This is another Panama based HYIP type company. The FPA recommends against placing money with HYIPs.
The company seems to have disappeared.
SCAM CONFIRMATION: 2010-06-01: The FPA Scam Investigations Committee has confirmed a scam complaint against this company. Panamoney.net is hereby blacklisted by the Forex Peace Army.
Website is down. One less HYIP scam on the web. This one lasted longer than most, but that only made it easier for people to believe that HYIPS can be real and lose all their money when it crashed.
I would suggest to avoid using electronic payment processors as they take too much money for their services. The best option is bank wire deposit to their account. They have a low minimum managed forex account - just $1000. And the minimum to withdraw is $1000 too. So if you invested the minimum you need to wait until you can withdraw your first profit. Recently there was a delay with bank payments for 5 days because of Easter holidays of their bank.
One more question to the forum readers: what is the average number of forex holidays per year for the managed forex trading companies? I ask that as panamoney avoids trading on major forex holiday as markets can be not stable (or not active) and less predictable. Let me put 5 stars for this company as I'm satisfied with it.
Up until this past Tuesday (3/24/10) I had a balance of more than $160,000.00. On Monday March 31st I was to be able to withdraw $23,000.00.
This past Sunday (3/22/10) I sent them the following email:
"I just wanted you to know that because of your successful company, I hope to leave end of 2010 for Africa to work with HIV individuals and to largely support myself and my wife with earnings from Panamoney."
On Tuesday evening (3/24/10) immediately after I had re-invested that days profits ($1,300.00), my account vanished in front of my eyes as Early Withdrawals were initiated in all my positions leaving me with NEGATIVE balance of $6,700.00.
I could see from the IP log that someone else had accessed my account and from the "ticket" section it appeared that whoever they were had already sent in a 'ticket' validating the Early Withdrawal request. That email had my "what is your childhood hero?' answer as well as a diffent LR account number.
I immediately put in tickets (its was 8 PM EDT) and sent an email to the company. Here is their last response.
You are contacting after the early withdrawal was processed, and this transaction is irreversible. See Terms of Service for reference:
12.4. The Client shall independently monitor the transactions made through the account and inform the Company of any discrepancies or unlawful access. - We expect the clients to inform us right away (that is why we have the Access History page for where you can see all details of who and when accesses and what changes have been made), but not after the irreversible transaction was made, as: 11.3. ... The transactions within the client's account are irreversible.
Please, also note:
13.1. The Company shall not be responsible for ... or any unauthorized activity in the client's account.
PanaMoney Technologies, Inc. mailto:firstname.lastname@example.org
Wednesday, March 24, 2010, 12:55:00 PM, you wrote:
> I've already notified you that last evening that my account was hacked -
> you have the IP address - and someone initiated early withdrawals in all
> my positions.
> As you can tell from your records I very rarely access my account from a
> computer other than my home computer or from my office computer.
> Can this damaging attack be repaired?
> What steps should I take for the future to prevent this from reoccurring?
> Roger X. XXXXXXXX
On Wednesday morning the following occurred:
1 Unable to contact via phone
2. Unable to engage by Live Chat
3. Unable to access account
4. Unable to contact via email.
In retrospect, I do not believe I was hacked. I access from home and a security scan revealed no viruses. I've been a loyal customer and the money didn't go anywhere. I had proof of access within seconds by another party. Who in their right mind would re-invest $1,300 and seconds later trash a $160K account? Company was not the least bit interested in speaking to me.
Decide for yourself whether or not this is a SCAM
2009-12-15 5 Stars I invested $16,000 with them in late Jan 2009.
Took back $15,000 in October. I could have taken more, but this compounding is contagious. Presently I have $96,000 balance.
My son invested $2,000 and has withdrawn $2,500. When I request a withdrawal they process it and its in my bank account in 72 hours. I'm as cynical as they come, but I plan on retiring on June 2010 with them when I'll have a balance of over $300,000 and a weekly income of $12,000
My only complaint is that I wish I had more money invested with these guys!! :) Thanks...
Just to point out once again:
I would like to rate this company with 5 stars as it's an example how a real managed forex company should look like. Their trading perfomance is transparent and can be viewed in real time in my panamoney.net account. The company acts in accordance with the agreement I concluded with them. In January 2009 I invested 20k USD and already returned my investment with profit wich I withdrew every month. On average I earned 1-1.3% after each trading day.