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Is Pacific Tycoon a Scam?

Updated on April 21, 2016

One day, I was surfing the net looking for a hot new investment opportunity – a place to park a few thousand dollars and earn more money than I’d get in a term deposit or a savings account. I came across the website of a company called Pacific Tycoon.

The idea behind it is that you enter a booming industry by leasing high yield shipping containers to industries in Asia and elsewhere tax free. You buy the shipping container for USD $4100 and Pacific Tycoon organises transport of the container around in order for people to lease it. You can earn 12% of the container purchase price per year. The container belongs to you and has an individual number plate for tracking. It is registered in your name and is insured and you can sell your containers at any time.

Sounds really good doesn’t it? Shipping containers can last a long time (eg 20+ years), so you would effectively be earning $9840 (more than double) your initial investment over 20 years while holding insurance and some sort of asset equity. The idea is to build up a shipping container empire and rake it in! I was all set to go and was pretty revved, but had to check a few more facts first. What I found was quite surprising…

Pacific Tycoon's new logo.
Pacific Tycoon's new logo.

Scam Alert

Of course, the first thing I did in January 2013 was Google “Pacific Tycoon scam” and up came 30+ search results, from Facebook accounts to forum posts, where some very strange things were mentioned.

Upon revisiting the same search again in September 2014, there seems to have been a number of remarkable changes made by Pacific Tycoon in response to the questions posed in the original search results for "scam".

For a start, there are far less of the original "scam" results featuring in Google search now, and the extensive Facebook page devoted to the nuts and bolts of the alleged PT scam (with photos of CEO Ted Mallory and the pretendy office) has been shut down. These have been replaced with company spin and infomercial articles on various different blogs and forums, which are usually the tactics employed for reputation management.

One of the exciting photo stream photos from PT's website, showing off how confident you should be investing $4100 because they have a photo of an office with a desk in it.
One of the exciting photo stream photos from PT's website, showing off how confident you should be investing $4100 because they have a photo of an office with a desk in it.
A printscreen of the old price in the video. Is the marketing team only comprised of one person? Or has no one noticed (in such a large company) that the biggest selling factor on the website is incorrect?
A printscreen of the old price in the video. Is the marketing team only comprised of one person? Or has no one noticed (in such a large company) that the biggest selling factor on the website is incorrect?
Patrick Thorp found "peace of mind" by providing a testimonial for PT though he has does not have ANY internet history, according to a Google search. He must have been born with it!
Patrick Thorp found "peace of mind" by providing a testimonial for PT though he has does not have ANY internet history, according to a Google search. He must have been born with it!
Printscreen of the price on the "Your Lease" page.
Printscreen of the price on the "Your Lease" page.

PT Website Changes

The logo has changed and the company has added some new credentials. There's also a new additional video ("Client Testimonials" and a photo stream has been added to the website. The impressive looking original video ("A Bit More About Us") has remained and is probably their best advertisement, though full of general industry-selling statements.

In the "A Bit More About Us" video, it states the cost to begin as $3900 USD, when the price is now $4100 USD, according to the "Your Lease" page. Obviously, whoever edited the original video to put in the new logo was not paying attention...and neither was anyone else, as this video is 10 months old, according to the date on Vimeo.

The new video, "Client Testimonials" has the correct price in it and revolves around a “Patrick Thorp” who strangely has no online profile (there is no Patrick Thorp anywhere in the world, according to Google), and a Mr David Waterhouse-Taylor, a company director from Bulgaria with 2 inactive companies and no active one. David Waterhouse-Taylor could also be a Suffolk native, according to Google search or someone who once posted an amazon review for men’s shoes. Or maybe he’s all the same person.

Mr Mohandas Gunasaram has a nursing home named after him, though he might have climbed out of the grave to write a testimonial for Pacific Tycoon in 2013. Two testimonials actually make sense and may actually be real people on LinkedIn, though I didn't bother contacting them to find out more. All testimonials are geared towards saying that the clients were satisfied with the communication of the team and that they all received payments quickly.

The Client Testimonials Video

Only 61% of customers thought that the overall quality of investment in PT was excellent, according to the company's own diagram on its "Client Testimonials" video.
Only 61% of customers thought that the overall quality of investment in PT was excellent, according to the company's own diagram on its "Client Testimonials" video.
57% of clients didn't think their return on investment was excellent.  This is weird, considering it is supposed to be stable and retains equity as well as paying a monthly dividend to the client.
57% of clients didn't think their return on investment was excellent. This is weird, considering it is supposed to be stable and retains equity as well as paying a monthly dividend to the client.

The Customer Dissatisfaction Diagram

The Customer Satisfaction Diagram on the original site is now part of the "Client Testimonials" video. This was what first alerted me to the fact that all was not right with this investment opportunity (then later I found out the other stuff).

The customer service diagram shows that a clear 61% of customers rated the "overall quality of investment" as excellent, and were reaping the rewards. But I was shocked to see that only 43% of customers were happy with their level of returns and only 81% were happy with their payments. These figures have not changed from one year ago.

I just cannot understand the discrepancy – if it is as good as it seems, why aren’t 99.9% of customers satisfied with all parts? Or if some people had gotten their knickers in a knot over some small fees, why did 57% of customers rate their ROI as less than excellent?

I think it’s given me even more pause as to why a company would continue to publish this diagram with such controversial feedback in the first place.

Pacific Tycoon apparently employs 168 global professionals and 70 employees. So why is this the best office/employee photo that they can present to the public to help sell them on investing with the company?
Pacific Tycoon apparently employs 168 global professionals and 70 employees. So why is this the best office/employee photo that they can present to the public to help sell them on investing with the company?
More employees. Hey wait, it's the same as the other photo, only taken at a different angle! Considering PT cares so much about its web presence, its Adwords campaigns and company videos, you think they'd be more original with their employee photos.
More employees. Hey wait, it's the same as the other photo, only taken at a different angle! Considering PT cares so much about its web presence, its Adwords campaigns and company videos, you think they'd be more original with their employee photos.
OK, so here is proof that PT employs 168 professionals globally (hey, it's in their video!)
OK, so here is proof that PT employs 168 professionals globally (hey, it's in their video!)
Here is also proof that they manage over 400,000 containers, according to the video on their website.
Here is also proof that they manage over 400,000 containers, according to the video on their website.
A screenshot from the Client Testimonial video from the PT website.
A screenshot from the Client Testimonial video from the PT website.
PT has an international container leasing client base of 7,200 container owners, according to their website.
PT has an international container leasing client base of 7,200 container owners, according to their website.

One Dedicated 24/7 Account Director Per Client

OK, so Pacific Tycoon boasts “a dedicated 24/7 account director per client” who “assume all container operational duties” and "service your account in...all key international markets".

PT admits to having 70 employees (according to the Dun & Bradstreet Credibility Corp Report - see below) and over 400,000 containers. So let’s assume, as an average, each client has 10 containers (though that's optimistic at best, at $41,000 for 10).

400,000 containers / 10 = 40,000 customers

40,000 customers / 70 employees = 571 customers per employee. Does that sound reasonable for account directors assuming all container operations duties (ie organising moving containers around, leasing and selling them)?

Even if all of Pacific Tycoon’s staff (including the global contractors) were not involved in anything else but customer service, then:

40,000 customers / 168 global professionals = 238 customers per employee.

But wait, there’s more. Apparently there are only 7,200 container owners, according to PT's website. So this means that, if every person in the company was a customer service rep, there would be over 43 customers per employee and growing. And each client would own, on average, about 55 containers each (valued at $225,500 per person).

That is 43 customers that need paperwork organising and regular transportation of containers. So if we get rid of the CEO, the videographer, the web developer and the miscellaneous amount of telemarketers, then each employee is going to be kept rather busy.

What are your thoughts on this?

The "A Bit More About Us" Video

Website Accreditation Badges

Printscreen of the "accreditation" logos on the PT website.
Printscreen of the "accreditation" logos on the PT website.

Company Credentials

There were no credentials on the original website when I viewed it in early 2013, but today there is. Pacific Tycoon is apparently a “Member of the Hong Kong Shipowners Association” (though they do not own or manage any ships to my knowledge) and a “Member of The International Association of Ports and Harbors (IAPH)” as well as being a credible corporation as rated by Dun & Bradstreet. If you click on the links in the footer on the PT website, it takes you to pages showing their membership.

Hong Kong Shipowners Association

The Hong Kong Shipowners Association has the purpose of “creating a forum for shipowners resident in Hong Kong” and welcomes “resident companies supplying services to the shipping industry”. They like to talk about marine equipment, ship managers, ship repairers, maritime laws and ship brokers. To gain membership, the requirements are that you must be a business registered with the government in Hong Kong, connected with shipping.

Search results for a business registration for Pacific Tycoon on the Hong Kong government website.
Search results for a business registration for Pacific Tycoon on the Hong Kong government website.
Printscreen of a PT video from their website. Apparently, they were operating in 2003, but didn't get round to registering with the Hong Kong government until 2011.
Printscreen of a PT video from their website. Apparently, they were operating in 2003, but didn't get round to registering with the Hong Kong government until 2011.

