uFun affiliates: Malaysia has “no problem” with $1.17B Ponzi
In response to the ongoing criminal investigation taking place in Thailand, top uFun Club investors in the US held a webinar to reassure their downlines that nothing is amiss.
[6:15] Some of the stuff that’s been happening over in Thailand has had its ups and downs.
I’m going to be very real here, starting out, and that is just that it has definitely affected some people that were considering joining uFun.
I feel sorry for those people because they got introduced to it (uFun) at a time when there was some information that was being given out to, all over the world really, that was not honest.
It was not in line with what was the truth.
Speakers on the webinar included Michael Mansell, Rodney Burton, Bryant Barbee and Jamison Palmer. Together they are part of uFun Dominators, believed to be the largest US-based group of uFun Club investors.
Jamison Palmer (right) is credited as “one of the main team leaders of the uFun organization” and, up until recently, was living in Thailand.
In line with other uFun Club executives who fled Thailand one police started making arrests in connection with their investigation, Palmer too fled the country.
According to Michael Mansell, Palmer is now residing somewhere in the US.
Directly addressing the situation in Thailand, Jamison Palmer made the startling revelation that Malaysia has “no problem” with uFun Club.
[8:02] There’s no question, you know there were quite a few things that were happening in Thailand.
Y’know the uFun office, the police did come into the office and they were trying to build a case against uFun, however everything is business as usual.
[8:52] Thailand had the government, some of the people, part of the police organization that Thailand, they were reaching out to Malaysia and saying, “Hey, y’know we’re dealing with this uFun situation in Thailand”.
And Malaysia said, “We’ve already looked at it and we don’t have a problem with uFun.
How Palmer is aware of Malaysia’s official regulatory position on uFun Club is a mystery.
uFun Dominators meanwhile claim to be “well connected” with uFun Club management:
[11:04] We have a huge advantage with our team because we are so well connected to the corporate office and well connected to what is actually going on.
We don’t have to rely on the information from other faulty websites.
Faulty websites of course would include Thai news media, who often directly quote Thai police regarding the current status of their investigation.
Instead of relying on official information out of Thailand, Palmer seemingly makes up claims of his own – such as this one relating to the Prime Minister of Thailand:
[9:16] There was a statement made by the Prime Minister of Thailand, and he essentially said,
“Well, everything that you guys have”, talking about the police, “everything that you guys have, I don’t see anything wrong. There’s no criminal activity or anything else here.”
The current Prime Minister of Thailand is Prayut Chan-o-cha.
I myself tried to verify any statement made by Chan-o-cha in relation to uFun Club and was unable to do so.
Again, Palmer does not disclose his source. Instead he segues into comparisons between BitCoin and uToken, completely ignoring the Ponzi scheme business model attached to the latter.
Palmer concludes:
[8:43] It’s impossible. uFun is not gunna be shut down because of what happened in Thailand, no matter what.
[9:38] No matter what happens in Thailand, it’s not gunna affect the uToken in the long-run. And it’s not gunna, it’s not gunna, it it it has no chance of, of shutting the company down or anything like that.
And y’know, it’s just unstoppable at this point.
Looking to the future, Rodney Burton (right) announced a new uFun Club payment gateway.
This has apparently been implemented, or is in the process of being implemented, following problems with getting uFun Club affiliates to wire funds to banks in Africa.
Burton doesn’t reveal the name of the new payment processor uFun Club has signed up with. Burton states he fears that if he does so, the relationship will be “sabotaged”.
If indeed everything at uFun Club is above-board, how an otherwise legitimate relationship between a payment processor and a client might be sabotaged is not clarified.
With $1.17 billion dollars in Ponzi fraud having already taken place and that number only rising, how long money laundering triggers are tripped with this new processor remains to be seen.
Equating investing in uFun Club with “buying stock”, Burton claims some uFun Club investors are making “half a million to a million dollars a month”.
For now, new uFun Club affiliates are being signed up with “temp accounts”, which prohibit investors from placing withdrawal requests.
At the time of publication, uFun Club has no official presence in the US, with Burton stating that an office is “coming soon”. He also states he believes there to be less than 3000 US uFun Club investors in total.
