The Securities and Exchange Commission (SEC) is tightening its grip on MLM scams, especially those that are being offered online.
Wealth Builder Advertising or WBA, an alleged advertising site that pays you back, is another company that looks fishy according to SEC.
According to one of the program’s presentation, WBA is just an advertising company. It is not MLM, not monoline, not fastrack, not HYIP (High Yield Investment Program), and not investment program.
According to its domain whois record, the domain was registered on March 19, 2015, but the whois registrant information is protected and is not available to public. The date of expiration is on March 19, 2016.
Presentation claims it works similar to OLX, Google, Lazada, Ebay, Amazon, and other sites that earns revenue through online advertising.
The site allegedly earns from advertising but its official site itself has no single advertisement despite having a lot of adspaces.
It says it is sharing profit to members for up to 150%.
How to Earn?
You have to buy share that costs P898, and after 30 to 45 days, you can earn as much as P1,347 (150%).
The website says you don’t have to recruit and just wait the money to roll. In short, you have to wait for others to buy shares (invest) in order for the system to roll.
This program does not use the word “invest” and used the word “buy shares” instead, but the fact is, there is no actual advertising that is happening anywhere.
There is no real product. The system is the same as with other monolines before, like NBO Global, and other pyramid scams.
There is no real product – period. The money is coming from the new investment by other members.
No wonder why SEC has issued warning.
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