ArgentPay (Rapid Pay Global) suspend AGN ewallet services
Just days after Argent Pay Global floated a series of useless poll ideas, news broke today that their payment processor has now suspended the scheme’s ewallet services.
Argent Global Network handle all their ewallet services through the domain “argentpay.net”. This domain is hooked up to Rapid Pay Global, who offer a ‘complete e-wallet, banking, and card issuance system‘.
As I understand it, Argent Global Network have simply rebranded Rapid Pay Global’s services as Argent Pay.
Things have been rocky for Argent Global Network of late, with the company failing to secure new investment to pay off existing investors.
AGN’s latest attempt to address this issue saw the company float a series of useless ideas, none of which was likely to secure new revenue for them to pay their affiliates with.
Not surprisingly, Rapid Pay Global’s issue with AGN is also related to the flow of funds.
In a notice published on the ArgentPay website on April 9th, the processor advised
This letter is being written to confirm that effective immediately all services provided to Argent Global Network through the Argent Pay website will be suspended pending a thorough investigation of recent activities conducted by AGN.
An investigation you say? Go oooooooooooon…
AGN recently requested our company and its service providers assist them with the reversal of “Profit Credit Payouts” that were issued by AGN on the dates of March 5, March 12 and March 19, 2015.
What what what? Victor Rival tried to clawback Ponzi payouts he’d already made?
Sit down son, you ain’t no regulator. Who do you think you are, the SEC?
Putting aside the bizarre request that Rapid Pay Global clawback Ponzi ROIs paid out to AGN affiliates for a second, it gets better…
The funds with which AGN made these payments to members of Argent Pay were never deposited into the Argent Pay Program.
Not only is Rival trying to clawback Ponzi ROI funds, they were funds he never even paid out to begin with!
AGN paid out monopoly money, and then requested Rapid Pay Global refund said monopoly money!
Talk about Ponzi fail…
It should be noted that while a deposit was never made to the banking facilities utilized by Argent Pay, AGN’s use of these of these funds in paying “Profit Credit Payouts” on the dates indicated above has resulted in a substantial loss to member balances on Argent Pay.
Now this I don’t get. Ponzi ROI payouts if anything should be deposits into AGN investor accounts.
Did Rapid Pay Global clawback the funds as requested, only then to discover (presumably after AGN investors complained), that AGN hadn’t paid anyone out to begin with?
What a mess!
AGN has been made aware of this loss to member balances through numerous conversations with representatives from our company.
And still, nothing has been done.
How hard is it to return the money AGN had Rapid Pay Global clawback? Or had Victor Rival already spent the money on… well, who knows what?
Rapid Pay Global certainly seem to have no idea what’s going on:
It should also be noted that until which time we receive adequate evidence or a statement from AGN explaining in detail the events surrounding AGN’s recent activities the total balance of the funds issued to AGN will remain active in the Argent Pay System, however they will need to be reversed from Member Account Balances.
As far as we are concerned these funds are considered owed to Argent Pay program and its members until which time AGN produces evidence to the contrary.
And so we have a stalemate on our hands. With Rapid Pay Global announcing that, until the matter is resolved, they
- have disabled Argent Pay Global’s API access to ArgentPay ewallet services
- have terminated Argent Pay Global’s ArgentPay admin access
- have asked Argent Global Network investors ‘not make payments to the banking facilities or through the services available on the (ArgentPay) website‘
- began an internal audit of Argent Global Network’s activities, the first step of which saw them “freeze all wallet transactional services on the Argent Pay site”
- will be returning any deposits made by Argent Global Network investors going forward, with AGN billed for any associated banking fees
- will also return any funds deposited in March that have not yet been credited in an AGN investor’s ArgentPay ewallet account
With Rapid Pay Global’s announcement just published int he last twenty-four hours, Argent Global Network have yet to issue a public response.
Update 2nd May 2015 – ArgentPay (Cascadia Finance) appear to be looking towards permitting AGN affiliates to withdraw funds, with the following announcement published on April 30th:
Attention Argent Pay Members:
You are now able to log in to view your account balance in Argent Pay.
At this time you are unable to perform and transactions. We hope to have all services up and running by early next week.
We apologie for the inconvenience however this was necessary to perform the reversal of “Profit Payout Credits” requested by Argent Global Network.
If you have any questions regarding the reversal please contact Argent Global Network directly.
Sounds like investors will be able to withdraw their funds and then that’ll be the end of that.
No word on what AGN are doing moving forward.