Wealth Generators Is A Pyramid Scheme
Wealth Generators claims to be a provider of financial education, research and electronic tools for the individual offered on a monthly subscription basis and distributed via network marketing. Colombian regulators have issued a warning that Wealth Generators is a pyramid scheme. Wealth Generators is based in Utah. Utah is a hot bed of financial and MLM scams.
Here is how Wealth Generators is promoted:
Here is what the regulators have to say about Wealth Generators:
Superfinanciera Warns About Business Models With Characteristics Of A Pyramid Scheme
December 16, 2016
The Financial Superintendence makes a warning to the general public against the following firms and business models that present characteristics of a typical pyramid scheme:
- “MILLIONAIRES NEW ASSOCIATION”
- “MILLIONAIRES ASSOCIATION”
- “MILLONARY CLUB”
- “MILLIONAIRES COMPANY”
The people who use these names invite you to participate in a typical pyramid scheme that promotes through the following emails: email@example.com, firstname.lastname@example.org, email@example.com and firstname.lastname@example.org.
As evidenced by the publicity used, the operation constitutes a typical pyramid scheme since, by means of said mails, they invite the delivery of the sum of $ 100,000, $ 400,000 or $ 1,600,000, according to the level and data of two persons who carry out the same process; Promise that in a maximum of 15 days those who join will receive the fraudulent “profit”. The money should be sent through a system of money transfers to the person the manager reports through an email message.
The so-called “yields” that are promised to those who join are only received if those they “invite” also give their money.
- “WEALTH GENERATORS”
It promotes its activities through the web site wealthgenerators.com that apparently operates from Utah (United States) and its business model has characteristics of the typical pyramid scheme.
This Superintendency was able to verify that the mentioned company offers to pay “benefits” represented in money, to those who join that fulfill the requirement to recruit more people who contribute their resources, which are the only source of money that sustains the pyramid. Success depends on gaining more referrals that contribute money to keep the pyramid growing in geometric progression.
The existence of the pyramid scheme can also be observed in the compensation plan referred to by their publicity broadcast web page: Wealthgenerators.com.
Pyramids are illegal
It is worth reiterating that “pyramids”, that is to say, where supposed gains are received for recruiting other people, constitute one of the modalities for the unauthorized collection or collection of mass resources from the public.
In this class of schemes, both the person receiving the money and the one who is making the contribution and inviting the others to register themselves, incur an unauthorized collection of money from the public, which carries consequences in the matter Administrative and penal.
It should be noted that the “pyramids” are currently operating through the use of mechanisms that do not allow those who allow themselves to be tempted by these offers to identify the person before whom they can complain or against whom they should make the denunciations, since they use virtual sites to send the invitations, the data of the people to whom they must give their money and to instruct on how they should do it.
The Financial Superintendence calls on the public not to fall into businesses that promise high returns or exorbitant income, as they run the risk of becoming involved in illegal activity and participate in pyramid schemes.
Anyone who has information of this type of illegal activities can bring it to the attention of the Attorney General’s Office through its sectional offices of the National Police through the Virtual CAI – Police Cyber Center – DIJIN and INTERPOL (www.ccp.gov). .co or email email@example.com), from the Office of Customer Service – DIJIN (Av. El Dorado # 75-25 in Bogota DC), the Superintendency of Corporations, the Superintendency of Economy Solidaria, of the Mayors or of this Superintendency.
If in doubt, consult
As a result of the campaign Do not be fooled! Of that good they do not give so much … that the Financial Superintendence has been doing in different cities of the country, the citizenship has made greater use of the channels that the Entity has available to verify in advance the veracity of the information that provide signatures that assure Be financial establishments:
• One-stop virtual window on our web portal www.superfinanciera.gov.co
• Headquarters: Calle 7 No. 4-49 in Bogotá
• Switch: (571) 594 02 00 – (571) 594 02 01 Ext. 1651
• National Free Hotline: 018000 120100
• Contact Center (571) 307 8042
• Email: firstname.lastname@example.org
– Source Google Translated superfinanciera.gov.co
Here is an overview of the commissions you can make for recruiting people into Wealth Generators:
Compensation Plan Highlights:
Qualified Generator: $249.99 at enrollment (upgrade may be purchased separately) $129.99 per month beginning 2nd month. Includes full participation in the Bonus Plan including the Qualified Generator Bonus. Full product suite included, plus Expert Club Webinars.
For Rank Qualification, An Active Generator has paid $129.99 for the month (100 PV). You must be Active (100PV) and have 3 Active Personally Enrolled Generators to participate in the Bonus Plan.
- For your personal enrollee legs #2, #5 and #6, you are paid $40
- You are also paid $40 for an infinite number of generations on the #1, #3 and #4 personal enrollees of your personal enrollees #2, #5 and #6
- For your personal enrollee legs #7, #8 and #9, you are paid $75
- You are also paid $75 for an infinite number of generations on the #1, #3 and #4 personal enrollees of your personal enrollees #7, #8 and #9
- For your personal enrollee legs #10 and higher, you are paid $90
- You are also paid $90 for an infinite number of generations on the #1, #3 and #4 personal enrollees of your personal enrollees #10 and higher
– Source Wealth Generators Bonus Plan
Wealth Generators Conclusion
It looks like Wealth Generators days in Columbia are limited. In my opinion, Wealth Generators is just another recruiting scam. Avoid this money making opportunity.