nobsMailing List
Sign up for our free monthly e-newsletter.
nobsNetwork
Nobs Network Forum Nobs Invest - Nobs Investment Community Nobs Forex Blog Forex for Beginner
nobsPopular Entries
A responsible citizen always cooperates fully with the authorities. I know I do. Always. Fully. No, really.
Dear Global Member:
There are several reasons for this e-mail. The first is to acknowledge the receipt of and respond to your letter or phone call, even if we’ve spoken recently. More importantly, it is to apprise you of the current status of Global Direct’s business (particularly as it pertains to withdrawal requests, activations, account renewals, and other situations) and recent developments that impact same. Since I am sending this to all correspondents, it is possible you may receive it more than once.
A little over a week ago, Global was contacted by the SEC (U.S. Securities and Exchange Commission) regarding an “informal investigation” of our methodology of fundraising and business procedures. I wish to emphasize that this “investigation” was not a “Cease and Desist” and Global was and is allowed to continue with its sales. However, at the request of and in full cooperation with the SEC, for the time being, all other activities such as withdrawals, new loans, account updates, etc. are “on hold.”
Withdrawal requests sent out on or before the 14th of March were the most recent before this temporary situation was effected. I have no immediate means to determine if any particular request or delinquency was in this group.
I feel it is important to stress that keeping a “cool head” at this time serves everyone. I will always, as I’ve promised many times, keep you informed and tell you the truth about what’s going on. The two senior officers of Global are both working feverishly to resolve any issues that, unintentionally, may not be consistent with legal compliance. Their first commitment is to Global’s members and the safety and security of all members’ loan principal.
We will continue to have updates on developments both on our web page and on our weekly calls on Tuesday and Thursday nights. You may soon be hearing from Buck or Bry, or even both by e-mail. As you can imagine we are all currently inundated with e-mail as well as phone calls, so please be patient and allow us time to get back to you. If you do choose to leave a personal voice mail for me, I request that the first three things you say, slowly and clearly, are your name, phone #, and where you are calling from.
On the brighter side of the spectrum, the receptivity to our “Business In A Box” program has been universally positive. This creative and innovative “breakthrough” in how independent contractors and entrepreneurs will be empowered and profit is unlike anything in the history of free enterprise and has prospective associates excited “World-wide.”
In my opinion, there is a remarkable, brilliant, future ahead for all associated with this wonderful company. The men standing behind it are of the highest integrity and the most creative and generous I have ever had the honor to serve in business, in my 30-plus years of self-employment.
I hope this letter finds you well and contributes to clarifying the current, if somewhat chaotic, state of things. I will endeavor to keep you informed of the facts as they become known.
Thank you for your continued patience and support of Global.
Kindest Regards,
Russ DeVan
Popularity: 3% [?]
This may prove disastrous for all the programs posturing the “Private Loan” terminaology
And a few comes ringing on top of my head now after you mentioned it
If they are on the up and up, they shouldn’t have a problem. I see it like this, if they pass this scrutiny they will be all the more stronger for it.
merde! Very likely another opportunity lost. Once the SEC has you on their table, good things rarely happen.
As Global’s principles have already felt the lash of SEC cease and desist in other states, one can well imagine that this audit will not be favorable.
no wonder the online business is slowly moving more towards europe and asia. Unless you hide your identity and your physical address, the SEC and the local autorities will shut you down if you run your business in the USA. As people online are very sceptical and dont invest quickly in real opportunities that hide theirself and cant reveal any DD, I feel the US online business will slowly fade into thin air.
what do we do to get our money back?
Investor, just relax and wait. People like advocate are the same ones who scare you every time April 15th comes around. You know, like the daily news on TV. Oh! The IRS will ruin your life!
Haven’t you heard this all before?
Just because an investigation is started by one of these agencies it doesn’t mean that they will ruin you or the businesses they investigate. That is, if the business is legit.
well, i just received an email to verify and send info on my deposit. did anyone else receive this? i heard they are asking this because they are going to have to set aside the money they owe people to guarantee they pay it. also heard they received over 10 million dollars in investments. can anyone verify this.
I hope I’m wrong but my first thought as I was reading this email is that this is their way of getting out of paying any interest on our loans.
The only ones who will have come out ahead on this whole scheme are the referral whores who pushed this program. Their multi level 35% total referral payout was always a huge red flag that kept me from investing more than the $500 required to get the better daily rate. (before the Oct. rate change) It was also what kept me from pushing this “possible scam” thank goodness, or I would now be feeling very guilty having earned those kind of referral fees.
As an investor who has been in since July and compounded, I will be really angry if they scammed me out of my original investment and almost as mad when they do as I suspect they will, which is to give me back my loan with no interest.
As always, time will tell, and yes, I realize by compounding I broke the 1st rule, but this is not supposed to be a ponzi scam. LOL
Notwithstanding the larger issue of this company’s survivability, some of the small things they did simply fly in the face of good business practice.
One example: They sent me a check using priority mail which cost $4.55—-this in addition to paper costs and labor costs to generate the payment. It is a simple matter to use electronic funds transfer and save themselves approximately 80% of this expense.
I have to ask…..what else are they doing to detract from their bottom line?
But, I’ll keep a positive thought.