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A question about IPO and KYC process?
First sorry for my bad English. English is not my native language.
Do anyone know about the IPO and KYC process? I've invested quite a bit of money in a corporation called VGMC (Virgin Gold Mining Company) before they changed their name into Nauer Corporate and goes IPO. And now they want to do KYC.
The problem is that they want more money for it and I need to go directly to their HQ in London. The embassy reject my visa application because they don't really know about Nauer Corporate (or something like that).
To make things worse, all my money invested to VGMC will be nulled if I don't do the KYC process. And to be honest, this company have been strange for quite some time. They didn't even pay my share when they said they would... The problem is I've invested so much that I can't do anything about it...
Can someone please help me?
That's the problem. I can't sell the shares since they say when IPO is in progress, all assets are all locked up. But strangely, all my money will go puff if I don't do the KYC. Are all IPO like that?
4 Answers
- cactusgeneLv 78 years agoFavorite Answer
Sorry my friend, but this whole conversion bit is a scam. There is no such process or requirement named KYC, where you have to show up at the company's HQ. If a company changes names or gets listed on a stock exchange it is a transaction that takes place WITHOUT individual shareholders involvement.
In fact VGMC is a Panama based Internet HYIP scam (it's a one-man company) and is subject to hundreds of complaints claiming tens of millions of dollars in damages from defrauded investors:
http://www.scambook.com/company/view/7374/Virgin-G...
http://www.worldlawdirect.com/forum/internet-hyip-...
http://www.justanswer.com/law/74avv-virgin-gold-mi...
http://www.vgmc.com/our_investors.aspx
P.s. your English is just fine, no need to apologize.
- RAYLv 58 years ago
Sell the shares immediately, if you can!!
IPO is initial public offering. Basically founder investers getting their money back from new (mug) investors.
KYC-Know Your Client. An advisor should thoroughly investigate a client to ascertain what advise/investments are appropriate for him/her.
- 7 years ago
Cut your losses and move on. They already got your money, so learn to live with that fact. You should not lose anymore money by travelling and what not.
Azlan
- Anonymous7 years ago
Do not waste any time you should go for your refund, I know who can help you, you may wish to email my friend: yolwatson@gmail.com