Panamoney.net Review

Scam!
2.56 · 30 REVIEWS
Updated: Aug 12, 2019 ·  · Is this your company?
Panamoney.net

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.

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Scam!
2.56 · 30 REVIEWS
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Traders Reviews

angela Villanueva,
CA,
Apr 11, 2010,
Guest

In June 2009 I start my investment with them. Excellente. Giving this company 5 stars.. until March 31,2010 I was banned to log in and all of sudden my balance and Wire transfer order for my initial deposit back in Ju ne 2009 is vanished... some early withdrawals and investments moves THAT I NEVER NEVER MADE appeared and all the balance is wiped out. On April 8th I wrote a letter to Panamoney, attaching documents (Bank Statements from both :Bank and Strict Pay ) where it shows that money never was withdrawn as they affirm : EARLY FUNDS WITHDRAWN .Where this funds went to?

I am awaiting for a response. I hope this 5 Star company retrieve my balance and Investment as it was on March 24t, so I can continue enjoying the benefits with them. I already included profits from this investment in my tax 2009 and I wouldn't like to loose my already written profit because Uncle Sam wont'n give me my money back if Panamoney decides not to solve this problem.

I agree, the best way to withdraw is via BANK WIRE TRASNFER. , other sources.. a mess

2010-02-28 5 Stars Today, February 28th/2010 still I am benefiting from Panamoney Investment. My initial investment already dobule and more., and I was able to withdraw the initial investment with NOT PROBLEM AT ALL.
What I like from Panamoney is that EVERY DAY I am able to withdraw the profits earned from the investment and move tho my bank with not problem at all.... other other Forex companies do not offer the same. I DO ASSUME PANAMONEY is really trading forex. otherwise how come SO MANY people are able to withdraw so much money with not problem
I hope this company be around for MANY YEARS more to come.

2009-09-28 5 Stars I must come to write again in favor of Panamoney.net. So far I am receiving the profits as they promised. If they are a HYPE I don't understand how a company can come up with a daily money withdraws from customers if they would not be trading real forex and making profits. I must mention, at the beginning I was very afraid and even after I investd with NOVALEX FINANCE AND FROM ONE DAY TO NOTHER this NOVALEX dissapear from the map. Panamoney is registered with Labor department and other goverment offices as a requirement to operate in the forex market. NOVALEX also showed a registration.. and it happens. My investment with them 14K and running perfectly so far.

2009-07-05 5 stars money to this company and I am receiving profits every trading day, with no problem.

Person who referred me this company is with Panamoney.net since November and also receiving his profits.

I was able to choose the pair to be traded with my funds, and so far SO GOOD
 
James,
London,
Jul 18, 2010,
Guest

Of course it was a scam. If it too good to be true it is

All HYIPs are scams I'm afraid...sorry

I was there too a few years back wit Foreign Fund, Pips etc and lost thousands.
 
M. Dunmire,
PA USA,
Nov 3, 2010,
Guest

We lost big money with this panamoney scam, my family also invested in this. I want this people in jail and get back our hard earned capital.
 
PeteFX,
Germany,
Jan 29, 2010,
Guest

All necessary opinion has been given in the statements below.

Just to point out once again:
They
 
Decko,
Switzerland,
Jun 1, 2010,
Guest

Panamoney has this account which can be followed to find the scammers behind:

Beneficiary me: PanaMoney Technologies Inc
Beneficiary Address: 50th Street, Global Plaza Tower, 19th Floor, Suite H, Panama City, Panama
Beneficiary Account Number or IBAN: CY32003001790000017932184388 (FOR USD)
Bank me: Marfin Popular Bank Public Co. Ltd.
Bank Address: Limassol International Business Centre (179), 205 Makarios III Avenue, Victory House, CY-3030 Limassol, P.O.Box 51139, CY-3501 Limassol, Cyprus
SWIFT/BIC: LIKICY2N120
Amount: 10100 USD
Payment Details: Payment for obligations under agreement #47267 of 02.09.10, Invoice ID 205325 of 03.08.10
 
Angela Villanueva,
California,
Apr 17, 2010,
Guest

My balance is vanished from one day to another and Panamoney answer is that EARLY WITHDRAWN penalty is irreversible. Here is the letter I sent to Panamoney, after too many tries in solving this problem :so I give up. this is my last letter

SECURITY STEPS request.
- Closed
April 14/2010
TO : PANAMONEY.NET
MANAGEMENTE DEPARTMENT.
REF: SITE SECURITY ALERT REQUEST.
First, let me say thank you for the time being that I was able to enjoy the benefits from your company, in the forex market. It really , really had helped me in this recession in USA., still this investment was helping me but now with this BAD NEWS THAT SOMBODY MADE AN EARLY WITHDRAWN without being requested by myself, and in prevention THAT IT CAN HAPPEN AGAIN, to all my referees, and people referred by them as well, I do GREATLY APPRECIATE FROM YOUR COMP[ANY to work more in YOUR SECURITY ISSUES , in order to AVOID INVESTORS TO BE RIPPE OFF OF their investments.

