Primebank, Primebankltd, Primegoldbank FRAUD!
As an owner of several Primegoldbank accounts I have become painfully aware of the fact that I have been ripped off big-time.
I purchased several so called "Gold-accounts" from a company called Primebank in the spring of 2003. The company claimed to be dealing in solid gold products and that the products were marketed by ways of MLM. The latter was correct however I have serious doubt to ever seeing any gold.
The idea of the business was of course to solicit new customers of Primebank and in receiving sing-up bonuses for new customers. Quite simple, I get some of my friends to buy Gold products and in turn receive a small sum of money for each "step" earned.
In the original "Terms and conditions" the company claimed to supply the Gold products after 6 months of membership. In this way the person purchasing the product could be sure to have ones "money back" in case he or she had problems selling the idea to any friends.
I actually sold quite a few products and made a couple of bucks on it. However, as I had reached the 6 month membership period I decided to close my accounts and "take home the gold". At first I contacted the support email address and received some answers. That was when I realized the “company” had changed names to Primegoldbank, obviously not to become associated with the Prime banking scams.
Nothing therefore speaks for the fact that Primegoldbank intends or is able to supply the products sold over 6 months ago. No personal contact from their part has been made since almost 1,5 months ago. The phone and fax numbers shown on the Primegoldbank.com website are not in use. There is no way of contacting the “company” by phone or by fax.
The “companys” email addresses are over flooded. Usually that means no one is reading the mailboxes. My local “Primebank agency” has shut down (at least there is a vacant business apartment where the “Ålandskontoret” used to be). (http://ecards.teamprime.com)
The www.primegoldbank.com website is filled with spelling errors, descriptions of the exactly same products in different parts of the website are very different, many of the links situated on the website are not functioning.
The site features VISA, MasterCard, AMEX and Eurocard logos on their website. None of these can be used to purchase products. The “Buy E-cards” option is disabled altogether. The idea seems to be that existing customers purchase e-cards with their income and receive cash payments from the new customers. This works very well for the company as they don´t even have to payout commissions in full.
The company also advertises “Prime Cards” and “Prime Loans” like a real bank. None of these products are actually offered and are advertised only to give a sense of security to the possible “customer”. The “More features” section of the front page of the companies website is filled with small icons representing things that possible customers may find attractive (ie. a house of their own, a car, love, travelling etc. just to pump up the sense of security).
The company has a “new management”. This almost always spells fraud. The new management is put in place just before the company is declared bankrupt. In this way the real management is able to secure its assets and the new management takes the fall. Usually the “new management” is one or several individuals who get paid to take the blain. These individuals are usually in dire straits when it comes to finances and do not even care whether they become scapegoats or not.
The new management only uses peoples first names in their business communication. What serious company only uses a managers first name in official statements? NONE, I tell you. Introductions of “new plans” differ from week to week. First there was a popup screen declaring that new plans were about to be launched that significantly differed from the original ones. Now the site proclaims the company is having logistics problems and cannot rollout the new plan as scheduled.
“Dear PGB Customer,
Due to the Logistic problems in many countries still being unresolved for
the introduction of the new income plan on November 15,The Plan will now be
postponed until next year 2004. Please continue with the existing income
plans until further notice. We apologise for any inconvenience.
We thank you for your support.
The New Management, Prime GoldBank Ltd.”
All in all the whole business spells FRAUD big-time. As said I have considered bringing charges against this “company” that I was fooled by so easily. Being naïve enough to trust the company in the beginning was probably due to several things, the least not being a hope for a better future and the possibility to get ones money back in case one did not succeed.
Having invested almost 1000 dollars all of this now seems a hollow joke.
Everything tends to point to the fact that Primegoldbank is out of business but new members keep signing on because existing members need to cover their losses! Existing member do not need Primegoldbank to keep selling "gold-products"! All they need to do is convert their "income" into "e-cards" and sell them to new members by cash payment! New members do not bother to contact Primegoldbank directly because there is no need to verify the existence of the company.
Anyone else having these kinds of problems and interested in a joint class action law suit against the so called Primegoldbank “company” and its “managers”?
Naturally I have saved all correspondence between the “support-group” of Primegoldbank and myself if you would like to have a look at it. I will be posting the correspondence on this site as soon as possible.
Please contact me by email, e-goldfinland@suomi24.fi
Links to other sites featuring fraud alerts conserning Primebank or Primegoldbank:
http://www.deccanherald.com/deccanherald/sep30/i7.asp
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