by Dreams End » Sun Nov 13, 2005 5:21 pm
I noticed that Ms. Fitts, or someone claiming to be her, also posted on the recent blog post. I wrote this to her in the comments but I repeat this here for a fuller hearing in case she wishes to respond.<br><br><br>Welcome, Catherine. I've always been curious about something. Despite the fact that you are featured rather prominently as a contributor on Michael Ruppert's site, I never see anything about Peak Oil on your own site. Wouldn't that be an important factor in helping people invest, and wouldn't Ruppert's vision of total collapse make such investments irrelevant?<br><br>Also, I see on your site, <!--EZCODE AUTOLINK START--><a href="http://www.solari.com/index.html,">www.solari.com/index.html,</a><!--EZCODE AUTOLINK END--> helpfully linked from your post, that you appeared at a Pinnacle Quest International Seminar. <br><!--EZCODE QUOTE START--><blockquote><strong><em>Quote:</em></strong><hr><br>New! Oct 23-28<br>Catherine to speak at the annual Pinnacle Quest International (PQI) Q2 International Conference, along with colleagues Mike Ruppert, Fredric Lehrman, Jon Rappoport. Click here to see Catherine's PowerPoint slides (if you do not have PowerPoint, click here for PDF version minus the animation).<br><hr></blockquote><!--EZCODE QUOTE END--><br> Doesn't it bother you that PQI is a known scam? And that, specifically, it makes money with "investment schemes" since, you know, you also are trying to educate people about LEGITIMATE investment schemes. Surely you know of the reputation of PQI. Here's an article from a Consumer Reports type site:<br><br><!--EZCODE QUOTE START--><blockquote><strong><em>Quote:</em></strong><hr>Warning: Pinnacle Quest International<br><br>2-May-2003<br><br>Consumers' Institute is warning people away from a US-based pyramid scheme called Pinnacle Quest International (PQI).<br><br>Consumer says PQI "sales consultants" are currently touring New Zealand, holding meetings and selling "investment" CDs and seminars.<br><br>"The claims and promises made by this company are absurd and in some cases likely to be illegal," said Consumer's acting chief executive, Simon Wilson.<br><br>"If people sign up for the whole deal, they are going to find themselves over $40,000 out of pocket.<br><br>"We've been advised of a meeting in Napier in which a PQI consultant announced that 'most people' who sign up with PQI become millionaires within five years, some even three.<br><br>"We have also been assured by a PQI consultant that the information dispensed by PQI is 'usually only available to the mega-rich'. The same consultant told us the average return from investing in 'secret companies' was 'around 100 percent per annum'."<br><br>Mr Wilson described these claims as the "typical nonsense" of a pyramid investment scam.<br>How it works<br><br>PQI's American website sets out how the company works. Consultants hold meetings at which attendees are encouraged to pursue a three-stage "educational process". First, they buy a set of instructional CDs (cost US$1280). Second, they attend a seminar - there's one in Mexico in June (cost US$6280). Finally, they attend a seminar on a cruise ship (cost US$15,000). These amounts do not cover accommodation, airfares, food or expenses, but only purchase of the CDs or entry to the seminars.<br><br>Consumer says local PQI consultants have confirmed the same system operates here.<br><br>"One of their consultants told a Consumer staffer that a very high percentage of the money paid by consumers goes in commission to the sales consultant," said Mr Wilson. "He said US$1000 of the CD package, US$5000 of the Mexican seminar and US$10,000 of the cruise ship seminar is commission."<br><br>Mr Wilson said PQI also sells information on how to avoid paying taxes, through establishing offshore companies in "tax havens".<br><br>"The material relates primarily to US federal taxes. It will be of little use to New Zealand citizens, and may breach American tax laws if used there."<br><br>Mr Wilson says PQI may indeed make some people rich. "Like all pyramid schemes, it's a scam designed to make its inventors rich at the expense of everyone else who buys into it," he said.<br><br>"We doubt the value of the advice on investments and taxes. But we are in no doubt that if you pay the thousands this outfit is asking, you will be very lucky to see any of it again."<br><br>PQI has already been in trouble in US courts. Court proceedings filed last December in Oklahoma by a former PQI consultant, David Wayne Starky, described it as "perhaps the largest and most notorious tax fraud scheme in history".<br><br>In another case dating back to August 1998, the Massachusetts equivalent to our Securities Commission declared Global Prosperity Group (which was closed down in May last year and "re-opened" the next day as PQI) to be "an illegal pyramid scheme". It was ordered permanently to cease trading in that state.<br>Upcoming meetings<br><br> * Auckland: 5-9 May<br> * Hamilton: 12-16 May <br><br>These dates are flexible, and consultants are able to conduct meetings at short notice anywhere in New Zealand. <hr></blockquote><!--EZCODE QUOTE END--><br><br><!--EZCODE AUTOLINK START--><a href="http://www.consumer.org.nz/newsitem.asp?docid=1476&category=Scams&topic=Pinnacle%20Quest%20International%20warning">www.consumer.org.nz/newsi...%20warning</a><!--EZCODE AUTOLINK END--><br><br>I find it a little worrisome that someone who is advising investors would be associated with such a pyramid scheme. In fact, I think I find your weighing in on the RA situation troubling, if this is the kind of company you keep.<br><br>And even if it isn't a scam, isn't their structure just a tad too...well, you know...EXPENSIVE for the average folks:<br><!--EZCODE QUOTE START--><blockquote><strong><em>Quote:</em></strong><hr><br>PQI sales consultants are in New Zealand promoting a "three-stage educational process," we learned. "First, you buy a set of instructional CDs (cost, $2200). Second, you attend a seminar. The next is in Mexico (cost, $10,800). Then, you attend another seminar on a cruise ship (cost, nearly $26,000). These fees cover entry to the seminar and purchase of the CDs. They do not include airfares, accommodation, food or expenses."<hr></blockquote><!--EZCODE QUOTE END--><br><br><!--EZCODE AUTOLINK START--><a href="http://www.madcowprod.com/MC6812004.html">www.madcowprod.com/MC6812004.html</a><!--EZCODE AUTOLINK END--><br><br>Care to comment? <p></p><i></i>