PERSONALLY, I can tell you that I NEVER, NEVER ORDERED AN EARLY WITHDRAWN, and I repeat, in order to avoid this SITUATION TO HAPPEN AGAIN,IT IS IN YOUR HANDS TO AVOID THIS KIND OF INCIDENTS REPEAT AGAIN, HOW ? before accepting this withdraws request, PLEASE LET INVESTORS KNOW ABOUT THIS POSSIBLE FRAUDULENT MOVES, sending e-mails TROUGHT THE Registered e-mail addresses You keep in your files., and on those email notifications request a CONFIRMATION FOR THOSE POSSIBLE FRAUDULENT MOVES., so You do have proofs as well as Investors. In my situation, it is your WORD AGAINST MINE, and I have not way to proved it, but if and E-MAIL NOTIFICATION FROM YOUR COMPANY WOULD HAVE BEEN SENT, this sort of FRAUDULENT ACTION never have took place.

I GET this e-mails from my bank at all the time., and I never, never have had any problem like this one caused in your company.

I hope, that this situation WON'T BE REPEATED AGAIN with any one of my referred, I was so happy with the investment in your company that TRYING TO HELP PEOPLE IN NEED, I did ensure that Investing in your company would be the BEST., and if the final results are going to be the same like my account situation, I WILL FEEL SO GUILTY, and ASHAMED to have had SUCH A HIGH FAITH IN YOUR COMPANY and make all these people in need to be rip off, because my ADVICE , and since all of they KNOW me as a VERY HONEST PERSON, they did believe me and that is why they decided to invest their small savings money in your company.

Please, help ALL THE INVESTORS in your company, implementing new Security Steps in order to avoid this kind of financial disasters .

I hope to hear from you, regardless of it, and I will post it in FOREX PEACE ARMY, since many people read this WEB SITE.

THAN YOU SO MUCH.

Angela Villanueva
14 Apr 2010 23:24:53
Thank you for your information. Your ideas have been forwarded to our management for consideration.
 
Stephan,
South Africa,
Nov 17, 2010,
Guest

There has to be a way to find these criminals and make them pay for stealing from good honest, hard working people. If anybody knows of a way to find these people or file a lawsuit against them, let me know.
 
ali elhassan,
lebanon ,
May 17, 2010,
Guest

Good bye panamoney, scammer
 
Roger,
Georgia,
Mar 25, 2010,
Guest

I invested nearly $17,000.00 in Panamoney January 2009.
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.

Dear Roger,

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.

--
Sincerely yours,


Nancy Hyman,
Customer Support,
PanaMoney Technologies, Inc. mailto:support@panamoney.net


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
 
Decko,
Zurich,
Apr 30, 2010,
Guest

WARNING Panamoney.net is SCAM, prooved not paying since 1 Apr 2010! Maybe just small amounts to fraud the people.
 
GR,
USA,
Jun 13, 2009,
Guest

Beware of these, they are utterly useless and just continually lose. I lost $$$$'s with these scammers.

You have been warned!!
 
Saka Abiola,
Ibadan, Nigeria,
Jun 5, 2010,
Guest

Infact am highly suprised that this people could be scammers. I never expected it. I'"ve been noticing such since when my investment that ought to last for 30 working panamoney day lasted for like 45 days.....It such a pity. I can now hardly believe that there is a geniune HYIP Programme.

Review Moderation Team Note: As far as we know, all HYIPS are not genuine. The FPA recommends against placing money with any HYIP.

 
Anastasia,
USA,
May 27, 2010,
Guest

Anyone going after Panamoney with a lwasuit? I will add myname. Lost it all through someone else with an IP address in Caracus Argentina who breached the "secure" information and was able to empty my account. And now Panamoney has disappeared!
 
