Beware! CornWealth has stopped paying! Do not invest there!

Hi everyone! I have a short enough news update for you this evening as there hasn’t really been all that much going on. Before getting to that however I want to start with a closer look at a brand new mid to long term HYIP just added to my monitor called CornWealth. And like all online HYIPs CornWealth is no exception to the rule that all of these things have both some good and some bad points, so let’s take a look at them in more detail and see if you find them a suitable addition to your portfolios or not.

There’s just two investment plans to choose from in CornWealth, though they are quite different. One of them is a longer term option while the other is more medium term, though what I find most unusual is the way that one of them is measured in calendar days and the other in business days. It’s inconsistent but hey, whatever works best for you I guess. I’ll start with the longer term one because it’s the cheaper of the two. CornWealth require a minimum deposit of $10 to join and the plan runs for a duration of 60 calendar days. During that time you are offered a daily interest payment of 2.8%. This rate applies no matter how big or how small your principal is, so everyone earns the same return. CornWealth are already counting your principal as part of those payments so that won’t be returned at the end. This leaves the investor with a total return of 168%, or your own money back plus 68% net profit. A more important statistic is how long it should take you to break even, something you should do 36 days into the term.

CornWealth‘s second plan changes direction somewhat and looks like something from a totally different HYIP in the way it’s organized. For one thing it’s measured in business days, running for 30 business days in total (six weeks). It will cost you a bit more to join, coming with a $50 minimum, and the interest rate will vary according to how much you spend. Rates are as follows:
$50 to $499 will earn 5% per business day, $500 to $999 will get 6%, deposits from $1,000 up to $2,999 get 7%, and anything from $3,000 upwards will be offered 8%.
CornWealth are again counting your principal as part of the payments so that will not be returned to you separately.

Something I’ve noticed recently, and it’s a trend that I do hope continues, is that more and more programs seem to be offering a really good selection of payment processors. The days when admins could get away with telling you to either pick from LR or PM or else get lost would appear to be numbered, and even some very average programs are now catching on to the fact that investors are wising up and not putting up with that attitude anymore. Finally it’s the investors dictating to the admins what payment processors get accepted, or else it’s the admins that can go look elsewhere. So I’m pleased to see this is a development continuing with CornWealth as they too have all the popular options available. As of now you can join the program using SolidTrustPay, EgoPay, PerfectMoney, or LibertyReserve. Payments are made manually by the CornWealth admin so you will need to log in to your members account area and make a request. Once you’ve done so you are then required to allow up to 12 hours for the transaction to be completed.

As for the security and design of the program, I must admit it’s bit of a mixed bag with some definite room for improvement. Don’t get me wrong, some aspects are fine such as the script which is under license (CornWealth are using one from GoldCoders) plus the fact that their website is SSL encrypted for safer browsing and more secure transactions. But where CornWealth let’s itself down unfortunately is with the hosting. The provider is CloudFlare but they are only on a shared server. The problem with that of course is that if there’s a problem with one site then there’s a problem with all of them, and CornWealth is currently sharing with more than 260 others. If you wish to contact the admin with any further questions or account related issues, then you can do so by filling in your details in the online ticketing form and submitting it via CornWealth‘s contact page.

I’d just like to point out that after writing this review the admin contacted me to say something about his hosting provider. He maintains that the program is in fact hosted on a dedicated server from a company called Snoork and that CloudFlare is the DDoS protection, describing it as the “door” to the server. This is his version, not mine (I don’t see any evidence of it) but am including it here because that’s what the admin claims. You are free to research this information for yourself if you feel it important enough to influence your choice to join the program or not.

Anyone following the news might be aware of an ongoing drought problem in the MidWest region in the US, resulting in vastly reduced agricultural yields and rising food prices which we haven’t really seen the full extent of yet. No doubt we will of course and this will be more than just a domestic issue for US farmers and consumers, it will affect prices of basic foodstuffs worldwide. So why would this be of interest to readers of MNO? Well, it’s an area where CornWealth are claiming to be involved and claiming to be making these profits. I only mention it as a matter of interest by the way because personally would dismiss it out of hand. Reason being the texts are a straight copy/paste job taken from another website, so whatever they tell you doesn’t involve the people behind the CornWealth HYIP. That, and the fact that you’d think a company generating that kind of money would have been able to afford better than a shared server, lol! I’m not singling them out here or anything, I’m equally skeptical about every other HYIP as I am of CornWealth, and I know regular and experienced industry players won’t be all that interested anyway.

So just take it that you are investing with an online HYIP and either accept the risk that goes with it, adjust your budget accordingly, or else move on and look for something different. And of course as always if you are joining CornWealth then try and keep them as a smaller part of a wider more diverse portfolio.

