catalin

Everything is clear to me now of the reasons why Epass went down and how it all happened. Because I didn't have basic knowledge of how things work in the bank/financial system I couldn't see it until it was too late. Now I believe a blind man could see Epass was going down and all by scamming thousands of users with one simple move:

The Epass Wallet feature

Mr Mallick has started Epass and was making money by charging different amounts of money for different "financial" transactions. Remember: he was making all his money JUST by charging a fee for the transactions. He did not have any access to the actual money involved in the transactions. As we have seen all money involved with Visa cards are prepaid money that have to be hold/locked by the bank. This is how Visa cards work, all transactions happen instantly only for you and me to see, but behind the scenes that's not the case. They need a 30 day buffer to complete the transactions physically and so the money need to be locked. In this case by the SKNB.

So Mr Mallick invented the Epass Wallet where you could keep your funds "safe". Using this scam he could actually use the money involved in the transactions. Once this was created, the safety of the strict VISA regulations enforced by the SKNB were no longer applying to yours and my money. That's the moment when a piramidal game was created that finally went the way all piramidal schemes go.

So basically Mr Mallick was NOT satisfied by making money from charging a per transaction fee, he wanted and gained access to the funds themselves, making him a clever, vicious crook and not a kind man willing to do anything for his clients as he poses himself into.

When the card castle begun to fall, SKNB did the only thing right, stopping its services to Epass and saving what was to be saved. It released a statement and unlocked the money after 30 days because I think that's standard for all the money involved to get unlocked from the existing transactions they were involved in, like I said in reality transactions don't happen instantly, a buffer period is needed for an operation to be completed.

As you can see Mr Mallick is an evil, ruthless man that came with an evil scheme that would trick thousands out of their own money. The SKNB did what was right in the situation even if it could have warned us earlier in the process, when the wallet money started evading the protection of the VISA roof, which logo and trademarks were wrongfully used by Epass

We will not see money again, but I would like very much to see a class act started against Mr Mallick and the companies administrating Epass, located California USA. I wouldn't want this man to mind about his business, like he is now, like nothing ever happened. He is a thief and needs to officially be known and labeled as one. I am not located in US and my country will not help me very much with this situation so I believe someone from California should try and get a hold of a lawyer

Thanks for having the patience to read until this end.

Trax

doesnt make sense because then he wouldnt have sent wires and ACH for two weeks

Emil

"So basically Mr Mallick was NOT satisfied by making money from charging a per transaction fee, he wanted and gained access to the funds themselves, making him a clever, vicious crook and not a kind man willing to do anything for his clients as he poses himself into."

Just like any other bank?

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Tempest

Interesting... Would be VERY interested to know when the wallet feature was implemented and if that coincided with funding for Middle Men.

Not sure how correct you are about Mallick starting ePass... I don't remember "who" exactly started it but I believe it was started by Epoch as a way to issue gift cards and thus allow their customers to lower their chargeback rates thru some creative accounting. Then something happened and ePass was made a separate entity with Mallick running/owning it.

TylerBang

And now they basically are providing ONE email address manned by a "small group of people" ...for hundreds to thousands of customers and a future date to come where they will tell you what hoops you must jump through to maybe get your money in the future.

Whats left of the cash is sitting in an account in someones name collecting interest?

The cash, if there is any, is sitting in the Epass Bank in Curacao?

ladida

Actually, the wallet funds are ALSO in a bank. However, the bank does not seem responsible for this as the "contract" is between you and epassporte, not you and the bank. At least that is the bullshit i have been getting from them.

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catalin

He sent 10 wires in total. He needed time to lower his risk of fighting against everyone. He waited until the SKNB would start returning money so he could only fight with half of his clients (ones with wallet). 2 weeks ago everyone would have jumped into a class act against Epass, people with money in VV as well as wallet. Look at it now, even if a lot more money is trapped on Wallet not many will do anything about it

Only that "any other bank" doesn't run with your money

Doesn't necessarily have to be Middle Man. He wanted to use the money sitting there in his interest. Also not necessarily to run with it, maybe only to "invest" it something he could have done with money sitting under VISA protection

timoxxl2

can anybody in california find out an appropriate email of the police in california and an email of the FBI and whenever we send any accusations to chris mallick we send CC to them ... sooner or later they will knock his door.