Florence MacKenzie,
Cyprus,
Apr 23, 2010,
Guest

Roger, Georgia. Vechil Eller, USA. Angela Villaneuva, CA.
The exact same scenario happened to my account with Panamoney.
Over the weekend of 12th Dec. last year my weekly takings were stolen and an early withdrawal was initiated. My account only had
a week to run to get my premium back (which I was going to re-invest) GONE! I immediately got in touch with Panamoney but
they didn't want to know. What makes me very suspicious is that
they wouldn't even try to stop the withdrawal being paid out to the
fraudster. They couldn't care less. As if I would ask for an early
withdrawal with only a week to go to fruition! Up until then I had
been very happy with Panamoney and was in profit. My security
question and answer are stored NOWHERE but on their site and
yet they accept no responsibility and still claim to be unhackable.
Well, if this is the case, then this company is a scam, as someone is gaining access to our accounts. The worst thing of
all is that PANAMONEY DON'T CARE !!
 
Potential investor,
Florida,
May 28, 2010,
Guest

I have been looking at Panamoney for several months and like everyone was intrigued with their high returns. Before investing anything, I asked a friend who goes to Panama City often to go their address to see if they existed. Sure enough, fancy building, very secure in the financial district, but the doormen had never heard of them and the office floor listed was another company. Ugly stuff!
 
Anonymous,
Singapore,
May 11, 2010,
Guest

Looks like Panamoney has went out of business and taken the money and ran... sad to say. I'll open up a scam report shortly, but you may ask how do I know this is the case? Well, they no longer reply to e-mails, their site is down and their panamoney.net domain's ownership has changed to bogus information. They no longer answer their phones and live chat support is perpetually unavailable. Fortunately, we got out everything we invested plus a little bit extra, but I feel bad for the rest of the people who didn't.
 
lazaro garrido,
miami florida usa,
Jun 9, 2010,
Guest

i investe 7000 dollars on january 29 2010 and been scam i want to get this thieves i want my money back and i want them in jail.
 
gawain,
UK,
Apr 1, 2009,
Guest

I was referred to Panana as the top forex managed account by Steven Moore site... after reading your warnings about HYTPs i looked him up - turns out he was CEO of multi million scam and banned from trading...!!! see http://www.reuters.com/article/usDollarRpt/idUSN2938397520080929..
 
NewInvest,
UK,
Mar 22, 2010,
Guest

Panamoney are a scam. Read your contract clauses on early withdrawal. They will sooner or later clean out your account. Beware Panamoney is a scam
 
Ahmad Tarmizi,
Palembang, Indonesia,
Jun 21, 2010,
Guest

I can't believe Panamoney is gone..turned out to be a scammer. I invested here more than USD 10,000.-....I really want to join the people who also invest here and lost their money, to pursue PanaMoney against the lawsuit. We're also still working on insist Panama embassy in Jakarta to search this Panamoney to return our money back...Panamoney is such a jerk...
 
Dianna Cruz ,
Orlando Fl USA,
Apr 8, 2010,
Guest

Panamoney stole US$160,000.00 from my company. We had an account with them for over 5 months and one day they simply took away my access, made my account disappear and stole my 160 grand. A lawsuit is being made my us against them. Stay away from them, if we win, Panamoney will be shut down.
 
Bret BOtt,
Santa Clara, Utah,
Jun 13, 2010,
Guest

To all people who have been scammed by Panamoney, please contact me asap we are going to start an action suit against these crooks, the more people we have in the more power we have against these scammers. Please email me as soon as you can we will be starting the action shortly at bret@bluehorizoninvestments.com.
 
PeteFX,
Germany,
May 15, 2010,
Guest

Issue escalated to Traders Court FPA Scam Confirmation against Panamoney.net | GUILTY
2010-06-01 The FPA Scam Investigations Committee has confirmed this Scam Complaint.


Site has disappeared. Seems that no one has noticed that, even though some are invested with really high sums.

More. Community discussion of this issue >>

 
Vechil Eller,
USA,
Apr 9, 2010,
Guest

WARNING for all Panamoney investors!
I hope this doesn't happen to you!
In Feb. 2010 Panamoney emptied my account and transferred it to Panamoney using fraudualant information.

I had initially invested a very large sum of money back in Feb. 2009. For about a year I rolled it over and withdrew earnings. My account was a little more than 2x my original investment. My family and I were using that money to live on and were able to give assistance to others as well. We were very greatful for this opportunity. This all ended in Feb. 2010.

