Investment Blues

I received several Yahoo messages from people telling me that folks here are waiting for an update from me. I would expect Marcos to post a detailed update on what is going on. But since communication isn’t his forte, let me post what I know.

Current Situation

As I mentioned the last time I posted in this thread, Marcos has been paying returns and withdrawals from reserves for some months now. A lot of people withdrew funds since I first reported they were paying from reserves, and they have been paying without touching the main trading account (I have seen deposits but no withdrawals from the account over the past few months).

Why the sudden freeze of the program?

Marcos froze the program because the situation has not improved. Thus, he decided to take a different direction (which resulted in him closing out the losing positions he had opened on the main account with a loss). With the hard loss, the program would have been turned into a ponzi if he had continued to pay the daily returns. And with the daily returns set at 0% for a month or so, people would have withdrawn their funds en masse in panic. One of the options he considered was to set the rate at 0% for a few weeks while raising the principal withdrawal penalty to 25%. The idea behind the raise would have been to stem the amount of withdrawal requests from people unhappy with a few weeks of no interest. In the end it seems he decided to freeze the program for a few weeks.

Will we lose our money?

No one should lose any money. We are not being scammed or anything like that. They are currently in the process of moving to several new brokers which will allow them to use the automated trading systems (not the same as those being used as FXEMA) that will replace the human trader they had before. If past, back-testing, and forward-testing results are any indication, they should be fully back on track within about 4 to 6 weeks.

The Future of the Program

There is a good chance that Marcos will decide not to continue with the program, and refund everyone their account balances (principal plus compounded interest) once he gets things back on track. He doesn’t seem to have the passion he once had for the program (which may explain the lousy customer service some people have been complaining about), and want to focus on the Managed Accounts being offered.

Anyway, I hope this post clarify things and put people’s mind at ease. I have cleared out a lot of PMs from my inbox so if you want to send me a PM feel free to do so. Oh and for those of you that are curious, I have several thousand dollars in the program myself – it is my second biggest public high yield investment after ROG’s “Private Limited Time Offer”.

Evening All,

Just a very quick update for you guys that are waiting on your withdrawals.

The money arrived, and then left for Icegold yesterday, however because Icegold is plus 2 hours ahead of me they have already gone past their deadline where they could credit it for today.

This means that it will not credit their account till Monday now and I will then get the egold shortly after.

For this I apologize and since we are the ones at fault we have decided to credit those that have withdrawals pending with the interest for last month for those withdrawn amounts, it is the least we can do.

I need to fudge that through the statement system, so for your AUGUST statements those withdrawn amounts will not show so the system can calculate it correctly. I will then run the withdrawals through the system as from the 01 September and they will appear there.

If you do another withdrawal in September then you will jut have two appear on your statement…..this way the figures all tally up but you get the credit for last months interest on your full balance…..make sense?

The reason for this mishap was simple, Ken and I have joint access to all accounts etc etc, however we only have ONE of those little keycode things to access our online accounts. If Ken wanted to get access to the account he needs that keycode device. If he had taken it he would only have had to return it to me anyway and run the risk of losing it in the mail, since there was no need foreseen for him even needing to get into the account it was not taken…..of course hindsight is twenty twenty J

Anyway, moving onto other matters, we had a good start to the month I am happy to report with a good NFP trading day despite it being a very rocky and difficult one to trade this month. We are several % up currently on the 1^st of the month.

Ken will actually be going away on vacation with his family for the middle two weeks of this month, from the 11^th till the 24^th. As you did with me, please hold off any emails to him during this period, or just email me instead.

Trading will continue during this period as I will be trading a few specific setups that we have been trading these last few months.

That is pretty much it, have a great weekend everyone and a great Labor Day to our US Members and I will speak with you all later.

Paul