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Sunday, 26 July 2015

How to Define a Pyramid Scheme.

How do you know if a company is a Pyramid scheme or not? 
By seeing if it passes the Koscot Test.
Check it out for yourselves:

  http://amlmskeptic.blogspot.co.uk/2014/01/mlm-dictionary-koscot-test.html

Friday, 24 July 2015

Who are VX GATEWAY?





VXGateway Inc. was dissolved on September 26th 2016.
VXGateway Ltd, the company registered at UK Companies House, is still ACTIVE.
VX Corp Ltd was dissolved on 20th April 2015.

All of these companies are/were registered to Celia Dunlop.












VX Gateway Ltd list their business as:

'Agents involved in the sale of machinery, industrial equipment, ships and aircraft (46140)
Wholesale of petroleum and petroleum products (46711)
Other information technology and computed service activities (62090)'

They are registered in Panama:
Suite 11616 APDO 0832-1236, World Trade Centre, Panama City, Panama.

'APDO' in Spanish means PO BOX.


They have between 1 and 10 employees.

The company is listed as 'sociedad anonima'  which means  'Anonymous society'.
The founder is:
Timothy Alan MacKay, who lives in Texas and has no photo on his Linked-in profile.




The treasurer and secretary is Celia Eileen Jean Dunlop, who has no photo on her profile:




who has also registered a VX company in Chelmsford England:
http://www.checkcompany.co.uk/company/07514659/VX-GATEWAY-LIMITED

The directors are listed as:

Timothy Alan MacKay
Celia Eileen Jean Dunlop
Aura Arias

There is also a Linked-In profile for a 'Yon Zeimet' who claims to be the 'SEO' of VX GATEWAY. 



The photo is just a stock photo and is used in other web pages.





But he also has a Facebook page that was started on 30th May 2012. 





If VX GATEWAY was a professional run company they would have proper 'Linked-In' profiles and genuine pictures.
There is no need for a legitimate company to hide behind fake profiles and cartoon photos.


These are the ALEXA rankings for VX GATEWAY.



35% of ALL it's traffic comes from My Advertising Pays.
 No other merchants are listed.
What other customers do they have?

These are their contact details:






An address they share with 26 other businesses!


and if you google the number they give: 786-288-3366
You get FLORIDA!



This is their Facebook page:




It was launched in May 2013 and has since been deserted.
Don't bother commenting or asking for help, NOBODY'S THERE!






And look at this:

http://www.sec.gov/Archives/edgar/data/1619558/000114420414062928/v392049_ex1-3.htm


The address and email details for Merchant services is:
17b Edifico Officinas Obarrio 60
Calle 60 Este, Bella Vista,
Panama City,
Republic of Panama
administration@vxateway.com ( a spelling error?)



And finally, this is VX Gateways Representative offices:



Representative office in Mauritus:
AD REM MERCHANT SERVICES LTD
 Suite 501, St. James Court, St. Denis Street, Port Louis, Mauritus.

Representative office in Georgia:

COPERNCUS MERCHANT SERVICES LTD.
9, Dzma Kherkheulidze Str #14 Apt 3, City Rustavi, Georgia.

Representative office in Azerbaijan:

CBC POLSKA

3 inshaatchiliar avenue, Baku city, Yasamai district, AZ1073 

And this is My Advertising Pays Representative Offices:




Representative office in Mauritus:
AD REM MERCHANT SERVICES LTD
 Suite 501, St. James Court, St. Denis Street, Port Louis, Mauritus.

Representative office in Georgia:

COPERNCUS MERCHANT SERVICES LTD.
9, Dzma Kherkheulidze Str #14 Apt 3, City Rustavi, Georgia.

Representative office in Azerbaijan:

CBC POLSKA

3 inshaatchiliar avenue, Baku city, Yasamai district, AZ1073 

IDENTICAL.


