Real-Fund vs Michael J Bruzzese

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Written by Pramudita ? published on October 5th, 2006
2 years ago

We want to take this opportunity to provide all of you an update regarding the status of the Real Fund Litigation. As you are aware by now, we represented investors who filed a lawsuit against Real Fund in August 2006. These investors had been defrauded by this illegal ponzi scam operation and Real Fund was threatening to abscond with the investor’s funds. We were successful in stabilizing certain accounts before the funds could be withdrawn and irretrievably dissipated.

The case was handled as a class action lawsuit on behalf of all those who had sustained a loss at the hands of this operation. The court certified a plaintiff class, entered final judgment against Real Fund and its John Doe operators (alias, Martin Hasibuan) and approved the distribution of recovered funds to the investors.

We have received emails and other communications from some of you expressing disbelief that this program was a ponzi scam or otherwise an illegal operation. Many of you stated that the program had been making payments and therefore, “must have” been legitimate. Through our investigation and the court proceedings, we have conclusively determined and proven that Real Fund was not a legitimate investment company, but rather, was a typical ponzi or pyramid scam. There was absolutely no evidence of any legitimate trading activity undertaken by Real Fund during the entire life of the operation. Virtually all the money that was withdrawn was moved through various exchangers or other accounts used and maintained by the operators. Once money was removed from Real Fund’s accounts, it never returned. There were no deposits that came from any source other than new and existing investors. In other words, there were no deposits that could have been construed to have originated as a result of successful investment activity or profits made on any legitimate transaction. Further, there was no evidence of any income whatsoever flowing into Real Fund other than in the form of deposits made by the investors. The so-called interest payments that Real Fund was making, therefore, came from YOUR money, not from any other source. Therefore, Real Fund was not an investment company; it was not a legitimate organization that traded in stocks, commodities or any other tangible item, but rather, it was a pyramid scheme using new investors’ deposits to pay old investors’ interest payments.

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This entry was posted on Thursday, October 5th, 2006 at 6:31 am and is filed under Scam HYIP. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. .

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