Thread: Real Latest Plexpay News

It's really hard to make sense of all this. It is one thing if only Frode was stealing money, but there are 5 or 6 other owners....it would seem they had to have some idea what was going on. I really hope this wasn't merely a ponzi....after all we've gone through with PIPS that would just be cruel! And I hope there is some way we can recoup our money if PP can't continue. I had just put a chunk in (after much debate) not long before all this happened! The "risk" was supposed to be in the trading....not in the owners being crooks!

The thing I can't fiqure out is WHY can't the others get this thing going. They said that the servers had nothing to do with the actual accounts. If the police got the money (how would they know unless they got it or plexpay told them) why isn't plexpay trying to get it back. No charges have been brought to this man yet from the members. Why doesn't the other plexpay people do something if he took the money and get it back or, charge him and bring it back and get the servers (that only serve as a on-line tool NOT the REAL account they said) going?
koko

This is the latest info from a reliable source:


Dear members of Plexpay Network

By now it is clear to everyone that the events of the last two weeks
have created big problems for Plexpay Network and its members.

The need for information amongst the members and investors has of
course been paramount, but it has not been possible during this
period to provide substantive information beyond that which has been
communicated. The situation we find ourselves in has been difficult,
to say the least.

Since the reorganization of the Management of Plexpay we have been
working in a goal-oriented fashion for the last week and a half. We
now have a better overview of the entire situation and we are now
able to report back to the members with some precise information.
So what has really happened?

On September 20th, 2005, the Police confiscated Plexpay's
possessions. At the same time they took the President of the company
into custody and charged him with embezzlement. The confiscations
were extensive; as they included all financial statements for all of
Plexpay's companies; computers, servers, contracts, documents, cell
phones and more.

It is very important to emphasize that Plexpay and companies linked
to Plexpay have not been charged, but unfortunately were indirectly
drawn into the case.

On September 22, 2005 -- there was a meeting held by the board of
directors of the company where the former President was dismissed
from his position and all proxies were revoked. Limited proxies were
also given to the new acting manager. It was also decided at the same
meeting to initiate an internal investigation as soon as possible to
clarify the situation at hand and also to assist the Police in their
investigation.

Quote from the meeting of the board:

"The board views the situation with grave importance and finds it
necessary to carry through an internal investigation to get a
complete overview of the situation the company is in today."

Immediately after the confiscations have been suspended the company's
accountant will in cooperation with the acting manager initiate an
independent run through of the dispositions made and which has caused
the shutdown.

After the completion of this initial process a report will be given
to the board and the registered public accountant of the company
which will contain the following:

1. Detailed review as to whether the company has performed censurable
transactions or if there are other conditions linked to the
management of the company which are not in accordance with existing
laws or business ethics.

2. Run through of the companies routines concerning operation
administration, attestations, proxies and quality assurance of the
company as of today.
3. Detailed recommendations about initiatives and the completion of
quality assurance of the company.

The board's decision on the above was unanimous.
The board of the company will continuously monitor the situation
through the acting manager and the lawyers of the company. This
process is well underway and reports will continuously be sent to the
company's lawyers and the Police.

The confiscation:
After the request for 'suspension of the confiscation' by the
company's lawyer was denied by the Police on September 27th, 2005,
the lawyer sent a request to Trondheim Tingrett. A ruling is expected
on this on October 6th, 2005.

Upon the suspension of the confiscations, or alternately parts of the
confiscations, the company will be able to speed up the process of
sorting out the exact current situation of the company.

Loyal bank:
The process of opening the member's accounts with Loyal bank is in
progress at the same time. We understand the banks wish to protect
our customers funds, but do not see the need for this as the only one
able to access an account is the owner of it. We are putting a lot of
effort into this situation and have a good dialog with the bank and
hope for a speedy positive solution. We can only apologize for the
worries experienced by our members during this period.

Embezzlement
It is very regrettable that the Police have not invalidated the
figures mentioned by the media regarding possible embezzlement of
company funds. Plexpay does not want to minimize the situation at
hand, but with the information we now have collected and analyzed it
is clear that the actual amounts involved in the case are fractions
of what have been mentioned by the media. The same goes for the
substance of the case at hand.

Further actions:

As mentioned earlier the board of the company will initiate a full
internal investigation of the operations of the company as well as an
audit of its financial status, independent of the Police's
investigation. Before we put the company back online all the parts of
the operation will have to be quality assured. The progress of this
work is off course partially dependent upon when the confiscations
are suspended and the company's computer equipment made ready for
operation.

When Plexpay's management feels confident that the company's
operations have been quality assured in every part of its daily
functions, including its legal framework, capital security, project
development and more, then normal operations will be resumed.

A partial assessment made possible by the work that has been done
thus far shows that the liquidity of the company appears to be good
and that the projects the company has invested in appear to be solid
with a good marginal rates of return.
The company understands the members need for information which will
be easier for the company to deliver in the future. We also have the
greatest understanding of the frustration and unhappiness the members
have over the situation we're currently in, as we are sharing these
emotions with you all.

In addition to all the efforts extended by hired experts, the board
and employees, we would like to send a special thank you to the
members of the network who have used their skills and connections to
quickly gather information we have needed. A lot of costly time has
been spared and we deeply appreciate this assistance.

We are working hard with the sole purpose of resuming normal
operations of the company as soon as possible. We wish you all the
best in the world and promise regular updates as the process moves
forward and further information becomes available.

Best Regards





Plexpay Management

Wonder if rol's still running!

Originally Posted by Adster

Wonder if rol's still running!

I dont think the GPS program is running from the servers the police took. I hope... If so, the rol is still running.

Weren't we told that the servers had nothing to do with our accounts? That it was just a records of our accounts in which we could see what our accounts balance was but was not actually the accounts? Is this right or is it my imagination when I believe they told us when the server was all goofed up and they said they did it so no one would be able to hack into them. If so and true I wonder why they can't get us on line or be able to do it like a bank........or something
koko

The GPS server is not down. If you try to go to http://www.gps-invest.com, you will be prompted for login/passwrd. The GPS server has been temporarly suspended by the Plexpay management while investigation is ongoing. I would assume that the ROL is still running. There is no reasons why it shouldn't. All trades Plexpay are in, are still running, generating revenues. Other investments are also running, and nothing has stopped generating profits. Plexpay may be in the grey zone because of it's commission structure, where most of the memrship fees are paid as commissions, but all payments from GPS to Plexpay account, and then out to member accounts, are return of profits.

latest update plexpay here http://www.investgold.org/news.php?id=264