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I was reading post and asking some questions on Patrick's and Oz's websites and people seem to be in consensus. Next big pyramid scheme that comes out of shadows of TelexFree bust is Wings network. So far it is post popular in Portugal, Russia and Caribbean Islands. But it is actively trying to get into US too.
Wings Network is very similar to TelexFree in compensation department, but instead of overpriced VOIP, it uses "Social Recruitment Pages" and Apps as its "products".
Hot on the heels of the Massachusetts Secretary of State William F. Galvin’s' decisive action against Telexfree, Boston Globe is reporting:
Quote:
State subpoenas second firm in pyramid scheme probe
Secretary of State William F. Galvin’s office has issued subpoenas to another multi-level-marketing firm doing business in Massachusetts, following his office’s recent lawsuit charging TelexFree Inc. with running a pyramid scheme.
The second company, Wings Network, appears to be based in Portugal and says it sells cloud-based Internet storage plans, according to its website and Facebook pages. Wings Network came to the attention of Galvin’s Securities Division because its sales strategy appears to be similar to TelexFree’s.
In Facebook posts, both companies tout the chance to earn riches by recruiting others to join. And they hold large sales conferences -- which are more like rallies -- to encourage participants.
“We attended one of their events,’’ Galvin said. “We had heard from some investors who, in light of TelexFree, had become concerned -- and we’re concerned.’’ No charges have been brought against Wings Network.
D.J. Poyfair, an attorney for Wings Network in Denver, confirmed the company had received subpoenas from Galvin and that lawyers for Wings Network met last week with the Securities Division. The regulators want to meet with company executives next week.
“Wings Network is committed to operating legally and ethically in all the countries in which it does business, including the United States,’’ Poyfair said. He said Wings is cooperating with the state’s investigation and is “conducting its own internal investigation and it intends to address quickly any problems that it discovers.’’
Poyfair said the company is looking into whether the local sales meetings were authorized by executives. If not, they may have been set up by opportunistic promoters as TelexFree appeared to be falling on hard times in March. The company filed for bankruptcy protection last month.
“If Wings Network discovers that significant issues exist, it would even be willing to suspend operations until the problems are properly addressed,’’ Poyfair said.
You can read the entire article at The Boston Globe.com
Wonder who from telexfree is in this.
Everybody from TelexFree is in Wings, that's how it works - always been, always will be. The pyramid switching model works perfectly for years. The professional scammers create hype and a pre-launch and funnel thousands of suckers in a very short time. After 1-4 months they are out with the money living thousands of ruined lives behind. And then - off to the next one. There is no deficit of idiots in the world.
Next big pyramid scheme ???
Doesn't look like it.
http://imageshack.com/a/img537/5811/I1WIvd.jpg
Wings Network thread - MMG HYIP ponzi forum
Once Wings Network was moved to the "closed, inactive, and offline programs" section of one of the usual suspect HYIP ponzi forums, you just KNOW anyone who sends money has lost it.
It looks like those Telexfree members who are trying to cover their losses are about to get a very expensive lesson on why not to listen to anyone who tries to con them into joining a rebound HYIP.
It never works - EVER
The Boston Globe is reporting:
Quote:
State subpoenas second firm in pyramid scheme probe
Secretary of State William F. Galvin’s office has issued subpoenas to another multilevel marketing firm doing business in Massachusetts, following his office’s recent lawsuit charging TelexFree Inc. with running a pyramid scheme.
The second company, Wings Network , appears to be based in Portugal and says it sells cloud-based Internet storage plans, according to its website and Facebook pages. Wings Network came to the attention of Galvin’s Securities Division because its sales strategy appears to be similar to TelexFree’s.
In Facebook posts, both companies tout the chance to earn riches by recruiting others to join. And they hold large sales conferences — which are more like rallies — to encourage participants.
“We attended one of their events,’’ Galvin said. “We had heard from some investors who, in light of TelexFree, had become concerned — and we’re concerned.’’ No charges have been brought against Wings Network.
