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14.4.2006 - Virtual Shares are Rhey a Gamble or an Investment?

Stockgeneration said it was 'gambling' when they licensed in Dominica for online gaming. Allsportsmarket say they are 'Self-funding performance based sports derivatives' and the SEC maybe calling it 'nothing more than a classic pyramid scheme'.   (PRWEB) April 14, 2006 -- Virtual as defined by geekgirls.com is 'Not real. Something which is virtual has no physical basis itself but mimics a physical object in conceptual terms', another words buying all of the virtual shares in the 'New York Giants' will not give you any control over the real team.  Allsportsmarket.com (not associated with allsportsmarket.net distributors of professional sports betting tools) lets you buy shares in sports teams or players. When they win those shares pay a dividend which is derived from trading commissions charged every time a share is brought or sold.  Allsportsmarket.com is a site which uses the same trading platform as Wartrade.com. Both sites were the idea of Chris Rabalais a businessman operating from Costa Rica.  Wartrade.com ceased sending payments to its customers sometime in 2004. On October 20th 2004 Wartrade's first disgruntled user know as 'Ian' posted this feedback on Alexa 'please do not send money to Wartrade. I have been trying to get my winnings for 4 weeks now!!!'  Wartrade was shutdown and sometime after Allsportsmarket.com made this announcement 'WarTrade.com has ceased operations. Management of AllSportsMarket.com has graciously agreed to transfer the sum of all WarTrade.com cash deposits plus an additional 20% into a sports trading account with ASM.'  Both of these sites bared similar resemblance to Stockgeneration.com, a site that ran a virtual share market with 11 fictitious companies. Stockgeneration which began in January 1998 and grew rapidly its first year, this game also ran into problems as it ran short of money to pay players out. Then in June 2000 the SEC (US Securities and Exchange Commission) called Stockgeneration "nothing more than a classic pyramid scheme with high tech trappings, since the money needed to pay off existing investors was derived from investments by new or existing investors". Stockgeneration bank accounts were frozen and funds were returned to the U.S under the control of the court. For further information on stockgeneration's litigation can be found at http://www.sec.gov/litigation/litreleases/lr16590.htm

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