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May 8th 2007
CNN Article on Legisi
Tags: Legisi.Check this interesting write up on Legisi in CNN column at Answer Guy.
Thanks to pablo_gonzales for sharing! 
On the other hand the flags seems to be really raising high up for Legisi with the new changes, do take note.
Popularity: 15% [?]
I think we sometimes forget what a strange little world is HYIPLand. It’s interesting to view it with an outsiders perspective. Sort of like being a virgin again.
Well, even if everything is above-board with the changes, this might’ve scuttled the program anyway. As I more-or-less mentioned in the other thread, HYIP (I’m sorry; I meant to type “HYROL”) programs are not prominently featured on a major news outlet in this way without some repercussions, almost certainly negative. And the “Answer Guy” and Mr. Borg have contacted authorities in Michigan, to top that off.
Nice to see that CNN is with me
I got few hate mails and a threat to be sued (for what??) from one of their team – just because I wrote that I think they look like scam (the article is at http://hywd.info/article825_In-Focus -Legisi,-The-Next-To-Go-Down.html). My very short advice to anyone is to stay as far away from them as possible.
“And the “Answer Guy†and Mr. Borg have contacted authorities in Michigan, to top that off.”
That should put them to the test
Has anyone (with some credibility) physically gone in person to the legisi address to see if they’re there and if the man’s face matches the photo on the legisi site? Just curious, because this “Greg McKnight” fellow has a name very similiar to a well known scammer from England. Of course it could just be a coincidence…
I’m not attempting to defend Legisi by any stretch but the article is certainly written to focus on all the potential negatives. ‘No potential market can give those returns’? I’ve made more than 10% return per month in FR so I believe it’s certainly possible to trade and average that or more. Every month? No. Average. Yes.
On a more positive note, the fact that they said they ‘almost never’ go after the participants in any practical way is ‘almost’ reassuring to those involved in HYIPs I’m sure….
I did a google and 411.com search on Greg McNight and the address he had listed as well as a reverse phone number look up – all the numbers matched the address. Of course I am not sure if that is a real physical address. I am not a member and am not going to join at this point.
“I’m not attempting to defend Legisi by any stretch but the article is certainly written to focus on all the potential negatives.”
That’s very true. It’s really a – fairly benign – smear piece that is shot through with the preconceived notions of a “conventional investor”: someone who would never lend credibility to a claim of 10%/mo. because he has always thought any annualized (nevermind monthly) return much exceeding the performance of the S&P 500 as altogether exceptional. Unfortunately, the fact that this guy is wrong on principle makes little difference: his take on Legisi is right in line with the “official position” (notice the quotes) of the old guard of the financial world. A HYROL is a violation of the party line, and so if securities regulators at the state level get a bee in their bonnet about this, it will effectively be “game over” for the prog.
I do agree with his pleas to keep retirement funds out of this thing, however. Too much can go wrong that isn’t performance-based (e-currency problems, external intervention, etc.) for this to be a long-term holding. There are countless posts in the “industry” forum archives from people bemoaning the loss of retirement capital after liquidity dropped to zero for reasons other than a program self-destructing.
Typical American media coverage, just because a 60 year old asked a question about a investment he’d heard of, they write this article assuming that man is stupid enough to drop every dime he’s saved for retirement into it.
Although my personal opinion was already that they were not going to be around a whole lot longer, this will certainly put them under a microscope that they will not like. I wonder if this won’t be used as the excuse they need to close & run.
I understand the concern of this program but some of these guys on the outside are starting to look like conspirators. At least they have been around over a year. Are it’s members complaining?
If they go after Legisi they “the authorities” should go after all HYIP’s as well. This should also include forums that promotes the HYIP’s. This is where they all begin to promote. The scamers lure members when they are publicly able to promote programs on these forums.
I don’t think it’s legal to promote such programs if thier ILLEGAL.
Not hype up any “hyip”. I hate losing money as anyone else.
To me none of the financial world is sweeky clean no matter how you look at it. Bigger forms of corruption can be done behind something deemed “legal”. The same people who write the law break the law.
cashking, the name really does match the face. It is the same person in the photo at the Legisi site. Are you asking this of Legisi members, or those who are not Legisi members, as they would have not had any reason to meet Greg. Many Legisi members have met Greg (anyone who joined us in Mexico last month and others who have gone to Michigan to meet with him). He has a very transparent presence on the internet. When Legisi first opened, he had his home phone number and address posted. He has since opened an office and now that info is posted. It is a coincidence. He isn’t the scammer from England. Legisi is here for the duration…
quote from luv2hyrol
“If they go after Legisi they “the authorities†should go after all HYIP’s as well. This should also include forums that promotes the HYIP’s. This is where they all begin to promote. The scamers lure members when they are publicly able to promote programs on these forums. ”
People should be able to own their finances and any mistakes they make. The last thing we need is a police state internet.
I own the responsibility of getting scammed and learned from it, what I don’t need is big brother making laws to protect me from myself.
Lily,
That’s not how it works. Sorry! If the authorities want to investigate and seize any program they will. I was simply stating, that if they go after Legisi they should go after all programs participating in the HYIP’s world including forums.
“I own the responsibility of getting scammed and learned from it, what I don’t need is big brother making laws to protect me from myself†I AGREE!
Obviously, this is not the case with some of you. You’re going the extra mile to find a way to bring down Legisi and looking for its demise.
LoL, One of the mistakes I made was not investing in Legisi a year ago when I first read about it. I hate the fact that they might end up under a big brother microscope.
Although I don’t have any money in it, I hope they can survive the scrutiny and continue to earn returns for their membership. As far as getting in now, before they go private, speaking just for myself, the risk factors are to high for me.
The only risk was that it might be and IS A SCAM.
Did you not read all their promotions, and promotions of their sub agents. All included spelling and grammatical errors, cliches and oxymorons.
Many thanks to Lily and luv2hyrol for their comments. I read this information and the CNN article with much interest. Now I can’t speak of matters that I’m not directly involved in but I can say that I did invest with Legisi in Aug 06. The fund at the time was offering a higher rate than the 10%, it was 12.5 at the time and changed shortly after that. It has now been moved to 6% monthly and has delivered on every promise made… so far. Does this mean the end? I’m not sure, but I only invested money I could afford to lose, nothing more, but at the same time I have more than doubled my investment, in fact I have tripled it, withdrawn my initial deposit plus 50% of the profit made and have re-invested the rest. In fact I’ve now invested their money instead of my own.
So as a Legisi member, I have threatened my membership by writing this comment, but at the same time, I have made money with Legisi, the money I made now sits in an account that they do not control and have prospered with them so far. If they should fold now, I’m still in profit and lose only money that I made from them. Thank you
Hi Zulu,
That’s great! Congrats! You’re definitely playing the HYIP game correctly by withdrawing your seed money plus some of the profits. Way to go!
JMO,
Sharon
so you made some money, you are still asshole like all the rest
More then a year sine the last post,
and you idiots are probably still looking for more cashkings I suppose,
AUREA??