By David G. Hanger
August 02, 2005
A group of Londoners is working with the Central Bank of Malaysia to recover what can be recovered from this massive multi-million dollar worldwide scam. This one group of 17 in London invested 300,000 pounds in PIPS, and to date has recovered about 40,000 pounds. Based on available information it appears Marsden used about 15% of the funds as 'salt' and another 5% or so for administrative costs. Thus, conceivably, 80% of the funds are recoverable in some form.
Likewise, based on available information it appears Ketchikan has lost somewhere between $300,000 and $2 million as consequence of this scam. I sincerely recommend you organize yourselves promptly to make some effort at recovering your stolen funds; being last in line will not help you, and it should be obvious that you are already far from being the first in line.
Private investigators in Kells, Ireland, where as many as one of three allowed themselves to be conned by PIPS, have determined that six local individuals collected all the funds purportedly invested in PIPS and simply kept most of the money for themselves. That is obviously a very local crime.
To whom did local PIPSters give their money? I encourage you all to start your campaign of satisfaction by calling the local police and the State Troopers. Some of your 'ace investor' buddies seem to have been investing in themselves.
David G. Hanger
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