Ponzi Scheme Anybody heard of TIRN www.mytirn.com ?

[Pharaoh]

Gold and silver are often used as hedges against inflation (and hyperinflation). They also are nice to have for personal financial security (see my article: https://www.forexpeacearmy.com/forex-forum/forex-basics-boot-camp/3033-wealth-protection.html). In terms of backing up short term investments, I think Stony is correct. Gold could go up or down 40% (or more) in a year. For commodities trading, gold is no better or worse than wheat or corn. For physical possession as wealth protection, it's a long-term item only.

I've never heard of any legitimate high return investment also coming with a "solid gold guarantee". To me, this sounds more like something designed to generate confidence, but backed with no substance (gold or trading).

I'll wager that the evidence to back up this alleged gold is just as insubstantial as the evidence of forex trading by mytirn.

Maybe I'm paranoid about all of this, but they have made extraordinary claims. The burden of proof of such claims lies with the individual or company making the claim. Any financial company making such claims and not willingly providing proof when requested by a potential investor is 99.9999999% likely to be fraudulent. Without proof, lottery tickets are a safer method to try to achieve such rates of return.

Perhaps one of these "pillars of the community" would be so bold as to join the FPA's forums. Prove here that this is a REAL investment with a reasonable chance of achieving these returns and I'll be happy to change my tune and recommend people who can afford the risk take a chance on it.

 

[hcooc]

Meeting

There is a meeting Wednesday 9/2/09 @ 6:45 @ the Crown Plaza on Colonial Dr. Let's put it all to rest. I will meet you there and you can feel them out and ask the questions that need to be asked. Let me know if you can make it and I will give you my info.
hcooc

 

[Pharaoh]

That sounds like way too much fun.

The problem is that I'll be at the airport standing in a security line at 6 pm tomorrow. I'll be out of town for business for at least several weeks (but will be looking in at the FPA).

You've got everything you need. They either show proof of trading or they don't. They either show proof of the existence of this gold (and explain exactly how it truly secures investments) or they don't.

If they can show proof, then it's worth examining the investment more closely. If they provide excuses and want you to invest based solely on confidence in their good intentions, take your money and run the other way (and maybe call the SEC for their opinion too).

 

[Bimmer]

Some information...

Hi.

I was connected by a friend who had registerred with TIRN, and I looked into it. It has been some activities here in Sweden too. I found an interresting letter from the Financial authorities in Panama.

http://cnv1.conaval.gob.pa/demo/repositorio/1238_01.pdf

Have a nice day!!

/Bimmer

 

[edwin neville]

they have some payout setbacks ! had to issue new debit cards 2 times already !!!

 

[Pharaoh]

Not actually properly licensed (can't get a license in Panama??? - ).

Having issues with withdrawal methods.

So far, no real proof of actual trading.

Claims that everything is secured by gold, but no explanations of exactly how this works.

Wants everyone to feel confident in them, despite all of the above.

 

[edwin neville]

what do you think is the best company to invest in ?

 

[FXTAB20]

I guess this answers the question of if it was a scam

CFTC Charges Florida Resident and His Panamanian Corporation with Fraud and Misappropriation


At least $16.4 million in customer funds solicited by making false statements, with more than $2 million misappropriated for personal use.
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of an enforcement action against Trader’s International Return Network (TIRN), a Panamanian corporation, and its president David Merrick of Apopka, Fla., charging them with solicitation fraud and misappropriation of customer funds involving at least $16.4 million.

According to the CFTC complaint, filed on October 14, 2009, in the U.S. District Court for the Middle District of Florida, TIRN represented itself as a “private investment club” that provided various investment services, including foreign currency (forex) investing, through its purported Real Century forex trading program. As alleged, the defendants accepted at least $16.4 million from customers to participate in TIRN’s investment program; however, no customer funds were invested as described on the TIRN website and in TIRN’s written materials. The CFTC complaint charges the defendants with misappropriating customer funds for various other purposes, including diverting more than $2 million for Merrick’s personal use.

