Legisi at Nobullshit Network Forum

HeyJude · 04-01-2007, 08:48 AM

Does anyone here know about Legisi? It's a return a loan
program, meaning no "investment", according to their site.

https://www.legisi.com/

It's been around since December 2005. The program allows compounding and at the moment is supposedly paying 12.5% monthly.

Compounding returns 300% in 12 months, that is, turns $10K into $41K --

so, quadrupled.

If anyone is in it, or knows anything more about it, please
share. Thanks in advance!

HeyJude

**sharonsopinion** · 04-01-2007, 03:35 PM

Hey Judy,

There is a long list of comments on Interview with Greg McKnight, Legisi at No Bullshit HYIP Blog, A Part of No Bullshit Network. I believe it has the most comments of any article on NoBS. That should be a good start for you, especially since lots of the comments are recent.

Caution should be used with a HYIP this old when no one has verified their method for generating revenue. If they have a real business behind the "loans", then they are a good bet. If the are just really good at handling members funds coming and going out, then their time might be about up. I am really not sure.

JMO,
Sharon

**Jude** · 04-01-2007, 11:34 PM

HeyJude, another thing.

I remembered that they're changing the rates to 6.5% instead. You might wanna check out the interview entry as sharon has mentioned.

**allinvain** · 04-02-2007, 05:04 AM

Well, if Legisi went under it would sure be a sad days for those who have cashed out their IRA's and other retirement savings to invest in Legisi! (this phenomenon can be verified by reading posts in their forum).

I nearly joined Mr. McKnight's program upon a recommendation from a person who shall remain anonymous (signed NDA agreement with him), but then decided that it might not be such a good idea given the lack of disclosure on the part Mr. McKnight's into how the program generates profits.

Another thing that surprised me is how adamant Mr. McKnight is about not calling his program an "investment". I suppose he's afraid the SEC might come down hard on him.

A certain source of mine says that this program "..is doing mostly Forex and some index and future stuff."

In either case, I would still not invest as I'm sure some of you know that there are programs that return a better yield (Club-FXTrader being one example).

Quote:

Originally Posted by sharonsopinion

Hey Judy,

There is a long list of comments on Interview with Greg McKnight, Legisi at No Bullshit HYIP Blog, A Part of No Bullshit Network. I believe it has the most comments of any article on NoBS. That should be a good start for you, especially since lots of the comments are recent.

Caution should be used with a HYIP this old when no one has verified their method for generating revenue. If they have a real business behind the "loans", then they are a good bet. If the are just really good at handling members funds coming and going out, then their time might be about up. I am really not sure.

JMO,
Sharon

HeyJude · 04-02-2007, 05:09 PM

Thank you Sharon, Jude and Allinvain - your info is most helpful and I will follow up with more reading. If the rate is dropping from 12.5 to 6.5 - that is a red flag to me, taken together with the other things mentioned.

It's a shame that age - the older a program gets - the riskier it gets too. One would think longevity = experience = success, but the reverse seems to be true in the hyip world.

In the sane, normal world, longevity is a plus. Go figure.

The "loan" angle is obviously legal protection. There is no law against individuals making private loans to a person or a company and getting paid back with interest.

Thanks again for your input.

HeyJude

24oz · 04-02-2007, 07:50 PM

But there is still a big legal issue here, according to the website legisi is a Nevis registered business, correct here, but even a Nevis business to maintain an office in the US, as the website says, needs the EIN and to conduct financial private loans or not needs the SEC license.

**Jude** · 04-03-2007, 01:53 AM

Quote:

Originally Posted by 24oz

But there is still a big legal issue here, according to the website legisi is a Nevis registered business, correct here, but even a Nevis business to maintain an office in the US, as the website says, needs the EIN and to conduct financial private loans or not needs the SEC license.

Is that why E-gold's office is in Florida?

**allinvain** · 04-03-2007, 02:20 AM

From my understanding E-gold ltd. (Nevis) is a completely separate entity, and in no way requires any EIN or anything like that. What the e-gold management did is they made a contract with G&SR Inc. (USA Corp) to manage the e-gold system. Therefore, it stands to reason that e-gold itself does NOT have any office in the United States, only G&SR Inc. does, and hence any sort of identification with the United States Government is required only of G&SR Inc.

I would not worry about anything happening with the e-gold since it pretty well structures. For more info check out their site where they discuss the "special-purpose Trust".

What I am concerned about is the fact that e-gold's servers are hosted on US soil. Hopefully it won't become necessary to move them offshore as that will further increase operating expenses for e-gold Ltd.

just my two e-gold backed cents

Quote:

Originally Posted by Jude

Is that why E-gold's office is in Florida?

24oz · 04-03-2007, 03:00 AM

Quote:

Originally Posted by allinvain

From my understanding E-gold ltd. (Nevis) is a completely separate entity, and in no way requires any EIN or anything like that. What the e-gold management did is they made a contract with G&SR Inc. (USA Corp) to manage the e-gold system. Therefore, it stands to reason that e-gold itself does NOT have any office in the United States, only G&SR Inc. does, and hence any sort of identification with the United States Government is required only of G&SR Inc.

I would not worry about anything happening with the e-gold since it pretty well structures. For more info check out their site where they discuss the "special-purpose Trust".

What I am concerned about is the fact that e-gold's servers are hosted on US soil. Hopefully it won't become necessary to move them offshore as that will further increase operating expenses for e-gold Ltd.

just my two e-gold backed cents

You are absolutelly right regarding e-gold and G&SR, furthermore, e-gold at their begining back in the late 90s was based in the US but in 2002 or 2003 if I am correct they moved to Nevis leaving only G&SR in the States.
Your concern is also mine, because as e-gold servers are in the US these can be seized by the feds as they were on December 2005, what they did then was make copies of all the transactions, and I am sure that sooner or later e-gold will be forced to host outside the US to avoid intervention and goverment pressure.

Legisi's situation is different, he admits to have an office in the US and to operate in the US and it doesnt matter if he is trying to present his program as a "private loan", the type business he is conducting is considered a security and MUST have the SEC approval and license add to this that the website is hosted in the US and the domain also also registered in a US address, he MUST comply with the US legislation and he is not, so there is risk to face government intervention and their first act is always freeze the funds/accounts and after prosecute which is really bad for investors because after it takes several years to appoint a receiver and recover the left over funds.

**Jude** · 04-03-2007, 03:07 AM

Interesting how we're looking at Legisi now. Feedbacks from other current members in it would be nice