BEWARE! THIS PROGRAM HAS STOPPED PAYING! PLEASE DO NOT INVEST!

Hi everyone! Hope you’re all having a nice weekend so far. Before the news I want to look a bit closer at the most addition to the MNO monitoring list. So new in fact it was only added yesterday. It’s called ProfitEu and it’s a medium term HYIP that opened for business on Thursday last.

Despite most of the plans being a bit too expensive for most investors ProfitEu has a couple of decent features and as we enter December I know that interest will be cooling in a lot of the shorter term games as it does every other year. Hopefully the admin will be able to take advantage of that and push his more sustainable program a bit further. Get it off to a good start at least.

ProfitEu has three investment plans in total, though it would be more accurate to describe them as four variations of the same plan. The only discernible difference being that the higher interest payments are reserved for those with higher deposits. The first plan is open to those prepared to risk anything from a $5 minimum to a $4,999 maximum. ProfitEu will then reward you with a daily interest payment of 3% paid from Monday to Friday for a term of 50 business days (10 weeks).

That adds up to 15% per week which may sound like a lot at first, certainly in terms of keeping ProfitEu running as a viable and consistent project for the long term. Crucially however your principal will not be returned on expiry as it’s already counted as part of the payments. And that should go a long way towards removing any unwelcome drains on the programs funds come the end of the term.

A practical example of a $100 investment should work out like this – you will be paid $3 per day five days per week. That brings an income of $15 per week and allows you to break even after 34 payments (just under seven weeks). After that the profit kicks in and should, if we’re lucky, see a total return of $150. In other words 100% principal plus 50% profit.

Following that any other of ProfitEu‘s offers are going to cost you $5,000 or more to join, so I’ll keep the descriptions brief. They all work more or less the same way anyway and run for the same length of time. For deposits between a $5,000 minimum up to a maximum of $9,999 you are offered a daily payment of 3.5% per day, Monday to Friday, for 50 business days. That brings in 17.5% interest per week adding up to 175% on expiry. Your principal is included so the clear profit is 75%. Not bad if you can afford it.

Mostly for information purposes finally, entry to ProfitEu‘s third plan will cost you a minimum of $10,000. What you’re offered in return is a daily payment of 4% per business day for 50 business days. That adds up 200% in total including your principal, or double your money.

Payouts at this point are limited to just LibertyReserve and PerfectMoney. Nothing wrong with either of them as long as things are going right but do be cautious as there’s little assistance on offer if things go wrong. On the plus side however payments so far have been quick. Keep in mind however that this is not a service specifically offered by the ProfitEu admin. Strictly speaking you are asked to allow 24 hours for them to be completed.

ProfitEu is running off a licensed GoldCoders script and is hosted on a dedicated server with Koddos support and protection. SSL encryption is not in use however. Questions and support related issues can be sent to the admin via the online ticketing form on the contacts page.

Texts aren’t entirely original, neither with regard to the program itself or from the news section, which is “fed” (without citation) from another finance/trading news site. Doesn’t make ProfitEu a bad program or anything, and won’t have much affect on seasoned HYIP players’ opinion of how to rate them. Newbies be aware though, they are unlikely to be the financial services company they claim. Not to critisise them unduly or anything, but until something more solid is offered then treat them as any other online HYIP, proceed with caution, and keep things realistic and part of a wider more diverse portfolio.

DAILY NEWS FROM THE INDUSTRY.

I would not like to speculate on the issue, guys, but it looks like CherryShares might have some payout issues at the moment. First I received a complaint from one reader which simply cannot be ignored as he seems to be very frustrated about the fact that the administration of CherryShares refused to pay to him on the expired deposit from the three week short-term plan and was asked to wait till December 10 when allegedly all the deposits on those plans will be released. However the reader in question made a perfectly reasonable counter statement saying that it’s unfair that this change be applied to him as he invested under the old terms and therefore is entitled to receive his principal back under the same terms he joined under. I mean why is he only hearing about this now? In addition, in the previous newsletter CherryShares stated that the changes will take place after Christmas but now it’s suddenly changed the short-term plans already (obviously due to cashflow issues). Here is the newsletter everybody should see before proceeding to his account in CherryShares today:
“NOV 19, 2010 – the rules has changed for short-term investment plan.
ROI : 5.0% weekly (First 3 weeks), 5.9% weekly after 3 weeks.
We know that this one of the most appreciated plans because it was offering a quick return of the principal. It was the best offer on the market, but unfortunately 95% of all investments were made solely for referral commissions. We are interested in investing, but not in games with referral commission.
From now on (including your existing active deposits), the conditions are:
After just 3 weeks (Dec 10, 2010 for existing active deposits) all the money will be available for withdrawal at any time. The percentage in the first three weeks will be 5% per week, after that it will be 5.9%. For the deposits made on a short-term investment plan the referral commission will not be paid.”