To conclude:
VX GATEWAY is REGISTERED in Panama and operates out of a PO BOX.
It's company is listed as an ANONYMOUS SOCIETY.
It has NO photographs of it's directors or owners.
It lists its employees as between 1 and 10 and I've already listed FOUR of them here.
This is a company with owners and directors you can't see,
a mailing address in HOUSTON it shares with 26 others,
a phone number in FLORIDA, no listed email address, no social media contact...and a spate of offices that it shares with My Advertising Pays!
Do you REALLY trust this company to handle hundreds of thousands of dollars worth of MAPS transactions? 

(Many thanks to my good friend Jack McGarth who helped me put this information together)
https://www.facebook.com/jack.mcgrath.7355?hc_location=ufi


For your information:
VX GATEWAY was registered on 21st August 2007.
MAPS was registered on February 23rd 2005.




30th September 2016

VXGATEWAY have closed their website with this message:




Companies House in the UK have VXGATEWAY Ltd registered.
https://beta.companieshouse.gov.uk/company/07514659/filing-history




This is the address in Aire Street:



A virtual office in Leeds is really handy if you have to run a multi-million dollar International Payment Processor Company from a P.O Box in Panama. 

6th October 2016

Companies House have sent me this email confirming that no such Liquidation has taken place:



(to date 5th October at 9.10am no liquidator has been registered at Companies House)

10th October 2016
This is some information posted over a year on the
realscam.com  forum by my good buddy Ribshaw:

'Did a little poking on VX Gateway. Including Panama, every address "Celia Dunlop" of ICFC Services Inc, has used is a mail drop. There are also some silly sounding websites that come up under celia.dunlap@vxgateway.com. What I think is don't send your money to ghosts if you want to keep it. But this post is just some random stuff for Mapper consumption.
An industry article for those not swayed by the universe will provide if I wish upon a star line of thinking.
Risk Associated with Third-Party Payment Processors FIN-2012-A010


=================================================
Random VX Gateway stuff.

https://www.vxgateway.com/contact

There are 26 companies that have an address matching 2630 Fountain View Dr Ste 403 Houston, TX 77057-7625

2630 Fountain View Dr Ste 403 Houston, TX 77057-7625

Balance Sheet as at 28 February 2015

2015 2014
£ £
Current assets
Cash at bank and in hand 1 1
Net assets 1 1
Issued share capital
1 A Ordinary Share of £1 each 1 1
https://www.freecompanyaccounts.co.u...nts/2015-02-28

Did you know that there are 659 companies registered at 2ND FLOOR, 43 BROOMFIELD ROAD, CHELMSFORD, ESSEX, UNITED KINGDOM, CM1 1SY in Chelmsford?399 companies are active, 258 companies are dissolved and 2 companies are in liquidation.

2ND FLOOR, 43 BROOMFIELD ROAD, CHELMSFORD, ESSEX, UNITED KINGDOM, CM1 1SY, company address check UK

CELIA JEAN DUNLOP DIRECTOR 2250 NW 114TH AVE, PTY 11616 UNIT 1P MIAMI FL 33172
VX Gateway Corp. Corporate Officers, Directors and C-Level Executives
Celia Dunlop - Director for Vx Gateway Corp.

Administrative Contact

Celia Dunlop
ICFC Services Inc
PTY-11616, 2250 NW 114th Ave. Unit 1P
Miami, FL 33172
UN
Telephone: 17862203357
Email:


Vxgateway.com - Vxgateway
vXGateway.com WHOIS, DNS, & Domain Info - DomainTools
https://www.easycounter.com/report/vxgateway.com

https://whoisology.com/archive_7/vxgateway.com

*biduwin.com
bidlotto.com
biduwintravel.com
vxbank.com
biduwinproperty.com
manhattanclubinc.com
3minutepaydayloan.com
biduwinrunner.com

https://whoisology.com/archive_3/vxgateway.com

Not sure how this ties in, but came up for 2013 site ownership of a few of the above.
mackay.timothy([at])gmail.com Is Associated With 16 Domains


I've  highlighted the 'biduwin' connection because an interesting piece of info has just surfaced regarding this and the VX GATEWAY liquidation:

'Hello Mapper,
if you enter only the IP address of VXGATEWAY.com (130.117.72.210) in the browser to get down on the side of BIDUWIN!
Here you can log in you with the VXGATEWAY data! Then you are normally on your VX-account !!! I have tested it! You can change your data there, etc. ??? I've even paid $ 10 via Paypal - a look !?'


