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Aug 9th 2007
Legisi had a lot of their e-gold seized on April 2007 *before* they went private.
According to Scott, Greg did mentioned it in his private forum but whenever some funds are seized by the government, its very likely you will be the next target of “big brother”.
Is this the beginning of the end for Legisi or can it recover?
Total amount seized - over $1.7 MILLION dollars.
Sources : Talkgold, Cattyshaq, Clifton
Popularity: 22% [?]
I hope you are not surprised.
“How many more of these scammers have to show up, before people learn their lesson?”
Many, many more. In fact people just never learn. Each new major scam which appears has the same supporters, the same arguments in its defense and the same end. I am so tired by all of this.
Just because their accounts were seized doesn’t certify them as scammers.
The perpetrator could be govt,egold or devious individuals. Theres too many loop holes in this industry to just blame the admin. People scream scam but they are the ones sometimes creating the storm. Sometimes the admins are the BIGGEST victims. Im just looking at the root cause vs. the admins track record thats all.
over $1.7 MILLION dollars in E-gold, during very “uncertain” E-gold problems. I don’t believe it myself; is there any concrete proof?
Regards,
Dan
Check out the thread at scam.com, especially posts 14 and 39 from nomass and #40 from morpheus961. Later in the thread - and at the talkgold thread “jlpicard” continues to insist that a) Legisi is just fine, b) the information in post #39 at scam.com is relevant to e-gold only, and that Legisi stopped using e-gold in April, before going private and before the “troubles” really started there.
But:
Legisi Holdings LLC’s e-gold accounts are, in fact, listed as defendant property in the filing, with the plaintiff listed as none other than “UNITED STATES OF AMERICA”.
One problem is reconciling “on or about April 26, 2007 and May 4, 2007″ (per the forfeiture filing) and Picard’s comment at scam.com post #42 that “Legisi stopped using e-gold in April [2007]”. One of three scenarios is possible: 1) Legisi stopped *using* e-gold in April, but *stored* $1.77M in their e-gold accounts. 2) Legisi stopped “using e-gold in April” because funds were confiscated at the end of April. 3) Legisi somehow indicated or implied (someone in the prog or who followed it more closely might know) that they stopped using e-gold earlier in April 2007, in which case they (Legisi) more-or-less lied because funds were present to be confiscated at the end of April and also the beginning of May.
Another problem: how is Legisi “currently alive and well and still taking care of its members” after forfeiting $1.77M to “the United States Department of the Treasury, in Washington, DC”? How has Legisi made good on that loss and continued to pay out according to its prescribed terms?
Whatever the case of to what or whom the document was principally directed, it indicates Legisi’s e-gold account holdings were largest in the entire system next to e-gold’s accounts themselves. I’m not going to go through the registration procedure at PACER to access the information at the source, but the case info. can be found here.
I have no problems with Legisi, as such, but have been skeptical of it all along. I won’t attempt to foretell how this will work out, but it’s quite obvious suspicion has been aroused and that Legisi’s legal defense/justification are flimsy, at best.
Whether or not the 1.77M is being confiscated is grey but I’m not pinning any hope that Legisi will be still around next year.
Thanks for the post makila. At least awareness is raised.
Just to clarify that the amount does appear to have be confiscated, the forfeiture filing says the following:
“The defendant property is now in the custody of, and under the control of, the United States Department of the Treasury, in Washington, DC.”
What is the “defendant property”?
“4. The defendant property is: All property, accounted for as an amount of “e-gold” in, or underlying, e-gold account(s) 2636005, 2825136 and 2828872, on or about April 26, 2007 and May 4, 2007, and now reflected as U.S. dollars.”
The amount “now in the custody of…the United States Department of the Treasury”?
“6. Post-conversion [after converting e-gold to USD], the U.S. dollar value of the property recovered pursuant to the warrant(s) concerning the e-gold account(s) at issue here was $1,769,264.19.7.”
So, we can assume the pre-converted amount was even more.
Makila’s entry really doesn’t even warrant a response, but for the sake of trying to legitimize the “No BS” moniker of this blog, I personally went back and reviewed a still existing post from Greg in the private forum. In that post Greg clearly outlined the situation - including the fact that some Legisi EG accounts had been frozen.
I am not cheerleading. I am fully aware of the risks associated with the venture. I do not know Greg personally. I am simply stating fact. No opinion. No BS.
In another post re: Legisi I noted that continued commentary on closed/private programs (whether positive or negative) is really counter-productive. Follow-up comments to my post indicate that bigger “players” in this arena think I’m wrong. So, exactly how is this new thread helping anything other than providing a forum for the likes of Makila to feel important?
I have no issue reporting the facts here - though as I’ve noted those that needed to know were already looped within the private forum months ago - but if the blog is to have any integrity at all (assuming that’s possible) then it can’t continue down the path of BS, self-serving posts being legitimized and unchallenged.
I’ve wasted enough time….
Topic edited with Scott’s info.
About your personal attacks on this blog Scott.
I assume you ONLY read legisi topics here. Because Jude already mentioned it multiple times : He is in the process of changing the blog.
To be honest I would like to see it concentrate more on real opportunities outside the hyip world.
“Just because their accounts were seized doesn’t certify them as scammers.”
Bobbythegr8, what was 1.7 millions of dollars doing in their e-gold account?
Even if it was not frozen, just SEEING that money sitting there means only one simple thing - PONZI.
Legisi paid its members in the same manner that those members had loaned. If a member’s initial deposit was in e-gold, they received e-gold for interest and principal payments. Thats since been changed, and now its not an option. However, all members have been paid everything they contracted for.