Business Registration With The Hong Kong Government

To register a business in Hong Kong, if you are not a sole proprietor or partnership, you must register within one month of business commencement. Pacific Tycoon may have done this, though not sure of their timeframe. For a start, you need to provide details of an eTAX account and make a payment – this means you would pay tax after registering.

Within the government Hong Kong database, they are listed as registering on 3 June 2011. Yet, their Dun & Bradstreet Credibility Report states that Pacific Tycoon has “been in the business of Shipping Container Leasing since 2003”. There is also a print screen (right) of a video from PT stating profit margins for clients since 2003.

International Association of Ports and Harbours

The IAPH membership for PT was established in April 2013, noticeably after some forum comments about PT not being an official member of any organisation. It seems that to join the IAPH, all you need to do is provide contact details, estimate how many tonnes are handled in order to calculate your own membership fee, nominate a port, pay and join. There doesn’t appear to be any other checks required by the organisation for membership.

The Dun & Bradstreet Credibility Corp, where it states that the company was supposedly established in 2003. The address and phone number are unverified.
The Dun & Bradstreet Credibility Corp, where it states that the company was supposedly established in 2003. The address and phone number are unverified.

Dun & Bradstreet Credibility Corp

The Dun & Bradstreet Credibility Corp report shows that the annual revenue for "managing well over 400,000 containers" is not known and that there are 70 employees. Since it also says that Pacific Tycoon has “been in the business of Shipping Container Leasing since 2003” I am curious as to why the business was registered with the government of Hong Kong on 3 June 2011. Does this mean they weren’t paying tax for 8 years? Shame, shame.

On the same page, Dun & Bradstreet state that Pacific Tycoon has been in business less than 4 years. Dun & Bradstreet advocate ”claim[ing] your profile” by getting a “D&B® Credibility Review™” to “enhance your online presence and credibility”, along with getting a “trusted D&B Credibility Badge on your website that links directly to your directory profile”.

Of course, registration is tax deductible and you get to add a description, logo, photos, videos and more. Kinda like an online telephone book listing that any business can register for as long as they’re prepared to pay. Seriously, how many real shipping companies need to have the Dun & Bradstreet credibility logo on their website to be considered “credible”?

One of the photos from the photo stream on the PT website.
One of the photos from the photo stream on the PT website.
Zooming in on the BIC code.
Zooming in on the BIC code.
Another photo of a container with BIC code MZCU2849034 which also had "no code for this request" on the BIC website.
Another photo of a container with BIC code MZCU2849034 which also had "no code for this request" on the BIC website.
Report for BIC code MZCU4057216 at the Bureau International des Containers et du Transport Intermodal website.
Report for BIC code MZCU4057216 at the Bureau International des Containers et du Transport Intermodal website.

BIC Codes

In one of the photos published on PT's photo stream on its website, there is a photo of a shipping container with the Pacific Tycoon logo on it. This looks rather realistic. The shipping container has a BIC code, which is comprised of:

  • an owner/operator code of 3 letters,
  • a fourth letter used as equiment identifier
  • a serial number of 6 Arabic numerals
  • a seventh digit (check digit) providing a means of validating the recording and/or transmission accuracy of the data.
    Example (theoretical- for a container): BICU 123456 5

This information was obtained from the Bureau International des Containers et du Transport Intermodal website. Its "mandate under the ISO and the WCO [is] to allocate and protect the ISO alpha code for the identification of containers in international trade".

The BIC code in the photo from PT is: MZCU4057216

When I enter it on the BIC website under "Registered Codes" page, I get "no code for this request". The same result is also obtained by searching for the BIC code: MZCU2849034 as per one of the other photo stream photos.

On the Pacific Tycoon website, in the FAQ section:

"Pacific Tycoon will not notify you of the whereabouts of your containers unless you specifically ask us. The deployment and use of your containers is a professional issue that requires day to day tracking."

Why wouldn't PT allow customers to type in a BIC code into one of the online databases (free to the public) to find out where their containers are 24/7?

An empty boardroom inspires much confidence in the company. This photo is from PT's photo stream.
An empty boardroom inspires much confidence in the company. This photo is from PT's photo stream.
The photo stream on the Pacific Tycoon website.
The photo stream on the Pacific Tycoon website.
Pacific Tycoon is so big, it even has 2 employees on LinkedIn!
Pacific Tycoon is so big, it even has 2 employees on LinkedIn!

Pacific Tycoon UK

If you need more convincing, check out Pacific Tycoon's UK website. Click on the "Container Owner's Association" badge on the top right and do a search for Pacific Tycoon. That's right, they're not listed in there at the time of writing this article (23/09/2014).

Website Photo Stream

In a bid to alleviate buyer concerns on scam forums about offices being rented temporarily to impress and meet with buyers (though this is a normal Asian business practice), Pacific Tycoon have published a photostream of just 12 photos on their website.

I’m not quite sure why a legitimate company would have a photostream showing multiple photos of one busy and one vacant office, a blank boardroom and a couple of shipping containers with bad BIC codes, but Pacific Tycoon really, really wants to emphasise the point that they have normal looking, populated offices for their business. They also wanted to show that they have a new logo sign on the wall. This was not on the old website, as a photostream did not exist on that site, though some entrepreneurial Facebookers got hold of some of the real office pics, which I have seen and which are now not available because the Facebook page closed, oh yes!

It is normal for Chinese companies to quickly rent office space to seal a deal, but it’s not normal to have multiple photos of it on a website for a "well established container leasing company", just to prove a point, even to Westerners. If the deal is really that good, word of mouth would suffice in providing squillions of new customers, without the need to respond to scam accusations in website forums by publishing a photostream on your website.

A divine, prominently placed photo of the huge investment of PT in a new sign for the office in 2013. Inspires so much confidence in their balance sheets, doesn't it?
A divine, prominently placed photo of the huge investment of PT in a new sign for the office in 2013. Inspires so much confidence in their balance sheets, doesn't it?
It's such a convincing and impartial review when the company feels the need to repeat the client testimonial in their pinning commentary.
It's such a convincing and impartial review when the company feels the need to repeat the client testimonial in their pinning commentary.
Another unconvincing client testimonial from god-knows-where.
Another unconvincing client testimonial from god-knows-where.
The Facebook post where PT tells Richard that it bought its own shipping containers, which were a good investment. It's beginning to smell like an online reputation management company...
The Facebook post where PT tells Richard that it bought its own shipping containers, which were a good investment. It's beginning to smell like an online reputation management company...

The Pinterest Page

I’m not sure what PT is playing at, but they even felt the need to start a brand spanking new Pinterest page, featuring “shipping quotes”. Now, what serious Chinese shipping company has to have its own Pinterest page on shipping quotes? That’s right – none, unless you are trying to manage a bad reputation and require backlinks to blogs saying you are brilliant, etc.

Apparently, they just started pinning one year ago (September 2013). Not many of the pins are original photos, they are all just pinned from elsewhere, apart from the company logo, some weirdo client testimonials and the photo stream pics from one year ago.

PT even had to comment on their own photos of their own client testimonials in a positive, but repetitive manner to drive their point home! Strangely, there are only 4 testimonials, 2 from one anonymous website, and 2 from another. Puts a lot of confidence into investing with them, doesn’t it?

Even funnier, under their “Shipping Industry Leaders” Pinterest page, PT could only boast of about 3 other companies not in direct competition with them, but couldn’t blow their own horn, even though they are apparently “leaders in container leasing” and blew their own horn with client testimonials and the confident videos on their website. Considering there are a few hundred Pinterest pins, I found it strange they didn’t blow their own horn more on Pinterest where it mattered (now watch for new pins appearing next year where they take my advice and blow a horn).

Not surprisingly, while the old “scam alert” articles are disappearing from the web, there are now some lovely new brief blog posts on related forums persuading potential investors that PT is a great company. Hmmm, smells like a newly hired reputation management company to me, now that the front page of Google has all these lovely reviews and PT personally took the time to convince Richard Giuliano on Facebook that they bought their own containers! Such unbiased advice!

A highly unconvincing Pinterest page full of Shipping Quotes from erm....just about anywhere. How many serious shipping companies do this to attract customers? Note that the PT Pinterest page link is sadly absent from their website...
A highly unconvincing Pinterest page full of Shipping Quotes from erm....just about anywhere. How many serious shipping companies do this to attract customers? Note that the PT Pinterest page link is sadly absent from their website...
Ted Mallory, CEO of Pacific Tycoon. Hard to believe, isn't it? You should have seen the old photos of the dirty, 50+, flip flop wearing CEO - but they were mysteriously erased from the web within the past year...
Ted Mallory, CEO of Pacific Tycoon. Hard to believe, isn't it? You should have seen the old photos of the dirty, 50+, flip flop wearing CEO - but they were mysteriously erased from the web within the past year...

Ripoff Report

According to an article on Ripoff Report, “.....A powerful sales pitch is to tell potential buyers to contact client references; i.e. those who already invested in PT, for opinions. In total, there are only 10 client references, who are victims themselves.They are kept happy, receive their returns from this scheme, and they are paid a flat fee each time someone agrees to buy after emailing/talking to them.

It is important to note that Ted Mallory has been hiring an IT company to *** and bring down websites with bad publicity about PT, and he successfully brought down www.absoluteinvestor.co.uk and www.boiler-room.orgs. At the moment this comment was written, www.absoluteinvestor.co.uk is up again but the discussion thread about PT being scam is still inaccessible, while www.boiler-room.orgs is still down.

