Steve Magaric wanted in Panama GPS fruad

Posted in the Panama Forum

Robert Frost

Panama City, Panama

#1 Feb 8, 2012
February 8, 2012
Charges were filed today with the Australian Security Exchange commission against Steve Louis Magaric former employee of PTYGPS, Inc..

Source say that the owner of PTYGPS, Inc, has filed a formal complaint to the Australian Security Exchange Commission against Steve Louis Magaric for security fraud in Panama and in Australia. Targeting his Investment Scheme of far back as 2004. Mr. Magaric was involved in a ClubInvestment scheme which resulted in many investors loosing their investments. Mr. Magaric was banded from every doing any kind of business where funds were received from outside of Australia or sent out of Australia.

Sources say he convinced GPS owners to purchase LifeTime Updates to a GPS Map service for which the Company doesn't provide such service, Pocketing in excess of $400 per transaction in cash and a total of over $150,000 over 5 years.

Mr. Steve Magaric had no intention of fulfilling the orders he was taking. Operating from Australia and fraudulently using the PTYGPS copyright from the USA and maps owned by PTYGPS, Inc. Steve Magaric scammed unknowing map subscribers out of hundreds of thousands of dollars.

Mr. Steve Louis Magaric is currently being sot by US government agencies, Panama Agencies and soon Australian Agencies. Charges amount to fraud, theft, and international Banking violations for hacking USA and Panama Bank accounts.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Panama Discussions

Title Updated Last By Comments
Panama is Pathetic Place to Retire (Or Live for... (Oct '09) Jan 13 Left panama for g... 272
Don Winner and Steve Margaric Scamming Garmin G... (Feb '12) Jan 9 Panama-GPS 12
Ways to work from home (Jan '13) Jan 7 Susie 4
XL and Telkomsel Preparing to Face Surge Traffic Jan 4 naimaurruchua 1
Strong earthquakes rattle Central America Dec '14 ideals 1
Supermercado Romero Chiriqui - Grupo Rey Panama... (Oct '09) Dec '14 angel quiroz 61
Weak Erections,Power, Size of Penis call us at ... Nov '14 ATLANTIC LOVE 1
More from around the web