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TradeLite was a HYIP site. It had a guaranteed large percentage of return on investments. Evidently, it was paying out some money, since a large number of people invested heavily based on how it was rated on some HYIP rating sites.
A few weeks ago, the website went down and all communications ceased. By this time, numerous people had invested money in this company, some of them heavily. The FPA also tried to get in touch with TradeLite, but messages either bounced or were not returned.
As far as we can tell, TradeLite was some type of Ponzi scheme. Ponzi schemes pay our high interest rates to initial investors and use new investments to continue to make these payments. Such a scheme cannot continue indefinitely.
A few months ago, we asked the FPA Review Moderation Team to label any new HYIPs listed with a note cautioning people about this form of investment. We hope that all other HYIPs listed under Managed Forex Accounts in our reviews can be identified soon. Then caution notes can be added to those pages too.
Some HYIPs may really do some type of investing. Many of them have no investments and are just Ponzi schemes. The FPA urges people never to place money with this type of company unless you understand that the company can disappear with no warning.
It is our hope that the victims of TradeLite band together and share information. We hope this leads to the people behind the company being caught and brought to justice.
Formal Scam Confirmation against TradeLite.net
Original complaint against TradeLite.net
A few weeks ago, the website went down and all communications ceased. By this time, numerous people had invested money in this company, some of them heavily. The FPA also tried to get in touch with TradeLite, but messages either bounced or were not returned.
As far as we can tell, TradeLite was some type of Ponzi scheme. Ponzi schemes pay our high interest rates to initial investors and use new investments to continue to make these payments. Such a scheme cannot continue indefinitely.
A few months ago, we asked the FPA Review Moderation Team to label any new HYIPs listed with a note cautioning people about this form of investment. We hope that all other HYIPs listed under Managed Forex Accounts in our reviews can be identified soon. Then caution notes can be added to those pages too.
Some HYIPs may really do some type of investing. Many of them have no investments and are just Ponzi schemes. The FPA urges people never to place money with this type of company unless you understand that the company can disappear with no warning.
It is our hope that the victims of TradeLite band together and share information. We hope this leads to the people behind the company being caught and brought to justice.
Formal Scam Confirmation against TradeLite.net
Original complaint against TradeLite.net