myEcon Scam? Yes It Is In My Opinion!
Disclaimer: These comments that you are about to read are my personal opinion and you should rely on your own research when deciding whether to pursue the myEcon business opportunity. Any facts below are provided for reference only and any errors will be corrected.
Financial services are the perfect cover for a recruiting scams. Throw in a few low value financial services like credit repair and you can run a recruiting scam legally here in the USA. Most of these recruiting scams share little information with you about your chances in making money by selling their financial services for retail prices. They focus on the money you can make by recruiting people into the money making opportunity, but they remind you that you do not need to recruit. Many of my subscribers have requested that I take a look into the myEcon business opportunity. Here is what I have found.
myEcon Scam Claims
myEcon is a 10 year old, technology driven company, created by a small group of financial professionals to empower people to attain Financial Success. The company has helped thousands of people financially and some have become millionaires. myEcon has done this by helping people increase their cashflow multiple ways, using it’s powerful, Personal Financial Success System. The system is based on three Smart Cashflow Strategies. The three strategies are: Minimize Taxes, Generate Business Income and Asset Accumulation.
The System works because it empowers associates to acquire additional cashflow by Minimizing Taxes and Generating Business Income. Associates use the extra cashflow to Eliminate Their Debt which frees up even more cashflow. Investing the extra Cashflow powers Associates to Accumulate Assets and attain financial success.
myEcon Scam Reality
myEcon was founded in 2005. It is based in Georgia.
3750 Hewatt Court
Snellville, GA 30039
There is no proof provided that their system actually works. They do not provide a detailed income disclosure and they don’t even provide their compensation plan on their website unless you join.
Here is what myEcon has to say about themselves:
myEcon, Inc. is a privately held, debt free company based in Gwinnett County, GA, a suburb of Atlanta. The company was founded by a small group of entrepreneurs in 2005. The company operates in the multi-billion dollar Direct Sales industry. The founders’ vision is to empower people to attain Personal Financial Success. The company name myEcon, is short for “my Economy”; because the founders envision each individual taking care of their Personal Economy just as governments and corporations take care of theirs. myEcon empowers its Associates to attain financial success by helping Associates earn income through a web-based business system and by teaching them financial strategies. The company currently has over 50,000 independent marketing associates and is one of the fastest growing companies in America.
Who is this small group of entrepreneurs that founded myEcon? They don’t tell you who they are. Here is what I was able to find out about this group of entrepreneurs.
Here is video of Alvin Curry in action:
Before myEcon Ivey J. Stokes and Alvin Curry were involved with Maxxis 2000 (Maxxis Group Inc.), an MLM that was founded in 1997. They sold communications products and services, private label nutritional products, and other consumable products . The company filed for bankruptcy in 2003.
Maxxis 2000, Inc. is a company that started in 1997 and is run under the parent company Maxxis Group Inc. They market telecommunications services, internet services, and nutritional and health enhancement products in the United States through a network of “independent associates,” or “IAs.” The “IAs” resell long distance, which is provided via contract from Broadwing Communications Services, Inc. Maxxis 2000 also focuses on teaching their “IAs” about finances and wealth creation. The company’s founder, Ivey J. Stokes, has been the Chairmen of the Board since startup and became CEO and President in Sept 1999. Stokes started marketing in 1982 with A.L. Williams and also started his own independent marketing firm in 1991 called Global Marketing Alliance. – Source ameraway.com
Ivey J. Stokes and Alvin Curry were sued by S. Gregory Hays, Chapter 7 Trustee for Maxxis Group, Inc..
Maxxis was incorporated in January of 1997 in the State of Georgia. Maxxis’ business model was the use of independent sales associates marketing communications, internet services, and nutritional and health enhancement products through a multi-level network marketing system. Maxxis conducted a public offering of common stock in January and February of 1999.