Even worse is that CheryShares themselves admitted that such a decision caused panic among investors which further delayed the payouts to LibertyReserve. While the administration asks to patiently wait before everybody gets paid and promises to pay to AlertPay faster we all know that the abundance of AP and the eagerness of administration to pay via this payment processor is not an indicator of a healthy financial situation. What I really give CherryShares credit for is that they honestly admitted the problem persists and reminded that according to their terms and conditions all the withdrawals will be paid within 72 hours due to the current lack of funds in their LR accounts. Here is the message from their support posted out on the main forums today:
“Yesterday we changed the conditions for short-term investment plan.
This caused some panic. Our clients have begun to actively withdraw their money. Was withdrawn in 7 times more money than usual. It is your right. It’s your money. We were unable to correctly calculate the required amount of Liberty Reserve. We are seeking additional volumes of Liberty Reserve. Because of the weekend’s hard for us to quickly buy a lot of Liberty Reserve.
Payments via Liberty Reserve are delayed. We apologize for any inconvenience. According to our terms of service, we need to complete your orders within 72 hours after placement. Do not worry, it will be done.
If you urgently need money, then use AlertPay. Payments through AlertPay will be completed without delay.
Once again sorry for the inconvenience”.

Well, frankly speaking CherryShares is entitled to pay within 72 hours as specified in their FAQ but the question still remains – will those delays in payments to LR stir up new waves of controversy and cause the panic even on an even larger scale that many CS haters are so eagerly looking for? I’m not sure how it will develop but CherryShares is still paying according to their FAQ and therefore they will stay on Paying status on MNO for the moment:
“FAQ: Withdrawal order is pending, what’s wrong?
Withdrawal orders are processed in less than 72 hours on working days. There might be a problem with Liberty Reserve, Perfect Money or AlertPay payment systems, in this case we will contact you in timely manner with all the details”.

I think we all know that CherryShares is not a real investment company and that it will end sooner or later like any other HYIP. For the sake of CherryShares‘ investors I would not like to fuel any panic simply because so far everything was fine. I really hope that the program will recover from this setback and will be able to continue. However, the silence about these obvious issues cannot be just ignored and has to be addressed for the sake of investors who want to make informed decisions before investing there.

The final blow for CherryShares might be the information that was made public on one of HongKong based investment site outlining that the HongKong address of CherryShares is fake (well, we all knew CherryShares was not a real company anyway but this information could be harmful to their image as a respectable serious investment company which they tried to build diligently during their many months online):
“Name: CherryShares
Type of Scam: Unlicensed Entities
Sometimes entities appear to target Hong Kong investors whilst not having been licensed to carry out regulated activities in Hong Kong. They often adopt names similar to legitimate financial institutions to confuse investors. Alternatively, such unlicensed entities may provide financial investment trading platforms on the Internet. If you deal with a company which is not licensed by the SFC, you may not be protected by the regulatory framework enforced by the SFC.
Deal only with licensed entities and hang up on cold callers. To check whether an entity is an SFC licensee, visit our Public Register of Licensed Persons and Registered Institutions.
Address(es): Rm 1801, Wing On Central Building
26 Des Voeux Road Central, Hong Kong
Website: www.cherryshares.com
Remarks: The company gives the above address but is not located there.
Add Date: 19 November 2009
Note: Unlicensed entities often use names similar to legitimate companies to confuse investors.”
The above information has been taken from the following online resource: http://www.invested.hk/InvestEdAlertList/en/InvestEdDisplayCompDetailsServlet?doc_unid=E7130B573D5C2F6B4825767300249823

I was always wondering why even after nearly a month after writing my article analyzing the tricks used by EzProfit to scam its investors many people come to me and ask why they are listed on Problem status on MNO. Please read the article here in order to make up your mind about EzProfit once and for all. I remind you that EzProfit is paying on daily plans still while totally ignoring the legitimate complaints of the investors who deposited into various on expiry plans who conveniently was told to wait for a while or buy a non-existent Debit card. Well, I don’t really know what to say to such gullible people who like to be fed such lies and are ready to pay $300 for a Debit card in order to get their own money back. Just read my article to put things straight in your head.

