HHello Everyone
I received an email questioning the legality of Global Film Fund. Sighting all the laws pertaining to “Investment Clubs in the US.”
In my answer I told them the truth, that I researched all of those laws and found that if I wanted this to be an investment program, that I could really only take it to accredited investors.
So, I knew I could not run Global Film Fund as an investment program. But in my research I came across Global Online Depository and their loan program. As I continued to research on offering a loan program, I found out that Global Online Depository is a US corporation and also one of the founders is an attorney and the former State District Attorney for the State of Idaho.
I figured if he was a former State District Attorney, he knows the laws and would not break them.
So I continued my research and found that I could run it as a loan program and stay within the SEC rules.
When the post I referred to at the beginning of this letter, hit the NoBSHyip Forum, I was preparing to assure the person that GFF is a legal program because we do not take investments and we are not an investment program., we are a loan program. In my desire to give a strong defense to my answer, I went back to Global Online Depository to get the information about what they do. When I went to their website, I found that they have stopped the loan program and this bit of news.
Quote:
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“The Securities and Exchange Commission announced today that it has filed a Complaint in the United States District Court for the Northern District of Georgia to halt the sale of unregistered securities by Global Online Direct, Inc. (Global), a Nevada corporation headquartered in Union, Oregon, and its principals, Bryant E. Behrmann (Behrmann), of Henderson, Nevada, and Larry "Buck" E. Hunter (Hunter), of La Grande, Oregon.”
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I was comfortable I was doing everything according to US laws. And as I read more on the Global Online Depository it seem like they are going to fight this and they may win.
I still believe I am operating within the guidelines of the SEC since I am not an investment club but a loan program. And I would never knowingly break any US laws or SEC rulings.
But I have no desire to fight the SEC or the desire to spend millions of dollars to fight them. So I have no choice but to stop Global Film Fund immediately and refund everyone his or her money.
I apologize for my mistake. For everyone who made a loan I am returning his or hers money. By the time you read I will have started the refunds. If you did not receive a refund in your e-gold account by the end of today (U.S. time) please let me know. I will let everyone keep his or her referral commissions.
My sincerely apologizes for any trouble this may have caused anyone.
Sincerely,
Gary D. Nice