Legality of Asianpay’s LYIP&S questioned
April 30, 2006
In the next 2 or 3 days, investors to Asianpay’s Low Yield Investment Program and Secure (LYIP) will start to receive their principals to be credited to their respective Asianpay account.
The initial success of this program is not spared from attacks by some Asianpay members questioning the legality of LYIP&S. However, Asianpay reiterated its stand that LYIP&S is legal since this program is exclusively offered to Asianpay members and it is not engaged in selling securities or in foreign exchange trading and stock exchanges. Asianpay’s framework is that its members loan out money to Asianpay to build its needed turn over. In exchange, Asianpay will share its business profit to members aside from returning the principal upon maturity period.
[tags]Asianpay[/tags]
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