Internet income business verification - Net Income Solutions. Is it real?

[Citizen X]

Mr Walker at it again:
http://www.moneyweb.co.za/moneyweb-s...ymaking-scheme

[Pfuma]

Afternoon all,

it has been a while. i have been browsing defencex website and i saw a post by Mr Walker sayign the judge has reserved judgement on the 5th of June 2013. what does that mean?

regards,
Pfuma

[Chrisjan B]

http://www.moneyweb.co.za/moneyweb-s...s-court-battle

[Dave A]

So that would seem to be the end of the Defencex venture. I wonder how long before the brakes are applied to the add-ventures of Mr. Chris Walker himself.

[Citizen X]

Afternoon all,

it has been a while. i have been browsing defencex website and i saw a post by Mr Walker sayign the judge has reserved judgement on the 5th of June 2013. what does that mean?

regards,
Pfuma

I think you mean 25 June 2013! The last time the case was heard i.e. before 25 June 2013, it would have been standard practice for the judge to state that he/she reserves judgement for a certain date. This simply means that he will take a certain period of time to consider the case and then give final judgement , in this case it was 25 June 2013(Today)
The latin maxim is cur.adv.vult

[Citizen X]

http://www.moneyweb.co.za/moneyweb-s...s-court-battle

Sasha Planting and Julius Cobbett
“Defencex loses court battle”

“2%-a-day scheme ordered to pay legal costs, prohibited from accepting deposits.”

“CAPE TOWN and JOHANNESBURG – Net Income Solutions, better known as Defencex, has lost a court battle with the Registrar of Banks. Net Income Solutions was found by Judge James Yekiso to be accepting deposits in contravention of the Banks Act.
Defencex lured more than 200 000 members with its promised returns of 2% a day. There is strong evidence to suggest the scheme was little more than a Ponzi, with new members’ ‘investments’ used to pay the returns of existing members.
On Tuesday June 25, 2013, Judge Le Grange handed down judgment on behalf of Judge Yekiso. The verdict took less than two minutes to announce. The courtroom was filled to capacity, with more than 40 cases on the roll.
Judge Yekiso ruled in favour of the Registrar of Banks, which accused Net Income Solutions of contravening the Banks Act. Net Income Solutions was also ordered to pay the Registrar’s legal costs.
Yekiso prohibited Net Income Solutions from either soliciting or accepting further deposits.
At the time of writing, Reserve Bank head: strategy and communications department Hlengani Mathebula had not responded to a request for comment.
Many Defencex members have asked what would happen if Net Income Solutions lost its case. With other investment schemes (Money Skills is a good example), the usual outcome is liquidation. This means that liquidators are appointed to repay ‘investors’ in a manner that is orderly and fair. If the Reserve Bank applies for liquidation, it has the power to nominate liquidators.”[1]

http://www.moneyweb.co.za/moneyweb-special-investigations/defencex-loses-court-battle

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[1]Sasha Planting and Julius Cobbett. Defense X loses Court Battle. http://www.moneyweb.co.za/moneyweb-special-investigations/defencex-loses-court-battle. Accessed 25 June 2013

[Blurock]

To all investors out there; if it is too good to be true, it is too good to be true!

[Chrisjan B]

http://www.moneyweb.co.za/moneyweb-s...20m-to-himself

[Dave A]

You didn't think he was really doing it just for charity, did you?

I'm surprised he only scooped R20 million for himself. That's a mere 2.5% of receipts. Pension fund managers don't blush at tapping double that rate and more

[Chrisjan B]

Meself was never under such an illusion!
He's such a nice guy then!