Benson Union HYIP Ponzi Scam Is Going South - Essay Example

Hard times have come for HYIP Ponzi players these days. After authorities started to act on the Profitable Sunrise Ponzi scheme and even the SEC is now going after the company as well as the promoters of the scheme, HYIP Ponzi players seem to be scared and stopped playing these money games for a while. If you watch this “industry”, as they call it, you will notice an unusual high number of collapsing schemes. This seems to be directly related to the Profitable Sunrise story.

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Now another giant among those High Yield Investment Programs is on the way to collapse. The HYIP is called “Benson Union” and is doing business under the company name “Benson Union Limited”. On the website the operators of the scheme claim to be registered and licensed in the British Virgin Islands while operating out of a office in Hong Kong. The Ponzi scheme tried to aim at newbies and HYIP players and tried to create the false impression of legitimacy by using a highly professional looking website with a professional produced video of their fake office.

On December 31, 2012 the Financial Services Commission has issued a advisory warning regarding Benson Union, in which they inform the public about the fact that Benson Union is not licensed at all and should be avoided.

ADVISORY WARNING

Benson Union Limited

(Aka: Benson Union)

Tortola, British Virgin Islands – 31 December, 2012 – The British Virgin Islands Financial Services Commission (“FSC”) has been made aware that a BVI business company called Benson Union Limited, which is known to be trading as Benson Union, has been offering investment products and services whilst purporting to be licensed and regulated in the British Virgin Islands.

As a result of the FSC’s enquiries, it would appear that this BVI business company uses the aforementioned company and trading names, and is offering its investment products and services through a website located at www.bensonunion.net.

The BVI business company known as Benson Union Limited, and trading as Benson Union has never been licensed by the FSC to carry on investment business in or from within the Territory.

Members of the public are therefore advised to exercise extreme caution if solicited at any time by this entity under either of its aforementioned company and trading names.

The public is invited to provide the FSC with any relevant information on this, and any other questionable entities that are purportedly operating in or from within the Territory.

The FSC is issuing this Advisory Warning under Section 4(1)(l) of the Financial Services Commission Act, 2001.

Benson Union claims to own an office at the following address: The Hong Kong Club Building, Suite 906 Level 9, 3A Chater Road, Central Hong Kong. The given phone number is +852 5808 2372. Moreover the admin did several webinars in the past. I was able to find a screenshot of how the guy looks. However I am not sure if it is just a paid person or if it really is the guy behind the Scheme.