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CitazioneGreetings to Refund Applicants

In this update, we will be discussing the following:

1.  The status of the refunds

2.  How StrictPay's current crisis will impact the payment of refunds.



1.  The Status of the Refunds:

I felt its appropriate to bring the community current with our progress refunding clients who were not in profit.

We began coordinating the effort in the middle of March with the intent to begin payouts on May 17th, hoping to have all refund applications completed by the end of June, the first part of July at the latest. The refund process is/was far more involved than any of us could have imagined.  When starting Goldnuggetinvest.com, never did I or any of our administrative team fathom having to make the number of client refunds we in fact, are.

To be able to complete this process, it's imperative we do not issue payments to persons not otherwise entitled to such. This includes members in profit, hackers, fraudsters and so forth (we do not put our in-profit members in the same category as the others, please do not interpret this as such). To ensure inappropriate payouts are NOT made, there is a very intensive verification process that MUST be made with each refund, regardless of the amount.

Further complicating this matter (no fault of anyone) are those customers who used one PP account to fund multiple GNI accounts. Verifying refunds becomes ever more tedious and time-consuming. Further, many of you have not only utilized a PP account which funded multiple GNI accounts, you have multiple PPs, and these PPs have been used to fund different accounts, sometimes as many as 15 or more.

When a customer has three different sources of deposits, one or two of these PP accounts has paid out (cumulatively) in profit; but the other one or two PP, funding accounts have not (paid out in profit), but the request to be paid is to that PP which is in profit (and has funded several different GNI accounts), verifying all payees coincide with the various data base(s) we use to complete this process, becomes very, very time consuming. The scenario I have just described is appearing to be more often the rule, NOT the exception.

It's been brought to my attention many of you are becoming increasingly impatient with the refund process. Our formerly trusted members are sending requests to have us circumvent the process for their benefit at the expense of the community and those who are waiting patiently. When seeking to verify the "emergency," we are finding the facts have been fabricated. This is unacceptable.

However, we also find it unconscionable if our refund process is instrumental in the preservation of life and / limb of a customer or immediate family member of a customer. Unfortunately, privacy laws world-wide prohibit GNI staff from the review of medical information to verify or substantiate claims made by our customers. We are truly sorry as this is something we feel compelled to address. Unfortunately, our hands are tied.

Further complicating this matter is the issues facing one of our most visible Business Partners, StrictPay.

2.  How StrictPay's current crisis will impact the payment of refunds.

As most of you know (certainly those who deposited or withdrew using SP), StrictPay is facing some very trying times. The cause of their problems is nothing we can or should comment thereto, other than to say it is troubling for everyone.

At the time of this writing, the turnaround times to withdraw from StrctPay is as follows:

1.  Bank wire - Maximum amount allowed / 500.00.  Average time to Process (not necessarily the time client receives the funds), 29 days
2.  Check by Mail - Maximum amount allowed / 300.00.  Average time to Process, 29 days.
3.  Loading of Debit Card - Maximum Load Amount / 200.00.  Average Processing Time, 28 days

As a result, we have suspended StrictPay (SP) refunds. SP has sent all of its current account holders an overview of the current state of affairs; with an assurance they will and are taking all reasonable steps to mitigate further problems.  They have every intention to resume operations at their previous (albeit, some times, slow) level.

We have no reason to think otherwise, nevertheless we do not want our valued customers stuck with PP funds which cannot be redeemed for hard currency. Those of you who feel compelled to complain about the temporary suspension of StrictPay refunds, would you want us expediting your payout only to find that you can't do anything with the funds you hold?

Understandably, most of you would like to abandon StrictPay, preferring instead to use another PP or E-Currency.  While this may be an option we are forced to swallow, it is less than ideal. It will require multiple layers of client re-identification but for the currency swap, we would not otherwise need. It can ONLY  slow the process, perhaps substantially, we just don't know yet.

Many of you have forwarded, documentation in your effort to expedite the process. It does not. Please refrain from requesting to switch your refund PP until we have made a final decision in this regard. Those of you who have sent verification documents to Debbie, I have instructed her to, at this time, refrain from opening these emails....she doesn't have the time.

Those of you who have sent verification documents in your ticket, she is obligated to respond or your refund gets held up.  This, likewise will slow down the show. We are hoping to know enough within the next 30 days to have enough information to make a decision whether or not to use SP in our refund process. Please keep the speculation to a minimum.