When it’s impossible to bring down a website, PT lets its lawyer to contact the investment forum requesting comments to be removed, saying it is libel. Thus, many comments about the truth of PT by ex-employees on, for example, The Motley Fool were removed.”

> Read the full article here

The Scam Alert Forum Posts & Articles

OMG, there are quite a few of these and they are quite complex. I did a Google search for “Pacific Tycoon scam” to find out all the gossip.

One of them that I clicked at random stated that it was a Ponzi scheme based out of Saigon, Vietnam (hence the need for PT to have the question “Why are the terms Ponzi and red alert associated with shipping container leasing?” in the FAQ on the Pacific Tycoon website).

PT’s answer to the question says “Pacific Tycoon fields such industry slurs openly and transparently, hosting their retrospective performance data here: (links to PT website home page) and client testimonials here: (links to "Who We Are" page).

Well, all I can say is that anyone can come up with a few happy client testimonials on their website and can put whatever performance data they want when that performance data revolves around “Pacific Tycoon specialises in high yield container leasing, a booming industry that is demand led and propelled by 90% of world trade figure. Embedded amongst the growth engines of China and the East, we secure returns that are superior to top competitor indices year in year out. Watch our videos below to understand more” and the videos are full of fluff and no concrete client testimonials.

Ted Mallory is a strange CEO. I have a photo of him (right) that was originally published, along with some others on the now-defunct Facebook page.

Not only does he allow bogan photos of himself to be let loose on the internet (there used to be about 15 of them), but he personally responds as CEO to all customer complaints, according to an old forum post that was there in January 2013 but no longer is in evidence. I mean, he’s the CEO of a busy company with 400,000 shipping containers! What was he doing, personally responding to client phone calls in 2012-2013?

Recipe for success: Buy one shipping container. Put your latest, newest logo on it. Photograph a crap photo of it. Then post it on your website to convince everyone that everything is OK!
Recipe for success: Buy one shipping container. Put your latest, newest logo on it. Photograph a crap photo of it. Then post it on your website to convince everyone that everything is OK!

Vote Now!

Would you invest in shipping containers with Pacific Tycoon based on this information?

See results
Kerry Williamson on LinkedIn was not sure about purchasing some of Pacific Tycoon's shipping containers.
Kerry Williamson on LinkedIn was not sure about purchasing some of Pacific Tycoon's shipping containers.
Here is a little bad press from Tamara on Tom Winnifrith's blog. She didn't get ripped off...but she didn't even get to invest, either.
Here is a little bad press from Tamara on Tom Winnifrith's blog. She didn't get ripped off...but she didn't even get to invest, either.

Conclusion

I’m just an Aussie blogger. I am not affiliated with Pacific Tycoon in any way, nor have I purchased any shipping containers from them. I don't know Ted Mallory in any capacity whatsoever. I may be completely wrong about this company and you may think I have it in for them. However, in my experience, if there’s more than one forum post asking if a company is a scam, it probably is one and it pays to dig a bit before putting up your hard earned cash.

Not surprisingly, while the old “scam alert” articles for PT are busy disappearing rapidly from the web, there are now some lovely new brief blog posts on related forums persuading potential investors that PT is a great company and "The only thing that was for certain was that there was ABSOLUTELY NOBODY who had ever been ripped-off by Pacific Tycoon." (according to Benjamin Miller - see links below for real life examples of ripped off people).

Hmmm, smells like a newly hired reputation management company to me.

I have known quite a few scam companies in my time, and these kind of businesses respond to all forum accusations to alleviate buyer concerns instead of appearing to get on with their business, as well as providing legitimate reasons for people to question the company in the first place.

Forgive me if I am a little harsh in my investigative and opinionated analysis, but I want to share what I learned about this company on one page and present to readers who are sceptical what I thought about this company. Remember, it's not defamation or libel if it's true or even thought logically to be true. You, of course, are free to make up your own mind.

More Information

If you'd like to find out more about Pacific Tycoon and why it might be a bad investment, check out these websites.

1. All sorts of good information about PT in the comments on Tom Winnifrith's blog:
http://tomwinnifrith.com/articles/2675/pacific-tycoon-investor-red-alert

3. Kerry Williamson has questions about PT on LinkedIn:
http://www.linkedin.com/groups/So-Pacific-Tycoon-safe-scam-4665788.S.173852843

4. Inside information on PT:
http://pacific-tycoon.pissedconsumer.com/pacific-tycoon-the-truth-about-this-ponzi-scam-20130920448189.html

5. Another PT forum:
http://forum.bodybuilding.com/showthread.php?t=159289591

6. Person enquiring about PT:
http://www.getrichslowly.org/forum/viewtopic.php?f=2&t=63101

7. A fraud investigators blog post about PT:
http://lyndsaywilliams.blogspot.com.au/2013/08/technology-fraud-and-other.html

8. Article from the Sunday Star Times:
http://www.stuff.co.nz/business/money/6838528/Investment-contains-unknowns

9. Department of Commerce WA Article:
http://www.scamnet.wa.gov.au/scamnet/Types_Of_Scams-Investment_Scams_and_Gambling_Systems-Sea_container_investment_schemes.htm

© 2014 Suzanne Day

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      walker49 4 days ago

      I have just received my July 2107 statement. I received $14.23 for the month on 5 containers, an average of 0.45 cents per day per container. However the overall investment since starting stands at 9.69% and for the year the overall return is 0.83%. As already stated I have always found the staff helpful particularly the accountant Jack Lam. Again I could not advise folk to invest until I start to claim the investment back after the 3 years is up and see how things go To claim before that time would involve losing a lot. No such thing as far as I can see as an easy "get out" clause. You really need to wait for the 3 years to expire.

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      walker49 5 days ago

      I thought I would update on how things are going. The returns started very well but have tapered off and now I am receiving about 1% roi. I am afraid to accept any offer of selling and buying more at good prices as then I could not guarantee any income and it would delay terminating the contract and have the capital returned. I have e-mailed them and offered to sell the containers at the price I bought them minus any returns I have received on them so I would not lose anything but then not gained anything either. I await their reply. So far no breach of contract has ever occurred and when payment was delayed it was fixed and they always reply to my concerns. Having said that if someone asked my advice as to whether they should invest I do not feel I would recommend investing as it seems to too risky. When I first did my due diligence I could find not one single investor who had had a problem with PT but now this is not the case and had it been now and I had seen all the comments I would have given it a wide berth. I always realise you cannot believe everything you read on the web. If things change i.e. the income goes up or they come back to me with my offer I will update. I am a genuine investor and just tell it like it is.

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      Theofanis Avlonitis 7 days ago

      Hello,

      I am one of the victims of PT, which at the beginning (the first year) gave good returns and everything was as described on the contracts. They called me every month if I have any issue and every two – three months asked me if I would like to get some more containers. The problems start when they called me about further investment, and I informed them that I do not wish to invest further, that is when the payments reduced dramatically without any excuse. Also, when I decide to sell back my containers. Pacific Tycoon states in the contract that “You can sell your containers at any time, your exit strategy preserves capital throughout.” That constitutes a guarantee that investors can sell their containers at the original purchase price. I have 18 containers at my disposal and I would like to return them. They do not leave me. They are constantly showing excuses that they do not find buyers to buy them and that they can only get back three at a degrading price. But this is not in accordance with the contracts we signed. I am in buy back procedure since last November 2016. I would like to get my money back but they don't let me. Full of stupid excuses, etc, etc, etc... They have trapped me in the process of "Buy Back procedure". Now I realize that maybe it is a good company but they are highly unprofessional. I continuously get them a phone from the other side of the planet and send e-mails, but no results. I started the process from November 2016 and constantly find excuses and delays. Now we are in the middle of August 2017. Can someone help me to find a solution? I would greatly appreciate if someone could advise me on how to proceed....

      Best regards

      Fanis Avlonitis

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      John King 4 weeks ago

      This company is a complete rib off. Even if they are a legitimate investment company the way they operate is sure to make you end up the looser. I signed up for 1 container with their more aggressive strategy which they claimed has been consistently doing over 21% since 2009 also. First you may get above the 12% for a year also then it falls way below 10%. When you try to sell the container back they say the price is much less than what you paid for so you are at a loss. However staying with them they keep cutting into the returns until it becomes absolutely ridiculous to remain with them. I have been trying to get my money back now for 10 months also after the initial 3 year period expired. They mis-sold another contract to me which was only supposed to reduce my initial investment but provide me with ok returns. The statements I have been getting for over a year now shows that they are leasing my container for $0.37 a day. I have written and spoken with numerous people there to ask for my money back but it they are now pointing to a clause in the contract which varies from what I was informed. I am now going to take it up with UK and HK investment authorities as this company is for lack of better word a scam.

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      Pierre Colin 2 months ago

      Hi

      Have been less cautious than you unfortunately and I have invested in this containers.I asked to sell them toget some money back but it looks like they can't or offering you a ridiculous price for a disused container something you can refurbish for something else.Obviously I had no proper answer by email,only a phone call which was saying nothing.The FAQ of their contract mentioned they can buy back the containers when we want to sell and it looks like impossible.It's a HK based company and I think they can be sue via local solicitors/lawyer for ripping off people.I hope I'm wrong but I was now very serious doubts about them.It could be a good stuff but it's not.To be continued...

