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In the intricate world of investment, there exist entities like Alan Bagamaspad, who make deceptive claims of providing lucrative returns, only to leave their investors empty-handed. This article aims to delve deep into the details of this scenario, exploring the hidden facets of this alleged MLM scam, and warning potential investors of the pitfalls of such deceptive schemes.
Unveiling the Facade: Who is Alan Bagamaspad?
Alan Bagamaspad, the front face of a significant MLM (Multi-Level Marketing) scam, has been masquerading as a legitimate investment platform. Despite the façade of a promising business model, the reality is far from it. The Bagamaspad scheme has been cleverly designed to lure unsuspecting investors into a web of deceit.
Digging Deeper: The MLM Scam
Multi-level marketing, or MLM, is a marketing strategy where the sales force is compensated not only for the sales they generate but also for the sales of the other salespeople that they recruit. Despite the legitimate use of MLM in some cases, people like Alan Bagamaspad have manipulated this model to their advantage, creating a pyramid scheme under the guise of an MLM.
Alan Bagamaspad’s MLM scam operates on the classic principle of “robbing Peter to pay Paul”. New investors are lured with the promise of high returns, and their money is used to pay off the older investors. This cycle continues until the system collapses under its own weight, leaving the majority of investors with heavy losses.
Alan Bagamaspad: About his company
The owners and managers of the company are not mentioned on the WoToken website.
On September 16, 2018, fake information was used to register the domain name “wotoken. pro” for the WoToken website. Alan’s company’s marketing materials make reference to links to Hong Kong.
In a promotional video created earlier this year by the website called Asia Blockchain Review, the founder of WoToken is interviewed.
The film, which was supposedly recorded in Hong Kong at the beginning of this year, features Edward Wu, the CEO of 1WorldBlockchain and the creator of WoToken. One World Blockchain claims to be a banking replacement.
1WB performs the essential functions required for the efficient conversion of all forms of payment across borders into blockchain technology via the smart contract execution mechanism.
According to the 1WorldBlockchain website, