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Never a fan of Udachu, thanks to Jose for the update. Seems like loads of private programs are heading to the chute. Rod’s probably beaming all the way in Hawaii now.
Take note for potential investors who’re pooling for ‘legitimate’ investment opportunities by Udachu, it’s unwise to do so.
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 positionsthat 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
Popularity: 9% [?]
Udachu has always been a scam. Too bad so many people get sucked into it and defended it passionately everywhere. Everyone who was trying to bring some healthy scepticism or has shown any dislikes to their admin’s personality was attacked and demonized (I know this from personal experience). I am sorry for most of the people who lost here, but there are few who just deserved it.
And like the most of the complicated scams, Udachu has its main lobby in hyipdiscussion forum, which is yet another reason to stay away from it and the programs which receive strong support there.
The Silvergate program lost it’s trader within the first couple of months last year…. That was the time Udachu should have wound up this mess imho.
I’ve never had a lot of trust in Rod personally either.. but I have to admit he is yet to rip anyone off that I know of.. and everyone had the chance to get a refund from here in December… so if he does manage to ensure no one loses money, I for one have to give him a little kudos.
Doubt I will ever consider anything else associated with this group though.
Some of these stuck up, conceded Udachu assholes are also previous Solidinvestment members, which to them, gives them the right to go out of their way to make anyone else who says crap about their program look bad. Seems to be a psychotic MO of these people. They don’t realize how retarded it make them look. Glad I wasn’t sucked into the bullshit after the SI debacle.
Rod always knew it better. He was the Professional and everyone else was crap. He was INDEED a pro. IN scamming!
The devoted smug followers of Ron are still denying Udachu as a scam/ponzi because they will supposedly pay them back their principle in due time. Any program or company that defaults on their original agreement with you is a scam. The management of their funds were completely incompetent breaking this agreement from the start. Don’t believe any of their lies.
the final chapter in these buggers life completed “finally”. the crappy forum did finally disappeared also and so did of course my money. MAY SHOWORTZ PUT a CURSE ON THEMMMMMMMMMM …..
for anyone wanting a refund , don’t hold your breathe. i was BANNED for asking a simple question months ago and was told i would receive a refund “when he got around to it”. i waited 2 or 3 weeks and emailed who i suppose was rod, it’s been such a long time ago i don’t remember exact details. anyway he told me to not hold my breathe either.