ATM LEASEBACK SCHEMES-- any insight?

[Gregg]

Something is really happening in out there that is being hidden from clients. I know of several other people whose checks have bounced because of NSF. They have all been more recent clients (Ponzi !!!) How on earth could some people have been paid and some not paid by an organization which deals with millions of dollars a month and allegedly smoothly for years. Phone calls to NASI same response--new check in the mail.
Could someone in the know please advise precisely how to take action against NASI and its' principals.
Who should one call first? Local US attorney in county of residence ? FBI Office ? what office of the SEC? Time for action.

For a bounced check, honestly, call the local police department and/or county sheriff. The bounced check is a crime that you get away with if you write one to the grocery and they let you come pay them (with cash, most people aren't willing to take a second check). They may give you a warning if it's the result of some extraordinary event (I wrecked my car on the way to the bank) but if they get a few hundred calls in a month about one place, you can bet someone is gonna go and ask some questions and they can't hide behind the receptionist from the cops. Ya never know, this might be how we find out they've fled the country and are on a beach in Costa Rica, or that the office staff hasn't seen them in a month and maybe its time to start looking in the dumpsters for bodies.

Anyhow, it is definitely a crime and one that if it rises above a few people you have a right to have it prosecuted or handed up to higher authorities. Look for the locality of the bank, for legal purposes a check is usually considered written at the bank it is drawn upon.

[JamesVincent]

I dunno how important it is that an ATM be "current" or that the difference is a hardware or software thingy that can be fixed at installation by uploading the most current version. FOr what it's worth, I have seen million dollar machinery, "new" that was 2-3 years old when delivered, I'd even say it was more than common but less than the norm only because a lot of the stuff I see is custom built for us. (not a lot of companies have a $7 million powertrain simulator/transmission test stand setting on a shelf these days)

The only reason it was relevant was that NAS had said they were buying brand new machines when they took your money. Like I said knowing the machine was not brand new might help to prove a deception, but not really do anything else. The presses that they installed brand new at the Baltimore Sun when I worked there were also new, but had been sitting somewhere for a year. Specialized equipment like that I can see being a year or two old when it's actually installed, don't see it as much for common equipment.

[Dhyerwolf]

I heard today that the company may have serious government intervention (I was told that SEC was getting involved. It may have been seized). My boss just invested in this, and we were waiting for his breakdown and check so I could send it into the webmaster here to compare against other any notes received (Luckily my boss has not received any money yet, so I don't think he'll have to worry very much about being seen as complicit). This isn't 100% confirmed, but given the trouble in the past month it wouldn't be surprising.

Earlier this month with the check bouncing snafu NASI sent out a letter stating that anyone who wanted to sell their ATM back would be allowed (at full price). I don't know whether they would have actually done that or whether it was just another ploy. My boss opted to wait and see.

Boss' wife is mad at me that I didn't tell her specifically about this website 2 weeks ago when I was trying to decide if this would be a good investment (needless to say, I did not choose to invest myself). We will see how this plays out next week. My boss knows someone who must have near $1 million invested in the company (said he was making $200,000 a year off it).

[Arthur Rubin]

Boss' wife is mad at me that I didn't tell her specifically about this website 2 weeks ago when I was trying to decide if this would be a good investment (needless to say, I did not choose to invest myself). We will see how this plays out next week. My boss knows someone who must have near $1 million invested in the company (said he was making $200,000 a year off it).

Making boss' wife mad is a bad career move...

[worried]

The wisest thing for all 'investors' to do is ask for money back AND report this scam to:

http://www.sec.gov/complaint/select.shtml

tips.fbi.gov

I have been contacted by both of those organizations... I can only HOPE they've actually seized assets already...

[investor]

What is wrong with you people? Why the vendetta? You should all be ashamed of yourselves. All of you posting on this website. You have harmed many innocent people.

[worried]

You have harmed many innocent people.

... really?... how??... by putting a stop to a scam that is stealing people's retirements and inheritances?

If you are an 'investor' in NASI, then you should have chosen 'victim' as your moniker for this forum because that's what you became the second you gave Joel/Ed money. There's no shame in it, you're only human, you gave in to the temptation to BELIEVE. It's all too easy to fall into that trap, hence the reason it's a crime to take advantage of people that way in the investment world. There's a REASON for the SEC and its rules. The SEC and its rules were borne from lessons learned decades ago, unfortunately, it's been too easy to break those rules and get away with it for a long time. Do a search on lawyers who specialize in Ponzi schemes, there are plenty, why?... because there are lots of Ponzi schemes...

Yes, many, many innocent people will be hurt, many of them only family members or other financial associates of direct victims. But, who caused that hurt?

You bought into a scam, you signed a contract that sold you ATM machines but gave you no proof that you actually own any such machines. That contract GUARANTEES a ridiculously high profit, that is not possible, any financial professional will tell you this. Even the guarantee of insurance protection is a thin veneer of smoke, the contract states only that NASI benefits from the insurance. But,... you probably did all this in good faith,... faith,... belief.... you fell for the pitch, a friend or family member swore to you that it's a great deal and you couldn't believe that they'd steer you wrong ('affinity scam'), and they most likely were roped in the same way.

