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  1. Scam Investigations Committee

    Joined:
    Mar 2, 2008
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    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    FPA member PeteFX complained to the FPA on May 19th, 2010 about problems he was having with accessing money he had with Panamoney.net. He had been a member for some time and had not had any problems until April 2010. He reports that after suspending their supposed trading program for 10 days, a new trading plan was implemented. Two days later, the site went down.

    Prior to this, the FPA did see a number of complaints about accounts with large balances supposedly being hacked. PeteFX was not the first person to complain when Panamoney's site went down, but was the first to file a formal scam ticket. FPA Investigator Gerard took the case. He and PeteFX send emails to the known addresses for Panamoney and got nothing but bounced messages.

    The FPA has long had Panamoney labeled as a HYIP. Some people have disagreed, saying that they really traded. We admit that they may have traded, but suspect that the bulk of any supposed profits were done in pure Ponzi style. The website being down for weeks, combined with no attempts to contact investors by other means leaves us with very few options.

    Failure to return money legitimately owed to traders is the FPA's first definition of scam. In this case, there are many victims, none of whom reports that they can get any information or their money from Panamoney.

    Under these circumstances, Panamoney,net has forced us to declare it to be a scam. We offer Panamoney the opportunity to have this scam finding lifted by meeting these requirements. First Panamoney must immediately get in touch with all clients and make their money available to them. Second, Panamoney must demonstrate that all of their profits are from forex trading and not from a Ponzi-style scheme.

    Panamoney.net is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company, it's successors, or any other HYIP. For those who already have accounts there, we recommend that you close them as quickly as possible. PeteFX is putting together a case to go after profits in one or more of Panamoney's bank accounts. Please use the discussion thread for this scam finding to organize those efforts.


    We wish thank FPA Investigator Gerard for his efforts on this case. We extend our regrets to FPA member PeteFX as well as the other clients of Panamoney for their loss of funds.



    Discussion Thread for this Scam Finding

    FPA Review Page for Panamoney.net

    Warning signs of HYIPS and other Ponzi type scams

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