The individuals primarily responsible for the creation of Maxxis are Defendants Stokes and Curry. Both men have extensive backgrounds in the multi-level marketing industry, and a personal and business relationship with one another over a long period of time. Stokes has been described as the “brain trust” of Maxxis, while Curry tended to handle operational issues. Although Stokes acted as Chairman of the Board during the entire time of Maxxis’ existence, he recognized that he did not have sufficient corporate experience to run the corporation on a day-today basis. To that end, he recruited Tom Gordy, an individual with extensive high-level corporate governance and management skills. Subsequently, James W. Brown was retained to act as Maxxis’ Chief Financial Officer. Mr. Brown also had significant experience with regard to corporate governance and high-level management responsibilities and duties. On or about March 2001, Mr. Gordy resigned as Chief Executive Officer and from the Board of Directors, and shortly therefore Mr. Brown resigned as Chief Financial Officer. Upon the resignation of Mr. Gordy, Stokes assumed the role of Chief Executive Officer while retaining his position as Chairman of the Board.
In the fiscal year ending June 30, 2000, Maxxis enjoyed its best financial performance, with total net revenues of $29,133,000 and a net income of $1,033,000. By December 31, 2000, however, Maxxis was insolvent, and for the fiscal year ending June 30, 2001, Maxxis’ total netrevenues had dropped to $10,726,000, with a net loss of $3,956,000.
After the corporation became insolvent, the Defendants disregarded their fiduciary duties to Maxxis and its creditors and instead promoted their own financial interests as Maxxis’ equity holders, senior management and Directors, by engaging in egregious acts of misconduct which further impaired Maxxis’ financial condition. – Source Maxxis Complaint
I am not sure why people are taking economic advice from people that “engaging in egregious acts of misconduct” in their previous company according to S. Gregory Hays, Chapter 7 Trustee for Maxxis Group, Inc..
myEcon is another MLM created by the dynamic duo of Ivey J. Stokes and Alvin Curry. You pay a setup fee and then a monthly fee to participate in the business opportunity. They offer products like ID Defender and Road Assure Roadside Assistance for you to sell. I did not see any original products that they offer to customers. Just 3rd party products and affiliate products like Priceline Travel.
It is my opinion, these commonly available products are just a cover for running a MLM recruiting scam.
Is myEcon one of those pyramid type things? Yes it is!
They pay to an infinite levels deep for the people you recruit and the people that they recruit.
Excessive levels in a downline is another sign participants are expected to sell primarily to their downline, rather than to the general public. This makes it an exploitative money transfer scheme. – Source The problem with 5 or more levels of compensation.
They make it very clear in their slides that “The Key is to long term stability and increased income is to generate as many 1st Generational EVPs as possible.”
myEcon works off of a unilevel MLM pay plan. It works best when you recruit two people into the business opportunity right at the start.
Your 2 that you personally sponsor will earn you a commission of $20.
On your third personally sponsored you earn $35 and from all of your additional personally sponsored members up front.
Your third personally sponsored member is considered your “Base Shop”.
Once you have your “Base Shop” setup you can make money on the people your recruits have recruited.
You can make money by selling the products that myEcon offers, but the focus is on recruiting a lot of other people just like yourself that join the business opportunity.
myEcon merged with the Novae MLM recruiting scam in 2016.
Novae and myEcon have finalized details of a merger to take effect on October 1, 2016.
Since Novae’s inception in 2014, the company has focused on Lifestyle Enhancement, offering products and services to enhance individuals’ lives in all areas. The merger with myEcon, founded in 2005, allows Novae to streamline their focus to myEcon’s specialty, Wealth Creation through a concept myEcon refers to as “Income Shifting”. With hundreds of millions of Americans looking to improve their financial situation, Novae and myEcon are poised to become industry leaders within this category.
“This is not only going to be great for both companies, but a major home run for the Independent Business Owners (IBOs) of Novae as well!” states Reco McDaniel, Novae President & CEO. McDaniel further explains, “This merger allows our IBOs to have an enhanced opportunity from day 1. The top level enrollment fee for new IBOs is decreasing from $499 to $199, which lowers the barriers of entry. The compensation payout is significantly increasing as well, allowing IBOs to potentially earn thousands of dollars weekly for sharing the new opportunity. Novae’s monthly membership fee of $99.95 is now being reduced to $34.95 through the merger and will provide IBOs with increased value and services!”
myEcon’s Financial Success Membership includes a Cashflow Manager Software, Identity Theft Protection, Free & Discounted Legal Services, Tax Advice Service & Preparation, and Identity Theft Prevention. Novae will add Novae Perks, Novae Library, and Novae Travel to this membership and at no additional cost to current myEcon and Novae IBOs. In addition to the membership, Novae Roadside Companion, Sprayology, and Novae Money will also be added to myEcon’s product offerings.
