How to Avoid ATM Distributorship Fraud
ATM Scrip machines are similar to ordinary ATM's, but instead of dispensing cash they dispense scrip or dollars that can only be used in the merchant's particular location. For Canadians, this would be like an ATM machine which only dispensed Canadian Tire dollars. I can imagine that one use for such machines for a large retail environment which wished to sell its own coupons at a discounted rate, for example.
But what is terrific about their website is this copyscaped page on why most business opportunities fail. It is great, not just because ATM Scrip is agrees with what I have written about due diligence and location services, but the article puts the correct emphasis on selling. If you cannot sell a merchant on locating one of these machines, you should not be in the business. There is, outside of investing a public company, no such thing as passive investment in the ATM distributorship business. Nobody who can sell, needs to borrow money from you at 20 or 25%. This is hard for most people to understand, as they only focus on their supposed return from investing in a ATM distributorship. But think about it from the sellers point of view: he claims to have locations, but needs money to purchase the ATM's. He will pay you 20 to 25% on your investment, or loan to him. The obvious flaw here is that he should be able to obtain credit from a bank at significantly lower than 20 or 25 points, if there is a real business. But he cannot because there is no real business.
Comments
Brian, I am going to call Joe Burtness back this week at the Colorado Securities and see what is going on. He told me he found the people about 3 months ago but couldnt tell me anymore since it was still under investigation. But you need to call him and make a report. Also call the attorney general of your state.
Posted by: Sheryl Neuwirth | November 17, 2007 9:07 PM
yeah, i also have gotten scammed by Monetary Resources Corp., i stopped getting paid in may 2007 also. i wonder if we have any way to recoup our investment??? anyone had any luck?Sheryl, what have they told ya when you call that Joe Burtness guy?? thanks for any info
Posted by: Brian Becker | November 11, 2007 10:12 PM
We also invested a large sum of money in Monetary Resources for cashless ATM machines. We stopped getting paid in May 07....Has anyone had any success yet in getting money back??
Posted by: Randy Cook | September 25, 2007 8:13 PM
Pietro Piccolo, I also purchased some machines from Monetary Resources back in December of 2006 and found out they went out of business as of May 30 2007. You need to contact the colorado division of securities. I did and they have found the people. They took me for over $13,000. Ask for a man named Joe Burtness at the colorado securities division.His number is (303)894-2320. Call him and tell him your story. I need my money back also.
Posted by: Sheryl Neuwirth | July 14, 2007 5:34 PM
Al;
From what I have seen, Monex is a business opportunity franchise but they don't appear to comply with the Ontario Franchise Law.
Posted by: michael webster
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June 21, 2007 10:34 PM
Pietro;
You should make a complaint to the Colorado Securities Commission, since you were sold an unregistered security.
They might have some advice for you.
Posted by: michael webster
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June 21, 2007 10:33 PM
what does anybody have to say about monexgroup based in woodbridge
Posted by: al | June 21, 2007 10:15 PM
I invested $7500 in 3 ATM machines which do not dispense money, but instead a receipt which is presented to merchant which merchant than gives money. These are supposed cash free ATM. I invested in these machines about a 1 1/2 ago from a company by the name of Monetary Resources Corporation out of Denver, CO. I haven't been paid in some time from these machines, and if I was paid it was maybe 2-5$. Is there any advice you can provide? Can I recoup my initial investment through a lawsuit?
Please advise, regards, Pietro Piccolo
Posted by: Pietro Piccolo | June 21, 2007 9:59 AM