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Thanks to opie999 our man, PeterB has announced recovery plan for Club-FX, I’m not here to judge on how will it work out.
Hi all,
Ok, this is the recovery plan. I have secured enough money to make a start, it will take a few days to get it to trade but that’s not a problem.
1. I will be trading with the money I borrowed and paying members back on a monthly basis.
2. Nothing is guaranteed, I am doing this because I value my good name more than your e-gold and The risk is all on me.
3. I am using my own assets to secure the funds. I don’t have to do this, we were genuinly hacked and I have an e-gold account to prove it, and letters to and from e-gold etc.
4. Once I start re-paying everyone I will not tollerate this kind of abuse. Conciliator, that especially includes you.
5. Any decisions that I make are mine to make since I am using my own assets to help you get your e-gold back.
6. I have closed the site e-mail, I don’t appreciate hate mail at a time like this. Those that sent hate mail can forget about getting anything back.
7. I will be aiming to give everyone a portion of the amount they deposited each month till the whole amount has been settled, I do not guarantee any profits but if things go well… well, we’ll see.
8. If I recover any of the stolen funds it becomes mine, including (if there is enough recovered) any profits associated. However I do not believe at this time that there is any hope of recovering anything.
I will restore an email for the members to use to contact me once everyone has calmed down a little.
When the e-gold situation first broke out I had a flury of e-mails saying that we should look for an alternative, since I trade on more than one platform it is not too difficult for me to move funds from one to the other, however one is e-gold and the other is not, (and there is very little in that account. So to move the money from the e-gold platform i needed to first put it in e-gold then send it by wire through Omnipay. That’s not too hard to see, I did it before without any problems if you can remember when we moved from Marketiva. also I told everyone after the fact, even a little common sense says don’t tell anyone you’re moving money, before we got hacked members were saying get out of e-gold, now that we have been hacked members are saying why did you do it…!!! Well I did it because of the situation with e-gold. It was a prudent thing to do at the time.
Why did I do it all at once? well if you think back and try to remember, there was a sense of urgency at the time with the e-gold situation, You probably would have done the same thing under the same circumstances.
Why haven’t I posted any more proof af what happened? well I was giving anyone who asked all the proof that I had, including letters to and from e-gold, screenshots of the e-gold account etc and still I was getting shot down, if the correspondence from e-gold and screen shots were not enough then nothing will be, The dogs were out to get me and nothing was going to stop them. So why bother.
The way I am working it now everyone will get their money back and I’ll be able to sleep at night, even tho’ I know I could still have a clear concience even if I don’t do this… we were hacked, I never stole anyones money.
I’m sticking my neck out here, I’m not asking for gratitud, but a little acknowlegment and less tareing my heart out will be helpfull. I’ve already lost enough and now I’m committing to try make sure that you dont lose also. So to all the winers, wind your neck in, dry your eyes and lets get on with it.
Regards
PeterB
Popularity: 2% [?]
Hm, the only money which could be lost was the money on the eGold account. So only people which had done deposits and withdraws could be affected. Where gone all the money on his trading account?
You really couldn’t finish reading the entire post?
LOL! Thanks, Jude. I wish I could take full credit for Peter’s announcement. The fact of the matter is, there’s a great deal of public pressure being exerted on him right now on the GT forum. I’m also sure the email he’s receiving is setting his inbox on fire!
Yea, but the flaming wouldn’t bother him if he sets out to ignore them. Let’s see how things will pan out for existing members and wish him best of luck. I’ll contact Marcos from FXE soon to see how things are going on his end.
The best way is still to manage your own funds; Or have someone whom you trust doing it properly. I could get Steve from IS to show me the forex statements and trades anytime, I could get Dan from LH to show me the forex statements and trades anytime too (apart from the Blackjack sessions), that’s why i trust them.
I’ve requested a few times with Peter to do the same thing, but was rejected. His information isn’t with me, and currently, only a few people has more documents of his than I do. One of them is PeterG from GoldenTalk.
Well all these information are still useless when it comes to recovering your funds.
I guess this has edge up a notch for people who seriously believe in Due Diligence.
He singled me out, which I guess is not surprising since I’ve been the most critical and have raised the most acute questions. As I said to him, “I don’t think holding people’s repayment hostage in order to censor them of their negative opinions is at all appropriate or professional. Applying a rule like this retrospectively [to those who sent you “hate mail”] is especially inappropriate.” My full response to his plan can be found here: http://goldentalk.com/showpost.html?p=118301&postcount=2080
Not surprisingly, he didn’t say how much he is now trading with, so there is no way to tell how long a full recovery would take. If $1M (randomly selected number) were, in fact, stolen, and he is now trading with, say, $100k and will turn out monthly returns at 15% on average (not counting whatever is taken by him to live or otherwise pay himself). It’ll be over 16 months to break-even at 100% compounding. Certainly that’s better than nothing, but it also assumes 16 months (again, just an example) of uninterrupted, unabated earnings. Assuming Peter is truthful (a big “if” at this point, still), even the most optimistic scenarios look to involve a long climb uphill….
On the plus side so far Peter has remained more communicative than Macros ever was after FXE went down the crapper. This could change any day, but I think chances are higher that once the dust settles Peter will be more open to partial refunds (for those who want them) at an earlier date. Will just have to wait and see…
Well I just had a chat with PeterB on the phone. The man has a plan and I know we’ll all get our money back. It’s going to take him some time before he starts trading again due to the fact that he has to get a tax clearance first. I offered to help him with more funds but he told me that the whole thing has shattered him and that he is now afraid to take anyones money. Lets give the man a chance and stand with him before we crucify him.
>> You really couldn’t finish reading the entire post?
Hm, wait a moment:
He says he is using several trading platforms. The part which I don’t understand is why he wanted to move the funds from one platform to another through eGold? If you don’t want use eGold any longer, he could still stay with the same broker, because every broker accepts withdraws through bank wire (on your own name). There is not one broker out there which accepts only eGold. That really doesn’t make sense.
Yes katzenhai2, that’s the stupid part. Yet that’s not what you were saying in your first reply.
@Dan:
You are right. Well, I read the complete text from the beginning, but english is not my native language and I it seems I read over this part. Lame excuse, I know…
Good catch, Katzenhai - that didn’t occur to me as I read through it.
“So to move the money from the e-gold platform i *needed* to first put it in e-gold then send it by wire through Omnipay.”
No, Pete - you didn’t. What’s the explanation, I wonder?
Jude, I read sometime back from the GT forum that PeterB was teaching you to trade and that you made 100 pips using his strategy. Is this correct? How would you evaluate his system?
Another question. Were you one of the persons he showed a screenshot of his e-gold account to as he said in his e- mail above? As far as I know, nobody in the GT forum has confirmed seeing it.
What reason did he give for not showing you his trading transactions when you asked for it? It’s this more than anything else that makes me doubt whether he really did trade as profitably as he claimed he did.
There are just too many questions begging for answers and to say that PeterB has been less than forthcoming is an understatement. And I’m just sorry to see that people are bending over backwards and not pressing him for information they have a right to know in the false hope that they’ll recover their money eventually.
No wonder scammers thrive in the HYIP arena. We enable them.
Folks, can any of you do me a favour?
I’m not a member of GT but would like to have these questions asked:
PeterB said: “So to move the money from the e-gold platform i needed to first put it in e-gold then send it by wire through Omnipay. ”
Isn’t Omnipay one of the exchangers whose accounts were ordered frozen along with 1mdc?
He also said: “I was giving anyone who asked all the proof that I had, including letters to and from e-gold, screenshots of the e-gold account.”
Can anyone confirm this?
Thanks!