This company is as bogus as they come, all one has to do is look up thier better business report and they will see they have had a bad track record and have done nothing to change/improve this.
"YTD the company has received 8 complaints;
In the company received 49 complaints;
In the company received 6 complaints." Thats a direct quote from thier report... Folks its only february and they already have 6 complaints!!!
The owner/ceo of stormpay has the nerve to freeze funds generated by LEGITIMATE TAX PAYING AUTOSURFS falsly/illegally labeling them "ponzi" when in fact they don't even come close to the definition and when he himself was caught running a ponzi scam see this statement from the BBB.
Government Actions
On August 7, the Tennessee Securities Division of the Department of Commerce & Insurance issued an "Order to Cease and Desist" (file number 03-020) with TymGlobal, Inc., StormPay, Inc. And John R. McConnell, Jr.
The order states that TymGlobal and StormPay are under common ownership and/or control. TymGlobal operates an internet website which is registered to StormPay. On the internet website, respondents are operating a pyramid and/or Ponzi scheme promising large returns on investments for participating in the scheme. The order further states that TymGlobal has not registered any securities offerings with the Division pursuant to Tennessee Securities Act of 1980. Nor has the company registered with the Division as a broker-dealer, agent of a broker-dealer or investment adviser. Also, the respondent StormPay has not registered any securities offerings with the Division nor has the company registered with the Division as a broker-dealer, agent of a broker-dealer, or investment adviser. John R. McConnell, Jr. Has not registered with the Division as a broker-dealer, an agent of a broker-dealer or as an investment adviser.
Potential investors were given the opportunity to invest in both partnership shares as TymGlobal as well as to participate in various Ponzi schemes. Respondents promised a high return. The offering of participation in the schemes sold by the respondents is an investment contract and thus, a security under the act.
The Division ordered the respondents TymGlobal, StormPay and John R. McConnell, Jr to cease and desist the conduct of a broker-dealer in the state of Tennessee until such time as it effectively registers with the Division. The order did not intend to prohibit lawful conduct of the respondents.
Ok? That is all the proof anyone needs to see that storm pay is one to stay away from!!!
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