In a recent interview on NoBS Hyip Blog 1, Alertpay CEO Firoz Patel blasted the founders of E-Gold.
| Do you have any views on the recent Egold indictment case? Yes actually. Egold brought this upon themselves. With their lax rules and controls, their system was being used for all kinds of fraud and money laundering. I think that Egold should be split up into 2 entities. One for the issuance of Egold as ecurrency and the other to control the transfers and transactions. If they cannot do that, then there is no point in having Egold anymore. The rules on the international marketplace are changing greatly. There needs to be controls in place to stop thieves and criminals from using these services. Also there must be controls in place for thieves to be frozen or punished when a complaint is given to Egold. Since they don’t care about what happens with the Egold, some legitimate people get fraud monies, but many illegitimate merchants are able to get away with murder (figure of speech). We have lost money as well in the process, but we have never allowed that to affect our members. |
I find this response rather callous and ignorant especially considering Alertpay emerged in 2005 and has existed to serve the autosurf community which is intrinsicly ponzi and pyramid schemes. I’ve yet to see any real, legitimate businesses using Alertpay as a processor. The first time I remember Alertpay surfacing was in the now defunct ponzi scheme / autosurf AlertPayPro. It seems every other ponzi surf program and some hyip’s are using Alertpay as a payment option.
What is Alertpay?
Alertpay is a payment processor or money transmitter that is based in Montreal Canada. Alertpay is *not* a DGC (Digital Gold Currency) and their funds are not backed by gold. Alertpay is not licensed to do business in the United States. This information was also revealed in the NoBS interview with Mr. Patel (as evidenced below).
| As for what happened to EMOCorp and any others, these companies had to be licensed since they were located in the US doing business in their own state as well. AlertPay will need to get licensed in every US state that requires it, but for now, we do not need to for 2 reasons. 1. Either it is not required since we are not located in the US and/or 2. We are not doing enough business in the particular state and there are minimums before even applying for a license. For now we are compliant with Fincen (in USA) and Fintrac (in Canada) which governs and regulates money laundering and suspicious transactions. |
It is worthy to note that Alertpay actually does come into compliance with Fincen and Fintrac policies for “Ascertaining Identification” and “Record Keeping” because Alertpay does require verification before large amounts of money can be transferred through their system. It is also worthy to note that Alertpay has an impeccable and exemplary record with the BBB (Better Business Bureau)2 much as E-Gold and unlike Paypal. Alertpay is also extremely transparent and has phone numbers and address published within one click of the landing page on their website. As an Alertpay account holder, I had to call their support one time and the phone was answered by a very professional support person who effectively handled my situation in a few minutes.
Regarding the necessity of Alertpay to become licensed in the United States (in all 50 states) as a money transmitter, a quick glance at Paypal’s BBB3 record reveals that payment processor (Paypal) which is almost 10 years old is only licensed in 8 states as of July 2007.
Quite possibly, Alertpay has the design an implementation to make it a competitor to the giant Paypal in the payment processor field but comparing Alertpay to E-Gold is not unlike comparing apples to oranges.
Sources:
1 http://hyipblog.nobshyip.net/2007/06/29/interview-with-alertpay-ceo-firoz-patel/
2 http://www.bbb-bec.com/main.cfm?p=421&l=en&CategorieID=291&MembreID=855&page=1
2 http://www.bbbsilicon.org/commonreport.html?bid=210387
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