14th October 2016:

VXGateway Inc. was  Liquidated on 26th September 2016



VX GATEWAY Ltd is still listed as Active at Companies House UK.
 The Liquidation notice on its page says INC, not Ltd:




15th October 2016.

My opinion is that VXGateway Inc/Ltd and Corp are all the same company and are 

closely linked with My Advertising Pays, which is currently not working, and not paying.

We still have no Official details of the supposed Liquidation of VXGATEWAY INC. and the company is still listed as active under VXGATEWAY Ltd.


Celia Dunlop is listed on every 'VXGATEWAY' company document. 



7th January 2017

My Advertising Pays began court proceedings against VX Gateway in December 2016 alleging they stole $60 million.
VX Gateway say that GPN Data have stolen it and won't return it.
My Advertising Pays is now closed and has relaunched as 'The Advert Platform'.
The Advert Platform is now using GPN Data as it's new payment processor.




VX Gateway describes itself as:
VX Gateway inc('VX') Cloud Payment Framework - enables countries and governments to take control of Tax collection, ongoing remittances, and incoming revenue streams including movements of money from treasury, government departments, financial institution, commerce and citizens...'

So if big government departments were using VX Gateway and had, by conclusion, lost Taxpayers vast sums of money, you'd have thought that SOMEWHERE, there would be reference to it? The media would have jumped on this story straight away, surely?
And yet, not only has there been ZERO attention to it, VX Gateway have also posted a notice on their site proclaiming that the cut off date for claims is February 20th 2017.





This is VX Gateways response to the lawsuit brought by My Advertising Pays:

https://www.vxgateway.com/TrusteeUpdate122017.pdf




TRUSTEE UPDATE 6 MAR 2017


Final Settlement of Creditor Claims
All properly filed creditor claims received by 20 February 2017 have now been assessed by the Trustees of VX Gateway Inc., in dissolution (“VX Gateway”) and an advisory email has been issued to all registered claimants.
Claimants advised of a settlement payment must reply to the email with all the proper requested information, including the signed Banking Instructions Form, before Wednesday 8 March 2017. Payments will be processed by Friday 10 March 2017 for claimants who submit compliant documents by the due date. Non-compliant submissions will delay or prevent processing of payment.
Other than normal expenses of administration, VX Gateway owes no other money to anyone other than the registered claimants as of this date.
The unusual transactional behavior by myadvertisingpays.com (“MAP”) in August 2016 (a 90% drop in sales from the prior month) caused all of the processors to cease making payments to VX Gateway after 8 September 2016. As a service provider and by the terms of its contract with MAP, VX Gateway owes nothing to MAP unless and until it receives payment from the processors.
Accordingly, a number of remittance payments from MAP's VXLOOP account to customer VXLOOP accounts have been cancelled and reversed as MAP's VXLOOP account has insufficient cleared balance to fund the payments. People who seek payment of the balance in their account at MAP should contact Mike Deese, CEO and Director of MAP or MAP's law firm Hart David directly.
VX Gateway is attempting to recover additional sums owed to it by MAP in the form of legal damages through the lawsuit it has, upon advice of Panama legal counsel, filed in Panama against MAP and against Michael Deese individually who personally guaranteed payment of VX Gateway's fees.
There is also a large receivable owed to VX Gateway by GPN Data. GPN Data has withheld payment. When and if money is received from GPN Data, VX Gateway will then pass through whatever share is then due to each of the respective entities or parties.
In January of this year, VX Gateway challenged MAP's outrageous and false claims made in the lawsuit filed in US District Court in Houston, on its website, and repeated publicly elsewhere, by proposing that MAP join in commissioning an independent audit by a Big 4 accounting firm. MAP was advised that the audit would determine how much, if any, money is actually unaccounted for, and identify exactly who is holding any such funds. Not surprisingly, MAP refused repeated offers to agree to the audit.
Accordingly, VX Gateway has now, completely upon its own volition and at its expense initially, arranged with a Big 4 accounting firm for the independent audit to begin immediately. We shall soon all know the falsity of MAP's lawsuit and who is holding any unaccounted for funds.

