The Latest News on OneCoin

Posted by on Nov 29, 2016 in Warnings | 0 comments

THE LATEST NEWS ON ONECOIN While it had been my intent to write an article about the major principals of OneCoin, recent events involving OneCoin made it imperative that this update be written before the article on the major principals of OneCoin. These are the important issues you need to be aware of:  OneCoin Banking Issues and OneCoin Regulatory Issues. BANKING ISSUES Since the launch of OneCoin, OneCoin has now gone through twenty different bank accounts. At the present time they do not have a banking relationship with any bank, and thus members can no longer wire funds to purchase coins. OneCoin has also had bank accounts in shell companies they formed since so many banks had refused to do business with OneCoin, so they used shell companies trying to mask their true identity. They have used these shell company names: One EUX, LLC; International Marketing Services; Vernada Trading Pte. Ltd; Zala Group LTD; IMS Marketing Tanzania Ltd; International Marketing Services Pte. Ltd; IMS International Marketing services GmBH; Educamax Services SRL; Foshan Everbright Import & Export Company Limited; and Eastern Project Investments Limited. Their Merchant Processor, China Union Pay, account was closed April 30, 2016. It was then re-opened as New China Union Pay Intl on May 10, 2016. These cards issued through New China Union Pay Intl was for OneCoin’s China investors only. Then on or about November 17, OneCoin announced that these cards had been disabled. Now stop and ask yourself, if OneCoin is this great transparent company, and claiming to be the most transparent company ever, why would they use shell companies instead of their own company name to their company bank accounts? What we do know is that OneCoin has changed banks every time there was an announcement that OneCoin was under investigation in the country where they were banking, or the country issued a warning to their citizens about OneCoin. We believe the arrests of the four Chinese Promoters of OneCoin and the ongoing investigation by the Chinese authorities into OneCoin was responsible for the cards issued through New China Union Pay Intl were ceased. Of the last four bank accounts that were opened by OneCoin in a shell company name, one account was closed within 24 hours, another one was closed within a week and the other two were closed within two weeks. The banks closing these accounts had regulatory issues with OneCoin or thsese bank accounts would not have been closed. REGULATORY ISSUES In my initial article I had mentioned that the UK was the latest in a long list of countries that had either issued a warning about OneCoin or had OneCoin under investigation. These investigations have continued. Now Viet Nam...

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My Advertising Pays (MAP’s) – An Ad Exec’s Opinion

Posted by on Jun 24, 2015 in Warnings | 0 comments

My Advertising Pays (MAP’s) – An Ad Exec’s Opinion So apparently there’s this amazing new advertising platform on the block. According to its CEO and Chief Communications Executive it’s actually “tomorrow’s advertising today”. So at this point you’re possibly thinking, wow, it must be able to target potential customers for advertisers based on some incredible algorithms that mean it knows before the customer does what you want. You also might be thinking, there must be some serious advertising and/or tech heavyweights behind this – maybe some Facebook or Google alumni? Either way, this sounds like the sort of company that the VC’s down Sand Hill Road in Silicon Valley would be fighting each other to be the lead investor in for the Series A fundraise. You’d be wrong on every point. My Advertising Pays that genuinely does bill itself as “Tomorrow’s advertising today” has none (zero, nada) of the aspects of what you would potentially anticipate. Before I get into what the business is, let’s take a look at who is behind the business. The truth is it’s not entirely clear – there is a CEO named as Mike Deese, but he has no experience or background in either advertising or technology. He is not Googleable (my word), not accountable for what he actually has done in the past, and doesn’t have any connections to the advertising or technology worlds. Sure, but maybe he has a top team of industry veterans around him? Nope – there is no other discernible exec team around him, bar a UK based couple (that are closer to retirement than they would care to admit) that appear to do nothing other than promote this service. So what is it that MAP’s brings to the table? Well apparently if you spend $50 on advertising on their site and you are happy to click on other people’s advertising there (10 others to be precise), every single day,  then you will qualify to have all of your money back with a cherry of $10 on top three months later (divvyed out every 20 minutes apparently). So your advertising is only being clicked by other people who want to qualify for their 20% returns. Brilliant – I can just see the CMO at General Motors planning how he can max out his $500million+ annual digital budget on MAP’s so he can pocket the $100mill back to show off to his CFO. “But did we sell many cars?” he’ll ask, “no, but look how much money I brought back in” he’ll reply. Hopefully your sarcasm detector is beeping for all its life right now. The believers in MAP’s will try and have you believe that traffic = sales. Any...

