GreenZap

Infobox_Company | company_name = GreenZap, Inc.
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key_people = Damon Westmoreland
industry = Finance
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homepage = http://www.greenzap.com/

GreenZap (Pinksheets|GZPI) is an online buying and spending account service [ [http://www.greenzap.com/ GreenZap] - Official Website] that competes with PayPal. GreenZap launched on April 2 2005 and allows members to send and receive money online, through their email address. The ultimate beneficial owner of GreenZap is reported to be Damon Westmoreland, who was reportedly associated with ThePayline.com,Platinax, [http://www.internetbusiness.co.uk/14022007/greenzap-claims-its-not-a-scam/ Greenzap claims it's not a scam] , Feb 14, 2007] a widespread Internet financial pyramid. [security.itworld.com, [http://security.itworld.com/4337/IWD010402oplivingston/page_1.html Postal authorities seize ThePayLine.com cash flow] , April 2, 2001] Another report states that the ownership of GreenZap is unclear because the company has not registered to do business in California, where its mailing address is located in a postal box within a grocery store, and because the company's official phone number is a mobile phone. [Yahoo! News, [http://uk.news.yahoo.com/14102005/372/free-money-think.html Free money? We think not] , October 14, 2006]

Ownership

Public company Pink Sheets current symbol: GZPI (previously GZPN)

Current Status

Public shell, no operations.

Controversy

One of the issues involves GreenZap having at one time marketed a $25 sign-up bonus without clearly specifying that the "$25" was not USD but "WebCash". Also, Greenzap advertised itself as a competitor to PayPal when at that time GreenZap could not be used on any auction sites as a means to purchase. This was not made clear on their website. The company does not have a satisfactory rating with the San Diego Better Business Bureau stemming from multiple customer complaints. [http://www.sandiego.bbb.org/commonreport.html?bid=20007693&language=1 San Diego Better Business Bureau] No known criminal charges have been brought against GreenZap and they are still operating. GreenZap has identified itself as a Multi-level marketing company.

On February 21, 2007, the Texas Department of Banking issued a cease and desist order against GreenZap, ordering it to cease business operations within that state. The Department alleges that GreenZap did not have a license to operate as a money transmitter within the state. [http://www.banking.state.tx.us/news/press/2007/02-21-07_2pr.htm Texas Department of Banking issues Cease and Desist Order Against GreenZap, Inc.] On September 14, 2007, the Banking Commissioner of Texas in Austin, Texas fined GreenZap $154,000.00 for conducting business in the state. [ [http://www.fc.state.tx.us/ALJ/DECIDE/b2262-06551.htm GreenZap v Banking Commissioner of Texas ] ]

On June 29, 2007, the California Department of Corporations also issued a cease and desist order against GreenZap, alleging that the company sold securities in violation of the California Corporations Code. This order demands that GreenZap stopped offering or selling debentures until qualification under the law has been made. [ [http://www.corp.ca.gov/enf/info/dr/07pdf/greenzap.pdf California Department of Corporations issues Cease and Desist against Damon Westmoreland] ]

In April 2008 GreenZap's assets were purportedly purchased by DCL-ENV Inc., otherwise known as eSafe. This company is largely believed to be a fraudulent dummy corporation that in actuality has stolen bank account information from GreenZap and began cashing unauthorized checks for $19.75 or $19.95 out of every account. Anyone who has been a victim can contact the FTC at their website.

On May 22, 2008 Greenzap announced a stock split . [ [http://www.marketwatch.com/tools/marketsummary/calendars/stockspecificsplits.asp On 5/23/08 GreenZap Stock Split, Ratio of 0.010000] ]

On 02-05-08 Pursuant to NRS Section 78.347 the Eighth Judicial District Court of Clark County Nevada appointed a custodian to appoint new officers and board of directors for GreenZap. The custodian is further authorized to take any and all action on behalf of the company permitted by NRS Section 78.347. http://courtgate.coca.co.clark.nv.us:8490/DistrictCourt/asp/CaseActivityDesc.asp?ItemNo=0009&FiledDate=02%2F06%2F2008&Desc=ORDER+APPOINTING+BRYAN+S+GLASS+AS+++++++CUSTODIAN+OFGREENZAP+INC+PURSUANT+TO The custodian has determined that the current corporate shell of GreenZap is no longer associated with previous management, has no assets or business operations of any kind. The custodian will seek to bring GreenZap's charter current with the Nevada Secretary of State, uncover any corporate obligations and determine if said obligations if any can be settled. The custodian will make periodic reports to the court on any progress.

Lawsuit by GreenZap

GreenZap has filed a US$57 million lawsuit against web hosting company LiquidWeb for allegedly hosting defamatory content. Platinax, [http://www.platinax.co.uk/news/14-02-2007/greenzap-claims-its-not-a-scam/ Greenzap claims it's not a scam] , Feb 14, 2007]

References