Individuals do not deserve trust when people refuse to verify and provide no explanation of their business model. 'Trusting' someone in that situation is willful ignorance guided by the temptation of great profits and riches.
Even if Pirate pays back every single deposit with interest I will not trust him in the future (unless he provides verification and a clear and concise model of operation.)
To everyone who invested in Pirate: you are speculating (gambling) and not investing. Part of investing is weighing potential risk vs potential reward. All investments carry risk; but is up to the diligent investor to discover and acknowledge them. With a completely blind offer (by Pirate) you are weighing the temptation of 7% weekly against a complete unknown.
This can best be summarized by one of my favorite quotes found on these forums:
Good advice that I expect will be widely ignored: only invest in what you know.
So-called high yield investments are (almost?) always dressed-up Ponzi schemes. If you "invest" in them then please lick your wounds quietly when they implode. And if you're one of the lucky few who make money on them, don't expect me to admire your investing wisdom, any more than I'd admire the number-picking brilliance of a lottery winner.