your #1 is that the t?x must be paid on that amount prior to your being able to report the re-deposit. When you do report, IRS takes your “in and out” for the difference, not your in and out and back in as far as I see it.
But - Legisi is NOT a hyip and I wonder if it puts us in a different position? Is Legisi a hedge fund?
Since Legisi is not hyip and not a US corporation, why report until such time as you have the cash in hand, (i.e. in e-currency), especially since you will most likely not be able to pay any t?xes until you get the money on such amounts? And if you do take out enough for that instance, you are reducing your interest earning capabilities and thereby lowering your principal in the loan. Also, you are lowering the amount of t?xes that will ultimately be paid, so no one is at an advantage.
The Leopard fund is a pooled fund that IS a US corporation and doesn’t compound, and 1099’s all of its subscribers each and every year - therefore they know exactly where they stand, and actually are RECEIVING the money in the same reportable time frame.
IF the re-deposit is all internalized in Legisi, then I see no reason why you can’t ‘not declare it’ until such time as you pull it out, especially since, as you point out, the situation would be a “wash” in any case as a t?xable event. I can see it on either score working out fine, and still having the supreme impact when you’re taking the money out for use.
The most important thing here is in knowing that you and I and all of us are responsible for t?xes and that we have no intention of not paying them…we’re all just looking for the easiest way, and the most profitable.
No matter what, I would do NOTHING without speaking to a professional tax accountant and/or lawyer familiar with how to handle income from a foreign source.
What we NEED is a good tax accountant who won’t rip us off and is loaning to Legisi, because he/she will have investigated whatever information we need for this. Any takers? Since my VIP doesn’t come due till 2008, I won’t need the help till then or early 2009, in any case, but what about everyone else?
Can anyone give either their contact no.,e-mail add, or address, so that I can call or e-mail somebody, cause I’m about to join LEGISI w/in this week?
I wld like to be sure that this is LEGIT and not a HOAX. Just going to ask some pertinent questions.
THANKS to everybody and do have a great day!!!
e-mail: edited for safety…. you may email Sharon at sharonsopinion@nobshyip.net and I’d be happy to pass it along.
Residence: Quezon City, Philippines
MON FRANCO
Mon,
I just dropped you an email.
HI Mon,
It’s never a good idea to post your email address in a public blog/forum. There are programs that scrape the sites looking for email addresses.
Hi Michelle,
Thank you for stepping up.
JMO,
Sharon
Hi Sharon,
If you lived nearby I’d ask you to lunch
Would be a fun couple of hours of conversation.
Michelle
Hi Michelle,
LOL! I’m always up for a good conversation! Shoot me an email. You never know, we might be neighbors.
- Sharon
hi..
for those who aren’t familiar with the transaction w/legisi, lemme share some firsthand experience - these are the (my) basic steps to start your PERSONAL LOAN to legisi:
1. go to bofa;
2. w/d 10k cash;
3. deposit 10k cash into ebullion acct (a bofa acct is established by goldfinger, inc… so you’re depositing cash directly into their bofa bank acct);
4. fax your cash deposit to eb;
5. eb sends you an email that your acct is funded (1-3days after your fax);
6. open up a legisi acct;
7. do a deposit;
–> legisi website takes you to eb site to do a cash transaction that transfers your 10k cash (e-currency as i had requested to be held in eb) to legisi;
8. 1-3days later, legisi emails you that your acct is funded (it will be reflected in your acct when you logon)
–> depending how you deposited into legisi, it could be sitting in a loan fund or waiting for you to decide what loan fund to put it in.
NOTE for U.S. citizens:
1. nowhere in the above is your SSN required;
2. accts setup are taken at input facevalue;
3. no documentation is required for verification or authentication;
4. this is a personal loan on trust/word only… your only “proof” of this transaction is your trail of emails and website screenshots of your transaction;
QUESTIONS:
can they walk away w/your moeny?
–> i don’t see why not?
is this foolish?
–> only time will tell who’s laughing in the end (hopefully it will be me and not those watching from the outside criticizing on conjecture! :D)
are you liable for taxes?
–> i would assume you are as liable as you are trackable. if i came up to you and gave you $1,000 cash in person, would you report it? ethically and by law you should report it.
–> once it enters your bank acct on a regular basis or lump sum exceeding 10k basis, you will be on documentation w/the irs.
the only thing the irs can track is what you put into your acct exceeding 10k or in a pattern of regular deposits… otherwise you can cash out somewhere else and fly in w/the cash w/o record, i’d imagine.