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      Simon Says 4 months ago

      Anyone coming on here to speak about returns - and referring to initial returns or first and second year returns are living in a dream world. I would suggest that you sell your containers to PT right now and get out.

      This is a scam / Ponzi scheme - call it what you will. Eventually your returns will fall away and you will not get your investment back. At most - you will get one third back.

      I have lost a lot of Money and I am a real investor - I do not hate any one - I just wish I could get my money back from these People and know that it is too late for me. So I am warning off would be future PT investors the original author Suzanne did.

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      MilesOKeef 5 months ago

      Dear Suzanne, thank you for all your research on this topic. I thought it would be a good idea for me to contribute to this post, being an investor with PT.

      I have been investing with this company for almost 1 year now, and the returns I have received on my investment to date are approximately 12%. I have taken part in their higher income lease which boasted returns of 25%, but in fact have yielded 12% so the numbers are greatly exaggerated.

      I have not yet asked to redeem my principal investment so cannot vouch on the Company's credibility in that respect.

      They were good from a customer service view point and responded to queries within a max of 48 hours either via phone or email. on a negative note, a lot of their Agents are not very good at speaking English.

      I hope that this information is useful for any one who is considering investing with the Company.

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      Simon Says 6 months ago

      And finally after three years - yes initially with much enthusiasm and willingness to believe.

      But today I can confirm without any shadow of a doubt that this is a Ponzi scheme. Forget the others here typically like Walker49 who still choose to harbour hopes that this is a normal investment.

      It is not - and trust me as I have dealt with these people for about four years now and have lost a tidy fortune.

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      Chris 7 months ago

      Great article, wish it was up before I gave them my hard earned money. They are full of lies and excuses. They will not give me the money I am entitled to.

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      walker49 7 months ago

      I received my statement today which gave me a monthly return of 0.58% on four containers and 0.31% one one container. However the average return overall stands at over 12% and on one container at 14.24% overall, still not a bad return. On the contract article 4.4 states that the company does not guarantee that your containers will make ANY money but mine have , in fact 14.74% a year over the past 2 years. This means that PT is not in breach of any contract. Seeing one's income drop from over 20% to under 1% isn't great so I did e-mail PT for re-assurance and they replied that markets are constantly changing, they are doing the best that they can and the containers will yield higher returns shortly. So far I could not call them a scam nor indeed a Ponzi scheme as they have kept to their side of the contract. Any issues about non payment I had were sorted out satisfactorily and quickly. This investment hasn't been without its worry but fingers crossed so far so good. I am a genuine investor just telling like it is.

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      button66 7 months ago

      I would like to hear that someone has actually seen a Pacific Tycoon container. I have cruised a lot of the world, spent time by rail freight yards and driven trunk road routes but since your epistle started I have not seen one and I doubt if anyone else has either.

    • Suzanne Day profile image
      Author

      Suzanne Day 7 months ago from Melbourne, Victoria, Australia

      Hi Bill, I am not writing much these days and have been kept too busy to update this article. I am simply approving comments for it at present.

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      Bill 7 months ago

      Wow...not for me. All the fake post defending PT were a bit much but eventually here it is...proof from real people that they've been ripped off. Fantastic article but honestly does need an update. Less about what a company post on their website and more facts please.

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      walker49 8 months ago

      Today I received my statement for leasing from 01-11-2016 to 30-11-16. The total paid to me was $19.35 which is giving me about 1.19%. So far I am averaging about 13% since the investment started but this average is steadily going down. At present the containers are renting for $0.43 cents per day - not agreat return at present.

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      Ted Mallory 8 months ago

      They are in Vietnam

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      Maryse Jarl 8 months ago

      Deborah, my story is just about the same as your Dad. I started mailing to PT to get explanations but in the end their replies were only excuses. So my last mail to them , I wrote that I will not give up until my money ( as per the contract we mutually signed ) has been given back to me. I also told them that I am going to publish all the mails I received so that others might see the game they are playing. I do intend to publish the whole story on all the social medias and I will let them know about it.

      Last week someone called from PT and it was a young man with a very frightened voice who told me I would get my money back this week. I will wait and see before taking this any further. This will be their. I hope I can get some more persons who have been drawn into this to act with me. We have nothing to loose but PT has.

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      Deborah 8 months ago

      My father purchased containers, I was sceptical from day one but he insisted that it was fine and they always paid a good return. That has changed, there is now NO return at all. They have had all sorts of stories, how the containers are not in the right places etc, they are portable, PT is supposed to move them, they are supposed to make sure that they are leased. I have thought it a scam right from the beginning and now I am very worried that dad has lost his life savings. He is 81, just had his 11th stroke last week we do not need this

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      Maryse 8 months ago

      I've been exchanging mails with PT for 6 months regarding the buy back of my containers sine I need the money. I've been receiving all kinds of mails with what I would call excuses. I was not meant to get an income statement but I got one and it was as walker mentions above very low,the lowest ever.I received a schedule of payment before telling me when my money would be sent to my bank and I haven't seen a cent. Si I'm starting to feel there's something fishy 1

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      containerman 8 months ago

      I cannot stress enough to investors or would be investors ask these people PT full details of your containers,where they are,who they are leased to.Its your asset and they manage it so as an owner they have an obligation to give you that information.If they don't then the container does not exist and this is what we suspect it to be a Ponzi scheme.No income because they are positioning equipment is a good argument not to pay any income.

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      walker49 9 months ago

      I have finally had an income statement after repositioning but only received after their 70% was taken $0.14 per container per day so I received $20.37 for the month. Difficult to understand why it was so low. Hoping that November will see a pay increase! So far this year the ROI has been 4.73%

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      Maryse 9 months ago

      As the person above, I'm waiting to get my money back and It' s been 6 months now and there is always something happening ( some excuses). I have been receiving my ROI regularly for the past 3 years and when I decided that I needed my capital back they are not making it easy for me. But I'm not giving up. I have all the correspondence with them which I will gladly share if my money is not paid back to me.

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      KK 9 months ago

      I have not been receiving any income for last 3-6 mths as the container needs to be repositioned .They have given me different options to buy some more containers .I am just waiting until next year to get my money back and sell that container back to them .They do call from time to time and respond .But still I feel that my money and time is wasted .I never hoped for such sort of business.

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      walker49 9 months ago

      Yesterday I sent an e-mail in the evening really wanting re-assurance, reading all these blogs did not inspire me with a lot of confidence, especially as I had not received any income for 3 months. I received a phone call the next day in the morning, with me they are always prompt. I was assured that the investment was safe and I could claim the full amount invested in October 2018. I was also told they didn't have a lot of say with regard to the market price i.e. the exit amount and also the repositioning was explained. PT undoubtedly I think have gone through some difficulty with the Panama scandal and have been hindered by bank regulations and also by the fact the the shipping trade has suffered. I do not think though they are out to scam the investors, I think they are doing the best they can.

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      walker49 9 months ago

      I have now not received any income for 3 months as the containers need to be repositioned. I was offered a switch offer whereby I would sell the containers at purchase price and with just $500 extra buy 7 containers. I declined the offer as I was afraid it would delay the exit clause. There is really not a viable exit strategy until the 3 years is up so I will just have to wait until October 2018 to recoup the investment. On a positive note they do reply to e-mails fairly promptly and so far the investment even with the 3 months no income has still yielded better than the banks but I have to say this hasn't gone as I had hoped.

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      Osama Agami 9 months ago

      I am with PT since late 2014, all was going well, till begining of this year where my income dropped significantly to absolutely nothing for more than 6 months. when inquired they said due to low income my containers are transported to another location that takes 6 months , 6 months finished and still no income, they don't say where is the containers or where is it going, all confidential as per them, they dont say at what stage is my transport going, and worse, some of my containers are bought as used and those ones if returned even after 3 years will be at market price. when i asked about current market price they refused to say but said it will be very low as my containers not returning income.

      I don't know what to do.

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      Mike Thornbury 10 months ago

      My wife and I have had containers with PT for over four years now, earning an average of 23% PA.

      If they are a ponzu scheme, they are a bad one as I have earned my investment back.

      I've no idea who the owners or workers at PT are, nor do I have any idea why you have condemned them so much, using such people as winnifreth and other non-investor/high opinion sites to back up your clearly biased POV.

      I'm happy with my $50,000 investment. It gives me a nice little top-up and allow some me to pursue my hobby without it costing me any of my capital.

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      containerman 10 months ago

      I have been away for a while and no doubt everyone has seen the collapse of the 7th largest shipping line in the world Hanjin which means there are 750,000 containers that will flow back into the market over the next 12 months that will depress lease rates further.Assuming that Pacific Tycoon has purchased containers with investors money,which has never been proved,then there would be a knock on effect to lease rates. I cannot believe that a company that supposedly manages investors equipment has never been forced to disclose in any detail the existence of containers.I just hope that potential investors read these warnings and refrain from investing.

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      button66 10 months ago

      Pacific Tycoon had the audacity to contact my wife yesterday asking her to buy. Needless to say she sent them sharply on their way. So they are still trying to raise funds via this means.