Burton reveals that a physical uFun Club office does exist in the US, however before it is opened the scheme has to “get compliance straightened out first”.
How do you get a $1.17 billion dollar Ponzi scheme complaint?
No idea.
Michael Mansell concludes by recommending viewers “get as much utoken as you possible can and share the opportunity with as many people as you can”.
As to how Mansell, Burton, Palmer and Barbee see themselves as spearheading efforts to introduce uFun Club into the US, Burton explains
[55:27] Me, myself, Bryant, Michael Mansell, we’re not here trying to rob, steal, defraud (or) scam anyone.
So whatever you may see in any of these crazy blogs… y’know. You guys know us, we’re not like that.
We didn’t get our names in the industry being scammers, being people who are out there trying to deliberately scam you.
Our deeds might be one thing, but what’s in our heart is another.
Mich airtime during the webinar is given to pushing the line that investments made by uFun Club (using affiliate funds), will somehow pay indefinite ROIs and explain uToken only ever rising in price.
When asked by a viewer to further clarify, both Rodney Burton and Jamison Palmer were unable to explicitly clarify the nature of the purported relationship between the value of uToken and uFun Club property investments.
(Burton) [59:35] Is the price (of uToken) dependent on how many people join uFun?
The price is dependent on a lot of variables.
One is based upon the investments that these guys invest in and the profits that then are put back into the system, which helps the price of the (uFun Club) shares rise.
Am I right Jamison?
(Palmer) [1:00:00] Yeah, exactly. Someone has asked before, “Well what’s the exact percentage, this and that?”
Y’know, we don’t know… and I don’t care what the exact percentage is.
What we do know is that uFun Club affiliates invest funds, said funds are converted to uTokens and then existing investors are able to withdraw those funds, based on how many uTokens they’ve accumulated through direct investment, continued re-investment and recruitment of new uFun Club affiliates.
A Ponzi scheme by any other name.
^^ that’s a Freudian Slip right there.
so, rodney burton has seriously embarked on his intended ’90 day run’ with ufun, which he announced on his FB page, on his return from the malaysian gala.
ufun has no bank for making payments and no payment processor in place. the payment processor has been ‘coming soon next week’ for many weeks now. whats the ‘hurdle’?
why and how are these guys selling utokens. are they selling their own stock of utoken for cash, to cover their investments?
People could pay money IN a few weeks ago?
Ufun switched from BDG Bank → NSIA Banque Guinee. It was mentioned in one of the posts.
behindmlm.com/mlm-reviews/ufunclub-review-utoken-digital-currency-investment/#comment-333236
The “Malaysia has no problem” is probably a “personal assurance” from Tay.
i don’t think ufun switched from BDG to NSIA.
BDG and NSIA seemed connected. i dint quite get the relationship, see if you can make sense of it.
from teamutoken.com:
huh??
in the latest video, burton goes on and on about his malaysia visit, and the billions of dollars worth projects like gateway klang, that ufun is ‘Involved’ with. he does Not say ufun has 30% partnership in gateway klang.
he talks about blogs [which blogs?? 🙂 ] which are out to ruin ufun, but he wont answer the question that these blogs are asking ie does ufun have any ‘partnership’ with gateway klang, or were they Only selling gateway condos as a property agent?
in an hour long video of blah blah, burton couldn’t clarify this one point, in all of one sentence?
we want a new video! answer all our questions, And incriminate yourselves further! two birds with one stone!
Of note is that Burton also implies he was flown by the company to each of these events (they presumably paid for his accommodation too).
It’s towards the end of the video when he goes on about the company “looking after you”.
This sounds like an excellent way to get a ponzi out of a fundless corner, and gain enough funds to continue paying out new investors their expected ROI
Rodney initially said he paid for those tickets out of his own money.
facebook.com/photo.php?fbid=1089746131052142&set=pb.100000502973278.-2207520000.1430814016.&type=3&theater
I encourage anyone who hasn’t done so to report UFUN/rodney burton/jamison palmer/michal mansell/bryant barbee to the FBI.
