Panamoney - Help in the hunt for the missing cash
Panamoney was one of the longest running HYIPs listed in the FPA's reviews. Some people complain that HYIPS shouldn't be listed. The problem is that many HYIPS claim to make their money trading forex. New traders can easily mistake these for managed accounts. The FPA does it's best to warn people away from this sort of thing, but people keep placing money with these schemes.
Panamoney went to great efforts to convince people that the profits came from forex trading. It is even possible that some of the money came from this. Everything went well until April 2010. Then, there were multiple reports of accounts being wiped out by hackers withdrawing the money. Not long afterwards, the website went down and no one has reported successfully contacting Panamoney since then.
PeteFX was the first to file a formal Scam Ticket with the FPA. He reports that Panamoney stopped trading for 10 days in April,then claimed to trade for 2 days before the site closed. FPA Investigator Gerard took the case. All attempts by PeteFX and Gerard to contact Panamoney by email failed. We see no other choice but to declare this company to be a Scam.
So far, not one person who has complained to the FPA about a HYIP has ever managed to recover a single dollar. Even active HYIPs have taken money and refused to return money owed to traders. When a HYIP disappears, it's usually gone for good. The FPA has received a number of complaints about Panamoney and a few other HYIPs that failed recently, but PeteFX is the only one to go to the effort to follow the procedures for a Scam Ticket.
PeteFX is doing something else. He's trying to go after the bank that handled the money. This might be a way to finally unmask some of those behind one of these HYIPs. We encourage all those who had money with Panamoney to report in this thread. Help PeteFX hunt them down.
We wish PeteFX the best of luck on his hunt for these scammers.
FPA Scam Finding against Panamoney.net
FPA Review Page for Panamoney
Warning signs of HYIPS and other Ponzi type scams