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      lule68 11 months ago

      In the end delayed payments were settled, even though once again last month rental income is late and the Rental percentage is now down to a little above 6% very far from 26% - 28% that is advertised. The investor instead that wanted to sell out his containers still has had no reply from PT in relation to the extra costs he would have to sustain to bring the containers from where they are currently located to the buyer, so the price that PT tells you that they are willing to buy back your containers which in a few months has gone down more than 50% is subject to a further loss that are not quantified and that could be greater than the actual buy back price depending on where the containers are located which of course is not given to know. So an investor does not know if the containers exists, no means of tracing them because of non traceable codes given, payments since April are constantly late and the rental income is always lower and costs burden on buy back price is not quantified. Doesn't sound like a great investment to me. Had I known I would have never taken the advise of the person that suggested this to me in the first place and that I am sorry to say was a person I dearly trusted. Big Mistake!!! I earned my money honestly and with sacrifice. Please do not be as stupid as I have been and keep clear from this investment. Find other ways to invest what you have earned with hard work and honestly even though the numbers don't appear to be so appealing. Even if I won't get a penny back at least I will have warned others not to commit the same mistake and hopefully avoid them the same bitter disappointment. With this I bid all of you good bye and hope that those of you that are sincere in their sharing of their experience will find a solution and a positive outcome.

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      walker49 11 months ago

      I e-mailed and asked for my July statement which had been delayed for about 3 weeks. I was sent a reply the following day with the statement which showed that no income had been earned. I was though given an explanation i.e. that the containers needed repositioning to endure better returns in the future. This explanation I was happy with. So far the returns on 4 containers (average) were 18.33% and on one other it was 20.56%, still a lot better than a my bank cash ISA which now gives 0.01%!.

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      Chris W 11 months ago

      I have 8 'containers' in total. Since late 2013. Payments averaging 16% in that time, however no payments since April ( I get paid quarterly so am missing one payment as of today). Very much starting to look like I have lost my initial investment, which is a very large sum of money for me. Heartbreaking to read everyones stories here.... all the best everyone

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      walker49 11 months ago

      The July statement from PT again was late, in fact I still do not have it but the actual funds were credited to my account on time! The payment came from a different source though, Gowns was in the description. So far thankfully all payments are up to date at present but I do not have the July statement so cannot reveal the percentage earned on that month.

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      lule68 11 months ago

      Update,

      Some rental income was payed but again this month no payment made. I was instead requested to change the currency because of difficulty of paying in USD. One month they get it sorted out the next the bank no longer pays in USD, which for me is unconceivable as most operations worldwide are done in USD. Whatever issue they might have it’s up to them to fix it. On my contract it is clearly stated that the payment will be done in USD and on the 23rd of the month.

      Now they requested an account in yet another currency so that the investor not only loses from the return rates which are down to less than 10% but they would also mean that the commissions applied by the bank would be doubled from USD to this third currency and then to the local currency because they only pay on local bank accounts where the investor is resident. Also consider that the exchange rates applied by their banks are much more burdensome than any bank with which I have dealt with.

      As for trying to get out of the contract that is a bit tricky. As I mentioned in a previous communication one of the people that I have been in touch with tried to get out of the contract. He had bought used containers so it was to be sold back at market price and not purchase price, but only after 2 months the price had dropped down to more than 50% loss and what is worse the conditions that were written on the contract itself are unacceptable.

      I will summarize the most important parts:

      The selling price after 2 months had dropped down to less than 50% purchase price.

      The risk of the container remains with the Seller but it is not possible to verify the whereabouts, the status or the existence of the containers so one would be forced to do an act of trust.

      The Seller authorizes the buyer to take care of the delivery and storage but all costs are incurred by the Seller. Costs are not mentioned anywhere, nor is it possible to quantify them in advance.

      If the delivery fees are greater than the buy-back price the Seller has to pay the difference to the Buyer. As it is not possible to know where the containers are located, the BIC code given is not registered hence it is not traceable, Pacific Tycoon can request any amount thus one would end up having to give them money!!!

      The fee will depend on a number of factors such as location, delivery port etc. and mostly it can be incredibly onerous. Furthermore, Pacific Tycoon refuses to answer on any question related to this even after many emails have been sent.

      Should the price of the delivery be greater than the buy-back price, the Seller will pay an annual interest of 12% per annum for any outstanding money owed.

      The Seller may recover the price of the containers as well as all interest from the Buyer in a court of competent jurisdiction which is in Hong Kong. Consider the legal costs which I am told in Hong Kong are conspicuous. I am waiting for quotations on this.

      Unfortunately, I made the investment and I am therefore responsible for my own discomfort, but to sign something like this would be suicidal. I cannot say if Pacific Tycoon is a scam, but I do say that it is by no means an investment to make.

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      Bob Drummond 11 months ago

      I was right, PT is not a scam.

      Consider that you are probably doing business with a company you will never visit, that is located half way round the world that probably has to send your income through at least two different government financial systems.

      Under present international financial conditions, it is amazing that payments show up at all.

      The problem is not with PT but wilt various governments.

      Look up Scam in the dictionary, it says see Governments and central banks.

      By the way, my PT monthly payments were delayed three months, they arrived today.

      All investments are a risk and international ones are even more so, my advice, don't bet the rent money.

      Thanks for reading, Bob

    • axljimp profile image

      James 12 months ago from UK

      walker49 we seem to be singing the same song,i would love to call you and exchange views,i'm just waiting for my July statement now,i will send them an email tomorrow (Mon 22 Aug) asking if everything is on time,updates will be posted.

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      magnetogorsk 12 months ago

      I bought 5 containers and after a few months I read this blog and became deeply suspicious so I pulled out early. I got most of the money back, thank God but they still owe me some income. I e-mailed them about it repeatedly and got no reply whereas previously they responded very quickly. I suspect that the whole thing is going belly up and I would advise people to steer clear of it.

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      walker49 12 months ago

      After 3 e-mails and one phone call I have finally received my June statement, around 20 days late. After the phone call the statement was received within 10 minutes so it seems phone is the best way. I spoke to my financial adviser who himself has 21 containers and he confirmed that he had been paid and also his clients. However my pay for June was down just over 7% whereas before it was over 18%. Still I am thankful that a) I am receiving some income and still better than the banks and b) the investment itself appears to be safe. My July statement is due on August 23rd and hoping this will not be delayed.

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      tisthetruth 12 months ago

      Martyn, maybe you do as you claim, but I can assure you that the concerns expressed by the posters above are real and I am also a victim of this experience. This is my first posting, and what I am doing about my situation I am not discussing here at this time. When I have some constructive comment or advise to offer I will present it here. Your language,'fetid dingo's bull-craap' is casting a dispersion on all of us who have been associated with this experience. Can I suggest you review you comment and prove your claim with some facts so you can be considered legitimate, otherwise I will view you as a stooge.

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      Elle 12 months ago

      I was about to invest in Pacific Tycoon... In fact I actually put an order in with Max Kruger just 4 days ago and later cancelled it after reading your blog and reading that investor payments were drying up.

      Thank you Suzanne for your well researched article. I am very grateful I read this before investing. I first heard about Pacific Tycoon 2 years ago

      My friend had bought 10 containers was happy with his payments, although I don't know for how long as I do not keep in touch with him anymore, but after 2 years I decided to invest

      I contacted Daniel Blake at the Brisbane PT office on Tuesday of this week with intention of investing, and was told he was at lunch and would call be back immediately. Hours went by and I did not hear from him. It was strange to me that he did not bother to call back a prospective investor. I later received a call in the evening from Max Kruger (supposedly from Homg Kong). I put in an order for 3 shipping containers and later that evening I received documents to sign and an invoice from McMillan Graf, the container merchant. I was told if I held on to my containers for 5 years I could sell them back to PT and get 100% my initial investment. This has gone up since I last looked. It used to be 3 years.

      After reading your blog I cancelled my order from McMillan Graf and also informed Max Kruger . I have not heard back from Max or anyone at Pacific Tycoon but I did receive an email from Meena at McMillan Graff wanting to know why I cancelled.

      Anyway, I wish everyone well. I will definitely be very cautious next time I see investment ideas online

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      walker49 12 months ago

      I have waited to post this awaiting a concrete outcome. My May payment was sorted out eventually with an apology from PT but my June statement was late so I e-mailed them. I received a reply soon after saying that they were re-formatting the statement because of compliance issues. Today I rang them as they sent me an e-mail asking me to do so and I was told that for an extra sum I could get 2 more containers which would then be relocated to a more profitable place and then be hack on track with a good return of between 18% and 27%. This I declined so as it stands it seems that a) the return will in time only be about 7% and b) what is most important that the initial investment is at least safe and not lost as many now fear. One thing about PT they always reply when I contact them, they don't just ignore e-mails. I know this may be others experience but it hasn't been mine. I will post again if there are any more developments

    • axljimp profile image

      James 12 months ago from UK

      My June payment hit today after a few emails and one or two phone calls from PT,the returns are nowhere near the early days but better than any bank,it's a shame the same the payments are late as it just encourages doubt and unrest.The first six months payments were on time and sometimes earlier and the returns were fantastic now it's a different story which I have been assured will be sorted out,if I have a problem with my bank it is sorted out within a day or so but PT's banking problem just seems to on and on that's if it is a banking problem and not cash flow,only time will tell.