Well ………..
You can be very sure that you can kiss that US$1.7 m GOOD BYE !
The legalised MAFIA rules again …………….
.
Makila - No personal attack. Part of your original post was an outright lie from my perspective. I rarely post and only did in this case because I have some first hand knowledge based on fact. I just think that your post should have ended with the factual info.
Obviously I read the Legisi posts due to my own personal interest. Having said that and as I’ve stated before, I don’t think Legisi should even be reviewed here any more. It’s closed/private and has it’s own internal forum for those that have a stake.
I am familiar with Jude’s stated direction, so your assumption is not accurate. The shift in focus is why I still visit here at all.
hehe… it was a good punt for me. got my money out and did not reinvest in legisi after that. anyway, the minimum was changed to $1000….
phew…. lucky me… hehe
The last time legisi posted there numbers they had close to 100mil if 1.7mil is frozen that is chump change in all if they are making 15 to 20% a month that would mean that they would be hurt for a month legisi is still paying on time like they have always all the negative post are from pepo that are not part of legisi
What people who are monitoring Legisi - whether members or non-members - ought to keep in mind about all of this, however, is that a) the forfeiture filing was one of a series, but not part of a comprehensive seizure of assets held in e-gold accounts - e-gold was the custodian of these accounts, but these accounts were picked for a particular reason, probably having something very specific to do with b) “Cause: 18:1961 Racketeering (RICO) Act”. I’m not foretelling Legisi’s doom, but do think the program and its principal(s) are vulnerable. It isn’t by accident that Legisi’s accounts were included here - not that I’m suggesting e-gold was targeted in the first place, in part, because of Legisi, though I can’t discount the possibility, either - and it shouldn’t be forgotten that the problems at e-gold do not stem principally from anything inherently wrong with e-gold (aside from the supposed unseen war against a global currency denominated in grams of gold bullion), but the exploitation of the system by alleged criminals to carry out illegal activity. The ABC boys are targeting organizations (dare I say “rackets”) through e-gold, not necessarily e-gold itself.
I could be off. Other thoughts on all of that (if any)?
The RICO Act? Let’s leave me out of this, shall we?
LOL @ Rico’s comment! But, seriously…
I am dismayed that there are still Legisi believers after what has happened. Just look at some of Legisi’s counterparts that have been indicted and/or a cease and desist order and/or funds confiscated while they are under investigation. Have any of them survived? Nope! What makes you think that Legisi will?
I agree with Mbongwe’s assessment. Even IF Legisi continues after the confiscation, what in the world were they doing with that much money in e-gold? Weren’t they suppose to be moving funds out to “earn” revenue and only move funds back when members requested payment (outside of their virtual account?) Having that much in e-gold at one time certainly suggests Ponzi!
In addition, the cheerleaders keep saying that Legisi is still paying. My question is are they paying you into your virtual account or are they paying you into your external account? My guess would be that it is your virtual account.
To the legisi cheerleaders: Don’t feel too bad, though. You’re cheerleading because you still have quite a bit invested in Legisi. It’s happened to all of us holding on to our favorite program. If you read my PSuX article, you’ll see that it happened to me, too.
Greed says that you must win this time. Reality says otherwise, though. Stick a fork in this one; it’s done.
JMO - Sharon
It’s really not a mystery why some would tell Legisi “insiders” not to look here. There are obviously some out there that want to keep things going as they are until the end. It’s best to keep those that are on the fence ignorant to what has actually occurred in the Fed seizure of the e-gold money. I saw one post that said Greg told Legisi “insiders” that the money was “frozen”. Yeah, like liquid nitrogen. When it “unfreezes”, it will evaporate into the US Treasury.
As to $1.7million being “chump change”. If you’ve got that kind of change lying around in your ashtrays, send it over to my PayPal account please. I’d retire if I had $1.7 million dollars in change lying around not earning any return on my investment, er “loan”.
If you are a true believer, good luck with that. I hope you get every dime of someone else’s money and get out before the Feds start investigating your involvement.
Does it not occur to anyone that when Wall Street plays this game, and loses billions (with a “B”), that a guy that lives in Swartz Creek Michigan is just a bit player in a game that the pros can’t even win?
I have been in Legisi for one year now. I am as concerned as anyone at this point. But I just wanted to let everyone know that I have been getting my interest out of two loans for the past 3-4 months (5K each month) with no problems whatsoever, and I mean into my external account and then into my hands or into other programs. I am well into profit but would still hate to lose what is still in there. My first loan is due to mature in a few days so we’ll see if I can withdraw the whole thing. I don’t believe Greg is a scammer but many times the best of intentions don’t always work out. We all know the risks we take in this business.
Though I pretty much still wish you luck on your money Pianobev, chances are really pretty slim. Thanks for sharing your experience with us and do keep us updated here.
To Pianobev
I have a stake in Legisi. While trying to access the Legisi site I came to nobullshit HYIP blog and your statement. Apparantly the Legisi website has been shut down? I am reading a lot of bad comments on HYIP that you responded to. What do you know about the status of the funds and Greg’s intentions if anything. Is there any organized approach by other stakeholders for seeking a return of funds? Anythiing else you know or places to go for more info or help would be appreciated?
Can anyone give me an update regarding Legisi? I have loaned over 66,000 into this scam. Is Mich still investigating? I gave a phone interview to Jim O’Keefe in Jan. but he would not offer any info,and I havn’t gotten any response from them.