In Focus: Global Online Depository

by Tony Clifton   [Your Program In Focus]

By some irony it happens exactly to me - a known sceptic of any daily paying and based on goldcoder's script programs - to review another of them in such a short time (after Club Fx Trader). My first thought when I saw Global Online Depository was to label it scam, but a deeper look at it after reading some reviews of fellows bloggers made me think it can be real and pretty good (well, eventually).

Overall look
Global Online Depository (in short G.O.D.) is a daily paying program, offering fixed interest payments to your account. The minimum investment is now $500 - changed and the interest rate is from 0.125% to 0.5% daily. The program claims to make its profits by selling products on various online and offline auctions. We have heard this many times, I know, althought not as often as with the Forex trading. Supposingly they purchase products at wholesale from countries like China and India (huge quantities and very cheap prices) and then sell them at Ebay.com, Stormpay's auctions etc.

But this time their claim does not seem to be unbased. First, the explanation does make sense. The ROI, especially for lower investments is not high at all - 0.2% daily on busines days is about 5% per month - profit which can be achieved if such reselling is done properly. (in fact even quite higher profits can be achieved - at least in theory).

Of course, just because something makes sense, it does not mean it is true. Well, here is some real proof of their story: click here. This is the Ebay profile of the company showing 1060 completed auctions with very positive ratings. Something should not escape your attention however: the company (Emay member "globalonlinestores") is working on ebay since August 2000 which means 6 years of presense - this speaks good, but on the other hand it means average only 200 aucitons per year. Oh well, but they don't sell only on ebay - so the things seems still fine. It would be nice if they could provide links to the other auctions they are running.

Looking at the above G.O.D. looks pretty realistic opportunity, so lets try to summarize the positives and negatives:

Positives
- Accepts not only E-gold, but also Bank Wires, Money Orders, Checks, Direct Deposits and more
- There is a real contact information, phones, conference calls and the owner names are publicly available
- There is a proof of that they really sell on ebay
- realistic ROI for 365 days, then you get your principal back
- the company is in process of applying to SEC and going public in the stock market

Negatives
- The minimum investment is $10. I have yet to see a real program accpeting so low minimum
- There is a huge 25% referal commission. Is this kind of MLM system? The initial description does not seem like that, but 25% is really a lot
- based on Goldcoders script - potential security problems
- No way to audit it, simply because showing some auctions does not really prove your money is invested there
- the ROI is not high so you don't get back your money fast

A Small Investigation
Accordingly to many online sources (For example this one) the officers of the company Larry E. Hunter (Larry "Buck" Hunter) and Judge Bry Behrmann have been involved in the following online ventures: Buck TV.Com, Inc., BuckBuilders.com, Inc., BK.com, Inc., MyFreeBingo.com, Inc., Schematic Cash Transactions Network.com, Inc., American Venture Trust. Exactly on this page you can see there is a Cease and Desist Order on these companies in 2002.

Visiting the websites mentioned above you'll see all them working, but seems they are now obtained by another persons. What was that cease and desist order and what have happened - waiting G.O.D. answer on that matter*. It will be quite important to make our minds. So far the program really looks very promissing.

* I wrote them in Sunday, Sep 10th. So far no responce

Published at Sep, 11 '06 ; read 9906 times;

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User comments:

clifton at Sep, 13 '06 10:54
Still no responce on the cease and desist order
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clifton at Oct, 25 '06 10:38
The minimum for G.O.D. is now $500. The ROI has gone quite lower 0.125% - 0.5% daily, so its not worth the risk, unless you are ready to invest at least 10,000 (and thus get the 0.5% daily rate)
Reply to this comment

clifton at Jan, 16 '07 02:21
Stay away from them now. The payments are taking very long time. It's not a good idea to invest
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