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Feederfund is liquidating all account payments by the end of the month. So much for a 2 year “solid” program.
We are in the process of winding up all liquid accounts for payment to members by the end of the month. Our position is now untenable as many members are wrongly accusing us of fraudulent actions. We refute this absolutely. The situation with FXIG and ITS has been plainly disastrous, but the accusations mainly stem from our support of PSHI, which we were fraudulently deceived about.
There has been a misconception from the information on the website, that we knew Blake Prater for 17 years. This is NOT the case. Project Springboard was obstensibly a Partnership with a number of founder members. One of these founder members was known to us for a long period. My Prater, using the alias Adam Hunter was someone we had never met.
It is now understood that the Partnership was never legally formed due to the lack of disclosure by Mr Prater to the other potential partners. From the very start, it would appear that only Mr Prater has handled and managed the funds and other assets of PSB and PSHI. Various reports over the period assured PSHI members that real businesses were owned and managed by PSB. It is now sadly down to the US Government to find out what Mr Prater has done with the money and recover as much as possible.
We will bring you news at the end of the month as to how the settlement of the liquid accounts -ILC, SAF, NSFG, JoyFund and the Cash Account will be completed and more news on the handling of the PSHI, ITS and FXIG accounts.
Popularity: 7% [?]
They certainly came across as professional portfolio managers. However, it is sad they chose the wrong programs too many times.
Amazing that they lasted that long though
Too bad. FF was the sunshine amongst the many scams on the net and it made people believe sustainable businesses online is something that does exist. However also went down the drain after the massive collapses of LYIP’s in a chain reaction in the middle of 2006. The cardhouse felt apart.
First they sent this email, Jude if you consider to delete it do it:
Dear Udachu Group Members,
As most of you have already been informed that the funds that fall
under the Vielko Cielo Corporation Panama known as Silver Gate Forex
Hedging, Udachu Invest and Udachu Fund has been sold to a third party.
The purpose of the third party is to close out each individual account
and dispense the member’s funds. The current form of payment is set
to be with E-Gold. However until there is sufficient legal proof that
E-Gold will be a safe medium they will be looking at all other
options.
An explanation of why the funds are closing is in order. Due to the
ever increasing legalities involved it is not profitable or prudent to
continue in this fashion. It has been the group’s goal to always make
sure that any investments carried the lowest possible risk. However,
risk comes in many forms. And it is decided that the over exposure and
speculation of these funds create more of a risk that it is worth to
continue.
The returning of funds is not a simple process, yet it is quite
doable. With any type of investment, such as volatile market trading,
real estate, venture capital etc., it is not possible to withdraw
funds as if it were in a bank account. In the sense of real estate,
the property must be sold. As with any real estate sale, a determined
sell offer has to be below current market value.
Venture capital is a little trickier, but can and will be done. In
the case of the Foreign Currency Market there may be offside positions
that need to wait for market correction to be in profit. There may be
locked trades where a position is hedged and the market needs to swing
one way or the other to get out with profit. All in all, it is not
just a matter of closing a bank account and withdrawing the money.
How will the funds will be returned? As each aspect is liquidated it
will free up cash. As it is received, it will be returned to the
members on a monthly basis based on the percentage of stake you have
total in each or any fund. We feel that this is the quickest and
safest way to having all funds returned. There is no way to answer
with any accuracy how fast this process will take. We can only assure
you that is in our best interest as much as it is yours to have the
process done as quickly and efficiently as possible.
We know that most of you are very disappointed to see such a
successful program go. I assure you that Udachu Group and the Silver
Gate Board are hard at work creating new and better things. We have
outgrown our position as an HYIP and have moved on to much bigger,
better and more strictly regulated structures that will continue to
provide opportunities for investors.
Because of legal issues with registered Hedge Funds, Mutual Funds
and similar investments, we are only able to accept the legal
definition of accredited investors, which are $100,000 USD minimums.
Some of the Silver Gate Board Members have been working on a smaller
fund for the “little guys” so to speak. This fund is in no way
attached to Udachu or the Silver Gate Board.
This is something that has been set up as an alternative for those
that are looking to remain in this type of business. I cannot speak on
behalf of them as I am not involved in their group. However, I can say
that I have worked closely with them for years and a better fund
structure has never come across my desk. We have agreed to let those
that are having their funds returned, if they wish, have their money
be directly deposited in an account with this new fund. It is my
understanding that their fund will not accept too many members but
first priority will go to Udachu Group members. For further
information you will have to contact them. Your information will only
be passed on at your request.
In order to expedite this procedure we will need you to reply to this
email with your accurate account information.
1) The Name you used when opening your account
2.) Email associated with this account
3.) Account ID number if known.
4.) E Gold account number (we will notify if there is another payment
system)
5.) Would you like more information about direct deposit into the new
fund?
As we will make every effort to conclude this business in a timely
manner, we must remind you that until funds are in cash form, there is
still the inherent risks associated with any and all investments as
always. We will update you with further news prior to June 1st 2007
Please electronically sign that you accept the terms of this agreement
and reply to refund@udachufnd.com
Type Name Here _____________________________
Regards,
Udachu Administration
Yes we all now udachu is a scam and Rod is sunbathing at the beach in Florida. What does this reply you did have to do with FF, Jose?
Anyone knows what’s going on with Infinite Lottto? Will we see them back on the track and when? Any news at all? Please share with us. Thanks
O am sad to see Feeder Fund gone: they d said that the allgeed refund payments were confiscated by the US govt via egold being required to hand over the money. I feel egld is as good as dead too….Patrick