As far as I can tell, someone had to have hacked into Panamoney's website and obtained my security question and answer. Once they got that information, they were able to: 1) change my e-mail address; 2) change my Liberty Reserve account number; 3) change my password; 4) request an early withdrawal via ticket support and e-mail. Panamoney never verified if I had initiated these changes by contacting me through my original e-mail address and never verified the new Liberty Reserve was mine. Panamoney never questioned why so much pertinent information needed to be changed so quickly (from an IP address different from mine) and then an urgent request to do an early withdrawal. Panamoney then quickly processed the request, by-passing their own instructions as to what was necessary to do an early withdrawal. Panamoney should also have stopped the whole process and told them there was nothing left to do an early withdrawal with because my account was already in profit! Instead, Panamoney allowed the changes to my account and processed the request all in less than 24hrs and on a weekend! Panamoney was then able to take back all the profit I had earned through my investment according to their Terms of Service: " The Company’s commission for early withdrawal is 12% from the initial amount minus the profits including, in case of combining, the profits made from the plans prior to their combining as well as afterwards. The early withdrawal to be requested by e-mailing the Company’s Customer Support Department and will be executed within 5 days."
(You would think that was put in there in case someone had an emergency and needed to get their investment money back, not to allow Panamoney to get all your profits back after using your investment to get them! They actually put my account in the Negative!)

There was absolutely no way I could contact Panamoney and stop this process, I tried. I could not even tell what was going on because I could not get access to my account. It was not until over 48 hrs later that Panamoney could help me, by then it was too late to stop anything. Panamoney claims that I gave someone access to my account or they hacked into my computer. First, I didn't give anyone my information and I didn't even know how to change all my information. I had forgotten which security question I used and had to go through them myself until I got it right to change my information back! Second, I don't store security information or passwords on my computer. The only place they could get that is if Panamoney gave it to them or they hacked into Panamoney's website. I requested all e-mail correspondence Panamoney had in regard to my account. The only one they will let me see is the one that requested the early withdrawal. Any others they say they cannot show me because they don't know if it was from me or the thieves. Panamoney is now concerned in protecting would be thieves privacy but had no trouble allowing them to initiate an early withdrawal through a fraudulant e-mail account that Panamoney did not verify was mine and that wiped out my account without making sure who they were and then Panamoney gets the money. Also, in regard to withdrawing money, Panamoney states in the Terms of Service: "8.1. The money will be withdrawn within 24 hours once the withdrawal request is made, except for weekends and Forex holidays." They fail to mention that early withdrawal requests can be done on weekends. Again, this gave me no opportunity to stop this process because they could not be contacted on weekends! They also had 5 days according to their Terms of Service, so what was the hurry?

I have tried to reason with Panamoney for weeks about the fraud that has been committed and how Panamoney did not even follow their own procedures. I could see in the ticket support where the early withdrawal request was made and Panamoney's response: "To request an early withdrawal, you should e-mail to support@panamoney.net providing your name, login name, e-mail and attach your ID document for verification." The e-mail they did show me that requested the early withdrawal did not contain this information and they processed the request anyway! You can see how this would be a security measure and would have again stopped the whole process but Panamoney did not even follow their own procedures! Thereby allowing Panamoney to get all the profits my investment had accumulated.

My advice for all Panamoney investors (especially those in profit) would be:
1) Immediately request that the early withdrawal request option be taken off your account! ( I had no idea they would honor this request after you were in profit. It only gives them a legal way of confiscating your money.) If they cannot or will not do this, you need to check your account 2-3x/day and pray nothing happens to it on a weekend.)
2) Check your 'Edit History' page daily. You can see if any changes were made from there.
3) Check you 'Log In History' page daily. You can see if someone has logged in other than you by the IP address.
4) Check in 'Submit a Ticket' page daily to see if anyone is corresponding with support other than you.
5) Request that if any change is made to your e-mail address information on your account, that Panamoney contacts you through your original e-mail address to verify that it is you before they allow it to be changed. And that any changes be verifed with ID document. (They changed the letter 'l' in my e-mail address to the number '1' so I could not get access to my account or get Panamoney's correspondence. It is evidently a valid e-mail address, just not mine.)

Regardless of who did this, Panamoney ended up with all my money and they don't see anything wrong with this. I wish the best for you all and hope this may help save someone else from going through the devastation this has caused us.

(I copied all my account information before Panamoney closed my account so that any of the above information can be verified. I feel I have done all I can at this time and if Panamoey should see how wrong it is to take someone's money through fraud and corrects this, I will be sure to let you know.)
 
Omar,
Morocco,
May 25, 2010,
Guest

Hello, A Panamoney scammed me . can you help me pleze to return my money. thank you