DAILY NEWS FROM THE INDUSTRY

BENSONUNION – SECOND WEBINAR HELD

BensonUnion held their second webinar today and unlike the first one anyone can now view a recording of the more than one and a half hour long live conference with the admin of the program Ragnar (he was first interviewed on MNO here). Despite the obvious hostility of some participants who doubt the intentions of Ragnar and questioned their legality he managed get through a lot. I only saw some parts of the webinar, by the way, as I’m quite busy and don’t have the time to watch it all but from what I saw he managed to answer some questions that were asked by members of BensonUnion in the chat. If you wish to see the webinar in its entirety please follow the link sent by BensonUnion in the last of the two newsletters sent today:

“BensonUnion official newsletter
BensonUnion webinar will take place TODAY! Just 8 hours left! As we previously reported, it will take place at 2.00 PM Eastern Time (GMT -05:00 timezone). Previous webinar wasn’t recorded so it was a problem for those who was unable to participate. This webinar will be recorded and published on our website right after it ends so everyone who can’t participate today will be able to watch it later by visiting our website. Here is the conference room URL: http://anymeeting.com/bensonunion1 . If you need to know at what time it will take place in your timezone you need to visit this url and click the button “Show in my timezone” so you will have an exact information. Don’t miss it! Thanks for your attention!”

“BensonUnion official newsletter
The webinar has just ended. This time we collected two times more attendees than in previous meeting. Mr. Wellington was holding this conference for 2 hours. Over 600 people attended! The webinar was recorded and everyone can watch it anytime by following this URL: http://www.anymeeting.com/WebConference/RecordingDefault.aspx?c_psrid=EB58D8878847&pr=1 . Mr Wellington will come back in next webinar that will be held in October! Stay tuned!”

So that’s it and the next webinar is scheduled for October. I hope that very soon we’ll see the first principals returned on expiry from the investment plan BensonUnion started offering back in January 2012, when it first came online – 1.2%-2.45% for 170 business days. Currently BensonUnion accepts LibertyReserve, PerfectMoney, BitCoin and EgoPay with the instant payouts processed to all the payment processors and according to the admin PexPay and SolidTrustPay are also in the pipeline. We’ll see what happens with BensonUnion next, but for now I can see that the program is developing nicely with the admin very proactive in promoting his program in some very unusual ways (like the webinar). If you want to read my honest opinion on the program when it just launched please refer to the full review of BensonUnion posted here.

PEAKPAY AND FIXEDMONTHLYINCOME SCAMS?

Today two more programs were moved to Problem status on MNO – PeakPay and FixedMonthlyIncome. However, it happened for very different reasons which I’m going to outline in my analysis below.

PeakPay only managed to pay for less than a week since it was listed on MNO. It was enough time to be paid once from the 3-day plan and from the 5-day plan but no more. Most investors will have lost. I have to say I was totally unimpressed with the overall quality of the website as I said in my review along with the time the admin took to answer the support tickets. So I would hope not too many MNO readers got caught out. A hacking incident took place in its first days online but was rectified by the admin of PeakPay who also promised to tighten security, something which by the way never happened. Everything pointed to the fact that PeakPay was intended as a short-term scam and the admin has now pulled the plug and stopped processing payouts. More than the 48 hours required for processing payouts have passed and I still didn’t get paid. Not even after contacting the admin. Nobody else emailed me about problems with PeakPay so far (hopefully this indicates there aren’t any investors), but I believe if my withdrawals were pending others are too. So I can conclude that PeakPay just scammed and there is no more hope for them getting back to normal.

As for FixedMonthlyIncome, the program’s website just disappeared and has been offline for over two days now. I assume it’s ok to be offline for such a program that pays once per month, but it’s really inappropriate for the admin not to update his members and not to reply to emails. I believe that FixedMonthlyIncome might return in the near future, but I prefer to list the program on Problem status now, at least before the site is back and the admin can explain what really happened.

GET PAID REPORT FOR 13/09/2012

Here is the list of the programs from my monitor that paid me for the last 24 hours:
From MNO Sticky list: HourHour.
From MNO Premium list: NewGNi, Finvance, ProfitableSunrise, RightFive, EurexTrade, FelminaAlliance, PlexCapital, YachtWealthClub, MTResults, Bull&BearCapital, TheBig5, BensonUnion, PipsFund, DiamondAsset, CornWealth, RoyalUnion (the first payments received).
From MNO Standard list: UFOWin, 6MagicPay.
From MNO Basic list: GoldTradeFunds, AoGo.

That’s all the news for today, guys. Please come back tomorrow as I’m going to take a closer look to the newest addition to MNO which is RoyalUnion as well as the latest updates from the industry and any updates about the recently blocked EgoPay accounts which appears to be spreading now. Stay tuned and see you all tomorrow!