VX Gateway in dissolution prepared this statement based on the information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. The financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes, as well as independent third party audits.  This presentation is not a legal opinion, but general discussion, not intended to deal with or disclose particulars of any specific issue, legal, business, or otherwise. All applicable statutes and regulations control.

TRUSTEE UPDATE 21 FEB 2017


Claim Period Now Closed
The period for registering a claim against VX Gateway Inc. in dissolution (hereinafter referred to as “VX Gateway” or “company”) has now closed. The Trustees will review all registered claims and communicate with the claimants over the next two months to confirm the settlement amount and verify bank account details.
Only people who have a balance in their VX Gateway account are eligible creditors of VX Gateway.
People who seek payment of the balance in their account at myadvertisingpays.com (“MAP”)should contact Mike Deese, CEO and Director of MAP or MAP’s law firm Hart David directly.

VX sues MAP
VX Gateway Inc. in dissolution has, upon advice of counsel filed a lawsuit against myadvertisingpays.com in the courts of Panama seeking total damages of US $14,481,922.00.
The lawsuit seeks recovery of the fees in the amount of US $5,878,706.00 due to VX Gateway for its services under the contract with MAP. All such fees were personally guaranteed by Michael Deese, also a Defendant in the lawsuit.
The lawsuit also seeks US $8,603,216.00 as damages for the loss of fees that would have been earned by VX Gateway had the contract not been breached by MAP and business as usual continued.
Legal counsel in Panama has advised that venue for the lawsuit is proper in Panama as required by the contract that existed between VX Gateway and MAP.

VX Gateway in dissolution prepared this statement based on the information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. The financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes, as well as independent third party audits.  This presentation is not a legal opinion, but general discussion, not intended to deal with or disclose particulars of any specific issue, legal, business, or otherwise. All applicable statutes and regulations control.

TRUSTEE UPDATE 1 FEB 2017


DISPUTE WITH myadvertisingpays.com (“MAP”)
VX Gateway Inc. in dissolution (hereinafter referred to as “VX Gateway” or “company”) has contended since the lawsuit was first filed by myadvertisingpays.com (“MAP”) that it is a specious claim, that is to say, it is a made-up fantasy. VX Gateway does not know the reason underlying the filing or perpetuation of the false claim.
There has been speculation that perhaps MAP has something to hide and is using the lawsuit to “buy time”. Questions were raised as to the need to mask internal financial problems during the launch of The Advert Platform (“TAP”). Questions were also raised about Mike Deese overpaying himself and about the reported transfer of eight million dollars to an offshore bank account facilitated by MAP’s attorney Jonathan Herpy of the Hart David law firm.
There has also been speculation that there is some active collusion between MAP and GPN Data. GPN Data is the party that has withheld payment, MAP is the party claiming payment. How is it that they are working together and the issue remains unresolved?
We express no opinion on those issues.
The amount being withheld by GPN Data is in the order of USD 14 million, as detailed in the Executive Summary by Trustees now on public record in case No. 4:16-CV-0354 in the US District Court for the Southern District of Texas Houston Division.
All other funds due to MAP from monies actually received from GPN Data have been paid to MAP in the normal course of business. The $14 million dollars is not a debt of VX Gateway; as a service provider and by the terms of its contract with MAP, VX Gateway owes nothing to the merchant, here MAP, unless and until it receives payment from the processor, GPN Data. When and if received from GPN Data all amounts payable to MAP from the dissolution will be paid. 
There is not and never has been $60 million dollars missing or unpaid. Why MAP is making such a false claim is unknown. Perhaps this is the amount that MAP owes its customers?  We express no opinion on this issue.
VX Gateway is a payment gateway service provider, and is paid only for its services. It has nothing else to gain or lose except its fees. Once money is received by VX Gateway from the processors it is paid out via automated software, net of VX Gateway’s fees, to the merchant, here MAP.
Accordingly, since the lawsuit was first filed, VX Gateway has suggested that an audit be done and that the records of Visa and MasterCard be obtained. SEE Trustee Update of 2 January 2017 (below).
In an effort to set the facts straight, VX Gateway offered, in an in person meeting with MAP attorney Matthew Vogler in Panama on 21 January 2017 and in follow-up correspondence, to equally share the cost of having an audit of all transactions done by a neutral third party such as one of the Big 4 accounting firms.
Nothing can be hidden in such an audit. The truth will come out. Every dollar will be traced from MAP through the gateway to the processor where then paid out or withheld and every dollar paid by the processor traced back through the gateway to MAP or related parties. The audit will tell us all exactly how much money is really involved and who received or is holding the money.
Refusal to agree to such an audit might suggest that MAP or a related party does indeed have something to hide. Again, we express no opinion.
To date MAP has failed to reply to this offer. To date MAP continues to work with GPN Data. Draw your own conclusion.
Because MAP has failed to cooperate in getting the audit as described, VX Gateway has received advice from its legal counsel that it may pursue the audit and charge the entire cost to MAP as an offset to any monies that may in the future be received from the processors.
Regardless of MAP’s failure to cooperate, VX Gateway will proceed in getting the audit done as described. Once done VX Gateway intends to be bound by the audit.
Many people apparently have claims against MAP; not all of those people have claims against VX Gateway.  Only people who have a balance in their VX Gateway account are eligible creditors of VX Gateway and are encouraged to file a proper claim in the dissolution before 21 February 2017.
People who seek payment of the balance in their account at myadvertisingpays.com should contact Mike Deese, CEO and Director of MAP or MAP’s law firm Hart David directly. 