      As for me I'm hanging on but I have been happier.

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      lule68 12 months ago

      Hi to all. My article was chopped off so maybe the whole message did not get through. Three months late on payment and a bunch of useless excuses. My bank has no problems in accepting transfers which were regular until end 2015. PT want copies of ID Passports, signatures on statements and other documentation to hold back on payment. I have contacts with other people with whom I got in touch that are all with the same problem. The principal is simple... If you are a serious business banks have no reason to hold up on payments!!! Certainly they will not hold up a payment based on a newspaper article. This is what my lawyers are confirming.

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      Bob 12 months ago

      I have been invested for the last 2 years and got my payments on time and in total up to 3 months ago.

      I still get the paper work on my container rentals and this leads me to believe that the cash is somewhere.

      This does not feel like a scam to me.

      If one is looking for a crook in the works I would look at Banks and Governments. I checked with my bank and they say that they are turning back cash transfer from outside Canada that they believe may be questionable unless {my thoughts, it is to a reputable government or corporate official, nudge, nudge, wink, wink}

      At the end of the day, what can you do. You are either in or you are not and the cash will flow again or it will not. Remember only Bankers and Corporations can use the government to force you to cover their mistakes.

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      Bob Scammed 12 months ago

      I received a phone call from Simone, to advise that my containers had been re-positioned from 15 August in India and my payments would re-commence and I would be paid for @weeks in August in September as per usual.

      I guess time will tell.

      Bob

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      Simon Says 12 months ago

      Still no payments here. Have been told that my containers are being re-positioned and this can take several months.

      I intend to see this through one way or the other and to pay them a sudden office visit if necessary.

    • axljimp profile image

      James 12 months ago from UK

      I disagree with lule68,i can ring PT anytime I want and talk to a member of staff,all my emails get answered quick,yes the returns are down but up to now apart from being late I haven't missed a payment.

      If all these reports are true it looks like some PT investers are being treated different to others.All I know is my returns are down but still coming,?.

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      ann melb 13 months ago

      Great researched article Suzanne Day!!

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      lule68 13 months ago

      Hi to all. Unfortunately I saw this blog too late and had already invested in PT. The same happened to me. Payments were regular for the first months decreasing in ROI. Then end of 2015 a drop in monthly rates for reallocation or so they said, I then tried to track the containers but found out that the BIC Code was phony. Then in March payments stopped due to Panama Paper scandal (Crap!!!). It is never possible to speak with anyone at PT and they really never answer to any email in which you ask for clarification. I receive only emails saying that the payments had been put on hold from compliance department, they wanted a series of documentation and copy of passport which I forwarded and then after I phoned saying I was willing to invest again, the money miraculously was deposited the next day. This was happening in April 2016. Then again no payment even though statements were sent later than usual. I received an email in which they requested local accounts in local currency to deposit the money and as I refused to give them yet another account, they told me that my payments would have been put on hold until further notice. They are now saying that the payments will not be done by PT, but by another partner but they haven't deposited on any account since May 2016. This is certainly a very unprofessional approach to say the least. I guess we are all taking our steps to secure what we have invested even though I see very little hope of success.

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      poorluck 13 months ago

      I am a PT investor, too. Same story as everyone else. Good returns for 1 year from Sep 2014, then dwindled to about US$100/month for the next few months and then payments stopped from May 2016. Containers need re-positioning but can be done if we buy second hand ones in China. Same message given to all investors. I lodged a case with HK Police, too based on info from Bob Scammed. Got a reply from HK Police today asking for details. Will provide them the info required. I agree with Bob scammed to lodge with HK Police. They have a case officer working on it.

    • axljimp profile image

      James 13 months ago from UK

      Hi,this just jumped out at me on google today,

      http://www.traditionalinvest.com/investment-opport...

      Not sur if this message will be posted or even if the link works,does this package look familiar.

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      13 months ago

      I bought 10 containers @ $4100 each. PT paid for two months now then stopped paying. I have emailed them many times but no luck. Its a total Scam

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      Bob Scammed 13 months ago

      I have had a response from the Hong Police Crime Division, seeking additional information from me, which I will gladly provide.

      Folks get on board and report the crooks.

      Bob

    • axljimp profile image

      James 13 months ago from UK

      I have been hanging back with commenting on this thread,since my last post in June all I can say is my payment was late,i emailed PT on a very regular basis and all were answered quickly and I have received numerous phone calls from them reassuring me my payment (May) will arrive soon.It finally arrived and it was better than the April payment,i have asked them how long this problem will take to sort out ,as soon as get an email or a call I will post again.

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      Tom 13 months ago

      im so glad ive read this page , no one wants to be the last branch on the money tree.

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      Bob Scammed 13 months ago

      I reported this scam to Hong Kong Police, whether they will do anything about it I don't know, but enough people report the scam they might take some action.

      I emailed them and explained my experience and also gave them Pacific Tycoon's supposed address.

      Their email address is crimeinformation@police.gov.hk

      Report the scam you have nothing to lose.

      Bob

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      waker49 13 months ago

      I rang up GCEN (Global Currency Network Exchange) recently and asked them if they had sorted out the compliance issues yet. They said the reason that the payments were held up was because they had changed banks and questions were being asked but it seemed that PT was in the clear. When my payment was late I did receive replies from e-mails sent to them and eventually after phone calls to GCEN PT apologised and sent my money using another provider and it hit the bank. However not replying to e-mails is worrying as they have always replied in the past. If you do not receive any replies from e-mails try ringing them up, I have at times got through that way, just remember their times are different from ours.

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      Smeared 13 months ago

      I've been with PT for half a year and in April of this year payment delays began to happen. Looking back, i would not have invested. Calling them again tomorrow for answers.

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      Andre 13 months ago

      I can confirm that I also have not received last month's income and that they are not returning any messages. The ship is sinking. We have been scammed!! Do not make any investments. Pacific Tycoon is n0thing but a scam!

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      George G. 13 months ago

      Just thought I,d add some food for though. I seem to have been foolish enough to invest in this scheme and for some time things were going swimmingly. This has just changed and for the last 2 months my rental income has been withheld by all sorts of excuses such as, my bank supposedly returning funds sent, new compliance measures required following emergence of "Panama Papers" and of course just stalling. So buyer beware.

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      Bob Scammed 14 months ago

      axljimp,

      You don't say whether you have received your payments for April and May, you just say sometimes the payments are late.

      I think you are a very real person and like me have invested in Pacific Tycoon and like me and all the other investors have been receiving your payments regularly....until now!!

      I am afraid the chickens have come home to roost. I invested in 5 containers and fortunately I can afford the loss even though it hurts.

      This is a scam and they are now telling blatant lies about the Panama scandal, the banks holding up the payments and the containers being re-invested. They are not even replying to emails.

      Would reporting this to Hong Kong Police be an option?? I don't know.

      Accept folks we have been scammed.

    • Suzanne Day profile image
      Author

      Suzanne Day 14 months ago from Melbourne, Victoria, Australia

      Hi axljimp, I would not invest with ANY company that came up next to the word "scam" in Google, no matter how many pretendy investers reviewed and persuaded about it.

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      Terry 14 months ago

      Looks like the ship is sinking people.

      To not communicate to their 'investors' about delayed payments and then blame the Panama papers.. Come on. The alarm bells should be ringing now.

      Now they've removed reviews from their FB page and complaints are starting to pile up on pissed consumer.com.

      Unfortunately for everyone who has 'invested' you have learnt an expensive lesson.

    • axljimp profile image

      James 14 months ago from UK

      This thread has been going on for the best part of two years and it's same same,I am a PT investor and I am a real human being living in the UK.

      Come on Suzanne it's two years in and PT is still trading and giving returns month after month after month maby a little bit late sometimes but they have been good to their word.

      Just like you I do my research "company name" "scam" and to be honest all you get is blogs with PT,i find it's people who just ain't got the balls to invest who are making all the noise,in my last post I said I am in my second year with PT and more than happy,yes there is a risk but it's a risk I'm willing to take,i won't loose everything far from it.In life there are people who take risks with money and people who get their 0.5% from their banks,the choice is yours.

      My main money is in peer to peer PT is just a bit on the side.

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      containerman 14 months ago

      Any container manager who manages containers for an investor has the obligation to disclose details of the container and who its being leased to and how they derive their returns to the investor.The last comment that containers only have 6 digits as they are in the Chinese domestic market is yet another piece of misinformation.The real issue is do the containers actually exist or are the investor funds being used to pay other investors which means the whole thing is a scam.

    • Suzanne Day profile image
      Author

      Suzanne Day 14 months ago from Melbourne, Victoria, Australia

      Or maybe the people defending PT aren't real...

      I guess with any investment it is up to the investor to do their due diligence with research. If you are "penalised" or gamble your own money away, it really is no one's fault but your own. As a big hint, whenever I go looking for new investment opportunities, the first thing I do after finding out about one is to Google "company name" and "scam" to see what the investor concerns might be. This has saved me from all sorts of con jobs, especially when it comes to franchising opportunities as well...

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      con-tainers 14 months ago

      I am an investor with PT.

      My containers where all purchased through a company called Mcmillan Graf a container procurement company in Cambodia. The money is wired to a bank in Cambodia and the containers are then released to PT for their use.

