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Quatloos! > Investment Fraud > HYIP & Bank Debentures > PIPS Scams

PIPS Scams

(People in Profit System)

One of the most largest and obvious pyramid schemes to go around in recent years is the PIPS scam.

Like any other pyramid scheme, the PIPS scam will be like playing hot potato or musical chairs: Those who haven't got their money back out by the time the music stops (which will be very soon) will lose it all. Suckers!

_________________________________

Texas State Securities Board
208 E. 10th Street, 5th Floor
Austin, Texas 78701-2407
www.ssb.state.tx.us

=====

IN THE MATTER OF PUREINVESTOR.COM INC., BRYAN MARSDEN, PIPS INC., PIC TRUST LIMITED, WESTOBY WORKS, TEAM JOLLYPIPSTER, LLC, GARY R. WESTOBY, DEBORAH M. WESTOBY, AND TORBEN OLE JOLNAES

========================================

Order No. ENF-05-CDO-1587

TO:Pureinvestor.com Inc.
PT8407 Taman Desa Jasmin
Bandar Baru Nilai
Negeri Sembilan 71800 MY

Bryan Marsden
PT7323 Jalan BBN 1/2E
Bandar Baru Nilai
Negeri Sembilan 71800 MY

PIPS Inc.
PT7323 Jalan BBN 1/2E
Bandar Baru Nilai,
Negeri Sembilan 71800 MY

PIC Trust Limited
PT7323 Jalan BBN 1/2E
Bandar Baru Nilai
Negeri Sembilan 71800 MY

Westoby Works
1606 10th Street
Tillamook, OR 97141

Team JollyPIPSter, LLC
848 N. Rainbow Blvd.
Las Vegas, NV 89107

Gary R. Westoby
1606 10th Street
Tillamook, OR 97141

Deborah M. Westoby
1606 10th Street
Tillamook, OR 97141

Torben Ole Jolnaes
Lindevej 2 DK 8543
Hornslet, Denmark

EMERGENCY CEASE AND DESIST ORDER

This is your OFFICIAL NOTICE of the issuance by the Securities Commissioner of the State of Texas (“Securities Commissioner”) of an EMERGENCY CEASE AND DESIST ORDER pursuant to Section 23-2 of The Securities Act, TEX. REV. CIV. STAT. ANN. art. 581-1 et seq. (Vernon 1964 & Supp. 2005) (“Texas Securities Act”).

The Staff of the Enforcement Division (“the Staff”) of the Texas State Securities Board (“the Securities Board”) has presented evidence sufficient for the Securities Commissioner to find that:

FINDINGS OF FACT

Respondent Pureinvestor.com Inc. (“Respondent Pureinvestor”) maintains a last known address at PT8407 Taman Desa Jasmin, Bandar Baru Nilai, Negeri Sembilan 71800 MY.

Respondent Bryan Marsden (“Respondent Marsden”) maintains a last known address at PT7323 Jalan BBN 1/2E, Bandar Baru Nilai, Negeri Sembilan 71800 MY.

Respondent PIPS Inc. (“Respondent PIPS”) maintains a last known address at PT7323 Jalan BBN 1/2E, Bandar Baru Nilai, Negeri Sembilan 71800 MY.

Respondent PIC Trust Limited (“Respondent PIC”) maintains a last known address at PT7323 Jalan BBN 1/2E, Bandar Baru Nilai, Negeri Sembilan 71800 MY.

Respondent Westoby Works (“Respondent Westoby”) maintains a last known address at 1606 10th Street, Tillamook, OR 97141.

Respondent Team JollyPIPSter, LLC (“Respondent JollyPipster”) maintains a last known address at 848 N. Rainbow Blvd., Las Vegas, NV 89107.

Respondent Gary R. Westoby (“Respondent Gary”) maintains a last known address at 1606 10th Street, Tillamook, OR 97141.

Respondent Deborah M. Westoby (“Respondent Deborah”) maintains a last known address at 1606 10th Street, Tillamook, OR 97141.

Respondent Torben Ole Jolnaes (“Respondent Torben”) maintains a last known address at Lindevej 2 DK 8543, Hornslet, Denmark.

Respondents are offering to Texas residents various investment products including a “5 Year Trust Plan”. Investors pay $175 “for entry” and $25 per month for 5 years. At the end of 5 years, investors purportedly receive a lump sum of $87,017.47 and $9,323.30 per month “for the duration of their life”. Respondents are offering these investment products through numerous hyper-linked websites such as www.pureinvestor.com, www.pipsinc.com, www.pipsaid.com, www.pipstrust.com, and www.picpay.com, and fax numbers “+606-7981116” and “+606-7981156”.

Respondents are also offering the above-described investment products to Texas residents through “member owned” websites, namely www.jollypipster.com, wherein prospective investors are directed to “Visit PIPS” for further information on investing.

The above-described 5 Year Trust Plan is not registered by qualification, notification or coordination and no permit has been granted for its sale in Texas.