Ivey Stokes, Founder of myEcon, also sees the merger as a major win for his company. Stokes states, “Over the last few years, myEcon set company goals to improve marketing, become mobile, and begin to attract a younger demographic. For more than a decade, our company has attracted tens of thousands of Baby Boomers across the country and we have been successful. This merger allows us to capitalize on Novae’s strengths which help us accomplish our goals in short order.”
With the release of Novae Connect, Novae’s mobile application, in August, both companies are excited about smart phone technology being married with this newly enhanced opportunity. In October, all of the IBOs of myEcon and Novae will now have access to this application, which is sure to generate momentum for these companies and make the industry take notice.
Multi-Million Dollar Earner and Top Industry Trainer Brian Beane is excited about this merger and has decided to come out of retirement to join these two powerhouses to create something special. Beane exclaims, “It’s not often that you have 2 company owners that have collectively built multi-million dollar companies decide to come together for the benefit of their companies and communities so everyone wins! This may very well be the greatest merger in the history of the Network Marketing industry!”
myEcon and Novae’s executive teams will begin efforts to blend corporate leadership. Over the next several months, the companies will continue to take steps to integrate systems, marketing, organizations, and culture to create a huge conglomerate that will change the lives of millions across the country. – Source prnewswire.com
Here is what I had to say about Novae in my review of them:
In my opinion, Novae is a recruiting scam. They are a reboot of WakeUpNow by previous representatives of WakeUpNow. They use low value products to provide a cover for running their recruiting scam. The compensation plan requires you to purchase a package from them and maintain a monthly auto-shipment. You are incentivized to primarily recruit other distributors that recruit other distributors. Each individual who profits, therefore, does so primarily from the payments of others who are themselves making payments in order to obtain their own profit. They do not offer information that verifies that people are making any significant amount of money by participating in their business opportunity. I would avoid the Novae business opportunity.
It looks to me that Novae and myEcon are a great match for each other.
One-time setup fee of $47.90 and a monthly website management and technology fee of $34.95 beginning 30 days from the date of my enrollment.
Personal Financial Success Training Manual(optional) – $24.95 at time of enrollment. Regular price $38.00.
Smart Credit System
Book Travel – Priceline
Daily Ultimate Liquid Multi-Vitamin
Body One MSM Capsules
Aloe Gano Café Coffee
Road Assure Roadside Assistance
750 Credit Monitoring
In my opinion, myEcon uses re-branded Ocenture services and other affiliate products to provide something to sell as a cover for their recruiting scam.
FOR EVPs AND HIGHER
- Active and have 2 personally enrolled Active Associates
- Have an Active Cashback Mall Membership OR have personally produced at least:
- $2 of CV in the prior 5 commission cycles OR
- $6 of CV in the prior 13 commission cycles OR
- $12 of CV in the prior 26 commission cycles OR
- $24 of CV in the prior 52 commission cycles
- Meet the required qualifications for your specific rank
The myEcon compensation plan pays to an infinite levels deep.
No detailed Income Disclosure is provided before you join on their website.
The one-time setup fee is NON-REFUNDABLE after the 3 Day Right of Rescission period. In addition, the monthly website management and technology fee is nonrefundable upon payment. If the quarterly or annual website management and technology fee payment option is elected, the only amount that is refundable is the amount for months not used. No refunds for partial months.
myEcon Scam Conclusion
In my opinion, myEcon is a recruiting scam. The founders come from a bankrupted company called Maxxis 2000 (Maxxis Group Inc.). They use low value products to provide a cover for running their recruiting scam. The compensation plan pays to an infinite levels deep and is focused on recruiting. In 2016 they merged with another recruiting scam called Novae. You are incentivized to primarily recruit other distributors that recruit other distributors. Each individual who profits, therefore, does so primarily from the payments of others who are themselves making payments in order to obtain their own profit. They do not offer information that verifies that people are making any significant amount of money by participating in their business opportunity. I would avoid the myEcon business opportunity.