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May 5th, 2006, 04:03 AM #1
What's going on with Stormpay?
- Join Date
- April 24th, 2006
Does anyone have updates on Stormpay?
Few months ago I've heard that they have financial problems and that people couldn't get their money out of their account.
We stoppted using Stormpay, but I am just curious how the whole story ended...
May 5th, 2006, 05:44 AM #2
Stormpay stopped processing payments for anything other than Stormpay's own auction site about a month ago.
I believe that Stormpay has run into trouble with the FBI and SEC over it's longstanding relationship with alleged Ponzi (pyramid) schemes such as 12DailyPro and others. Stormpay often acted as the payment processor for these schemes - it wasn't actively involved in any fraud.
There are also accusations that Stormpay was operating without the appropriate financial licenses.
It looks like they are in deep, deep sh*t at the moment. It's unlikely that they'll survive much longer.
May 5th, 2006, 07:36 AM #3
While I was keeping an eye on the whole pixel craze months back, I read alot of bad things about Stormpay, and how they WEREN'T paying to members of a particular MLM based pixel site.
While I certainly didn't cry over it, it looks like like a lot of folks got taken by either SP or the MLM. Go figure