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Things You Should Know About Your Credit Report

Posted by on Jun 25, 2013 in Alerts, Warnings, Alerts, & Hot Topics | 0 comments

The first thing you should know about your credit score is that you just don’t have one score, but over 100 of them. Companies take whatever factual data that they can collect on you, and use an algorithm to calculate a credit score on you. These credit scores are always evolving and constantly changing. The market leader credit score is what is called “FICO,” and is done by the Fair Isaac Company. They command about 75% of the market share of credit scores. For example: When applying for a home loan, the mortgage lender will use your FICO score to determine credit worthiness to obtain the loan and to establish your loan rate. While there is no way to tell you exactly what goes into your credit score, after years and years of working with FICO and the other agencies that set your credit score, the industry has figured out several things about how your score is determined. These factors allow you to control your own credit score. THE 5 MOST IMPORTANT THINGS THAT AFFECT YOUR SCORE 1. YOUR PAYMENT HISTORY Your payment history makes up about 35% of your credit score. Your history of paying your bills shows your attitude towards your creditors. According to FICO, only 3 out of 10 people have ever been late more than 60 days. In terms of payments, your credit score focuses on these three factors: a. RECENCY: The more recently you have been late with a payment, the bigger the hit you take on your score. It’s even worse for people with higher credit scores because when they are late with a payment, their credit score can drop several points more than someone who with a mild history of late payments. b. FREQUENCY: More late payments on a credit report than fewer may appear to be a pattern. c. SEVERITY: A 30 day late payment is not as bad as a 60 or 90 day late payment. The more severe the late payment, the greater the damage to your credit score and report. 2. HOW MUCH YOU OWE ON YOUR ACCOUNTS This part of the score not only looks at how much you owe, but what percentage of your available credit that you use. Most Americans only use 30% of their available credit. According to FICO, only 1 in 7 people use 80% or more of their available credit. You should know that many creditors such as credit card companies report the outstanding balance due to the credit reporting agencies every month at around th same date. Even if you pay your credit card balances in full at the end of the month, if on the reporting date your balance is close to the maximum of your available credit, you can and probably are getting penalized. 3. HOW LONG YOU HAVE HAD CREDIT The longer...

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Steps To Protect Your Credit Report

Posted by on Jun 25, 2013 in Alerts, Warnings, Alerts, & Hot Topics | 0 comments

STEP 1: Pull your Credit Report Pull your credit at least three times a year. Each of the three credit bureau reporting agencies allows you to obtain one free credit report per year. So each quarter request your credit report from a different reporting agency. You can also request a free credit report from www.annualcreditreport.com. Their website is sponsored by all three credit reporting agencies. This site will only let you pull your credit report once per year. In essence using this service you can pull your credit report for free four times a year. STEP 2: Review Your Credit Report When you pull your credit report, be sure to check it. Here is a guideline on what you should be looking for in your credit report: 1. Public Records to see if there are any judgments or liens that do not belong to you; 2. The “Potentially Negative” items section to be sure that each of these is appropriate; 3. Your trade lines to be sure that all of them belong to you. Then check the payment history to be sure that your creditors are reporting all of the payments that you have made, and that they are being reported correctly; 4. Check the bottom of your report to see who has pulled your credit report. Every time someone pulls your credit report, it leaves a “foot print” showing the name of the company and the reason why it was pulled. If you did not authorize any of these credit reports to be pulled on you, then your rights have been violated and your credit score may be adversely affected. STEP 3: Post a dispute to anything that is not accurate about your credit report. Tell the reporting agency and your creditor what the mistake is on your credit report. BE SPECIFIC. Be sure to attach as many documents as you need to prove your point. We recommend you submit “certified copies” not the originals. You should always keep your originals in a safe place. For example: If you went through bankruptcy and a pre-bankruptcy trade line is showing a balance due, dispute that trade line and attach a copy of your notice of discharge from the bankruptcy court. While it is tempting to post your disputes on line, you are far better off presenting your dispute in writing, and having it sent via certified mail. Be sure to keep a copy of your dispute letter and all your supporting documents you sent. It will be your proof that you made your dispute to the credit reporting agency should you have to file a lawsuit. STEP 4: If you have posted a dispute with the Credit Reporting Agency about an inaccuracy on your credit report, follow up with the agency if you do not receive a response after 30 days. The credit reporting...

