Hyip weekly report - why you should avoid Global Pension Plan

For this week hyip report, we are going to write about why you should not trust by giving you more proves and showing you more warning which given by the authority that GlobalPension Plan is collecting people’s money illegally and a fraudster.

We found this information from alansmoneyblog as well as other websites, we compiled it and we would like to help you not to fall into this scam and spread the word so that we also can help others. We hope that there will be nobody promotes this scam anymore in order to build up their referral lists in order to avoid more people to lose money. It will not do any good for you too because you will not receive any referral commission as this scam will vanish before they making any pay out to anyone.

In middle of last month, we had published an online press release about a pyramid fraud scheme warning for Global Pension Plan which was issued by the Finland’s National Bureau of Investigation (NBI). The press release as follow:

“Finland’s National Bureau of Investigation (NBI) is investigating another suspected online pyramid fraud scheme, Tampere-based daily Aamulehti reported on Wednesday.

According to the paper, the scheme is called Global Pension Plan. The NBI had said earlier it was probing an online “investment” scheme named WinCapita. “

This is a cross between pyramid marketing and an illegal lottery,” Jouni Laiho, a senior civil servant at the interior ministry, was quoted as saying by Aamulehti.

Mr Laiho told the paper that thousands of Finns had probably lost their money.

Global Pension Plan is marketed on the internet as a retirement pension scheme costing as little as 30 euros. Punters are told that they will be paid a pension of 55,000 euros on a vague future date provided at least 100,000 sign up to the scheme.”

The Finland’s financial authority also had made a further publication with a clear explanation as why Global Pension Plan is a fraud, raising money from public illegally, and promotes misleading insurance product. Basically, Global Pension Plan offers an insurance product that will give you a return of up to 55,000 euro for a low one time fee of 30 euro. The publication as follow:

“PRESS RELEASE 1/2008 4.2.2008 1 (2)

FUNDRAISING SYSTEMS ARE MISLEADINGLY MARKETED AS INSURANCE POLICIES

The Insurance Supervisory Authority issues a warning for the general public about various pro-grammes and arrangements marketed on the Internet and through other means, in which money is collected and the customer is falsely led to believe that it is for insurance operations. In truth, the programme or the arrangement is about something completely different.

The Insurance Supervisory Authority has become aware of websites which offer the possibility to join a so-called Global Pension Plan programme. In the presentation of the programme, the words "pension insurance" are used. According to the description of the programme, the investment group will take out insurance for those joining the system and pay them either EUR 55,000 or EUR 110,000. The people behind the investment group are not identified, nor are the name or home state of any insurance com-pany involved in the programme mentioned.

Other, similar arrangements may be offered on the Internet. According to available information, the Global Pension Plan programme and any equivalent arrange-ments are not involved in legal insurance or insurance intermediary operations.”

On the publication also detail out of how to check if an insurance company or an insurance intermediary is appropriately registered and what information must be included in marketing materials. If the required in-formation about the product marketed or its provider is lacking, there is reason to suspect that the product in question is not an insurance product and that the arrangement is illegal.

An insurance company may operate only under licence

The insurance business is a regulated industry and may be practiced in Finland only by a licensed domestic insurance company, or an insurance company of a country belonging to the European Economic Area (EEA) that has established a representative office in Finland or submitted a notification of free provision of services to the Insurance Supervisory Authority. Insurance companies from outside the EEA, so-called third-country insurance companies, are required to hold a license and to establish a representative office in Finland.

Information on insurance companies operating in Finland has been entered into registers maintained by the Insurance Supervisory Authority. The Authority's website (www.vakuutusvalvonta.fi>Customers>Companies under supervision)includes lists (in Finnish) of all domestic insurance companies operating in Finland.

An insurance intermediary must be registered

Insurance mediation, e.g. operations as an insurance broker or an insurance company's agent, is also a regulated business. The registration and data on an insurance intermediary can be checked from the register of Finnish insurance intermediaries, which is maintained by the Insurance Supervisory Authority and is available (in Finnish) on the Authority's website at (www.vakuutusvalvonta.fi > Customers > Insured / policyholders > Insurance intermediaries’ activities).

An insurance company's duty of disclosure in marketing

In its marketing, an insurance company must provide the customer with all information on the marketed insurance that may have significance when the customer makes decisions concerning the insurance. In its marketing, an insurance company may not give false or misleading information or other-wise use any methods that are inappropriate vis-à-vis the customer or that are contrary to good practice. Marketing that does not include information needed for the customer’s financial security must always be considered inappropriate. The information that the insurance company must disclose to the insurance applicant prior to signing a contract is separately regulated by the Insurance Contracts Act. Furthermore, in its marketing, a foreign insurance company must state its name, corporate form, home state, head office address, and the address of the office or branch with which a prospective insurance contract would be made.

An insurance intermediary's duty of disclosure in marketing

Prior to signing a contract, an insurance intermediary must state to the customer, among other things, his or her name, the visiting address of the intermediary's office, and in which register of the insurance intermediaries he or she is registered and how the registration can be verified. In his or her marketing, an insurance intermediary must specify which insurers he or she represents and, when marketing a single insurance product, which insurer’s product it is. Regarding the product, the insurance intermediary must provide the same information as an insurance company. In his or her marketing, an insurance intermediary may not give false or misleading information or otherwise use any methods that are inappropriate vis-à-vis the customer or that are contrary to good practice.

Finnish online newspaper had also published news regarding the investigation of Global Pension Plan by the authority and warned people to stay away from this so-called ‘insurance program’. They also wrote about a few new coming scam programs with similar kind of concept and suspected those serial new programs ran by the same person. The news as follow:

“Criminal investigation of Global pension plan-pyramid scheme has revealed new scam plans. National bureau of investigations Turku unit has found indications, that there’s already new, similar schemes to collect money from the gullible, tells Turun Sanomat.

Plans for new scams have been revealed in house searches, that police have conducted while investigating GPP in Helsinki, Forssa, Turku, Oulu and Tampere.

People should think where they put their money, can a few tens of euros investment bring you loads of money in a moment, says senior constable Esko Vesanen from NBI of Turku.

GPP network, which was marketing pension insurances, managed to collect from investors at least a pot of hundreds of thousands of euros. Exact figure is not yet discovered. Money went to foreign accounts, and tracing it has been a difficult work. Police haven’t been able yet to discover who was/were running GPP-pyramid scheme. Finnish NBI has been investigating GPP since spring.”

News published on a newspaper Turun Sanomat on August 5th:

<>“Police Turn Up More Pyramid Scheme Plans

<>Police investigating suspects in an alleged pyramid scheme have uncovered evidence suggesting the same people may have been planning similar operations.

<>The newspaper Turun Sanomat reports that during home raids, Turku police found indications that the suspects may have been trying to set up similar schemes to gather money from people via the Internet.Police have come across plans for Internet fraud in Helsinki, Forssa, Turku, Oulu, and Tampere while investigating the activities of the founders of Global Pension Plan. The “Plan” promised quick returns on investments, but has been accused of being a pyramid scheme.

<>“People should think about where they put their money,” warns Turku police force’s detective Esko Vesanen. “Can ten or so euros really bring a huge profit in just a moment?”

<>Police have been investigating one pyramid scheme after another since March.”