Profitable Sunrise Reload Scam “Biwako Bank Limited” Is Gone - Essay Example

Shortly after the popular HYIP Ponzi scam “Profitable Sunrise” collapsed, a lot of so-called reload scams appeared which targeted at Profitable Sunrise investors. Lots of them were promoted by former pimps of the Profitable Sunrise Ponzi scam as “the next big thing”, others targeted itself at Profitable Sunrise victims, promising them to return their lost funds. One of the schemes that was pimped by former promoters of the scheme was called “Biwako Bank Limited”.

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Now it appears that this scheme is gone, leaving lots of people who got sucked into scheme with a loss. Biwako Bank Limited advertised itself as a real bank, appearing with a very professional online presence. In fact it was just a copy of the website of a real bank with the same name, that has been acquired by another financial institute back some years ago. The Ponzi scheme used the real banks company name, data and documents along with some listing at the U.S. SEC to pretend to be real.

Soon after the launch, the domain of the HYIP (bbl-bank.com) got shut down by the owner of the company. Just a few days later the scheme appeared again under the domain name “biwakobank.com”. This domain also got shut down after a short while. Since then the operators stayed silent and the scheme is gone. Biwako Bank promised investors with 1.95 percent and 3.05 percent even more ridiculous returns than Profitable Sunrise did.

In April, the SEC alleged that Profitable Sunrise was a pyramid scheme that may have gathered tens of millions of dollars by using offshore companies and wire transfers. Regulators also repeatedly warned about reload scams that target former investors of the scheme. Currently there are investigations going on, on both the operators of the scheme and its promoters. By promoting Biwako Bank, some of these “Ponzi pimps” may have ridden themselves even more into the dirt.