February 8, 2012
Charges were filed today with the Australian Security Exchange commission against Steve Louis Magaric former employee of PANAMA-GPS, Inc..
Source say that the owner of PANAMA-GPS, 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 Jerry Hall’s copyright from the USA and maps owned by PANAMA-GPS, Inc. Steve Magaric scammed unknowing map subscribers out of hundreds of thousands of dollars. Fraud Company PTYGPS.COM
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.