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  1. #1
    Join Date
    Mar 2006
    Posts
    2

    Golden Rocks, scam or not?

    I got a recommendation to join this investment program by a cyber friend. He told me not to reveal this as it is private. I kinda got suspicious when I hear the term "private" so decide to do some DD.

    Not much can be found about this program from other forums so I wonder if anyone here can provide some advice/background about Golden Rocks.

    http://www.gr-private.com/forum/

    THE OPPORTUNITY

    GR-PRIVATE.COM is a private loan arrangement between GR-PRIVATE.COM team and restricted number of individual lenders willing to enhance their personal finances by taking advantage of the GR-PRIVATE team skills and expertise in verious types of investment activities.

    Funds generated through the individual lenders deposits are managed by GR-PRIVATE.COM team to the benefit of all participants of this private project. GR-PRIVATE.COM team employs only proven investment and trading strategies to generate returns sufficient to cover the obligations under the private loan arrangement. By entering this private loan arrangement you must have a clear understanding that high returns imply inherent high risks, and agree to make loans only with the funds that you can afford to lose.

    Profits are expected, but there is not explicit guarantee of equally sucessful performance over extended time periods.

    THE TERMS

    All transactions between you and GR-PRIVATE.COM are to be made exclusively through E-gold e-currency system. You must have an E-gold account to participate in this private loan arrangement.

    GR-PRIVATE.COM accepts private loans of minimum $100 - maximum $50,000 worth of e-gold daily.

    All new loans are to be made to the GR-PRIVATE.COM e-gold account known to the individual lenders.

    The term of the loan is 40 calendar days from the date the original loan was made.

    Iterest rate is variable within the bounds of 30-90% subject to the overall fund performance during each 40 day period. Interest rates for the specific invesment period shall be announced at this private forum.

    All funds loaned under this private loan arrangement are bound for the full term of the loan. Early withdrawal requests shall not be honored.

    On the maturity date the $0.01 spend is made to the lender's e-gold account with the matured batch number, interest rate and balance available for withdrawal in the memo field.

    Following the receipt of the above account statement the lender have 5 calendar days to request a withdrawal for the full amount of principal and interest earned. To request a withdrawal the lender must initiate a $0.01 spend to GR-PRIVATE.COM e-gold account with a plain batch number of the deposit intended for withdrawal in the memo field.

    Withdrawals are paid to the e-gold account the loan was originating from within 2 business days after the withdrawal request.

    Payments are made on business days only.

    Should the lender fail to request his capital and interest within the timeframe specified, the funds shall be automatically re-loaned and compounded for the next 40 days. The new term starts on the original maturity date of the loan.

    MEMBERSHIP

    Membership in this private loan arrangement is restricted by the lenders who have current loans as of February the 27th.
    No new members can be accepted until further notice.

    PRIVACY

    Under the prejudice of total loan termination the lenders agree not to divulge the GR-PRIVATE.COM url to non-members, not to discuss the GR-PRIVATE.COM and mention it's name on public forums, chats, blogs.
    The terms of the GR-PRIVATE.COM shall be kept private and confidential between current project participants.

    DISCLAIMER

    Your participation in GR-PRIVATE.COM opportunity is considered to be a private loan transaction between you and the GR-PRIVATE.COM, exempt from the US Securities Act of 1933, the US Securities Exchange Act of 1934 and the US Investment Company Act of 1940 and all other rules, regulations and amendments thereof. GR-PRIVATE.COM is not FDIC insured. We are not a licensed bank or a security firm.

    All information, communications, materials coming from GR-PRIVATE.COM are unsolicited and must be kept private, confidential and protected from any disclosure. Moreover, the information, communications and materials contained herein are not to be regarded as an offer, nor a solicitation for investments in any jurisdiction which deems non-public offers or solicitations unlawful.

    You agree to hold all principals and members harmless of any liability. You are lending at your own risk and you agree that past performance is not an explicit guarantee for the same future performance.

    GR-PRIVATE.COM team is not responsible or liable for any damages, losses and costs resulting from any violation of the conditions and term/s and/or use of our website by a member. You guarantee that you will not use this site in any illegal way and you agree to respect your local, national and international laws.

    GR-PRIVATE.COM team reserves the right to change any term/s specified above including the rates of return when appropriate.

    Members shall be kept updated of any changes through forum and/or e-mail.
    Last edited by merl0t; 03-06-2006 at 03:26 AM.

  2. #2
    Join Date
    Mar 2006
    Posts
    2

    Re: Golden Rocks, scam or not?

