Gold Nugget Invest face up to their problems…
For some time Gold Nugget Invest has been subjected to a problem with a bank they deal with. It seems that the German financial authorities have frozen the assets of this specific bank because of a particular client irregularity and this has resulted in many accounts being inaccessible. One of these is GNI.
Combine this with other problems related to abuse of referral payments and unusually high request levels for principal withdrawal and the end is result is problems for GNI.
Now, they could have thrown their hands up and walked away but they are not doing that. What they want to do is restructure significantly to stabilise and create a long term future. The alternative is to fold and I don’t think anyone would want that.
What this means is that outstanding withdrawals are being cancelled and members will have the option to leave them as pending or to re-invest in the new plans being implemented. In place of weekly plans the new proposal is for monthly payments of 16% which will last for 14 months (this period will include return of principal). Premium members will receive 20% a month.
Whilst it’s disappointing that GNI find themselves in this position I’m encouraged by the level headed approach being taken and will continue to maintain my investment with them once they get things back to normal.
Given the stellar performance of GNI up until now this is a salutary lesson that no-one should put all their faith in one online investment especially if they try to use it for payment of everyday expenses.
I’m optimistic that the refreshed GNI will be a success and I look forward to the future.
I was just planning to join GNI when this newsletter came out. Right now it does not seem that attractive given that there are other funds which pay higher and witdrawals are daily.
However, I do appreciate their integrity which is very rare and if there is one good reason to stick around with them, this would be it. They could have just closed shop and gone for a long holidays in the carribean, which they did not do.
I am looking at sportarbs which has a good payout, however there are several issues which bother me.
They dont accept Liberty reserve, and what is strange is that they mention on their website that they accept liberty reserve. However when you go to signup, there is no LR option.
Thanks for your updates, looking forward to reading some useful information here. I am following your posts closely.
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RG, yes I’d agree that GNI sort things out would be a good idea. I hear what you say about the rates but assuming that they re-emerge then a ’stable’ 16% a month is not to be sniffed at.
With respect to SportArbs they did accept LR until just before the end of the year when they made an announcement that LR were holding some of their funds for whatever reason. SportArbs weren’t happy about that and so took the decision to dump them and transfer member LR funds to Global Digital Pay. Since then everything seems to be moving along nicely although I would like to see the promised contact details published as this has been pending for some time. Apart from that I don’t have any particular issues with them.
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