Post by Sapphire Capital on Jul 15, 2008 4:15:42 GMT 4
Is Hedge Fund Gas Card A Scam?
July 14, 2008
The Oregon Better Business Bureau is probing a gas card deal that claims it invests member money in a hedge fund.
My Gallons offers the opportunity to buy a set number of gallons of gasoline at the current average rate in a member’s area, with membership fees ranging from $29.95 to $39.95.
According to the BBB, Miami-based My Gallons claims that it invests in a hedge fund, and that the gas card will be valid at 200,000 participating stations even if the price of gas should rise.
But earlier this month, the BBB was told by My Gallons founder Steve Verona that the company has no vendor to process transactions with participating stations after negotiations with US Bank came of nothing. The bureau fears that My Gallons’ customers may by left holding worthless cards, as reports of a similar program in the Northeast last year indicate.
July 14, 2008
The Oregon Better Business Bureau is probing a gas card deal that claims it invests member money in a hedge fund.
My Gallons offers the opportunity to buy a set number of gallons of gasoline at the current average rate in a member’s area, with membership fees ranging from $29.95 to $39.95.
According to the BBB, Miami-based My Gallons claims that it invests in a hedge fund, and that the gas card will be valid at 200,000 participating stations even if the price of gas should rise.
But earlier this month, the BBB was told by My Gallons founder Steve Verona that the company has no vendor to process transactions with participating stations after negotiations with US Bank came of nothing. The bureau fears that My Gallons’ customers may by left holding worthless cards, as reports of a similar program in the Northeast last year indicate.