So today EzProfit launched some more plans possibly hoping to take advantage of such gullible investors who didn’t learn their lesson and still have no idea that the program turned into a scam. Of course the plans are absolutely ridiculous and offer 20%-30% daily for 20 days (400%-600% pure profit in your investment after 20 days). While it may sound very tempting I urge you not to believe a word of this and not to put your money into this scam. The minimum to invest to these plans is set up to $1,000 so it’s obvious that EzProfit hopes to get some deposits from those in the daily plans and still getting paid. Please be careful and do not be tricked:
“New EZ Mutual Plans Launched
We pay up to 30% daily for 20 days.
Interest will be sent to your account after 24hrs of your invested date daily for 20 days.
Deposit and profit guaranteed. Limited time offer. This plan will be closed at any time once we reached the investment limit.
No debit card needed. Direct pay to your LR account, bank wire or bank check.”

The same goes to those people still not aware that HourlyInstant is finished. Well, it is finished but still some investors will be too tempted to invest into the plan offered by the short email sent today:
“Dear Investor! New Plan ONLY FOR YOU. 270% After 1 Hour”.
Please note that HourlyInstant was affected by the extended downtime caused by their hosting provider DdoSWiz and switched off instant payouts when it got back online after 2 days offline a few days ago. Please do not invest with HourlyInstant anymore if you don’t want to lose your money!

Please accept my apologies for misinforming you in my last post regarding the opportunity to order AlertPay Debit cards. Apparently, this offer is limited and is offered only to selected members. When I and many others tried to order the Debit card from their accounts they received the following message:
“Your current profile does not have access to this feature.”
I guess that just means that those AP members don’t qualify for ordering the card which is allegedly going be available for everybody in the new year.

The website of Flinexa (reviewed here) was not available for me all day today. Fortunately, it looks like the site is under DDoS attack and not gone completely. The admin already gave an explanation according to which Flinexa might be back online within the next few hours. I will keep you updated but meanwhile you’re welcome to read the official statement from the administration of the program:
“Hello Paul, Seems like our server is under DDoS attack. We have already contacted Dragonara and they are working on it. We expect our website to be up and running till the end of the day (within 12 hours). There is no reason to worry about it, we are here and we are not going anywhere!
Best Regards, Ryan Fullmer, Flinexa”.

I successfully made a deposit into the 12% for 12 days plan in CazaInvestment today since my deposit into the weekly plan expired. There was no interest credited for the last week though and I see that it’s not only my problem as I was told by many readers that they were not paid from the weekly plan either and could not get a reply from the admin regarding it. I don’t think it’s intentional as the profits on the daily plans are being paid fine while the weekly profits are affected by a malfunctional script which of course doesn’t remove responsibility from the admin. I just wonder why he communicates properly with me while many other investors wait for days for a reply. I think that the next newsletter should make things clear and outline the future of the weekly plan and those who joined it. The admin of CazaInvestment (interviewed here) told me in the latest email that his program had no scamming intentions but cannot deactivate this weekly plan because a lot of members have already invested there and that they cannot transfer their investment, that the script didn’t work out the way they wanted. I sincerely hope that the issues with the weekly plan in CazaInvestment will be resolved as soon as possible and I will keep you informed on MNO about that.

And speaking of the next CazaInvestment update, it’s already here. Check out the following update from them received while I was still writing this update:
“Regards on a wonderful weekend. This is a brief message basically to inform you on the state of our program and to address the issue with the CazaExecutive plan However, let me begin by letting you know that admin would be online in both MoneyMakerGroup and TalkGoldForum for 12hours through Saturday and Sunday to address whatever challenges members are going through in CazaInvestment.
Please, This program is not Scam we are having issue with the CazaExecutive plan and we have stated this several times on newsletters, members on this plan should contact admin to have their earnings fix, we are operating fine, large member base, good investors and excellent trading, we presently top charts on blogs and monitors and our project is seen everywhere online. We apologies for the inconveniences the CazaExecutive plan has caused to our members and we hope this doesn’t give us a bad picture, We cannot deactivate this plan because it has a lot of investors and we don’t want anyone to lose their investment so we would rather manually process all payments.
CazaInvestment is doing very good, members are already in profits and by the day more and more members are joining and our investment is rolling up to thousands, Our customer support is always at your service hence you are sure of a reply within the shortest minimum time. The most interesting part of Caza is that we are planning to have a Christmas bonus for some investor and top referrals; we would try to have everyone benefit from this bonus. Thanks and we hope you enjoy your membership with the top rated Oil and Gas Investment Online.”

Here is the list of the programs that paid me for the last 24 hours:
MicroTechFund, TetraMetals, Konstant, InvestPlatforms, OptimumPride, FenixTrust, Flamanta, FelixFunds, InvGenerator, MutualTreaty, PandaTrade, OilStructure, ReProFinance, YamaFinance, TerraProfits, CazaInvestment, EarnPlaza, FutureTrails, FondosMayores, YesInvestment, ECashBroker and GainBucks.

That’s it for today guys, andI hope you found the info on MNO tonight useful as ever. I will see you on my blog again tomorrow, and till then good luck with your online investments!