Post: Dishonesty through inaction.

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avatar image Charles R Heier
Investor
Level 4
  Dishonesty through inaction.
Posted 11.02.2010 02:48 CET

An amicable and legal solution has been reached.  Too bad my E380 that I already invested is a total loss.  I hope that one day the microlending process can be further perfected so that accurate risk projections can be made and individual thieves and corporate thieves like Ebony can be excluded.



avatar image Charles R Heier
Investor
Level 4
  Dishonesty through inaction.
Posted 29.01.2010 02:15 CET

Since writing this post I have been contacted by Ian Fannon.  I hope that a solution for me is in the works now.  Failing that, I will pursue what Povl has suggested. Thank you, Povl.  I hope that this situation between myself and MYC4.com can be rectified, if not quickly, then fairly for all involved.



avatar image Povl Clasen
Investor
Level 9
  Dishonesty through inaction.
Posted 28.01.2010 20:08 CET

Dear Charles, and dear Mille,

Vould the following be a possible solution:
1. Charles sells his portfolio to another investor, call her/him X
2. X asks for withdrawal of the money on the MyC4-account
3. X makes a normal payment by checque or bank-transfer to Charles as soon as she/he has received the transfer from MyC4 on her/his proper account.
4. Future repayments are collected and transferred to Charles once a month or as soon as a agreed amount is accumulated.

I do not know if this would break american law. I think it is fully legal under EU and Danish law.

It will give Charles a risk as he has to trust X.

Just an idea.

Best regards

Povl



avatar image MYC4 STAFF
Investor
Level 6
  Dishonesty through inaction.
Posted 27.01.2010 13:13 CET

Dear Charles,

I am sorry to hear that you have ended up in this unfortunate situation. You are right that it has been our intention (and for that matter still is) to open the platform for North American investors. However, after having pursued the possibility extensively, we have had to realise that with our limited resources as a young company, it will be way to costly - and in all probability fruitless - to try to obtain the legal interest of being able to pay out money to North American citizens.

Since we do not have an operation department in North America we are not allowed to disburse money to North American Investors. So, you can invest in the projects, but you cannot withdraw the money, since we are not registered in the U.S./Canada.

We know, that this is a very unsatisfying situation for possible North American investors, but since we are currently not planning to enter the U.S. market, we cannot make any other provisions in regards to this issue. The possible usage of MYC4 which is therefore for North American citizens limited to investing.

From our research on this topic, we have found that the estimated cost of pursuing the possibility could amount to 0.5 million USD. In the US we would have to be regulated by the SEC (Securities Exchange Commission). As a Danish company registered in Denmark we are governed by Danish law which does not categorize MYC4 as a financial institution but as a service provider/infrastructure company. Denmark being part of the EU this basically allows us to conduct business throughout Europe but just to make sure we are in the process of getting specific permission in each investor country as we roll out.

All this being said, we would still very much like to be able to operate in North America, although it is not a priotity at the moment. Based on your post, I will make sure to make the disclaimer for North American citizens even more clear-cut and unavoidable in order for other Investors not to end up in the same situation as you.

In this specific case I would like to ask you to email me directly to explore if there is a way to solve this issue.

Thank you.

Mille
MYC4



avatar image Charles R Heier
Investor
Level 4
  Dishonesty through inaction.
Posted 26.01.2010 01:28 CET | Edited 22.10.2018 05:35 CET

To Whom it May Concern,

When I joined MYC4.com, the terms of service notified me that I, as a US investor, would not CURRENTLY be able to withdraw funds due to certain international legal hurdles.  The Terms of Service assured me that methods for funds withdraw for US investors was being pursued and would be functional in short order. Since that time I have decided that the hugely negative outcome I've received from MYC4.com is unacceptable and wish to withdraw my funds.  Now, in an email, Christaine informs me that no efforts are being made to allow US investors to withdraw money at all.  That is dishonesty, a plain and simple lie.  This organization does not get to simply steal my money because you have decided simply to  shrug your shoulders and give up.  Those funds belong to me, and I shall have them as is right.  I am perfectly willing to co-operate with MYC4.com to jump whatever hurdles are in  place, but inaction is unacceptable.

Very Sincerely,
Charles

Edited to fix the mangling.  No content changed.


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