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February 1st Stormpay issues an ultimatum to all paid to surf programmes to use StormPay exclusively or get out. 90% of the sites complied. Stormpay had changed their Terms under which they are willing to do business with Paid to Surf sites. They had cancelled cheques sent to the admins of 12Daily Pro stating that they will wire this money immediately after they comply with the new rules. The new rules called for 12Daily Pro to use Stormpay exclusively for their business or their money will not be released. The terms state that in order to prevent money laundering and criminal activities on the net using Autosurf programs and Stormpay an autosurf site may choose to do business with Stormpay only if it is the only processor accepted at the site. Due to the fact that many sites make most of their living using Stormpay (against having the highest fees amongst payment processors) most had no choice but to comply. The changes had to take place on the same day the terms changed. February 3rd Stormpay freezes the accounts of many autosurf sites (the biggest being 12 Daily Pro). February 7th Stormpay empties the account of any user that is/was doing business with any of the autosurf whose accounts had been frozen. Not only do they empty the members Stormpay accounts they allegedly also go into actual bank accounts and credit cards for more funds. This caused an uproar that resulted in more than 180 complaints to the Better Business Bureau in just one week. People also complained to the Consumers Protection Agency and the FBI. These complaints now run into thousands. StormPay's site was off line for one day then returned for business just to go off again Feb 10 Stormpay site still down. Feb 11 Stormpay site still down. It has been confirmed that an agency had conducted searches at the Stormpay Office but the name of the agency was not released. Stormpay later admitted that there had not been an investigation by any agency. Stormpay had used the up and down time to change its terms. This was not pointed out to existing members who were not asked to accept the new terms before they continued to use their accounts. End Result (well, so far) Stormpay is holding $50,000,000 of 12 Daily pro's money $ 9,000,000 of Alien Trust's money It has been estimated that they also hold at least another $10,000,000 of combined money of the other autosurf sites that were frozen. That means that in total they have $70+ million frozen in accounts and this does not include the money that was taken from the individual members' accounts. Why would Stormpay want to sabotage a business that pays them so well? The answer to this question can only be speculative and there are two main guesses in circulation at this time. They are as follows: 1. The first theory is that Stormpay was under investigation by the FBI prior to the changes. If the FBI finds autosurfing, 12DP in particular, guilty of a ponzi scheme then Stormpay would be legally a partner in this crime. So it is possible that Stormpay wanted to distance itself from the troubles of autosurfing and froze the accounts of many autosurf sites. Stormpay is now loudly criticising autosurf programmes and pointing to them as the villains in this story. For me, this just prompts more questions: a) Why did Stormpay insist on becoming the only payment processor? b) Why did they not freeze all autosurf accounts instead of just the big ones? c) Why did they take money from members that had nothing to do with autosurfing? d) Why did they lie about being investigated in the first place? e) Why did they continue to allow autosurfs to be advertised on StormClix? f) The biggest question of all: Where is the money? I prefer the second theory which is as follows: 2. It has been widely reported that Stormpay had recently agreed to sponsor a race track with several million dollars. They have also heavily invested in the re-modelling of their building. The problem could be that Stormpay had spent our money on these investments. The "storm" started with 12DP requesting a large amount of money (probably millions of dollars) from Stormpay to fund EMO. Issuing the ultimatum to the autosurf industry might have seemed like a great solution. If most autosurf would stick with Stormpay then nobody would want to take money out and hence the problem of delaying the funding would be solved. However, the autosurfing industry was not happy with the situation. So they agreed to comply, but most sites decided to open a sister site to their original site that they would make available for any payment processor but Stormpay. So in case the of 12DP they still wanted to transfer out their millions and fund EMO. It seems logical to me that this is what caused Stormpay to freeze the account - they needed to play for time. Whilst they were revolving virtual funds between the autosurfs and their members accounts they could "cook the books" without anyone finding the evidence but, if people wanted to withdraw real funds in significant amounts, Stormpay's banks would become involved and it would soon be discovered that they had misappropriated members' funds. They need to play for time to get funds in place. Confusion Reigns After freezing the accounts of the big autosurf companies, Stormpay's next step was to start making refunds to members without any request for a refund being made. I am not sure whether any members have actually received the money for these so called refunds or if it is just more virtual book cooking on Stormpay's part. When they emptied out members' accounts, they identified the transaction as a "charge back" on the part of one of the autosurf companies but how could the companies be making charge backs when they had no access to their accounts? The more confusion Stormpay can create and the longer they can carry it on, the harder it will be for anyone to unravel the truth and the more time they will have to get funds together to cover anything they might later be forced to pay out. For the record, I can speak from personal experience as I am a victim of a "charge back" purportedly by 12 DP. I had some money in my Stormpay account which included commission from companies unrelated to autosurfing. These commissions actually included commission paid to me by Stormpay. On 3rd February, I requested a cheque for some of the monies held in my Stormpay account and the withdrawal request was successful according to Stormpay. On 7th February Stormpay applied two charge backs by 12 DP to my account and cancelled the cheque I had requested. The charge back amounts were in the exact sum of the cheque plus the remaining balance I had intended to leave in my Stormpay account. I have asked Stormpay how 12DP could have instigated charge backs when their account had already been blocked. I asked why my commissions which had nothing to do with autosurfing had been taken from my account. I asked where those monies were. Stormpay have been unable to answer those questions. All I receive by way of response is a standard text setting out Stormpay's philosophy on the subject of "those autosurfs". Information, misinformation and damned lies. Information - A news report stated that the last payment from 12DP was January 8th based on their records and it was because of customer complaints that they first froze the account. I can prove that 12DP had paid at least up to January 28th. This statement has since been corrected on the grounds they misunderstood what Stormpay was saying. I won't go into the rest of the news reports. I read many of them and it was clear that they had no idea what autosurfing involves. One report I read stated that 12 Daily Pro was a crooked scheme involving the Internet and cars. Who is providing all this information - I'm pointing my finger at Stormpay. Misinformation - Stormpay said they froze the accounts and no financial transactions in or out would be accepted until the investigation was over yet 2 days later Stormpay started doing refunds and charge backs. Damned lies - Stormpay said a third party was investigating 12DP but no such investigation started until all the complaints began against Stormpay. NetIBA: It was a surprise to me that so many people were not aware that Stormpay and NetIBA are not independent but are connected - connected as in owned by the same people with offices a stone's throw apart. When I joined NetIBA I was aware of the connection. I joined and got verified for one reason, and one reason only: to reduce the obscene level of fees Stormpay were charging me from 7% to 3%. I recovered the $20 back on the first transaction that went through. I know a lot of people did not join NetIBA because of principles and I admire that. I held out for a while but eventually decided I would rather lose $20 to their fake certification than lose a few thousand dollars to their fees. I do admit, though, that my conscience pricked me when I found out first hand that they do not verify the telephone number or address in order to grant the NetIBA certificate - $20 does it! I won't attempt to go into Stormpay's long history of member complaints, Cease And Desist Order and so on. This information is available at the BBB site http://www.bbb.org/ and the background to the Storm can be read in many places online. Everything I have said here is true within my own personal knowledge information and belief. |
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