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The Black Box Method of Due Diligence – by “Entertained”

Posted by on Jun 29, 2012 in Hot Topics, Warnings, Alerts, & Hot Topics | 0 comments

Many of us have been taught since birth that there’€™s no such thing as a free lunch, and that if we want something, the best was to get it is to work hard for it. Another lesson from early childhood is the adage, “œIf it’€™s too good to be true, it probably is.” Why, then, as adults, do so many people suspend their disbelief and get ensnared in a variety of scams, ranging from pyramid schemes and chain letters to Ponzi schemes and other High Yield Investment Programs? (These are known as HYIP programs, for short.) I will present a method here that can be used to clearly identify mathematically unsustainable business models, otherwise known as scams. People have posed this question: “Why, after all this time, do we still not have SOMETHING in to help us separate the wheat from the chaff when it comes to Internet Businesses and other investment opportunities?” The Black Box Method is the tool to answer that question. Before investing in any enterprise, it is the responsibility of prospective investors to do their own due diligence, and not rely solely on the advice of friends, colleagues, and relatives (sadly, those connections are frequently leveraged by scammers as part of affinity fraud). Part of the due diligence process is to examine the opportunity for mathematical viability, and the Black Box Method is an easy tool to carry out that analysis. Mathematical sustainability means that a business can continue indefinitely, i.e., it is a viable long-term enterprise. All scams that I am aware of can be shown to be mathematically unsustainable. However, short-term un-sustainability is not a problem provided that long-term sustainability can be shown (most businesses when starting up go through an initial investment phase that appears to be unsustainable.) The key to the analysis is to look at sufficiently long times to see whether or not the business model breaks down. THE BLACK BOX METHOD The Black Box Method can be used in many different situations, and can be used to analyze virtually any process or business model. The tool comes from the field of process design and control, and is a standard tool taught at advanced levels in chemical and process engineering. It is also commonly applied in computer science, and in finance, and has been used successfully for decades. Consider first a complex chemical reactor, such as a catalytic cracker used to break down crude oil into a variety of lower-molecular-weight components, including gasoline. In such a reactor, there are dozens, if not hundreds, of different chemical reactions occurring simultaneously within the reactor. It is not possible to understand each and every reaction, nor can one track those individual reactions. Instead,...

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Affinity Fraud – What Is It?

Posted by on Jun 29, 2012 in Hot Topics, Warnings, Alerts, & Hot Topics | 0 comments

Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, seniors, or professional groups. The fraudsters who promote affinity scams frequently are – or pretend to be – members of the group. They often enlist respected community or religious leaders from within the group to spread the word about the scheme, by convincing those people that a fraudulent investment is legitimate and worthwhile. Many times, those leaders become unwitting victims of the fraudster’€™s ruse. These scams exploit the trust and friendship that exist in groups of people who have something in common. Because of the tight-knit structure of many groups, it can be difficult for regulators or law enforcement officials to detect an affinity scam. Victims often fail to notify authorities or pursue their legal remedies, and instead try to work things out within the group. This is particularly true where the fraudsters have used respected community or religious leaders to convince others to join the investment. Many affinity scams involve “Ponzi” or pyramid schemes, where new investor money is used to make payments to earlier investors to give the false illusion that the investment is successful. This ploy is used to trick new investors to invest in the scheme and to lull existing investors into believing their investments are safe and secure. In reality, the fraudster almost always steals investor money for personal use. Both types of schemes depend on an unending supply of new investors – when the inevitable occurs, and the supply of investors dries up, the whole scheme collapses and investors discover that most or all of their money is gone. HOW DO YOU PROTECT YOURSELF FROM AFFINITY FRAUD? Investing always involves some degree of risk. You can minimize your risk of investing unwisely by asking questions and getting the facts about any investment before you buy. To protect yourself from falling victim to Affinity Fraud, or any type of Fraud, follow these recommendations: Check out everything – no matter how trustworthy the person seems who brings the investment opportunity to your attention. Never make an investment based solely on the recommendation of a member of an organization or religious or ethnic group to which you belong. Investigate the investment thoroughly and check the truth of every statement you are told about the investment. Be aware that the person telling you about the investment may have been fooled into believing that the investment is legitimate when it is not. Do not fall for investments that promise spectacular profits or “guaranteed” returns. If an investment seems too good to be true, then it probably is. Similarly, be extremely leery of any investment that is said to have...

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