D.J. Poyfair, an attorney for Wings Network in Denver, confirmed the company had received subpoenas from Galvin and that lawyers for the company met last week with the Securities Division. The regulators want to meet with company executives next week.
“Wings Network is committed to operating legally and ethically in all the countries in which it does business, including the United States,’’ Poyfair said. He said Wings is cooperating with the state’s investigation and is “conducting its own internal investigation and it intends to address quickly any problems that it discovers.’’
You can read the entire article on Boston Globe.com
stick a fork in it.
Massachusetts Commonwealth Secretary, William Galvin has now filed a 34 page complaint viewable HERE alleging Wings Network is operating a pyramid scheme and selling unregistered securities as investment contracts.
http://imageshack.com/a/img836/1861/e9am.jpg
http://imageshack.com/a/img839/7084/vdjv.jpg
Commonwealth of Massachusetts Administrative complaint
http://imageshack.com/a/img540/2876/utDLzC.jpg
Wings Network June 2014 announcement
Hands up anybody who believes "no wrong doing has been alleged"
What ?
The guys from Massachusetts Securities Division dropped by for a cup of coffee and said:
"We're not alleging you have been doing anything wrong, but, just to be on the safe side, you'd better close your business, suspend all meetings and not recruit any new members"
C'mon, fellas, that's prime B/S even for HYIP ponzi operators.
I wonder how it's working out for the US members of Wings Network trying to get their "insured" money back now that Wings has suspended US operations.
http://imageshack.com/a/img836/5411/1sqv.jpg
The Wings Network for USA page on Facebook
(I don't really wonder. This outcome was always predictable and, anyway, there isn't an insurance company on the planet which will insure a HYIP ponzi)
Profitable Sunrise also claimed they had insurance to protect the members.Quote:
Originally Posted by littleroundman
This line is hilarious and probably the most truthful in all these scams:
They won't do anything about it like always but they'll continue to to say they will. lmao.Quote:
We will continue to say we will do anything to defend the interests of our members.
Wings busted by SEC. Article at Patrick's blog:
URGENT >> BULLETIN >> MOVING: SEC Calls ‘Wings Network’ A ‘Ponzi And Pyramid Scheme’
Uinvest also involved.
Quote:
Originally Posted by Whip
REALLY NICE to see the S.E.C. include that lengthy list of "promoters".
(not to mention starting in on the "net winners" at first call)
If they can keep up a pace like that we might start seeing the referral whores getting real jobs!
SD
.
I was so disappointed to see that the fake doc Lieven van Naste was not one of the major promoters of this since he is operating out of Portugal now. Another major serial promoter of Ponzi's/Scams. Big Promoter and host in HourlyRevShares calls and videos, and is now trying to bring it back under its new name PMRevShares with Anelie/Analie at the helm but this time using the name of Ella Brandon. This one is not doing well at MMG, as it seems they were "outed" in the thread as being HRS all over again. Of course our favorite Ponzi pimp Ken Russo has joined the pre-launch. Ken couldn't stop singing the praises of Anelie/Analie as the most honest, trustworthy and transparent admin ever, so we will hear the same about Ella, that is if this can get off the ground. Of course Ken says that about every admin of the Ponzi's he promotes.
That Uinvest - is actually Uninvest Financial Services Corp. has no connection to the famous ukrainian ponzi schemes portraying itself as some crowdfunding platformQuote:
Originally Posted by Whip
- Uinvest.
The sealed case was filed on Feb 25th,
Complaint: http://www.archive.org/download/gov....167816.1.0.pdf
Archived docket: Case docket: Securities and Exchange Commission v. Tropikgadget FZE et al
(will update from time to time)
Read DOCs 6-10 Affidavits from investigators.
yet another epic failQuote:
Originally Posted by NikSam
http://main.dailybunny.org/wp-conten...p2x4o1_500.jpg