      Each container is given a 6 digit number. When I asked PT why I wasn't given the full container number as per international standards for container numbering, I was told that as the containers operate in the Chinese domestic market, the international numbering is not required, not being familiar with how the industry works I accepted this as an answer. Now I am not so sure.

      I did invest in PT after doing lots of research, having said that, I am having second thoughts on this being a sound life long investment.

      Too many things are now starting to make me suspicious of this operation and I am smelling a rat, if I could wind the clock back, with what I know now, I would not invest.

      Yes I have received my payments on the dot as everyone is putting it, however recently there has been a problem with payments due to the Panama Papers unravelling.

      At this stage I am ready to pull the plug on this investment, my problem is do I accept the shortfall I will get as a buy back price and cut my losses or do I see out my 3 years and get what I paid for the containers back, that is of course subject to the fact that PT stays afloat and doesn't imploding before my remaining 2 years is up.

      Suzanne, I was very happy until about a few weeks back with PT and you are right I wasn't interested in what the internet said about PT. I am making money and I am happy. It's only when I started to doubt my decision and felt uneasy, did I go hunting on the internet for some answers

      I can only imagine that the people out there that are defending PT, don't want their boat rocking (me included). I invested in error, I can see that now, should I be penelised for making a decision that I thought was sound and above board, not really. If I loose it all, it's my loss, as they say nothing ventured nothing gained.

      Thanks for a great page.

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      Made in Canada 14 months ago

      I visited PT facebook page recently and noted that Bad reviews had increased in the last month. But today you can no longer read any reviews. Are they hiding something??

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      walker49 14 months ago

      With regard to your question "Do the containers exist etc?. When purchasing you are given documentation of ownership with identification numbers. Also you are told the dimensions, mine are length 12.19m, width 2.44m, , height 2.59m etc, you are also given the weight and capacity in cubic metres. However this does not prove conclusively that they exist but it does look authentic. With regard to the question can we find out to whom the containers are leased to, the answer is a definite no. Maybe it is too difficult to tell all the owners to whom their containers are leased to at any one time.

    • Suzanne Day profile image
      Author

      Suzanne Day 14 months ago from Melbourne, Victoria, Australia

      You have hit the nail on the head, containerman. I also await the answers to these questions...as well as my questions about the employee/client ratios, the need for Pinterest pages and credential badges and a number of other things. Companies which are real with real returns tend not to have "scam" posts pop up in Google about them...and they don't need defenders who are investors either.

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      containerman 14 months ago

      No one seems to be asking the fundamental questions...do the containers physically exist and is there proof of ownership that can be shown to the investor that the container ie their investment exists.Secondly who are they leased to as I have been in the container for many years and have never heard of a customer that has containers on lease from PT.If someone can show me the answer to those two questions then at least we would know that this is not a pure Ponzi scheme ie pay returns from one investor to pay the other!

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      Mehmet 14 months ago

      very helpful thanks Suzanne

    • axljimp profile image

      James 14 months ago from UK

      I last posted on this thread in January this year and all was good,it still is good but I must admit the last couple of payments have been late.The returns have also dropped but annually the returns are good.After speaking to PT regarding this matter it didn't take them long to make the payments,my next payment is due in 12 days I will keep you all posted.I am well into my second year with PT and apart from some colourfull comments here and there on the web I'm going to ride it out.

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      thereisnokarma 14 months ago

      I am reading this thread out of pure interest. I WAS a Pacific Tycoon investor but after smelling a few rats, decided to get out. The CEO was never available for a personal meeting, although I know a few independent investors who travelled to Hong Kong to check them out before investing (I was one of those people). Ted Mallory was always suddenly unavailable. I had no particular grounds for accusations because the payments were on time except for one bank stuffup and the return was as promised (over 23%). I received an email from a"disgruntled ex employee" of Pacific Tycoon which was widely circulated amongst clients and which purported to expose PT as a ponzi scheme. I took it very seriously and compared notes with other investors whose names were on the list of recipients. I began asking questions and was threatened with legal action so having nothing concrete, decided that discretion was the better part of valour, waited out the contract time & got rid of the whole lot. I came out on top of that one. Many other investors ridiculed those asking questions at the time and it seemed their view was that because they were receiving their payments promptly and returns as promised, all was above board. Many refused to contemplate the reality that this is exactly how a ponzi scheme works until it comes unravelled. I could still be wrong but only today received an email from a current investor who is asking questions about PT & suddenly not receiving his payments. I will be an interested spectator in the near future........

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      walker49 14 months ago

      A little more info on PT. PT is a subsidiary of Moritzclear Research S. A. ( meaning ltd) and based in Belize. PT is operated from Hong Kong. PT was formed in 2003 but when the banks stopped lending money they turned to the individual investor in 2009. PT guarantees to buy back the containers at the price the client paid for them after they have been leased for 3 years or more. This model enables PT to buy back the containers from the income they have already generated so PT does not have to rely on capital reserves. Last year they had 168 employees, 7,200 container owners and were leasing 400,000 plus containers. It needs to be recognised that a good number of these containers are owned by PT, i.e. the ones they have bought back and are so leasing them out and this time keeping 100% of the income generated and not 70%. The highest yield they managed was in 2007 when if on the aggressive approach the clients netted 32.39% average and lowest was in 2009 when they netted just 18.07% ( still somewhat higher than the banks). PT make a good profit from those who buy the containers but also the income received by the owners is quite competitive in today's climate.

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      walker49 14 months ago

      Last Friday after 5 weeks of e-mails to PT and then GCEN my money has finally hit the bank account. Concerning PT taking 70% of the profit and the investors taking 30%(using the aggressive approach) it has to be remembered that PT has the running of the business of leasing the containers and receiving the money etc. If you decide to go down the route of just receiving 12% this percentage is guaranteed on each and every month otherwise PT would be in breach of contract. If you decide to go down the aggressive route i.e. 70% for them and 30% for you, you have no guarantee of any income and so if you do not receive anything for any month PT have not breached any contract. I have gone down the aggressive route and so far the amount received has been well in excess of 12%.

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      walker49 14 months ago

      I would like to address my remarks here to Erol. When you ask PT to pay out your containers it will be some time before you get a reply maybe 2 weeks but then you will probably only receive half or less than what you paid for them originally so then you would lose quite a bit. It seems better to stick to the investment until the 3 years is up. I take it you have chosen the aggressive approach which means that you receive 30% of what the containers make. If you had went for the other approach you would have received 12% whatever. With the aggressive approach, which incidentally is the one I am on, there are no guarantees but so far my investment has not yielded less than 16%, sometimes considerably more. Before you say that you have been scammed you need to look through the original contract and wait for at least a month before putting down PT as a scam. I myself have had issues with regard to late payment due to compliance issues from GCEN where the money is sent before going to the client's bank account and it has taken well over a month to get this sorted. Before anyone invests in PT they need to read very carefully the contract remembering that the market value of the containers could be under half of what you paid for them. So far every time I have contacted PT over concerns I have had I have always had a reply within reasonable time, many times the next day. With my delay scenario the reply came " I am so sorry etc" and they have taken steps to put the matter right using another provider other then Global Currency Exchange Network. One of the things that came out when I did my research was that not one single person could be found who said that they had been actually scammed so I think your case now needs to be thoroughly looked at but you need to wait for at least 6 weeks until the final outcome. Please update any developments.

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      walker49 14 months ago

      My income due in late April early May 2016 was delayed because of "compliance issues". (now June 3rd) I must say I was worried but after a few e-m,ails to Jack and also GCEN who assured me the money was not lost I am now to be credited with them using another bank provider. They did apologise for the inconvenience. So far even over the delay I have always had a prompt reply from both PT and GCEN and now after over a month it seems finally to have been sorted. I will update anything of note. i did think that compliance should only take a few days not weeks. My financial adviser said that because of events over the Panama thing there was chaos over foreign payments and was causing him a lot of trouble.

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      containerman 14 months ago

      From the comments above it looks like things may be coming to a head.It seems that they are coming up with excuses now for non payment.ChoppySeas says returns are down as containers need to be repositioned....did they say where to and what the container numbers are??Each container has a specific number and I would be asking for the container numbers relating to the investment,who they are leased to and what rental rates are being charged.They will tell you its confidential and sensitive information...its your investment and they have an obligation to tell you.Walker49 says that PT takes 70% of the profit which makes it even more questionable as a normal management company would take a 10% fee and pass the rest to the owner.

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      Simon Says 15 months ago

      Just to add to concerns - also to re-assure those on this here forum - that I am not from PT. Last month also, my income was nothing (zero) for the first time in over two years.

      So - there are some concerns - even though my average income is still good.

      Returns as many have indicated above, has fallen back within recent months. But as I am hopeful that things will improve.

      If everything crashes - I will keep prospective investors informed in this forum.

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      Erol 15 months ago

      I have been a cleint since April 2015 we had received payments until now May 2016

      After speaking with Carolina on the phone back in December after our payments dropped 70% she stated that our containers were in the process of getting repositioned so when I called here now she said the same thing so I asked here they were getting repositioned back in December as well so why aren't we getting any money this month she stated that they were on there way back at sea but if I liked for a small fee of 500us I could switch our containers for ones in China that were under contract.

