I'm sure you all know about the program called Funds-O-Matic (funds-o-matic.com). The story of this project is long and complicated. It started having problems a long time ago. HYIPNews.com was the first one to notice those problem and we informed about them in our news. You can read a story about our reader who invested in FOM and whose money disappeared from the account: Update and Unpleasant Complaint about FundsOMatic.
After that the payments were not processed regularly and the status of the program was not clear. And today Randy, the admin of Funds-O-Matic has finally given up and sent out a newsletter announcing the official closure and the promise to pay out investors' money. He says that 2010 has been a difficult year for all programs and FOM has also faced a lot of obstacles: the hosting change, the disappearance of StrictPay and numerous problems with AlertPay which made it impossible for a program to continue developing. And then Randy continues:
With the required changes while some still were positive and optimistic, my mail overflowed with nasty mails and hate mails mostly from members in profit. Such as the case about 3 weeks ago I disabled deposits so I could decide what to do without continuing to take peoples money. After much thought I have decided to close FOM.
He informs that his plan is to pay those not in profit first, then pay everyone up to the 130% earnings cap. He has already started paying out, however he does not say when all payout will be made. Well, quite often admins really pay out money after closing their programs. It seems like Randy has decided to leave as a gentleman. Such way of leaving is really appreciated and if Randy really pays out, you will find proofs of it at HYIPNews.com.