Here (tips): tips.fbi.gov or here (complaint): ic3.gov/complaint/default.aspx
They need reports to start investigating these guys. I have personally reported them all online, it takes less than 5 minutes.
how Ridiculous is the above statement of palmer???
1] these guys claim to be in touch with the management and to know all the inside stuff.
2] these guys say they personally fly to to ufun events so that they know the truth about what’s really going on, and don’t depend on y’know, ‘blogs’ for information.
3] these guys say the ‘value’ of utoken will rise due to all the investments ufun is making in multi billion dollar projects.
4] these guys tell you, to buy utokens Now! to take advantage of the sharp rise utoken will enjoy, due to all these investments.
5] then these guys promptly derail and tell you they ‘don’t care’ what ‘percentage of investments’ ufun has in these multi billion dollar projects!
6] if the company ufun, is investing Your Money into these projects, and putting up big tents in malaysia to celebrate these ‘investments’, how bout saying how much of your money got invested? as investors don’t ufun members Deserve To Know this??
rodney burton met danial tay and eddy tan and other management of ufun in malaysia , but he did not ask them how much money ufun has invested in gateway klang?
all they did in their grand tent function, was a feeding frenzy and a music festival and condo selling?
7] i’m saying ufun has ‘officially’ invested ZERO in gateway klang. if ufun is unofficially feeding cash to sagajuta constructions, then it has no value for ufun members or the utoken. let rodney burton answer this, instead of blabbering on and on, about nothing .
these four guys should realize people aren’t dumb anymore. they go online and READ what the thailand police are doing, and why ufun is a Ponzi Scheme. they READ ‘blogs’.
That was a few weeks ago. The information you posted now is more up to date. People can still pay money IN.
NATX = bank code
FR = country code = France
PP = location code (HQ) = Paris
XXX (if existing) = branch code
Money transfer from European banks
→ intermediary bank Natixis (Natixis’ HQ in Paris)
→ NSIA Banque Guinee → BDG Bank / Utoken Reserve’s account
BDG Bank isn’t a real bank (in terms of clients and transactions). It probably uses NSIA Bank for all types of banking services (it’s a CLIENT of NSIA Bank).
The Utoken Reserve account is probably a sub-account to the BDG Bank account, managed by BDG Bank.
right.
on april 26th, 2015 here’s what utoken news reported:
if ufun has tied up with a new bank for transactions, i haven’t been able to find the name anywhere in any ufun members post, yet.
but it seems BDG will no longer be either taking IN money or paying OUT money.
it appears that the utoken reserve which was held with BDG bank is ‘invested’ in projects now. but no one knows how much has been invested in which project.
there are no partnership or investment deeds being made public, only ‘events’ are being photographed and used as a proof that ‘something happened’.
bottom line:
-currently no bank in hand.
-currently no payment processor in hand.
-no utoken reserve left.
-no one knows where all the money has gone.
NSIA Bank seems to be a real bank. Paying money IN will probably work.
And Natixis have experience with Ponzi schemes, according to Wikipedia’s list of “banks involved in the Madoff Ponzi”.
as you said BDG bank is not a proper bank, and probably uses NSIA bank for banking services.
in the face of problems in thailand, if BDG can end it’s relationship with ufun, what are the chances that NSIA would have continued banking for ufun?
except for a vague ‘Ufun is working with another bank for Utoken transactions’ i have not come across any other reference to ufuns current banking set up.
so, i’m not accepting that NSIA is continuing banking for ufun, unless some ufun member admits it.
in the video above at 23 mins, mansell says that they were having problems sending the ‘money over’ and he and the others were all helping in getting the money ‘sent over’. does that sound like ‘wiring money to a bank’ or something else?
in india we have a parallel illegal money transfer system called ‘hawala’. cash can be transferred across the country and even abroad, for a fee. there are no guarantees, and this system functions on ‘trust’ alone.
i will not be surprised if such systems are there in other parts of asia, and maybe a few in the US itself?
Unconfirmed reports of a 14th arrest warrant (or arrest?). Waiting for further clarification to appear.
16.30 today, Mr.Chotepat Wuttipunphokin 2nd rank upline of ufun club was arrested. dailynews.co.th/crime/319089
on the 24th of april, 2015 thai visa news reported:
so, it may be that an arrest warrant for a fourteenth suspect has been released?
