I invest in high-yield income programs (HYIP's) on the internet. This is a high-risk investment arena, and many programs that initially pay, later turn out to be scams, or simply fall apart for various reasons. Quite often, the rates of return promised cannot be maintained over the long term.
Unfortunately, however, there have been an increasing amount of scams in recent months that have caused investors like myself to lose big dollars. Most of these outfits don't offer very much veriable contact information, and as a result, they often run with investors' monies.
Because of the recent increase in con artists, there is a movement afoot in the HYIP arena to create groups and associations that perform due diligence (DD) on potential HYIP's. While no guarantees can be made, some of these efforts look promising, and companies that refuse to furnish adequate contact and performance data will not be approved or listed in these forums.
One of the worst rip-offs I've encountered was a company called Gold Traders Org. Their website claims they were around since 1999, which is a long time for HYIP. Generally speaking, it's unusual for HYIP's to last much longer than 6 months. (And you can probably count the number of companies on one hand that have made it past 1 year!)
Apparently, Gold Traders Org. DID pay at one time. However, after joining on 9/21/02, with a $1,050 spend, I never received even my first weekly payment! Even worse yet is the fact that they have left their website up to get further spends from unsuspecting investors. It's obvious they are just simply ripping off investors, and have no intention of ever paying. This is just blatant fraud!
Even in the high-risk world of HYIP, I believe there NEEDS TO BE an expectation that investments are made on a "best effort" basis.in other words, investors can expect "clean hands" and good-faith dealing on the part of the high-yield administrators. This is obviously not the case. Many of these people setting up high-yield programs are simply running Ponzi schemes (or worse). I didn't even receive one payment from some of the programs that I've lost money in!
The address that I've dug up for Gold Traders Org. Is:
R-S
26 Melendy Rd.
Milford NH 03055
(603) 672-5586
Don't call the number, because it is not the right number. Most likely, the address is also fake. After contacting their website provider no action was taken to stop this blatant fraud!!!
David
Tyler, Texas
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