The Viral Franchise Scam? Yes It Is In My Opinion!
Today I want to take a look at The Viral Franchise by I Wanna Be Rich™. This get rich scheme can be found in money making forums and many other on-line locations. Here is what I have found.
Update: The Viral Franchise was recently offline for a long period of time. Here is an email that explains the downtime and all the technical problems caused by the owners lack of planning for the future or backing up his web server correctly.
Hi everyone, sorry about the downtime but it couldn’t be avoided.
Those of you that have been with me/us for a while now have noticed the HUGE leaps in traffic and service we have been having month over month ‘especially’ the last 3-4 months. With the increase im sure you noticed we shut down once or twice that first real busy month, then three or four times the next month, then five or six times last month. (tech talk ->) The amount of log files, inode files and a duplicated named file caused the server to lock up permanently with the only option of reformatting.
Ive been working like an absolute madman for the last 5 days to get things back up and running while answering countless emails, I havent been able to email everyone to inform of what happened because all the emails were locked into the broken server. This email im sending right now means that IWBR Financial is now back up and running, there were NO payment OR account losses, all funds are 100% intact and there is absolutely nothing to worry about on this end 🙂
IWBR Financial was the first priority because it handled the cash, my next workload is to get the Franchise back online 🙂
This is going to take me between 3 and 7 days where I have to rewrite alot of unique code specific to the franchise system that wasnt backed up, but believe me when I say im going to complete this ASAP because you arent the only ones not making any extra money with site being down 😉
Thank you all for your patience and encouraging emails, we will get our show back on the road very soon 🙂
The Viral Franchise Scam Claims
Franchisee’s Wanted – No Experience Required
Greatest And Fastest Growing MLM Business In History!
Success with YOUR Viral Franchise is guaranteed as long you achieve 1 sale to a motivated individual because they will do the same, this starts an ever increasing chain reaction of franchise and booster fee income into your account.
Every Viral Franchise owner WILL become successful beyond their wildest dreams if they pay their operating expenses (less then $10 dollars a month) and make at least 1 franchise sale to another motivated individual, our forced viral payment system will take care of the rest.
Here is a Viral Franchise presentation video.
The Viral Franchise Scam Reality
Frederick Spears is the Owner, Operator and C.E.O of I Wanna Be Rich™.
Here is the picture of himself that he provides on Linkedin.
The Viral Franchise was launched in 2013.
The Viral Franchise has no products you can sell for retail.
The cost to join The Viral Franchise is $7 + Fees. For your $7 + Fees, you are given a Viral Franchise duplicate website on their domain.
To begin, you need to load your IWBR Financial account with $25. IWBR Financial is what is used to handle the money in this get rich scheme. IWBR Financial was created and is run by the owner of The Viral Franchise.
Franchise owners get paid directly into their IWBR Financial account and are able to cash out on a bi-weekly basis once they reach $100, in order to be eligible to collect franchise fees you must be paying your own franchise fees.
Franchise: You pay $7 + Fees per month. $1 goes to the admin and $1 goes to 6 other people in your upline.
This is a six level deep cash gifting pyramid scheme.
Booster: You pay 1 cent payments to a list of 31 people each day + Fees.
This is a 30 level deep cash gifting pyramid scheme.
Here is what the ATTORNEY GENERAL Of Michigan has to say about Cash Gifting.
What they do to give this get rich scheme some legitimacy is give you the option to run your own ads next to their giant ad for their cash gifting scam. If you wish to destroy the credibility of your brand or product, you can do that by running your ads with The Viral Franchise.
Creating An IWBR Financial Account: FREE
Loading Your IWBR Financial Account: 1:1 + your external processing fee.
External Processing Fees
Paypal (Outside Canada) (fee is 3.9% + $0.50)
Paypal (Canada) (fee is 2.9% + $0.30)
Payza (fee is 3.9% + $0.59)
Solid Trust Pay (fee is 2.5% + $0.32)
Ego Pay – $25 Only (fee is 2.5% + $0.50)
Making A Purchase(any amount): Between 0.02 and 0.10 cents
Sending Money(any amount): Between 0.02 and 0.10 cents
Recurring Payments(any amount): Between 0.02 and 0.10 cents
Holding A Balance(any amount): FREE
Micro Payments(ie:0.01 cents): FREE
Withdrawing IWBR Financial Funds($100 Minimum): 5%
– Source Iwbrfinancial.com
There are a lot of fees that you will be paying to get your money into and out of this scheme.
There is no income disclosure provided.
You have no idea how many people or even what percentage of people are making money. If you are offering a franchise, this information is required.
There are no refunds in The Viral Franchise.
– Source The Viral Franchise FAQ
Since this company is based out of Canada, here is what the law in Canada has to say about how this get rich scheme is run.
These scams start with one person or a few people (those at the top of the pyramid) who sign up others to invest in a fake business. These new members pay to join the scheme and are expected to bring in more people to invest in the “business.” Each time a new member pays to join, those higher up on the pyramid get a cut of the money.
At some point, every pyramid scheme reaches a point where no new investors can be found and the last investors, those at the bottom of the pyramid, lose their money.
Pyramid schemes are illegal in Canada.
– Source Sse.gov.on.ca
The owner of The Viral Franchise scam clearly understands that his business model is unsustainable and has plans for when the inevitable collapse of pyramid recruiting comes.
“Now, once the franchising aspect runs dry we can flip our script into solely selling ad space and or PPC or any number of other ways to get our latecomers some income.” – Source Frederick Spears
The Viral Franchise Scam Conclusion
In my opinion, The Viral Franchise scam is a cash gifting scheme that is run under the cover of an advertising platform. Each individual who profits, does so primarily from the payments of others who are themselves making payments in order to obtain their own profit. Avoid The Viral Franchise scam.