Ginko Has Not Allowed Withdraws For Over A Day Now...

That would indicate you are not in Brazil, but that you are in the United States. Busted.

Someone in Brazil would have written 'in your country'.

Check-eye... you mean "it might be -100%, it might be +148%!"

Now if you, or anybody else, does not understand this extermely simple mechanics, you have absolutely no grounds on which to judge me. None. You should shut up and let people with logical complaints voice their logical complaints. You should stop pretending you are an "authority" when you are in fact no better than the average poster at understanding the matters involved.

Benjamin, I've always assumed when I cash out a mutual fund that the fund pays me out of its cash balance rather than tracking down how "my" original investments were invested and getting that much money out of those investments to pay me back. It is only when cash reserves fall below the amount someone wants to take out that a mutual fund (which is, I believe, required to sell investments to satisfy withdrawals) that some investment is sold--and even then, it won't necessarily be the investment purchased with my original investments.

I'd be interested in how the US courts view this. Is there some other standard that applies?

Are you saying thas as a brazilian, I must by necessity be ignorant?

No it wasn't. Ask Allen. Even though he backed out, if he is an honest person he will tell you. The money was meant to acquire an asset, AVIX, nothing more and nothing less.

http://virtuallyblind.com/images/nicholas_portocarrero.jpg

Sorry but wow. You'd think someone with Bajillions of Lindenbucks under their command wouldnt look so .. 2003.

Just sayin.

No man there's an ongoing question about whether or not you are based in the US, and therefore subject to US law. I couldn't find an address on your website, so i have no idea.

ohh you just made Libelous statments about a lawyer. . .

Nic Seriously Shut Up already and talk to a real laywer, one who deals with US civil law. your National or local Bar association should be able to direct you to a listing, or just stop by your local Court of first instance, they should have a listing of Lawyers for your area, and you can ask if they know of or have a listing of any who deal with US law.(Just dont ask for who they recomend, although sometimes they will tell you anyway) Barring that you should be able to go to any Colledge that offers a law degree or (even if it just has a cource on buisness law taught by a lawyer) and ask at their law Libary for a listing of lawyers. Usualy you can get some basic advice for less than $500, and sometimes you can get free (technicaly in the US Pro Bono) advice.

Good question. You're generally right, but that's because there are actual investments being made at the same time, with some other part of the big pile of money.

I've seen it done like this in a case just like this. The prosecution will call a forensic accountant as an expert witness. He follows individual deposits (it was paper checks in the case I worked on) from one victim, to a bank account, and then to another victim. If you're a big financial institution and you really are making investments at the same time, and it all goes in a pot, then that's fine. But if not, and you're really *not* making investments with the money (like here -- he just said it, actually, "the investments are already made" then it's evidence that the person doing it knew they were committing a crime.

That's why I'm saying as clearly as I can: there's no debate at this point. We don't *need* a forensic accountant, because we can all see it happening. He doesn't understand this, or is pretending not to, but it's really pretty clear if you know the law and know how these are prosecuted.

What I'm saying is that you're an American who doesn't know how people in other countries would refer to the United States.

I know many smart Brazilians, Nicholas. I'm well traveled. People's mannerisms give them away, as yours did.

Actualy Since Brazil is made up of States (technicaly not exactly the same as US States, but its not unusual to hear them refer to which state they are from in mutch the same manor as I would say Im from Texas by way of Missouri for example) its not unusual for me to hear them say that. Especialy since most of the people I work with are very painfully aware of just how frustratingly diferent things are from California or New York

SO, are these investments genrating more than $750US a day? as thats how much interest you should be paying each day (0.1% of $750000US)


Also, i believe it is standard business practice to tell your investors how their money is being used!!

As a CEO of a leading SL Bank you don't inspire any confidence or credibility from anyone reading this particular thread. I could be a potential investor for all you know......yet reading all your comments to date would lead me to stay clear of your financial institution.

I agree

Best thread ever... by a mile

Im so glad i got my alt to send him him a message telling him about it, its 10 times more entertaining than it was yesterday

Really? Isn't the Ginko language fullly Safe-Harbored, at least? I certainly never understood anything to be a *commitment* to future rates of return.

(Disclaimer: Maybe I'm missing the point entirely. An "unregulated bank" is an oxymoron as far as I can figure. But then I felt the same way about unregulated gambling, until the Libertarian-Anarchist Coalition invited me to the re-education camp.)

Also, what is it about your investments that makes them need to be kept top secret?

If i was making a return like that, i would have no problems with being transparent as everyone would see it, believe it and then give me even more money.

Not telling doesnt make any sense.... unless you have something to hide.

No from everything hes said hes left himself wide open on that count.

Well they probably arent worth what he technically owes.

He likely expects them to mature, dig him out of the hole, and somehow outpace all this insanely promissed Interest.

You are forgetting about the higher "term deposit" rates. I see that term deposits are going up according to ginko website. Who in their right mind would be investing now in ginko? Have they lost their minds?

LOL, I can't wait until this guy opens up the doors, we will see how quick the money is withdrawn.

Hehe, he reduced the interest rate to 25% of what it was and shut the door on people's ability to get their money. There was a guy in my town who did the same crap...promised ridiculous returns, issued statements, paid out some cash...then wham, he was GONE. He got millions! Fortunately enough, the law caught him and he is in the bighouse now

That *is* a call for a jury to make. There is, however, an excellent argument that you can't say "148% RETURNS" in big letters on the front and "may vary according to whether Nicky feels like having a money bonfire" on the back and call that a disclosure. You're right to point it out though - its what is called a "question of fact" and it's one of the things a prosecutor would have to prove here.

Personally, I don't think it'd be that hard to prove, for a handful of reasons. 1) he called it a "bank" and suggested people put their "savings" there to remove the temptation to buy big things 2) they called it an "interest rate on deposits" implying to everyone and his cat that they pay interest, just like a bank does, every day, and 3) this is the big one: they actually showed pretend amounts of money accumulating every day when people checked their balances, so the lie was reinforced by the adding of interest that hadn't actually been earned on the investments to the accounts of the depositors. That's just off the top of my head. There are certainly dozens of statements in their forum posts too that are going to indicate this.

Incidentally, someone should archive all that stuff. Maybe I'll do it tonight.

There isn't any. It's all gone. The big number you see is just make-believe interest. There may be some assets -- web sites he's bought, personal stuff like cars, whatever -- but there's no big pile of money that they might decide to release.

I hope it's not the only reason you are steering clear, but just one of a dozen or so.

If this is true and he is not investing it then its a ponzi scheme for sure and the more i read and the answers from the person who owns the bank which isn't something that would instill a sense of security on an investor or potential bank client in fact most are pretty aweful lol it has to be that. I see no reason why someone would take the stance that they are even on a message board if its anything but a rip off and I have not seen any numbers but the bonds are not being assessed as to risk and it seems a chartered accountant is not going to be allowed to asses risk seems to me there is nothing behind the bonds so yeah if the money is just going in one hand and out the other its a ponzi scheme. I was hoping the money was invested and not doing well if this is not the situation then it has to be a ponzi scheme anyhow I"m glad i'm a "low roller" and dont get involved in any of this financial stuff in SL to much stuff remains unexplained when it should be explained when questions are asked. As of yet there is not much explaining going on so if its collapsing then well I hope LL is ready to freeze accounts soon

Oh lord....what?

Arcticfire's points make pure sense and your response is Oh lord....

nice

Im so glad i told you about this thread, you are painting a beautiful picture of yourself,
according to your statements you have the right to never pay anyone because you could claim the investments will not mature until we are all long and buried.