Thread: SI Paymens Are Delayed By Patriot Act

quote:
Posted: Sat Aug 19, 2006 5:11 am Post subject:

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Here is a story that makes me wonder if SI was able to move money from the partners to their account as fast at they thought they could -- I am betting that they possible ran into problems with that too --


XXX.
__________________________________________________ ___________

Posting for

Wednesday, June 12, 2002
by: Bert Rush
[email protected]

GOOD FUNDS/ESCROW AND CLOSING/USA PATRIOT ACT/BANKS AND BANKING

Dick Holloway (National Commercial Services/Atlanta, GA) reports the following:

His office is handling a transaction for which $100 million has been wire-transferred from Credit Suisse in Switzerland to Chase (bank) in New York. We called to confirm availability of the funds. A bank officer informs us that the funds are not available, and it will be "days if not weeks before the Chase compliance process is finished."

Puzzled, Dick called a friend at Chase to find out what's going on. Dick's friend reports that Chase and other financial institutions are now required to create and implement new anti-money laundering programs, under regulations issued by the Department of Treasury in connection with the USA Patriot Act of 2001. The USA Patriot Act, it may be recalled, was enacted by Congress after the 9/11 attacks to combat terrorism, and to help law enforcement detect and follow movement of funds by suspected terrorists and terrorist organizations. The latest regulations were issued only a few weeks ago.
As a result of the new regs, Chase has made changes in its Compliance Department. These changes may affect availability of funds.

Escrow/closing and title folk should be aware of these changes, and also aware that different financial institutions will be adopting different technologies and procedures to comply with the new laws and regulations. Techniques for detecting "terrorist financing" are also new, experimental, and evolving.

Meanwhile, our old assumptions and presumptions about availability of funds seem to be going the way of the Passenger Pigeon.
unquote:

I FULLY AGREE WITH HIS VIEW.

pinetree

Si Is Gone.

Originally Posted by OICU812

Si Is Gone.

NO WAY.
Pls. read the below:

quote:
Hi All,

Here is a posting by XXXXXN that may be helpful to understand the
time frame for payouts by SOLID INVESTMENT.

"My accountant has some more thoughts on Solid Investment and
escrow.

Someone, on this forum, brought up the idea that, since Solid
Investment, and Sam Colins in particular, were suspected of
laundering money, the whole company is probably in a very defensive
mode. Since the United States Patriot Act requires that bank wires,
over a certain amount, have to be passed through an escrow agent, it
is possible that SI made the decision to pass all accounts through
escrow in order to have the receipt from a third party that the
proper amount of funds were transferred to the proper account. In
this way, SI would have an accurate, and complete, record of each
and every transaction should any legal problems arise in the future.

If Solid Investment is making all payouts through an escrow agent,
and it now appears that they might be, here is the way my accountant
believes it will work.

SI signs an agreement for the services of the escrow agent. This
agreement states the time frame for the payouts and the cost of
processing each SI investor account. This cost is usually a
percentage based on the amount of money to be processed for each
account.

The costs involved in this type of large money transfer operation
are going to be very expensive, probably in the two to five million
dollar range. This will not come out of the funds owed to us. SI
will probably absorb all of it and is probably the result Patriot
Act requirements and from criminal charges regarding money
laundering.

Escrow companies usually have a number of different plans, based on
the time frame required by the client. Some clients require a fast
transfer of funds, say, in the 15 day range. Others do not need the
funds transferred this quickly, so sometimes they select the 30 to
45 day range. Some escrow agents offer a 60 day time period. Others
do not. The shorter the time frame, the higher the cost.

If SI selects the 45 day program to cut costs, from the date the
agreement is signed, the escrow agent must transfer all accounts
covered under the agreement within this 45 day period. If it does
not, the agreement usually spells out a default penalty payment that
is charged to the agent. Most escrow companies wish to avoid this
expense, so they make every effort to stay within the agreed upon
time frame.

Since SI has already made bank wire payments to various VIPs, it can
be assumed that they agreed to some type of escrow arrangement
probably around the middle of July to cover these payouts. It is
possible that they may have different escrow agreements for
different types of payouts. If this is the case, then they may have
signed an agreement following the first agreement for bank wires for
the transfer of funds into such things as E-Bullion and E-Gold.

It is becoming clear to me that this escrow arrangement is a
distinct possibility and that all of us may have our funds by the
middle or the end of September. I plan to watch my accounts daily
for a pleasant surprise.

By the way, my accountant wants into this program in the worst way.
He is a good friend of mine, so I can say this without insulting him
or violating our relationship. He has the nose of a bloodhound and
he smells money. That's why I use his services. He has saved me a
bundle.

This is not fact, but shared information based on professional
advice that I have paid for. So, please don't shoot the messenger."

I hope we will all exercise the utmost patience and perseverence
while remaining faithful to SI over the coming weeks.

Regards,
unquote:

pinetree

Originally Posted by pinetree

NO WAY.
Pls. read the below:

quote:
Hi All,

Here is a posting by XXXXXN that may be helpful to understand the
time frame for payouts by SOLID INVESTMENT.

"My accountant has some more thoughts on Solid Investment and
escrow.

Someone, on this forum, brought up the idea that, since Solid
Investment, and Sam Colins in particular, were suspected of
laundering money, the whole company is probably in a very defensive
mode. Since the United States Patriot Act requires that bank wires,
over a certain amount, have to be passed through an escrow agent, it
is possible that SI made the decision to pass all accounts through
escrow in order to have the receipt from a third party that the
proper amount of funds were transferred to the proper account. In
this way, SI would have an accurate, and complete, record of each
and every transaction should any legal problems arise in the future.

