biggest theft in online history ...
Received a notice this morning regarding an action against a group I was a member of in 2004 - letting me know the trial is now scheduled for October, 2006 ...
I really do not want to write any more about StormPay, but is unavoidable.
What is already the the biggest theft in online history is an event that will drag on for years, just like the one I mentioned above.
To my knowledge, no court order has yet been presented by StormPay to justify it continued actions against hundreds of thousands of people worldwide.
Paid-to-surf (PTS) has been in existence online for about three years, since the beginning of CasHits.com
Through most of that time, StormPay has offered its services to allow PTS members to purchase advertising and to "upgrade" their PTS accounts - all the while collecting fees each time money was received in a StormPay account.
StormPay fees from its opening were set at 6.9% plus 69 cents
https://www.stormpay.com/stormpay/user/about_us.php?v=f
NetIBA** Certified accounts are charged 2.9% plus 39 cents in exchange for the $19.95 "certification" fee
NetIBA is registered to the same person, John McConnell, who heads up StormPay ... so of what value is a NetIBA certified StormPay ?
The only apparent advantage that I can see to anyone anywhere being "NetIBA Certified" is to save on SP fees.
Suddenly one day late in January, 2006, Mr. McConnell and / or Mr. Steve Girksy decided that all PTS were being conducted illegally ... after StormPay had already collected huge profits from PTS.
Right now, StormPay is continuing ( without evidence of court order ) the following unilateral actions:
- freezing SP accounts belonging to owners of businesses *suspected* of fraud
- returning PTS member payouts to the company that paid them, into a frozen account
- taking money out of SP subscribers' bank accounts to send to frozen PTS accounts
- charging SP subscribers' credit cards to send more money to frozen PTS accounts
- taking personal money deposited by SP subscriber accounts so they could pay others for services and sending that money to frozen PTS accounts
... and most incredibly, all of that seems to be done with the blessing of the United States Securities and Exchange Commission, which is in the process of "regulating" the PTS industry, to protect the American Consumer from FRAUD !
... yet each time StormPay sends money to a frozen account, StormPay receives at least 3% of whatever it sends as it takes its fees. SEC itself estimates there has been about $3 million collected by 12DailyPro, and certainly not all that money is now tied up in this mess, but it gives you a look at the "tip of the iceberg" ...
How many PTS and how much money in total is being shifted around by StormPay today is easily in the millions of dollars any way you look at it. Each million that is moved into a StormPay account is at least $30,000 new dollars in StormPay's bank account, so why would StormPay want to stop churning the money ?
I really do not want to write any more about StormPay, but is unavoidable.
What is already the the biggest theft in online history is an event that will drag on for years, just like the one I mentioned above.
To my knowledge, no court order has yet been presented by StormPay to justify it continued actions against hundreds of thousands of people worldwide.
Paid-to-surf (PTS) has been in existence online for about three years, since the beginning of CasHits.com
Through most of that time, StormPay has offered its services to allow PTS members to purchase advertising and to "upgrade" their PTS accounts - all the while collecting fees each time money was received in a StormPay account.
StormPay fees from its opening were set at 6.9% plus 69 cents
https://www.stormpay.com/stormpay/user/about_us.php?v=f
NetIBA** Certified accounts are charged 2.9% plus 39 cents in exchange for the $19.95 "certification" fee
NetIBA is registered to the same person, John McConnell, who heads up StormPay ... so of what value is a NetIBA certified StormPay ?
The only apparent advantage that I can see to anyone anywhere being "NetIBA Certified" is to save on SP fees.
Suddenly one day late in January, 2006, Mr. McConnell and / or Mr. Steve Girksy decided that all PTS were being conducted illegally ... after StormPay had already collected huge profits from PTS.
Right now, StormPay is continuing ( without evidence of court order ) the following unilateral actions:
- freezing SP accounts belonging to owners of businesses *suspected* of fraud
- returning PTS member payouts to the company that paid them, into a frozen account
- taking money out of SP subscribers' bank accounts to send to frozen PTS accounts
- charging SP subscribers' credit cards to send more money to frozen PTS accounts
- taking personal money deposited by SP subscriber accounts so they could pay others for services and sending that money to frozen PTS accounts
... and most incredibly, all of that seems to be done with the blessing of the United States Securities and Exchange Commission, which is in the process of "regulating" the PTS industry, to protect the American Consumer from FRAUD !
... yet each time StormPay sends money to a frozen account, StormPay receives at least 3% of whatever it sends as it takes its fees. SEC itself estimates there has been about $3 million collected by 12DailyPro, and certainly not all that money is now tied up in this mess, but it gives you a look at the "tip of the iceberg" ...
How many PTS and how much money in total is being shifted around by StormPay today is easily in the millions of dollars any way you look at it. Each million that is moved into a StormPay account is at least $30,000 new dollars in StormPay's bank account, so why would StormPay want to stop churning the money ?
posted by JamesB at 9:00 AM
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