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Originally posted by verylowfrequency
Screw the Fed - Don't file a tax return.
Ponzi scheme indeed.
Rumors claiming that savvy international businessman - A Quixtar Crown - Don Storms was suspended from Quixtar because he unwitting promoted a failed Ponzi scheme, drove me to search the Federal Court Data base. The PACER search resulted in a link between the Ponzi scam, "4Nexchange" and Donald Storms.
4Nexchange was run by Paul Grant, 35 of Alpine Utah. Paul Grant is the son of Amway/Quixtar Double Diamond, Leo and Amy Grant. All four of Grant's sons were Amway distributors. It is unknown whether Paul was an IBO during the scam. The scheme propagated through the Grant's contacts in the Amway/Quixtar network.
The 4Nexchange business address was Paul's $840,00 home, which was seized by the Receiver-Attorney, Mr. Wing. It is not yet know how many Quixtar distributors lost money in the scam. If you have additional information or a prospectus from 4Nexchange please write. In the suit, Wing v. Donald Storms, Mr. Wing the receiver-attorney for "4Nexchange LLC", is seeking to recover $1,157,000 in pay-outs to Mr. Storms on his $262,000 investment in 4Nexchange, LLC. The receiver claims Mr. Storms introduced at least 50% of the 140 victims, and 66% of the $17 million brought into the scam. From the Quixtar Now! - Storms posts 318kCivil Complaint1:
02-CV-127: "Storms introduced prospective investors to 4Nexchange and one of it's principals, Paul Grant. In doing so, he informed the prospective investors that he had know Mr. Grant and his family for years and that Mr. Grant was trustworthy." "Storms also encouraged individuals in his Quixtar downline to improve their status in the Quixtar pyramid by offering these individuals the incentive of being eligible to invest in 4Nexchange if the individuals reached "Emerald" level in Quixtar"
Additionally Mr. Storms directed payments from 4Nexchange totaling $1,702,000 to Valley Forge Christian College. The monthly payments to the college varied in proportion to the amounts held by 4Nexchange investors referred by Mr. Storms. The funds were spent on capital improvements. At great hardship, the college has returned the monies to the 4Nexchange receiver. Quixtar Now! - Storms posts 318kMotion for Vally Forge College
The world press is ablaze today with news of the arrest of elite Wall Street broker Bernard Madoff. They say he ran an elaborate Ponzi scheme that bilked high-profile investors for more than $50 billion. Even Geneva banks lost more than $4 billion, Reuters is reporting.
Originally posted by jefwane
One thing I find sureal about this is some of the names of these guys. Madoff (pronounced made-off), and then there's the tres/fed guy Kashkari (pronounced cash carry). If someone were to make characters in a booked named that with these plotlines they'd be called a fool.
Originally posted by warrenb
reply to post by verylowfrequency
great idea
How do we get this to become a national movement?
No income taxes in 2009!
Protest the bailout, don't pay a cent in income tax in 2009!
or something along those lines
Originally posted by Muundoggie
Somehow he was scamming some of the biggest players in the world while evading all accountability. Everybody was fooled.