If Solid Investment is making all payouts through an escrow agent,
and it now appears that they might be, here is the way my accountant
believes it will work.

SI signs an agreement for the services of the escrow agent. This
agreement states the time frame for the payouts and the cost of
processing each SI investor account. This cost is usually a
percentage based on the amount of money to be processed for each
account.

The costs involved in this type of large money transfer operation
are going to be very expensive, probably in the two to five million
dollar range. This will not come out of the funds owed to us. SI
will probably absorb all of it and is probably the result Patriot
Act requirements and from criminal charges regarding money
laundering.

Escrow companies usually have a number of different plans, based on
the time frame required by the client. Some clients require a fast
transfer of funds, say, in the 15 day range. Others do not need the
funds transferred this quickly, so sometimes they select the 30 to
45 day range. Some escrow agents offer a 60 day time period. Others
do not. The shorter the time frame, the higher the cost.

If SI selects the 45 day program to cut costs, from the date the
agreement is signed, the escrow agent must transfer all accounts
covered under the agreement within this 45 day period. If it does
not, the agreement usually spells out a default penalty payment that
is charged to the agent. Most escrow companies wish to avoid this
expense, so they make every effort to stay within the agreed upon
time frame.

Since SI has already made bank wire payments to various VIPs, it can
be assumed that they agreed to some type of escrow arrangement
probably around the middle of July to cover these payouts. It is
possible that they may have different escrow agreements for
different types of payouts. If this is the case, then they may have
signed an agreement following the first agreement for bank wires for
the transfer of funds into such things as E-Bullion and E-Gold.

It is becoming clear to me that this escrow arrangement is a
distinct possibility and that all of us may have our funds by the
middle or the end of September. I plan to watch my accounts daily
for a pleasant surprise.

By the way, my accountant wants into this program in the worst way.
He is a good friend of mine, so I can say this without insulting him
or violating our relationship. He has the nose of a bloodhound and
he smells money. That's why I use his services. He has saved me a
bundle.

This is not fact, but shared information based on professional
advice that I have paid for. So, please don't shoot the messenger."

I hope we will all exercise the utmost patience and perseverence
while remaining faithful to SI over the coming weeks.

Regards,
unquote:

pinetree

There gone, let me know when you get paid.

pinetree if you are right why SI don't sent us any updae, why don't communicate with members?
You know there is no answer to this questions.

Originally Posted by adron

pinetree if you are right why SI don't sent us any updae, why don't communicate with members?
You know there is no answer to this questions.

adron, you need to read up in some of the other threads. This has been answered. We are going privet

Originally Posted by Trapper t

adron, you need to read up in some of the other threads. This has been answered. We are going privet

Trapper

Thats total BS THE'RE GONE

Originally Posted by OICU812

Trapper

Thats total BS THE'RE GONE

NO, SI IS NOT GONE ANYWHERE.

Read The Latest Post In Other Forum.

quote:
Hi everyone,

I have been away for a few days. I have Been busy. I had the
opportunity to speak with my friend's son on Sunday evening 8/20. I
talked to him about the restlessness of the investors on the NET and
the uncertainity about the pending SI payday.
He informed me that he did not talk to Sam or Sosa much since his
group got paid. He reiterate the fact that Sam is a good guy. He
said that he has done business with Sam for a while and he is not the
kind of person who would be involved in any SCAMs. I try not to be
too needy or pushy in obtaining information from him.

I know that the waiting is hard on everyone and I try to get as much
information to share with our SI hopefuls as well as for my own peace
of mind. He also mentioned that he heard "there was some technical
problems at SI but they were working on it." He confirmed some other
good things that were posted on the forums. His advice to me was to
continue to wait with a little patience. He does not think that we
are waiting in vain.
This was the longest talk we have ever had about SI. The
conversation ended in a very positive note. His group has renewed
their contracts with SI. This means that SI is not going anywhere.

Hang in there guys. SI will be paying us....very soon I hope.

Long Live SI! Keep the faith.
mxxxxxxxx
unquote:

pinetree

Originally Posted by pinetree

NO, SI IS NOT GONE ANYWHERE.

Read The Latest Post In Other Forum.

quote:
Hi everyone,

I have been away for a few days. I have Been busy. I had the
opportunity to speak with my friend's son on Sunday evening 8/20. I
talked to him about the restlessness of the investors on the NET and
the uncertainity about the pending SI payday.
He informed me that he did not talk to Sam or Sosa much since his
group got paid. He reiterate the fact that Sam is a good guy. He
said that he has done business with Sam for a while and he is not the
kind of person who would be involved in any SCAMs. I try not to be
too needy or pushy in obtaining information from him.

I know that the waiting is hard on everyone and I try to get as much
information to share with our SI hopefuls as well as for my own peace
of mind. He also mentioned that he heard "there was some technical
problems at SI but they were working on it." He confirmed some other
good things that were posted on the forums. His advice to me was to
continue to wait with a little patience. He does not think that we
are waiting in vain.
This was the longest talk we have ever had about SI. The
conversation ended in a very positive note. His group has renewed
their contracts with SI. This means that SI is not going anywhere.

Hang in there guys. SI will be paying us....very soon I hope.

Long Live SI! Keep the faith.
mxxxxxxxx
unquote:

pinetree

The only proof they are here is people getting paid and communication and there is neither regardless of this nonsense you keep copying and pasting

Originally Posted by OICU812

The only proof they are here is people getting paid and communication and there is neither regardless of this nonsense you keep copying and pasting

Why are you so antagonistic to SI? It looks like You Really Do Not Like To SEE SI Coming Back.

pinetree