VX Gateway in dissolution prepared this statement based on the information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. The financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes, as well as independent third party audits.  This presentation is not a legal opinion, but general discussion, not intended to deal with or disclose particulars of any specific issue, legal, business, or otherwise. All applicable statutes and regulations control.

TRUSTEE UPDATE 2 JAN 2017


DISPUTE WITH myadvertisingpays.com (“MAP”)

VX Gateway Inc. in dissolution (hereinafter referred to as “VX Gateway” or “company”) is required by applicable law to gather and collect funds due to it and to defend and protect the company’s assets for the benefit of creditors. The dissolution proceedings were filed by the company on 23 September 2016, as a direct result of unusual transactional behavior by myadvertisingpays.com (“MAP”) which caused all of the processors to withhold payments to VX. The filing of the dissolution was voluntary and pre-dates all other known claims or actions. A lawsuit, which the trustees believe to be a false claim and totally without merit has been filed by MAP against the company in the US District Court in Houston, Texas. MAP was seeking a temporary restraining order against the company, which was denied by the US District Court, and a hearing is set in March for the purpose of determining whether the Court has jurisdiction over the matter.  

VX Gateway’s legal position is that under its contract with MAP, jurisdiction and venue is Panama and both parties agreed to resolve any dispute in Panama using International Arbitration. Litigating a lawsuit in the United States would, in the opinion of the trustees and the attorneys here in Panama, likely unnecessarily dissipate a substantial amount of money otherwise due claimants in the dissolution. Those claimants include VX Gateway customers, vendors, landlords, utilities, as well as MAP if in fact it is owed any money at all, and others.

There are numerous blogs online that have been reporting misinformation about the litigation and the claim. While many of the postings are MAP members understandably concerned about monies they have not received, it seems likely that much of the misinformation may actually be professional and amateur publicists speaking for the benefit of MAP and its baseless lawsuit.

The purpose of this posting is to address some of the statements and do so in an objective manner if possible.

First, MAP and VX Gateway are two separate and unrelated companies. There is no common ownership. The lawsuit in Houston is specious; it has no basis in fact. The amount claimed as “missing” is made up and not supported by the books and records.

Second, a forensic audit will disclose what if any monies are owed, and by whom. VX Gateway welcomes such audit. All credit card transactions are preserved in the records of Visa and MasterCard; nothing can be hidden in an audit.