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Steiger

the wallet money were (are...) in United International Bank. i think that the numbers that we saw and still see in our wallets and the actual numbers in the bank were completely different. in other words there can be $0 in the bank and our wallet money is gone. so i''d say yeah, it's a scam from day one.

harvey

and.... WE HAVE A WINNER!!!! that's the only reason to have a "wallet" feature, but since everybody in this board knows it all they'd rather listen to bros and naive webmasters than people knowing about the subject. Or finding the truth by themselves from the sources

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Jarmusch

Most epassporte alternatives also have a wallet system. Are you saying they are all a scam waiting to happen?

wolfshade

Not at all, but it is the place where E-wallet providers gain their power over their clients.

Like Paypal freezing accounts
Epass running with your wallet
Anyone remember storm/Beaver pay?

In short the wallet part is the Achilles heel for any E-wallet. It empowers the provider way to much to my tastes. Banks are crooks, but at least they have laws to adhere to.

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directfiesta

That is correct.. Epoch was first behind the project.
When I tried to seup a business accout, it is to them I wired 100.00 . It got lost in the switch to Epass .. never got the account , but was not worth my time to hunt that down.

I think that Mallick got Epass as compendation in his package when he was kicked out of Epoch .

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Ron2k1

I think this story is pretty close to the truth

harvey

let's say.... it's an "insurance just in case" if you want to put it that way.

Let me ask you a question: when was the last time someone insisted you to use some service "for your own good" which ended being for your own good and not money in the service provider's pocket? I can't remember a single instance in my life.

Another question: you have a national bank, VISA and an anonymous bank account (that's what a wallet is): what of these 3 options will you choose to keep your money safe? Don't hurry in answering, look out how well it worked for those trusting Epass wallet.

Yet another point: Epass and the likes had to pay for transactions to VISA and SKNANB. That's where it all ended. Then, they decided to have a "wallet" feature with more costs for them just because they were so warm felt and honest, just "for your own good". And of course, they insisted everybody to use this feature with higher costs for them. How generous.

want more? OK. Epass signed a contract with SKNANB for financial services, and through SKNANB, they signed a contract with VISA as a 3rd party provider. All cool and dandy. However, the "wallet feature" is the most common way to circumvent the controls by VISA and banks since the money has at least a 3 stops circuits (usually 6 or more) and the real money always ends in a black hole where nobody knows the amounts nor who the money belonged to

Do you really have a valid and logic argument against the above? I bet you don't

Anyway, feel free to do what you want, I'm telling things like they are, after that, you can play Russian roulette as much as you want. I just can tell you the Epass story didn't end yet, and be ready to see how it unfolds. I predict yet another movie

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pornmasta

I don't understand why a wallet is safer with an hacked account

Ethersync

There are lots of posts about this. The wallet money is stored at ePassporte bank. I think it is very clear now that Chris was taking loans out with his own bank against ePassporte wallet deposits that were on deposit at said bank. Likely that is how he funded his film projects.

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the Shemp

didnt the wallet feature begin in July 2008? ...

omg....
"Since 2008, Mallick has headed Oxymoron Productions, a film company that has several films in the works, including Middle Men..."

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waltercooper

The wallet system transforms ePass into a regular bank. This activity is regulated all around the world, and you need some official licenses given by the local regulator (FSA in UK) to run this kind of business. In Europe, the ‘’fit & proper rules’’ prevent regulators from giving a license to a company like ePass.

I think that ePass didn't have any official ‘’banking’’ license in Curacao or St Kitt or US. If you do that in France or UK, you go directly to jail (after a trial, of course). I guess it's the same thing in this old French colony called USA.

over38

Yep this is most likely what happened plus add to it possible running afoul of USA gambling, money laundering, post-911 or whatever laws, I'm sure there is much more to the story than we know at this point.......................

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Tempest

Not sure, can't check right now...But they did stop poker transactions around April 2008 as well.

strobi

Too bad I cannot "rep". One of the most intelligent posts I read in a long time! Indeed, spot on. Using the wallet function, together with a ponzi type payout style (only a few "bro's" got their big wires, and a few days of ACHs went thru).

OneWhoKnows

Very well put and well said, catalin. Had exactly the same thoughts a few days ago. It's all speculation of course, but still... If you then also take into account that they first had the wallet funds stored at a different bank, then secretly founded their own "bank" and moved all wallet money there...

Conspiracy theories are something great, aren't they? Too bad that this one could have a lot of truth in it

The Porn Nerd

Some very nimble minds in this thread, most impressive. Yes Catalin, yes, The Force is strong in you...