Summary

I assure all of you, we are doing our best to get these refunds back to you in a timely fashion. In a little over a month we have issued approximately $300,000.00 in refunds. We expect to maintain this level throughout the process.

Thank you,

Robert & Team

Ieri mi sono ricordato del mio ticket con GNI e così l'ho aggiornato chiedendo a che punto fossero con i refund, convinto che non avrei ricevuto alcuna risposta.
Invece oggi ho trovato il reply al ticket:

CitazioneRefunds have been on hold for several weeks now. Waiting for an update from Robert.

In più oggi GNI ha inviato una nuova email (GNI Newsletter August 23rd, 2010):

CitazioneGreetings to all GNI clients:

My apologies for the recent lack of communication. We needed time to sort out the current state of affairs as they were / are many.

The over-riding concern I have as the Managing Principal of the GNI Program is the safety and well-being of GNI Staff, their family(ies) not withstanding myself and my family.

Reading emails whereby disenchanted GNI customers or GNI Pool Funds Managers are offering $10,000 for providing personal information of those trusted persons who have busted their tales working to provide the best Customer Service any On-Line Program has EVER provided, makes me sick. Death threats, verbal assaults, profanity, abuse, false accusations; none of it grounded in anything more than misinformation, disinformation and malfeasance.

Further exacerbating this situation, all I read on our own Private Forum is that "we don't care," or that "we have run." This I just don't understand. We have paid staff who have competently and consistently been there to answer questions and attempt to give you, our trusted members some sort of "Peace-of-Mind." As most forum members can surly appreciate, I visit the forum regularly. If I don't post, it's because I have nothing to say. I am more than satisfied with the performance of the GNI Staff you should have come to know and trust.

Despite all this, we are still here. We haven't disappeared!! It would have been easier if we had, it would have made the principals in this program wealthy, but it would have been wrong. Need I expand on this?

To conclude the refund process and dissolve GNI in a fair and equitable manner, we must now expand the closure criteria to include the word and associated activities, "SAFE" !!!

Anything less would not just be irresponsible, it would be reckless.

Therefore, we have consulted with those privy to the situation - how best to conclude GNI in a manner depicted above but should also include any potential for GNI Administrative Conflict of Interest; would necessarily provide for the relief of any further refund responsibilities by me or any other current or former GNI principal / partner or employee.

Therefore, it has been decided to place the program and the available funds into receivership for liquidation. We will hire competent, professional court approved receivers who will liquidate the assets consistent with the laws of Belize governing the liquidation of an IBC.

I cannot be anything less than straight-forward, this is probably the least preferred method of concluding GNI, in terms of what it will cost and how quickly it will deplete the available funds which would otherwise go to you, the refund recipients. 

When I am accused of engaging in anything less than stellar activities when it comes to client resources, I am compelled to take the course of action which will show that my conduct should never have been called into question.

The logical question(s) which come to mind would be:

1.  How long will this process take?

Answer - No idea. An educated guess would be 6 months to a year or more. We are working diligently to retain proficient professionals to handle this. Beyond the hiring of these persons, it will no longer be in our hands.

2.  Will the refunds be as you promised, 101.5% of the Principal amount?

Answer - No it will not. It will be less. How much less is not for any GNI personnel to comment or state as we will not be consulted in this fashion.

3.  What about the funds at Yesilada Bank?

Answer - The receivers will be made fully aware of all GNI funds outstanding. Certainly these funds will constitute a significant influx of funds. Whether this will further delay refund payments will no longer be subject to current GNI staff.

4.  Will we have to submit new documentation? 

Answer - Whether the receivers will accept the Refund Application(s) as a viable "Proof of Claim" is not for current GNI Staff to comment on. This decision will be made by the receivers accordingly.


CONCLUSION:

We understand this decision may not appeal to everyone, it was one that truly was easy for us to make. We worked very hard to make this program work; unfortunately we made some tactical errors from which we learned and vowed not to repeat, while maintaining a strategic, forward thinking plan which we have used to build upon, strengthen and embellish upon those who maintain their trust in us.

As always, we remain with best regards,
Robert and Team

Robert assumerà del personale esterno per gestire i refund!!

Ormai è un'odissea!

E' giunta l'ora di mettere la parola fine (stavolta in maniera definitiva) all'odissea di GNI!
Il sito dedicato ai refund (http://www.gniforum.com/gnirefund) non esiste più!