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Cease and Desist Order Issued Against PIPS

On 6th of April the Texas State Securities Board issued an Emergency Cease and Desist Order against PIPS Inc and several its sites and affiliates.

According to the Texas State Securities Board PIPS Inc and its affiliates are selling a 5 Year Trust Plan intentionally failing to disclose the following material facts:

1. Information regarding the assets, liabilities, profits, losses, cash flow and other financial data of Respondents Pureinvestor, PIPS, and PIC;
2. Identity and background of the principals of Respondents Pureinvestor, PIPS, and PIC;
3. Information sufficient for a prospective investor to ascertain how payments made to investors are achieved; and
4. The relevant risks associated with the 5 Year Trust Plan.

Because of the above and several other allegations the Texas State Securities Board has ordered to stop any promotion or offering of any PIPS Inc product to citizens of Texas state. In failing to do so PIPS and the affiliates are looking for fine up to $5,000 or imprisonment in the penitentiary for up to two years.

The details of the order can be read from below link:
http://www.ssb.state.tx.us/orders/2005/1587.htm

It remains to be seen if other States are going to follow. On 18th of March also the Australian Securities and Investments Commission (ASIC) issued a warning about PIPS.

The future of PIPS sure doesn't look too bright at the moment. Currently they are up to 3 and a half months late on payments and the above warnings and orders surely can't make their job any easier. The final outcome remains to be seen...

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