Respondents are not registered with the Securities Commissioner as dealers or agents.

In connection with the offer for sale of the above-described 5 Year Trust Plan, Respondents are intentionally failing to disclose the following material facts:

Information regarding the assets, liabilities, profits, losses, cash flow and other financial data of Respondents Pureinvestor, PIPS, and PIC;

Identity and background of the principals of Respondents Pureinvestor, PIPS, and PIC;

Information sufficient for a prospective investor to ascertain how payments made to investors are achieved; and

The relevant risks associated with the 5 Year Trust Plan.

In connection with the offer for sale of the above-described 5 Year Trust Plan, Respondents represent that “PIPS is a Licensed Private Investment Fund”, which is materially misleading or otherwise likely to deceive the public in light of the fact that Respondents are not registered with the Securities Board.

In connection with the offer for sale of the above-described 5 Year Trust Plan, Respondents use the names Pureinvestor.com Inc., PIPS Inc., and PIC Trust Limited, which is materially misleading or otherwise likely to deceive the public in light of the fact that the Secretary of State of Texas has no record of a domestic or foreign corporation, professional corporation, professional association, limited partnership, limited liability company, or certificate of authority for Respondents Pureinvestor, PIPS, or PIC.

CONCLUSIONS OF LAW

The above-described 5 Year Trust Plan is a “security” as that term is defined by Section 4.A of the Texas Securities Act.

Respondents are violating Section 7 of the Texas Securities Act by offering securities for sale in Texas at a time when the securities are not registered with the Securities Commissioner.

Respondents are violating Section 12 of the Texas Securities Act by offering securities for sale in Texas without being registered pursuant to the provisions of Section 12 of the Texas Securities Act.

Respondents are engaging in fraud in connection with the offer for sale of securities.

Respondents have made an offer containing statements that are materially misleading or otherwise likely to deceive the public.

Respondents’ conduct, acts, and practices threaten immediate and irreparable public harm.

The foregoing violations constitute bases for the issuance of an Emergency Cease and Desist Order pursuant to Section 23-2 of the Texas Securities Act.

ORDER

It is therefore ORDERED that Respondents immediately CEASE AND DESIST from offering for sale any security in Texas until the security is registered with the Securities Commissioner or is offered for sale pursuant to an exemption from registration under the Texas Securities Act.

It is further ORDERED that Respondents immediately CEASE AND DESIST from acting as securities dealers or agents in Texas until Respondents are registered with the Securities Commissioner or are acting pursuant to an exemption from registration under the Texas Securities Act.

It is further ORDERED that Respondents immediately CEASE AND DESIST from engaging in any fraud in connection with the offer for sale of any security in Texas.

It is further ORDERED that Respondents immediately CEASE AND DESIST from offering securities in Texas through an offer containing a statement that is materially misleading or otherwise likely to deceive the public.

NOTICE

Pursuant to Section 23-2 of the Texas Securities Act, you may request a hearing before the 31st day after the date you were served with this Order. The request for a hearing must be in writing, directed to the Securities Commissioner, and state the grounds for the request to set aside or modify the Order. Failure to request a hearing will result in the Order becoming final and non-appealable.

You are advised under Section 29.D of the Texas Securities Act that any knowing violation of an order issued by the Securities Commissioner under the authority of Section 23-2 of the Texas Securities Act is a criminal offense punishable by a fine of not more than $5,000, or imprisonment in the penitentiary for not more than two years, or by both such fine and imprisonment.

SIGNED AND ENTERED by the Securities Commissioner this 6th day of April, 2005.

DENISE VOIGT CRAWFORD
Securities Commissioner

SOURCE: www.ssb.state.tx.us/orders/2005/1587.htm
_________________________

05-60 Is 'PIPS' (People in Profit System) a Pie in the Sky?

Thursday 17 March 2005

In recent weeks, the Australian Securities and Investments Commission (ASIC) has received inquiries and complaints about promotions for a wealth creation scheme called PIPS or People in Profit System.

PIPS website asserts that members can design their own individual wealth creation plan. As an example, it is represented that returns of at least 2% every trading day can be earned from one particular 'wealth creation' option. That's more than 14,000% each year if compounded daily over 252 trading days. At that rate, if you put in $1,000, you would have $21,601,632 in just two years.

'Not surprisingly, PIPS has already received several nominations for ASIC's 2005 'Pie in the sky' awards,' ASIC's Executive Director of Consumer Protection, Mr Greg Tanzer said.

Apparently based offshore, PIPS is promoted over the internet and in face to face meetings arranged by local agents.

Information received by ASIC suggests that PIPS has recently become active in Australia.

'As result of public inquiries and complaints, ASIC has already begun inquiries into this scheme, and we invite anyone who has information about its Australian promoters to come forward and assist us. Just email us at infoline@asic.gov.au or call 1300 300 630,' Mr Tanzer said.

'If you want to invest money, deal with licensed Australian financial services businesses. That way, you have far more protection if anything goes wrong.'

SOURCE: www.asic.gov.au

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