Processors keep Argent Global in the dark. Regulators?
Following the suspension of ewallet services to Argent Global Network last week, the company now claims its been left in the dark.
Why information wasn’t being communicated to AGN is still a mystery, but here’s what we know at the moment.
Sent out in an email to affiliates on April 14th, Argent Global Network wrote
Dear AGN Members,
It is unfortunate that we have to address the issue of suspending our payouts at this time. We do understand that you have been patient and have allowed us time to get various issues sorted.
Much information has come to our attention only now, after being sought for since November 2014. The details have not yet been fully disclosed by Cascadia or RapidPay, both of whom have acted as our main payment processors.
In addition to details of whatever is going down being withheld by Cascadia and RapidPayGlobal, AGN also claim
We cannot further expand on this information at this time for legal reasons.
AGN has had ongoing payment problems since late last year, when it suspended US investor withdrawals for a second time.
Withdrawals were then suspended globally last month, with “a lack of funds” cited as the reason.
Rather than address the issues between Argent Global Network, Cascadia and RapidPayGlobal, the company indicates it would prefer to sever ties and move on.
We have thus far been unable to reconcile the financial details behind many transactions.
We do understand many members have not received payments that were already approved and funded by AGN. We also are aware that many members who paid for debit cards have not received them.
The magnitude of these and other issues have resulted in the suspension of activities. There are currently no changes to the business plan, but it is impossible to continue without an effective channel to process and deliver payments.
This challenge has to be resolved before we can move forward. We are confident that we will resolve these issues, which are currently our main priority.
We will keep you updated periodically on the progress, as well as on when we can expect to return to normal operations.
It’s been my experience in covering the MLM industry that payment processors do not withhold funds unless
- they’re ordered to do so by a regulator or court or
- financial fraud filters are triggered within their internal systems.
Which is the case here I’m not currently sure of. Both scenarios are a possibility, with AGN’s claim that Cascadia and RPG are withholding information from them.
AGN citing “legal reasons” for not fully explaining to their investors what’s going on also raises eyebrows.
A third possibility also exists, that being AGN’s owner Victor Rival knows what’s going on and is simply stalling for time.
AGN’s latest update might very well be a ruse designed to throw the scent off what is otherwise just another failed Ponzi schemea.
How much funds remain in AGN’s accounts is unclear, however AGN have been making it difficult to impossible to withdraw funds for almost a year now (US withdrawals were first suspended last July).