The 'business model' of this supposed ATM business is deliberately constructed to prevent any real auditing.

Nobody in the real ATM business knows anything about NASI (look at the ATMIA website), AND, AND... the ATMIA actually posted a 'Position Paper' warning you all that ATM leaseback schemes are SCAMS.

If it's NOT a scam, then why not get REAL PROOF by having it fully investigated... but, come on,... it's a scam. The authorities will be very careful with their language when they speak to you, but, I can speak plainly: it is a scam. It is a scam that is going to leave many people hurt just as you say. But, put the blame where it belongs.

The only way to minimize damage was to try and stop it as soon as possible because there is no painless way to do it. The longer the scam runs, the more pain will be incurred...

I have to add that I can all too easily imagine how a truly burned investor must feel right now. Even though I'm not a direct victim of NASI myself, I've had my own times in life when I felt the way you feel now and I don't blame you for lashing out. I truly empathize with you. I also hurt for my own family member who IS a direct victim this time. Please help the authorities help you.

[JamesVincent]

You have harmed many innocent people.

... really?... how??

I'd like to know that myself. How do you harm innocent people by talking on a website?

[webhick]

You have harmed many innocent people.

... really?... how??

I'd like to know that myself. How do you harm innocent people by talking on a website?

When your scam depends on the cash infusions from new investments to pay for the payouts on the old investments, anything that threatens your ability to get those new investments is considered harmful to the scam. And when the scam implodes, the victims are the ones who truly pay. You know, typical Ponzi implosion stuff.

We can't help those who have been victimized by Joel & Co., but we can prevent him from victimizing more people.

[investor]

Hi Ted Newsom and Ted Newsom............sour grapes...........you have a personal agenda that has nothing to do with this............again, shame on you.

[worried]

This is why people like myself went to the authorities... because people like 'investor' and others... JUST WON'T LISTEN TO LOGIC.... they're stuck in their beliefs. And now, the real test of their intellectual honesty (both with themselves and the outside world) begins... not everybody passes that test. I fail it myself often enough.

[JamesVincent]

When your scam depends on the cash infusions from new investments to pay for the payouts on the old investments, anything that threatens your ability to get those new investments is considered harmful to the scam. And when the scam implodes, the victims are the ones who truly pay. You know, typical Ponzi implosion stuff.

We can't help those who have been victimized by Joel & Co., but we can prevent him from victimizing more people.

He said innocent Web.

[webhick]

When your scam depends on the cash infusions from new investments to pay for the payouts on the old investments, anything that threatens your ability to get those new investments is considered harmful to the scam. And when the scam implodes, the victims are the ones who truly pay. You know, typical Ponzi implosion stuff.

We can't help those who have been victimized by Joel & Co., but we can prevent him from victimizing more people.

He said innocent Web.

Victims who weren't aware it's a scam when they got in on it are innocent. Those who stick around after finding out may fall into two camps: those recouping their investment before pulling out and those who are no different than someone who would jump in knowing full well it's a scam - trying to get a windfall before it collapses.

[JamesVincent]

Maybe so but how would we harm innocent people? The only person we seek to harm are scumbags.

[MarvinGardens]

What is wrong with you people? Why the vendetta? You should all be ashamed of yourselves. All of you posting on this website. You have harmed many innocent people.

And you can prove this is a legitimate business? How? Do you have answers to the questions raised on this thread?

You have offered nothing but invective. Please explain to us how this forum thread harms innocent people. Exactly what is your experience with this company?

Ted Newsom, read his first post, asked a simple question - whether anyone had any experience with this type of investment. I see no ulterior motive. You on the other hand ...

No one is going to take you seriously unless you have useful information and can provide any kind of believable defense for what appears to be a Ponzi scheme. That it has been going on for twenty years has no bearing and is typical of such operations.

I personally have never said NASI was a Ponzi scheme. I have said that it is indistinguishable from one and would warn away any client who brought the proposition to me. If this firm is legitimate, a bunch of web postings will do no harm, just a minor irritation ... or is new cash flow critically important to the firm's survival?

[Concerned Citizen]

This is my first post and I created an account to ask if any other people received a letter from NASI signed by Joel Gillis stating their intention to withhold further payments pending a, you guessed it, SEC investigation? If not, I will post it here verbatim. It seems the end is near for this organization. My sister and her husband got caught up in this scheme.

[notorial dissent]

Concerned Citizen, welcome to Quatloos, and by all means please post the letter, something concrete would be most welcome.

[JamesVincent]

Welcome to Quatloos Citizen. Please do post the letter, it will make it a lot easier for us to help others out.

[investor]

How are you going to help others out? With or without the letter. Worried...........so you are the one who went to the SEC.....why? What is this to you? Why do you care? What is your motivation? A family member invested? I think not. By instigating SEC investigation you have harmed your family member. How do you sleep at night? What goes around comes around.

[worried]

investor:

Please, for your sake, direct your energy toward helping yourself, talk to a lawyer who specializes in these things, maybe band together with other victims. If you're an innocent victim, then... you're an innocent victim... you meant well, but got burned. You're not the only one.