The SEC has stepped in and seized control of yet another “Passive Income Scam”. Learn What happened & how to PROTECT yourself from these internet scams.
I’ve talked at length about the problem or plague in our industry that is lead by the fake gurus…
From the affiliate marketing scams – https://www.youtube.com/watch?v=aHY3teLOShY
To the passive income lie – https://www.milesbeckler.com/passive-income-lie/
And here’s another one…
For an in-depth analysis of this exact situation, be sure to check out Emelia Gardner’s channel here – https://www.youtube.com/watch?v=uK3oCIxRqJk&list=PLIQHg5Gp8_mCVGMwqm4Jf8VWY2yOpOCJc&index=5
Hat tip to Jon Gillham who brought this story to my attention! His post here: https://authoritywebsiteincome.com/income-store-ripoff/ Has a TON of links to more info on this situation.
I also want to give a shout out to Coffeezilla who is calling out the fake gurus in our industry : https://www.youtube.com/channel/UCFQMnBA3CS502aghlcr0_aw
And to Mike Winnet – https://www.youtube.com/channel/UComkllJTMHNZr4UNxCThdcw Who is also calling out the gurus and the scams, one after another.
In this video you’re going to learn about the newest passive income scam that has been seized and shutdown by the U S government. Yes, it’s happened again, not the first time since I started this channel that I’ve covered these kinds of topics and we’re going to look at it from three specific angles. Number one, the specific scenario, the company, I’ve got a little inside information about it because of an event I went to last year, so I’ll share that. Number two, we’re going to go big picture so you can make sure you’re avoiding these kinds of potential issues because they’re really common. It happens all the time, so I don’t want to talk about just this one case. I want you to understand how this works so you can prepare yourself in the future because there will be more. And then number three, I’m going to give a shout out and I’m going to mention some some channels and some individuals who brought this to my attention who have done great deep dive digging on this and they’re calling out other scams and fake gurus by names.
I’ll share where you can find those individuals to get more so you can protect yourself because I’ll be perfectly honest, there are absolutely scam artists out there trying to prey on you. This has been going on since the turn of the century in the 18 hundreds to the 19 hundreds this is not new snake oil salesmen are real and you need to understand what’s going on. So in this specific scenario, the company’s name is, today’s growth consultant is doing business as the income store and their whole bit was that you essentially buy websites through them. So they’re already running, already operating, already profiting websites. They often purchase them from F E international or from empire flippers, and then their internal team manages the website and runs the website and you get 50% of the upside potential. So all in all, it started out as a very honest and good working business model, I think.
But as you apply scale and as our rhythms begin to change as the world and the game begins to change, that’s when things get a little bit shaky. So they had a specific claim on their website that said you get a guaranteed 15% return. And now I’m obviously no lawyer, I don’t play one on YouTube or TV. But when, when you start talking about guaranteed returns and the returns start slipping and the money from the new investors comes in to pay for those guaranteed returns for the old investors, it starts to look and smell a lot like a Ponzi scheme.
We can see the filing itself, but we don’t know what’s actually in it yet.
Now, let me tell about my backstory here. So I went to a really high end mastermind with a bunch of seven figure business owner million dollars a year to 10 15 plus million dollars a year. I think some of them were in the $20 million per year range. Now, that was in April of last year and these were some of the highest sponsors. This actual company bought their way in as a sponsor. They spent an incredible amount of money as a sponsor and it makes me wonder they were pitching generally it was $100,000 buy him for a website and they were pitching that. Now they’re really kind of only doing $250,000 and more buy-ins. And I’m now wondering if that moment in time, if they were just literally getting access to a group of successful individuals, trying to get a little more money coming in to pay all of their last investors.
I have no idea if that’s true or not. I don’t know what they knew about their companies scenario in that time and a place, but they seemed honest.