Third, many of the blogs describe MAP as a “Ponzi scheme”. VX Gateway investigated the business carefully before accepting its processing and MAP did not, as then doing business, appear to be a Ponzi. Moreover, VX Gateway required, received, and relied upon a formal Legal Opinion Letter from MAP’s attorney, Jonathan Herpy, of the law firm of Hart & David, LLP attesting to the legality of the MAP’s business.

The business concept of MAP appears to be an “advertising arbitrage”, a way of exposing an advertiser’s media to more viewers. Many see it as an extremely creative concept that apparently worked well for a while at least with regard to attracting a large following.

Following the publicity attendant to the lawsuit we have heard from several observers that whether or not the business scheme truly benefits the advertisers seems questionable because the additional exposure sought by advertisers are in reality “hollow clicks”, that is people looking at the ads because they are paid to do so, not because they have actual interest in the product or service. One would think that over time fewer and fewer advertisers would utilize such a service. We have quite recently been told that there is also the issue of whether the MAP members have a viable long term device for creating income after expenses or if the payout scheme of MAP is weighted in such a manner that the business must eventually fail. Those concerns, however, are matters between MAP and its members.

As a payment gateway VX Gateway provided a service of presenting credit card charges to one or more processors (different processors are often needed to handle transactions in different currencies or countries), after which each payment must be settled and when approved money credited/paid by the processor to the payment gateway. Those funds do not belong to the payment gateway except for its processing fees. After receipt of such funds from the processor the net amounts due are remitted or credited to the merchant, here MAP. The sheer volume of transactions requires software that virtually automates the entire payment process from start to finish. Every payee’s account is paid/credited automatically.

Critical to understanding the process, by contract and industry practice, the payment gateway, VX Gateway, has no debt and owes nothing to the merchant until it receives the payment from the processor, here GPN Data (hereinafter referred to as “GPN”). GPN has withheld payments due VX Gateway. As part of the dissolution process VX Gateway is, as stated above, pursuing an audit. When and if GPN eventually pays its lawful obligations such funds should be received in the dissolution. At such time, and only at such time, money payable to any party will be credited to the account of and become payable to any party due money from the respective transactions.  In other words, at such time money owed to MAP, if any, will be paid.

We find it interesting that GPN, the party that owes the money but has thus far refused to pay, is now doing business directly with MAP which is claiming the money. If they can work together to take money from MAP’s members, cannot GPN pay VX Gateway the money VX Gateway is owed in order that we may pass through that part that will then be owed to MAP? From whatever amount it is then owed and paid MAP could then pay its members some or all of what it has withheld from them.

Make no mistake, any money that may become payable by VX Gateway to MAP, if any, is a part of the money GPN has withheld from paying to VX Gateway. We reiterate, by contract and industry practice no debt is incurred by VX Gateway until it is paid by the processor, here GPN Data.
It should be noted that Mike Deese signed a personal guarantee to make good any monies owed to VX Gateway when he applied for VX Gateway services.
VX Gateway’s position is that the actual amount in controversy in any legal proceeding in Panama can easily be determined by third party audit. Once done VX Gateway intends to be bound by the audit.
There would appear to be no good faith reason for MAP to oppose such a determination. At the instruction of Jonathan Herpy of Hart & David law firm, a total of USD 8 million, consisting of two (2) payments of USD 4 million each was paid to the law firm’s escrow account.  Bearing in mind that VX Gateway itself will owe nothing until it is paid by GPN, one might ask first, as to money previously paid to MAP, where has the money gone?

Only Mike Deese and MAP’s attorney Jonathan Herpy and the Hart & David law firm can provide that answer. Second, as to such monies and monies as yet not received by VX Gateway from GPN, is there some collusion between MAP and GPN?  We express no opinion on that issue.

Counsel in Panama has speculated that the lawsuit improperly filed in the US is likely a sham intended instead to draw attention away from MAP and its principals. If that is correct, one must wonder what are they trying to hide? Again, we express no opinion.

