Updated: 03/28/2011 11:09
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Unfortunately, the latest news from FirstMonetaryFund ( is not good at all for all investors of the program. The administration has...

Unfortunately, the latest news from FirstMonetaryFund ( is not good at all for all investors of the program. The administration has informed that their LibertyResrve funds have been stolen on March 23. However, they kept operating paying investors out from the reserve funds which were created for such situations, trying to solve the problem. Eventually the amount of paid out funds has exceeded the amount of deposits which obviously caused the cashflow issues as it always happens in such cases. In emergency mode, they have decided to withdraw most of the working capital to offset losses. According to the administration, they tried to converse PerfectMoney to LibertyReserve (these are the only accepted e-currencies) but failed.

“Right at this moment our experts are actively searching for specialized exchange organizations, which could take a substantial amount of exchange Perfect Money to Liberty Reserve. Administration of First Monetary Fund requests you not to do panic and also NOT INVEST more money to our Liberty account till the time we will set all things properly. Thank you for your understanding and patience!”

Personally I find their story quite suspicious because some facts are just ridiculous. For example, the fact that they can't exchange PerfectMoney to LibertyReserve because they haven't found an exchanger that could handle substantial amounts. As far as I know exchanger can handle huge amounts these days and it is not a problem to find one. Another thing is that they don't even give an option for investors to get paid via PerfectMoney. I believe many clients would gladly agree if there was such an option and the administration would not have such problem as exchanging funds (of course if they are really trying to solve it). Anyway, I suppose the administration of FirstMonetaryFund is the one who knows the answers to these questions and we can only guess what their intentions are.

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