      When I said no and asked her to payout our containers she said she would get back to me ITS BEEN MORE THEN A WEEK NOW 7 EMAILS TO HER DANIEL BLAKE, AND GREGORY CANARIS JACK LAM 10 PHONE CALLS AND NO RESPONES

      SO LIKE ALL OF YOU THAT INVESTED IN THIS COMPANY WE WERE SCAMED OF OUR HARD EARNED MONEY

      REGARDLESS OF ALL THE RESEARCH WE DID WE WERE SCAMED SCAMED

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      walker49 15 months ago

      Sorry I made a mistake with the e-mail address of GCEN. it is Joe.Cooke@gcen.co.uk not glen.

      Anyone can contact them and hopefully they can verify they pay out monies to their clients on behalf of Pacific Tycoon. As mentioned before Pacific Tycoon use the name Moritxclear Research S.A.for the transfer. As it stands my money for last month is standing at about a month late and will contact them again that is GCEN (Global Currency Network Exchange).

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      walker49 15 months ago

      I contacted Global Currency eEchange network again and they said they should hear either from their bank either today or tomorrow. Fingers crossed. Today I received an e-mail from PT saying that my income for this month was $283.59 that is on an investment of $20,500 and so far the average ROI (return on investment) is over 16%. They made all together $945.30 on 5 containers for the month and they themselves take 70% of the profit and 30% is passed on to the investor. At this rate you would get the whole investment back anyway after 6 years but then still own the containers which anyway they say you will be given the exact amount you paid for them after 3 years. If you sell the containers before the 3 years is up you will definitely lose money as they are sold again at the market value and you would lose over half the investment so you must be committed for at least 3 years. This is a high yield and I would also classify as a high risk investment as there are no guarantees i.e. not guaranteed by the FCA or anything like that. However I assessed the risk after research and decided to invest first in one container to test the waters so to speak and then bought another 4. When you have 5 containers you are then paid monthly instead of 3 monthly. No tax is paid abroad on this but if you live in the UK this income is taxable and on my tax return ( I use Taxassist) it was classified as Foreign Income.

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      PT Investor 15 months ago

      I am a investor, payments are there but the % gets smaller and smaller on the aggressive plan, smells a bit fishy.

      One day everyone's payment will stop at the same time, if it's a ponzi.

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      containerman 15 months ago

      Do they ever tell you where your containers are and who they are leased to?

      If average lease rates today are below US$0.30 per day and the container investment is $3800 then the numbers don't stack up.So how long can dividends/returns keep getting paid???In most container management schemes the investor is told where his income/return comes from and who the container is leased to.I have never met a container shipping company that has containers on lease from PT.

    • Lyndsay Williams profile image

      Lyndsay Williams 15 months ago

      I just contacted Pacific Tycoon re possible late payments, via Twitter. I got reply from them as here imgur dot com dHBh33P .

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      Choppy Seas 15 months ago

      I'm Australian, have experienced a similar email to Ron May, however nothing was mentioned about the 12%. under Australian law. I got a lousy return for March and nothing for April, saying the containers need repositioning. Waiting for a phone call for an explanation. mmmm! (Have 5 containers - 1 year, returns were great until now)

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      walker49 15 months ago

      My last payment has been delayed and has not hit the bank and it is now about 3 weeks late. I contacted PT about this and they assured me the payment had been sent and provided proof. I contacted GCEN and they replied " our bank has held up payment for compliance queries (part of their random checks). We have liaised with Mortzclear ( the name PT use to transfer funds) to let them know. I did complain to GCEN and said I found this delay unacceptable, supposing folk were relying on this payment to pay a mortgage payment. For a check if you want you can e-mail GCEN at joe.cooke@ glen.co.uk or phone them on 00448456718400. Up till know the payments have arrived on time except for just once when it was a few days late but then that was the bank's fault in the UK. I will post more if anything relevant come up. So far PT has been fine as far as they have been concerned.

    • Suzanne Day profile image
      Author

      Suzanne Day 15 months ago from Melbourne, Victoria, Australia

      Or maybe the investors are fake?

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      containerman 15 months ago

      I have never been able to find out who the containers are leased to and whether the containers exist as they will tell you its confidential information.I have yet to come across any shipping company that has containers leased from Pacific Tycoon.The cost of a new container is now below $1500 direct from the manufacturer and PT is selling the investment at much higher cost.

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      walker49 15 months ago

      Hi, I have 5 containers with PT and no complaints so far, very good return on investment over 18% probably more. The payments have been late on two occasions, once it was the bank's fault and on the other it was because it was looked at for compliance issues, nothing to do with PT. They always answer my questions promptly. This is my experience so far, if anything goes wrong `i will add this later.

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      Mounir 15 months ago

      I purchased one 40 f. container on February 2016. I have received then documents both by FedEx and DHL, and also statements of March and April. I was supposed to receive my 1st income by end of April, but nothing happened. I have sent emails to their accountant, no answer. Still waiting...They say they have forwarded my income via a UK institution but they send no proof. Look at this:

      Jack Lam jack.lam@pacifictycoon.com

      4 mai (Il y a 11 jours)

      à moi

      Les images ne sont pas affichées. Afficher les images ci-dessous - Toujours afficher les images de jack.lam@pacifictycoon.com

      Dear Mr. Azhari,

      We apologize for the late payment.

      Your 1st quarter 2016 rental income was cleared on our bank account on April 26th 2016. And until now we have not received any returned back. We have checked with our bank about your payment to see is there any held from the correspondence bank. As soon as we receive any news from the bank, we will inform you later. Please find the attached capture a proof of our payment.

      We are on May 15th, no news until now...

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      Ron May 15 months ago

      Hi all, I purchased 5 containers from PT about 3 years ago, initially I was paid the aggressive rate about 25%, then after a couple of years it dropped to about 12% , something about not being allowed to be more than 12% under Australian law, but I have been regularly receiving payment up until this month, where I have now been advised no payment is due, due to relocation of the containers. I hope it is not the start of the end. Has anyone else had this happen ???

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      gumpyotis 16 months ago

      Hello, I just found this company advertising in Australia and I was thinking about investing so my research has brought me here. I thank you for your article it was the best I could find based on honest opinion. I found the one you were talking about with the claims of it being a Vietnam company. That one just sounded like a paranoid conspiracy theorist. Yours sounds well thought out and researched. With that said I have changed my mind and I will not be investing. I f these people are all being paid doesn't mean that it isn't a Ponzi scheme. As a Ponzi they would need to keep bringing in new investors. If it is a true investment the results would bring in the investors they need and they wouldn't have the need to try so hard to convince people that they are not a Ponzi, and they would have big investors with big names. Furthermore if u were an investor and felt completely comfortable that I actually owned a shipping container and there was no chance of me getting scammed I would just sit back and watch my money come in. I would not be here posting and trying to convince you that you are wrong. Just the fact that there is supposed investors posting, tells me if they are actual investors they are here searching for reinforcement that they made a good investment and seeing your negative blog is upsetting them. Their denial is causing them to argue against you

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      button66 16 months ago

      The day of judgement will arrive with the next financial slump accompanied with a downturn in take up of the container purchase offer.

      It's a bit like a sausage machine: so long as you put meat in at one end sausages will emerge at the other. Be warned; if it looks too good to be true it most likely is.

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      DJ 17 months ago

      Hi

      I am also thinking about investing in containers and would like you to simply answer one question!

      If this is in fact a scam where are the people who have been cheated by pacific?

      Because surely they would be on here trying to help tear the company down!

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      george 17 months ago

      This is my personal experience:

      In early february i bought my first containers. Few days later I had a trip to Hong Kong and a arranged a meeting with people that will manage my assets. I was picked up at my Hotel to their office, which was not even near to the address they published in website and Social networks (Red flag). The office didn't look like a office for a company that manages hundred of thousands of containers (as they advertise), looked more like a small bussiness office with Top 10 employees (Red Flag) I met with Miss Caroline Conti, Director of Client Laison, and Mr Alex Lazar from Asset Department. Nice people, but after 20 minutes or so they realized that I transfer the funds from my US account (I am not US citizen) but money was transfered from a US account. I was told that they cannot accept transfers to or from US accounts (I was never warn about this issue and also raised another red flag on company's legitimity) And that my money will be sent back to my account. After 1 month, numerous phone calls, numerous incoherent arguments and excuses, the money is not back in my account. BUT I did receive via fedex on my home address original Invoices and documents with fancy stamps, stating that i Bought the containers and they where released to pacific tycoon. So is this buying and leasing of containers all simulated??? How come thay can not accept my money but they did relaease and deploy "my" containers? My only andvise so far: DO NOT INVEST IN PACIFIC TYCOON.

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      interesting 18 months ago

      typo on last comment: should be 'frequently' ... lol

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      interesting 18 months ago

      i saw the status updates of PT fb page is very frequent recently, maybe that's a signal....

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      lolthisblog 18 months ago

      I looked into shipping containers as investments and came across Pacific Tycoon... After that I found this blog and I'm in stitches over it.

      Thank you Suzanne for your research. It's so obvious that the comments are from someone working in PT trying to swindle people into investing.

      Such crap, thanks for making my day.

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      axljimp 19 months ago

      It's that time of the month again,happy with my returns,19th Jan.