Legal counsel has advised that VX Gateway and others may pursue legal action against MAP and GPN and their respective spokesmen individually for slanderous and disparaging statements made by them claiming that monies have been stolen by VX Gateway or related parties. In fact, such actions may follow but the focus of VX Gateway is presently upon collecting monies as yet unpaid by GPN in order that it may be paid to the rightful recipients.

Many people apparently have claims against MAP; not all of those people have claims against VX Gateway. Those that may have a legitimate claim in the VX Gateway dissolution are encouraged to file a proper claim in the dissolution at the earliest possible time in strict accordance with procedure set forth on this website. Please note: Claims that are not submitted with the required Enhanced Know Your Customer documentation will be rejected and must be resubmitted.

VX Gateway in dissolution prepared this statement based on the information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. The financial information included in this presentation is preliminary, unaudited and subject to revision upon completion of the Company's closing and audit processes, as well as independent third party audits.  This presentation is not a legal opinion, but general discussion, not intended to deal with or disclose particulars of any specific issue, legal, business, or otherwise. All applicable statutes and regulations control.



More to follow...

Thursday, 23 July 2015

Simon Stepsys Exposed in the Daily Mirror

Lovely to see Simon Stepsys has finally been exposed in the National Papers:

http://www.mirror.co.uk/news/uk-news/internet-millionaire-says-its-simple-6118617

Simon was repeatedly asked to comment on his activities and about his promotion of 'My Advertising Pays'. Simon had a captive audience of hundreds of thousands of people. Great publicity for MAPS, yet refused point blank to answer any questions. He could have laid out the MAPS business model, put himself onto the International stage and spoken out about his 'negative' press. But nothing. Silence. 
Ask yourselves, WHY?

Thursday, 16 July 2015

UK Consumer Protection from Unfair Trading Act 2008.

The UK Consumer Protection from Unfair Trading Act 2008 means that people can be prosecuted for PROMOTING PONZI schemes. This is the first successful prosecution. Simon Stepsys, Danny Turner, Tony and Lynne Booth and any of the other PONZI scam promoters:
BE WARNED! Your time is coming!






Tuesday, 14 July 2015

ASA have UPHELD complaints

The ASA have upheld our complaint about Simon Stepsys and in particular My Advertising Pays.
This is a small section of the ruling:

'... We noted Simon Stepsys' assertion that no personal selling was required to make money. However, we noted that the
My Advertising Pays website stated that it offered an "opportunity that rewards you for selling cost-effective online advertisements" and that results would vary depending on the "sales skills of each participant".

We considered that consumers would understand from ad (b) that no selling would be involved. Because we understood that selling was involved, and because we had not seen any evidence to demonstrate that that was not the case, we concluded that the ad was misleading and had breached the Code.

On that point, ad (b) breached CAP Code (Edition 12) rules 3.1 (Misleading advertising) and 3.7 (Substantiation).

Action
The ads must not appear again in their current form. We told Simon Stepsys Success International Ltd to ensure that they did not make earnings claims unless they could be substantiated, and not to claim that selling was not involved in an opportunity if that was not the case...'


The ASA also states:
'...we needed to see evidence that showed that respondents could routinely expect to earn that amount of money. However, we had not seen any evidence to demonstrate that consumers would earn any money. Because Simon Stepsys had not provided any evidence to substantiate the claims, we concluded that they were misleading and had breached the Code.'

https://www.asa.org.uk/Rulings/Adjudications/2015/7/Simon-Stepsys-Success-International-Ltd/SHP_ADJ_300740.aspx#.VaYxJKRViko


P.s, Simon has just closed down his old company and is now director of a new one:



Monday, 13 July 2015

How Receivers Distrubute Funds

This is the latest information from the ZEEK REWARDS receivers regarding distribution of THEIR recovered funds. It uses a system called the 'Rising Tide' method . This doesn't mean that Banners Broker affiliates will be using this system, but the information below will give you an idea of what to expect and the time scales involved:

ANNOUNCEMENT FROM THE RECEIVER – June 18, 2015

I am pleased to announce that we will be making a second partial interim distribution to all Affiliates who hold Allowed Claims on the next Court authorized distribution date (July 31, 2015), which, when combined with the first partial interim distribution and the amounts paid by Zeek Rewards before it was shut down, will return to victims 60% of allowed claimed losses due to the Zeek Rewards Ponzi scheme.

