makila

This is not new. If you spend in ponzi's, always stay under the radar and don't be too greedy. I doubt any reciever would sue people "outside" the US for a couple hundred $$$. The time, effort and money required to bring people before court who are ignorant and play the game very hard, would simply make it not worth it. The people who play with fire are those investing tenthousands $$$ or more into ponzi's with the intention to become rich quickly.

Simon

LOL I don't really think its about staying under the radar - its learning not to bother with them at all!

And it is new for online autosurfs / hyips, because the same didn't happen with 12DP (which was much more publicised).

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makila

Personally I left ponzi's alone for about a year and a half now. After the stormpay and 12dailypro disaster , the warning signs were there that one day recievers would start sueing us. Thanks for letting us know, this has now happened. I 'thank' you for it.

HeyJude

The amounts shown by the Receiver are ACH withdrawals from CEPT. Simon, as you say, they represent the principle and the interest (profit) paid flowing through the CEP programs.

Let's face it, at the 15% profit that CEP was offering, the bulk of the transactions listed by the Receiver represent principle, not profit for those people.

It might be legal for the Receiver to try to seize those funds, but by no means is it moral, and I don't think the role of the Receiver in such cases is to be punitive, so I would think those people have a good chance to legally contest the against liability of the "principle" part of their investment.

Oh my, Simon..you are taking a hard line! I know you speak from firsthand experience of lessons learned, but let's face it, many of those people were conned or duped by Trevor's smooth talk and truly believed in the legitimacy of the CEP companies. Not all, but many were "believers", and therefore, I'd say, victims.

By the way, in case anyone missed it, below is a link to an article about CEP. There is a photo supposedly of Trevor's lawyer, but it is actually of Trevor himself. Click on it to get a larger view. Last time I saw his picture he had long Jesus-style hair, so I didn't recognize him until someone pointed out to me that that was actually Trevor.

Online site's take pegged at $16M - Pittsburgh Business Times

HeyJude

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Simon

Hehe yeh I know it's quite hard line. All I wanted to get across is that after you've been burned once, you should at least be a lot more careful next time round.

I know it is kind of contentious for the receiver to seize the funds, but (a) this is effectively the government sueing, so I doubt anyone could challange it and (b) I believe that once all the money is brought in, it will be re-distributed (after excessive fees are taken lol) to everyone in proportion to the amounts they put in. That applies to those sued too.

I agree its a stupid way to do it, but in these large scam situations, the receiver probably believes it to be the easiest resolution.

Nice find on Trevor there too. I found this last paragraph especially amusing:

Repeated attempts to reach Reed were not successful. His Raleigh attorney, Bruce McDaniel, doesn't agree with the Ponzi scheme characterization. "I have not seen any evidence that it was that," McDaniel says. "It is my understanding that the people who put in money got more out than they put in."

Are there any pictures of Clayton?

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Tdinoz

edited to say nevermind sunday here 11.25AM and my eyes haven't woke up yet

No haven't seen one for clayton only trever

The lawyer for Trevor Reed, pictured, says Web site was not a Ponzi scheme.

Thanks Jude I had not seen that article I'll have to give my google news alert for "trevor reed" a good slap or at least check the spelling

golfer21

Online Site's Take Pegged at $16 Million - Pittsburgh Business Journal

Colon End Parenthesis Faith Fraud by Trevor E. Reed

Guess who got sued by the SEC for $443,484 dollars that he got out of the trust....Frederick Damron of Kentucky. Guess where the trust was incorporated....Kentucky. The administrator of the trust, Chris Barany, lives in Indianapolis, Indiana - same area as Charles Spradlin. Trevor E. Reed is a pastor and so is Spradlin.

These two young men certainly didn't have the knowledge or experience to put together this program. They had to have help and I'm betting the above were involved in a big way.

BEWARE OF FRED DAMRON

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