CEPTrust at Nobullshit Network Forum

**ponziscams** · 03-02-2007, 03:04 PM

This is a Conversation I had with Greg Jennings of the Office of Financial Services in Kentucky.

http://ponziscams.com/audio/kentuckyofis.mp3

**sharonsopinion** · 03-09-2007, 01:45 AM

Steer clear of CEPTrust, unless they get licensed. Running an unlicensed PP in the US is illegal and very likely to get shut down.

JMO,
Sharon

**Dolphin** · 03-09-2007, 09:54 AM

I agree on this. I'm in 4newbies and Izzy has now required all members to use CEPTrust, effective immediately. I've voiced my displeasure on this at his forum, but I doubt I'm being heard nor is my opinion on this matter popular.

I fail to see how his decision was in the best interests of his membership and the business ... and I also fail to see how it was a fair decision taking away the processor choices w/o any discussion or notice.

Dolphin

**sharonsopinion** · 03-09-2007, 05:11 PM

Hi Dolphin,

I thought Izzy said that it would take time for CEP to take over 4newbiesmarketing. Didn't he allow any time for withdrawing to the previous options first? He should have left the other options open until everyone either got out or opened a CEPTrust account.

JMO,
Sharon

**Dolphin** · 03-09-2007, 08:58 PM

He now states on his forum that he's offering people the following:

Quote:

I am considering setting the payment processor in your acct to Special one-time only CEP Trust acct for those members that want to be paid out to egold/AP.

Then when those payments are made to this CEP Trust account I will make all the transfers to egold and AP and I will send it to you in the form of Egold/AP.

So there are two solutions. Choose one of them or simply make your own CEPTrust account.

PM me if you want to do this.

Netzen also offered to buy out anyone's account who did not wish to deal with all of this and has permission from Izzy to do so. I've taken Zen up on his offer.

Personally, I stand by my opinion. Izzy alludes to me "attacking" ... I find it ironic that just because I am an outspoken blogger who is free in expressing her opinion, popular or not, that I am attacking certain folks or admins.

People are entitled to their views .. as am I.

I'm just glad to be moving on from this ...

I wish all the best in this transition ..

Dolphin

**Dolphin** · 03-11-2007, 05:03 AM

This was posted on the 4newbies forum:

Quote:

I just got off the phone with Trevor a bit ago and want to share with you some good news Smile

We have secured an attorney who will help us get a Transmitter license in New York. She is very knowledgeable in this area and has in fact helped several companies get through the process of obtaining one. So there will be absolutely no chance of misinterpreting the laws there. She will indeed be quite an asset to us!

Meanwhile, as I mentioned in my other post, we have been looking into some other options. Some members have made some really good suggestions and have been very helpful with this recent issue. After exploring some of them we have decided that moving to New Mexico would be in the best interest of CEP Trust at this time. We can be registered in NM in a relatively short amount of time.

I don't have a whole lot of details for you. Trevor will be making a statement soon, but not likely until Monday. So much has to be finalized and details to be worked out, but I wanted to let you guys know what our plan of action is, regardless of what Kentucky says.

OK, that pretty much sums it up. I hope you all can relax and enjoy your weekend. We are moving forward and can only get better and stronger

Dolphin

**sharonsopinion** · 03-11-2007, 07:14 PM

EMO secured national licenses from agencies such as FDIC and SEC. I wonder if CEPTrust will need those, too.

Also, they may say they are moving to New Mexico, but I don't think it's that easy. In most states you have to be physically located in the state or have at least one employee/owner in the state. Nevada and Delaware are two exceptions. Although, Nevada has been clamping down on incorporating from out-of-state. So, I wonder if CEP management will be physically moving. If yes, then they have to worry about selling and buying a house, as well as everything else. If they don't physically move, then they'll still be considered as running an unlicensed money transmitter in Kentucky.

In addition to location, they have to worry about the location of their members. They have to get licensed where they are, too. I am not as sure about this requirement, though. Anyway, it's all food for thought.

JMO,
Sharon

**Dolphin** · 03-11-2007, 07:34 PM

yup .. seems to be a lot of work and money to operate a processor ...

But at least from what we can see, it appears that CEPtrust is making efforts and being open about it.

Dolphin

**sharonsopinion** · 03-11-2007, 07:46 PM

Very true, Dolphin! This makes them better than the shady TriStar group.

However, they should have secured all the licenses BEFORE they opened CEPTrust for business. Take a look at EMO as an example. They secured what they thought were all the licenses that they needed before they launched. They used a lawyer to help them with the licensing issues. Unfortunately, they missed the state license, because their lawyer advised them that they didn't need it. If they would have had better legal advise, they would have secured the state license before launching. Since they didn't, they were shut down soon after they were advised they needed one. It didn't matter that they applied for it after the fact. (I miss EMO! They were top notch for useage, security and customer support.)

JMO,
Sharon

**Dolphin** · 03-11-2007, 09:10 PM

Ya know, I think I used EMO just once and did like their layout and their service ... I think it was back when 12dp was still operating and for a brief period, if I remember correctly, they were requiring EMO or something before SP "took over" ....

I don't know what to say about Trevor's journey in this process. He claims he didn't meet the required levels so did not apply b/c if he had, he would have just been denied .. on the other hand, knowingly operating without a license? I'm just not clear on his thinking on this ...

I am rooting for him to get this all done though ... if he pulls it off, CEPtrust (based on it's solid rep so far and it's top customer svc) could become the best processor choice (outside of egold) ...

Time will tell, I know

Dolphin