PanaMoney: On the top 10 HYIP list
PanaMoney Technologies, Inc. is an on-line Panama-based investment scheme that appears on some of the top ten HYIP websites. Wikipedia, the free on-line encyclopaedia defines these funds as a “type of Ponzi scheme.” In my opinion, PanaMoney has all the markings of a Ponzi.
It continues to amaze me that so many of these funds are touted on the internet. Worrisome because someone, somewhere has to be making money on these schemes.
I looked at the home page of PanaMoney. Here are just a few of the claims made and some questions to ask.
- “2.8% daily for up to 180 days” How can these kinds of returns be sustained?
- “No trading risk to your investment” Doesn’t every investment have risk?
- “String along with our high qualified and experienced staff in managed forex trading” Are they qualified? Have they taken commodity, option trading or future trading courses?
- “Innovative technology automated forex trading system … uses no leverage along with unique technologies” What does that mean? Forex trading systems are all based on leverage.
I could go on. Using forex trading to deliver rates of return that are so high is a huge red flag. Forex stands for foreign exchange. These markets are very volatile. It takes expert knowledge to understand how currency exchange rates work.
PanaMoney claims to have a “Safety fund which provides the required insurance coverage”. In my opinion, this is just another ploy to convince people to send money. There are no warnings about potential losses, just a lot of confusing and poorly written information that just doesn’t make sense.
Please tell your friends to stay away from these funds. Don’t wire any money from your bank account unless you want to lose it all.
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