The CFTC complaint seeks a court order that freezes the defendants’ assets, provides the CFTC with continuing access to books and records and requires an accounting of funds. The CFTC also seeks orders of preliminary and permanent injunction that would require the defendants to disgorge ill-gotten gains, pay restitution to defrauded investors and impose civil monetary penalties.

The U.S. Securities and Exchange Commission simultaneously filed a civil securities enforcement action against TIRN and Merrick in the same district court. The U.S. Attorney’s Office made a parallel criminal investigation public on October 7, 2009, when it executed numerous simultaneous search and forfeiture seizure warrants.

The following CFTC Division of Enforcement staff members are responsible for this action: William P. Janulis, Barry R. Blankfield, Ken Hampton, Scott Williamson, Rosemary Hollinger and Richard B. Wagner.

 

[ernest8fingers]

CFTC Charges Florida Resident and His Panamanian Corporation with Fraud and Misappropriation


At least $16.4 million in customer funds solicited by making false statements, with more than $2 million misappropriated for personal use.
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced the filing of an enforcement action against Trader’s International Return Network (TIRN), a Panamanian corporation, and its president David Merrick of Apopka, Fla., charging them with solicitation fraud and misappropriation of customer funds involving at least $16.4 million.

According to the CFTC complaint, filed on October 14, 2009, in the U.S. District Court for the Middle District of Florida, TIRN represented itself as a “private investment club” that provided various investment services, including foreign currency (forex) investing, through its purported Real Century forex trading program. As alleged, the defendants accepted at least $16.4 million from customers to participate in TIRN’s investment program; however, no customer funds were invested as described on the TIRN website and in TIRN’s written materials. The CFTC complaint charges the defendants with misappropriating customer funds for various other purposes, including diverting more than $2 million for Merrick’s personal use.

The CFTC complaint seeks a court order that freezes the defendants’ assets, provides the CFTC with continuing access to books and records and requires an accounting of funds. The CFTC also seeks orders of preliminary and permanent injunction that would require the defendants to disgorge ill-gotten gains, pay restitution to defrauded investors and impose civil monetary penalties.

The U.S. Securities and Exchange Commission simultaneously filed a civil securities enforcement action against TIRN and Merrick in the same district court. The U.S. Attorney’s Office made a parallel criminal investigation public on October 7, 2009, when it executed numerous simultaneous search and forfeiture seizure warrants.

The following CFTC Division of Enforcement staff members are responsible for this action: William P. Janulis, Barry R. Blankfield, Ken Hampton, Scott Williamson, Rosemary Hollinger and Richard B. Wagner.

So, when is my Withdrawal coming? ROFL! :hissyfit:

 

[Pharaoh]

I guess I won't be attending any of the new victim recruiting meetings when I get back to sunny Florida.


So, to summarize . . .

This had ALL the signs of being a ponzi scheme. Still, some of my fellow FPA soldiers wanted to believe, because they had CONfidence in the leaders of this scam.

It's easy to spot these things.

1. Unrealistically high rate of return, coupled with NO evidence of actual trading.

2. The "hurry up and invest now since we won't take your money later" approach. A real investment group might temporarily stop accepting new clients, but they won't ask you to toss in money right before doing this.

3. Other vague ideas to promote CONfidence, like "Your investment is secured by gold", but no explanations of how this works.

4. Massive increase in return as you increase your investment. I expect to make a higher rate of managed return if I put in $100,000 than if I put in $1000, but not more than doubling it.

Go back to page 1 of this thread and look at the second post. I listed a pile of additional red flags. Read the rest of the thread. This thread is a perfect example of how innocent people get fleeced by con men, even when they've been warned.

You don't need to be a financial genius to detect these frauds. Just ask questions and demand proof of real trading. If you get excuses instead of answers, take your money and run away.