    Golden Rocks was the top-rated HYIPS on the market. They are run by the Pola brothers who manage a family mutual fund out of Colorado. Golden Rocks was a spin off from this fund. For a year, GR went public and I for one, got paid; for the first time, a company like this paid when they said they would. In four months, I was paid: 95.00, 117.50, 162.00 and finally 472. Unfortunately, they've now gone private and unless you've done business with them, it's going to be very difficult. Everything is set for investors who were members of Golden Rocks when they were public. THey have your e-gold account. I know theres. And essentially, you're loaning them money for a variable term over a set time frame.
    jeffb33

  3. #3
    Join Date
    Mar 2006
    Posts
    2

    Re: Golden Rocks, scam or not?

    I heard they stopped paying after they went "private". Looks like they made a run this time for good.

    Posted: Fri Mar 10, 2006 3:35 am Post subject: PROGRAM UPDATE

    -------------------------------------------------------------

    Dear members,

    We have fixed our payment script and now auditing our database to get a clear picture of the current state of the program finances.

    Unfortunately trouble never comes alone. I have told you in the brief update that there are several more critical problems we are trying to solve.

    As a result of the autopay script glitch our e-gold account was swept clean. There was a pretty good amount in it ready for 1/20 and 1/21 withdrawals.
    We have lost 45% of it to those who didn't return overpayment. We have started paying out withdrowals and good part of it was actually made. However the withdrawals are now turned into an exodus and we simply don't have enough float at this time to handle them.

    Here came the next problem. The exchanger we have used exclusively for handling e-gold have failed to fund our account in time. We have wired him a huge sum last Monday, February the 27th and he still didn't come up with gold and failed to provide reasonable explanation on the delay. We have lost contact with him since last Friday, he doesn't answer our phone calls and ignores all our e-mails. I'm preparing to fly down to his place to get first hand information on what is going on.

    Finally, our Hong Kong trader has failed to transfer funds we requested. After two hours of hard talks he admitted significant losses for the last two consecutive months he didn't report earlier in hopes that he could make up for them in the mean time, while we didn't ask for our funds. We have already hired a local auditor to examine his records and assess the damage.

    That's the hard truth I have to come up with today, guys.
    We really need to stop where we are now to assess all risks of further program operation. We assume the whole responsibility for the situation. Therefore, we shall diligently work on possible solutions to preserve all lenders interests.

    In the worst case scenario we shall start liquidating our assets to refund the members who are not break even at this point, that will take a few months, then all the proceeds shall be distributed among the rest of the lenders.
    Under the best case scenario we shall work out new terms and continue private GR project.

    We are really sorry that GR has failed to meet your expectations at this point.
    Please, be patient and bear with us during these hard times.

    Sincerely,

    Michael Pola

    Edited to add this.

    Several hours since this update was posted and we have whole lot of dirt on our heads from our 'loyal investors'.
    COOL DOWN, guys, we are not going anywhere. We are here to stay and sort the things out. We have paid for over a year without a glitch using our money to compliment the payouts wherever the losses occured.
    We don't print money. Venture investments is a give and take, gamble at large, if you want. You can not be ahead all the time.
    We've made thousands to thousands of you already, we promise to refund all those not in profit. We can't do it all at once, we have to liquidate our assets to get cash to pay you.

  4. #4

    Re: Golden Rocks, scam or not?

    I had a co-worker that invested thousands of dollars and he did get paid back in Feb of 2006. A few of us invested in March 2006 and no one ever got paid - we all received the above letter ^

  5. #5
    Join Date
    Jul 2005
    Posts
    35

    Re: Golden Rocks, scam or not?

    What a supprise

    Wait how does EVERY SINGLE ONE Of these plans go?

    --Insiders spam everywhere looking for new sheeple
    --Insiders, their friends and a few lucky early adopters get paid decent amounts and run around telling everyone how great it is.
    --Sheeple invest more money.
    --Insiders have technical "delays" but everything is ok
    --More problems, but it is third party people who are at fault. Maybe lied/made a mistake but all is ok.
    --People panick and start posting bad stuff
    --Insiders admit problems but blame the bad posts now for why things are going bad- still not their fault
    --Most people loose most of their money and insiders walk away rich.

    Ok now here is the logic.

    1) These programs are not regulated.
    2) hey use new members money to make payments on the first few members that joined.
    3) When new members start to dry up or they can't pay for existing memebers, they start having "Problems"

    There is no magical oversees market where investors regularly make 100% annual returns with limited risk

    There are TRILLIONS of dollars out there being invested. There is no magical market that only these small timers know about. Further if their program worked, why don't they just use it themselves instead of letting the investors in on it?

    The answer is that the only easy money is the money they take from sheeple that sign up at their site.


    --

  6. #6
    Join Date
    Oct 2006
    Posts
    2

    Re: Golden Rocks, scam or not?

    Any more updates on GR PRIVATE.COM as of march 2006.

    Thankyou,
    Rio.

  7. #7
    Join Date
    Oct 2006
    Posts
    2

    Gr Private.com

    Any more updates . Thankyou,
    Rio.

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