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Forest

im sure mallick is well shielded from actual ownership of epass

2intense

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greg80

This is a great thread. And it does make sense, you send out few wires at the beginning to make it look like everything is ok and decend in the eyes of naive people. After a month you say that due to lack of income you need to close down and that's it. Naive people will think you are a good guy that would want to pay out, but due to circumstances beyond your control you can not.

Why ask a bank for a loan of $30 million to make a movie when you can take a loan from people in epass system. But when you loose $29 million of that money, there is no way to pay back.

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Davy

Quit the talking. Go to your lawyer NOW!

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greg80

I honestly thing this is the most intelligent post I have ever read on GFY (besides Shap's posts)

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docputer

Not sure about this, but didn't epass dissolve their operations in California sometime last year?

nico-t

exactly! I remember they put the wallet system in use, and in the statement they encouraged it to use it. Why i never understood. It was a superfluous feature to me, i always kept all my money in the VV, and didnt give the wallet much thought.... but this is spot on.
The reason why other companies like this also have ewallets is not ´because they intend to scam´ but because they want to be able to invest the money, just like mallick did with his movies.

Probono

If this hypothesis is valid, and it well might be, many people here were unwilling investors in a failed hollywood project. It is a twist of sarcasm that the films (2 of 3) were about the adult industry apparently painting people negatively. It appears the painter, Chris, might have been the real culprit in a very profitable scam.

I wonder if the the movies made money if we would all have received dividends for our unwilling speculation?

Vick!

stupid assumption.

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Jarmusch

I guess you're not counting the posts where Shap was praising Chris Mallick.

Brad Mitchell

Very good, plausible analysis!

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sologirlcontent

WE HAVE ANOTHER WINNER...and further more..for the past 30 days, epass cut off the ability for you to receive money in the VV, which NOW appears to be the "safer" account...NOT THE WALLET..wow, I gotta say 1 thing, that's a sneaky smart mutha fucka

butcherboy

It's really evil plan done by fuckinEpass!

Remember on the first day they tell us VISA shutdown cards and money can't be withdrawn.
They stopped the option to transfer money from Wallet to Visa card knowing that after 30 days Bank must release money in VISA cards because VISA regulate this.
And now there was a Silence... Only fuckin wallet email.

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DWB

That's called buying time. He may not have known exactly how it was going to play out until the last minute. That's when the message went out to contact the bank. Keep in mind, prior to this they told you NOT to contact the bank. Then he throws up his hands and says. "fuck it, call the bank... I'm out, gotta plane to catch to Mexico."

It's easy to blow smoke up this industries ass. All you need is a few bros to have your back and you're golden until you make an official exit.

All you have to do is look at his past history at companies, they all ended badly.

The only way to tell is if people continue to get their ACH payments. Then I eat crow. Otherwise, I agree with the OP. Regardless, I do hope everyone gets paid.

DWB

Probably.

Nothing good will ever come from a company that caters to those evading taxes and money laundering. Especially in this day and age.

baddog

The problem is, some people are very desperate and really don't care about that stuff until it becomes a personal problem.

DWB

Yep. I'm afraid we're all guilty of that at one time or another. hehe

Excellent pics from Europe BTW.

Frisky Cash

There is a sniff of misfortune that alot of people have overlooked back in November 2009 when you could no longer upload funds via third party card to epassporte. Was this the first sign of decline?

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pornmasta

yes jean marie messier also dreamt too much because he was able to take control of universal thanks to seagram. People followed him and it creates a bubble then finally they lost their money.

Jaeger

this post makes a massive amount of sense to me... its funny how initially everyone thought the wallet funds were the safe funds... turns out the visa funds are. Thankfully i never saw the point of the wallet.

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pornmasta

A wannabe duck ?

Caligari

totally true....jesus when you think about it, everything that REALLY happened with Mallick and epass would make a way better movie than his lying piece of shit film.

The intrigue and twists and turns are fucking nuts.

In the very least it will make a great novel. Its going to happen.

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charlie g

The thing that really gets me is not the thief stealing the money. You can look at that fat fuck's picture and see the larceny in his heart. It's the willing accomplices that came in to vouch for "a standup guy who will make this right". In the meantime, they are pulling their money out as quickly as possible. Talking about rats and sinking ships. Hey bro, here is your wire, please go calm the peasants the fuck down.

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