StormPay Auctions

[maryrussel]

Does anybody here know anything about StormPay Auctions? My hubby has been bugging me about listing some of his diecasts there.

[bargainbloodhound]

The StormPay payment service is a favorite of sleazy MLM type web sites, questionable sites in Eastern Europe, etc.  Their auctions attract the same crowd.  I wouldn't signup for their payment service. I wouldn't sell or buy on their auctions. 

Even ignoring the BBB complaints StormPay received in January/February as a result of the 12dailypro shutdown which technically weren't its fault, StormPay's BBB report has some interesting info:

On August 7, 2003, the Tennessee Securities Division of the Department of Commerce & Insurance issued an "Order to Cease and Desist" (file number 03-020) with TymGlobal, Inc., StormPay, Inc. and John R. McConnell, Jr.

The order states that TymGlobal and StormPay are under common ownership and/or control. TymGlobal operates an internet website which is registered to StormPay. On the internet website, respondents are operating a pyramid and/or Ponzi scheme promising large returns on investments for participating in the scheme. The order further states that TymGlobal has not registered any securities offerings with the Division pursuant to Tennessee Securities Act of 1980. Nor has the company registered with the Division as a broker-dealer, agent of a broker-dealer or investment adviser. Also, the respondent StormPay has not registered any securities offerings with the Division nor has the company registered with the Division as a broker-dealer, agent of a broker-dealer, or investment adviser. John R. McConnell, Jr. has not registered with the Division as a broker-dealer, an agent of a broker-dealer or as an investment adviser.

Potential investors were given the opportunity to invest in both partnership shares as TymGlobal as well as to participate in various Ponzi schemes. Respondents promised a high return. The offering of participation in the schemes sold by the respondents is an investment contract and thus, a security under the act.

The Division ordered the respondents TymGlobal, StormPay and John R. McConnell, Jr to cease and desist the conduct of a broker-dealer in the state of Tennessee until such time as it effectively registers with the Division. The order did not intend to prohibit lawful conduct of the respondents.

http://data.middletennessee.bbb.org/comm...id=2146166

[maryrussel]

Thanks BBH. I really appreciate your time and the information.

[rose]

Stormpay's home page give me the creeps. Get paid to click on advertiser's links! Clix traffic generator!  ;D