Not in US(for vast majority). People do transfer cash to other countries through relatives/friends(from personal experience), but not through strangers.
Why didn’t he just explain to police that uFun Club isn’t a Ponzi scheme?
No wonder Jamison Palmer fled Thailand! Much easier to sit on YouTube and crap on about BitCoin than actually explain to authorities exactly how uFun Club isn’t a Ponzi scheme.
yeah, he should have reminded thai police how bitcoin had been ‘banned’ by thailand [it was not], and then shown them a map about how ‘puny’ thailand was, just a ‘little’ country y’know.
there are illegal money transfer businesses across the world.
even the patrickpretty blog has found something amiss in USA ufun transfers, though i’m not sure he is talking about the same kind of ‘hawala’ system i’m referring to from india:
check it out, and tell me what you think, because as far as i can tell ufun has no banking services or payment processors available for the US at least.
it would be nice, if PPBlog could share his views here himself!
patrickpretty.com/2015/04/30/was-an-unlicensed-money-services-business-in-the-united-states-gathering-funds-for-the-alleged-ufunclubutoken-ponzi-scheme-in-thailand/
Oz:
FYI: The video link in the footnote you provided is for May 4, 2015 not 2014.
In regard to the video, I loved the comment that Jamison Palmer is in the U.S. but he did not think for very long was quite an odd and interesting statement, don’t you think?
It never ceases to amaze me how high these guys can stack BS on top of BS and people fall for it.
@Lynn Thanks for catching that. Five months in and I’m still mixing 2014/2015.
I think “2015” might be a mental roadblock for me lol.
From what I heard from a member when I asked a similar question a few months ago, withdrawals have not been working since early this year so affiliates cash bonuses are locked within the UFUN system.
Affiliates are converting their bonuses to activation points (AP) which are used to open new accounts.
The established affiliates with large downlines are apparently taking cash (real money) from people via PayPal, bank transfer or cash in hand and depositing that money in either their personal bank accounts or offshore accounts via a shell company.
They have enough bonuses to open accounts for people so this method wouldn’t work for anyone with a small downline.
I wonder whether UFUN itself will be scammed by affiliates in the end who are filling their own bank accounts with innocent investor money.
M Watkins:
Of course they will. It is what Ponzi pimps do to make sure they don’t lose any money in their Ponzi de Jour.
I haven’t seen a Ponzi yet that this has not happened. Some were just less visible in doing it. They don’t care about anyone but themselves and who they steal from to get it.
Nope. UFUN wouldn’t lose anything it wouldn’t take in the money, but it wouldn’t lose any either… and it keeps the momentum going.
Now you know one of the unseen benefits of being an insider in a “next big thing” HYIP ponzi fraud.
You get early warning when the ponzi is about to go belly up, giving you the ability to offload your stash of whatever worthless “UTokens” or “banner impressions” or “advertising credits” you may be holding to unsuspecting newbies, who, in turn, will (temporarily) thank you for giving them the ability to participate.
in the latest video above, rodney burton said the ‘temp accounts’ that have been established for utoken buyers would be converted to permanent accounts, within the next few hours because they were waiting for ufun corporate to ‘wake up’ and do the needful.
no update about that yet?
anyways i expect rodney burton will be flying out to malaysia again for the ‘ceremonies’ on the 9th and 10th of may, for the mednspa signing and the unispace prelisting signing, since he likes to bring in ‘ground reports’.
burton here’s a list of questions to ask tay on my behalf:
who owns the shares of mednspa?
what does tay mean by ‘prelisting signing up’ for listing on euronext? who is he signing up with, and why is that an event worth celebrating?
whats the name of the nickel mining company photo op, tay has got affiliates in a flurry about?
why is it taking so long to get a payment processor in place?
why did BDG, UBDP and nico banks get off the ufun train?
and yes, what exactly is the deal with gateway klang?
c’mon rodney burton, lets have some real reporting for a change, don’t just try to palm off your utoken stash to unsuspecting starry eyed morons, with vague info and dreams of riches.