There has been some confusion about how the amounts of distributions are calculated using the Court ordered “rising tide” method. The rising tide method of loss calculation is designed to make every recognized claimant equally whole (as a percentage of their investment). Take for example two recognized claimants, each of whom invested $10,000 into the Zeek Rewards Ponzi scheme. The first claimant received nothing back from Zeek Rewards while the scheme was operating. The second claimant received $4,000 out of Zeek Rewards before it was shut down. Under the rising tide method, the second claimant is deemed to have already received 40% of her investment back, while the first claimant has received nothing back. When we made the first partial interim distribution of 40% the first claimant received $4,000, but the second claimant did not receive a distribution check.

When the second interim partial distribution is made, the first claimant will receive an additional $2,000, and the second claimant (who did not get a first distribution) will receive $2,000. This will ensure that both claimants have received 60% of the amounts they invested. While some Affiliates have complained about the rising tide method, I believe it is the most fair way to make the Zeek Rewards victims equally whole; two investors put $10,000 into the scheme and each will receive $6,000 total, whether it was received from the scheme itself, or from distributions from the receivership, or a combination of both.

There also has been some confusion about our quarterly distributions. Some mistakenly believe that they will receive a distribution every quarter. There was a first partial interim distribution and will soon be a second. Each quarter we send distribution checks only to claimants who completed the claims process since the last quarter.

Unfortunately, nearly 50,000 claimants with recognized claims have not received a first, nor will they receive a second, partial interim distribution. The only reason for this is that those 50,000 claimants have not electronically signed the Release and OFAC certification available through the claims portal. Many have called or emailed asking for personal assistance signing and submitting these forms. We will soon create and post on the receivership website an instructional video showing how to electronically sign and submit the Release and OFAC certification through the claims portal. The cost to create and post this video will be a minimal expense to the receivership.

We have received calls and emails asking that we cut off the recovery rights of the 50,000 recognized claimants who have not completed the process and distribute their share of distributions to those who have. That day may come, but it has not yet. I will give each claimant with a recognized claim every opportunity to receive their share of the recovery. Nonetheless, I implore everyone to promptly complete the Court required process. Sometime before the end of the receivership I will have no option but to ask the Court for permission to distribute all remaining receivership assets to only those recognized claimants who have completed the process.

If your contact information has changed, or the claims portal shows that you were issued a check that you have not received, or a check you were mailed was issued in the wrong name, please click on the following link to learn how to let us know: https://cert.gardencitygroup.com/zrwdet/fs/home.

After this second partial interim distribution, the receivership will maintain sufficient funds to pay those claimants who have not yet, but hopefully will, electronically sign the Release and the OFAC certification, and sufficient funds to allow the receivership team to continue to pursue additional recoveries for the ultimate benefit of eligible Affiliates. We are not going to hold onto money that we could otherwise distribute to victims.

We are in negotiations or litigation with financial services firms to recover tens of millions of dollars for Affiliates. The litigation against U.S and foreign net winners (those who took more money out of the scheme than they put in, essentially holding the victims money) is progressing. I remain confident that we will succeed in all of these efforts. Unfortunately, litigation is never quick, and once we have judgments against the net winners, in amounts exceeding $200 million, we will have to collect on those judgments. I don’t anticipate making a third partial interim distribution for quite some time because the funds for such a distribution will largely have to come from litigation recoveries that will take quite some time.

I know and understand that recovering only 60% of your investment is not what you want. I have read letters from and spoken to many of you. I know the hardships that Zeek Rewards inflicted on thousands of people. It may be no comfort, but a 60% recovery by victims of a Ponzi scheme is unusually high, and I am proud that the receivership team spends less as a percentage of total recoveries than any receivership of which I am aware.

I am entirely confident that when we are finished with our work on your behalf your total recovery will be more than the 60% we will distribute. I ask you for your patience, and thank you for your continuing support.