Pages

Translate

Search This Blog

Follow by Email

Wednesday, July 24, 2013

Portable Fund aka Portable Revenue System: AVOID; Research before "Investing"

I am writing this post as a cautionary tale and to emphasize the importance of due diligence before making any "investments" online.

I've recently been drawn into get-rich-quick type schemes to make money online.  One such scheme is Portable Fund aka Portable Revenue System.  I was nearly bamboozled by the free $10 provided at registration to start "investing" in "revenue sharing," and the investment calculator which showed how users would be able to triple their earnings if they invested at least $20 and let the interest compound.

I was very tempted to invest the $20, because based on calculations I had done, the $20 could become half a million dollars in about 2 years.  My parents both told me this was too good to be true, and nagging doubts kept me from "investing" my own money.

When I first signed up for Portable Fund, the site claimed it was licensed and authorized by the QFC Regulatory Authority in Qatar.  It also claimed to allow users to invest in (1) real estate projects ($10+ for 150 days), (2) petroleum engineering industry and marketing petroleum products ($20+ for 72 days), (3) international trade, stock and forex industry ($500+ for 72 days), and (4) the metal (gold) mining and extraction industry ($1,000+ for 67 days).

I searched online for more information about Portable Fund's business plans, which was ultimately futile.  I also searched to learn more about its Chairman Alex Russman, which also turned out to be a bust.  Finally, I found the QFC website and contacted them via email to ask about what information they could provide about Portable Fund, linking them to the website.  I woke up the next morning and saw an email reply from QFC stating that Portable Fund was not licensed with them at all!  QFC also released a press release warning consumers, which I have included as my first source.   Furthermore, the Portable Fund offices were raided and Russman was arrested.  After being released, he moved the offices to Singapore; the QFC has contacted the authorities there.

Sources:
1.QFC Regulatory Authority warns consumers to avoid Portable Fund and Portable Revenue System.
2.Qatar police raid investment firm’s office and arrest CEO

2 comments:

  1. You are right about this program it is a rip off scam and the owner or director should be arrested again. I have request only 10 which i assigned to the account and I cannot get it and no one is responding hope the singaporean authorities arrest the entire company of individuals and throw away the keys

    ReplyDelete
  2. Investing money is not the only thing or task which has to be accomplished.. The investors should do their homework, research about the company they are investing in.
    Investment Calculator

    ReplyDelete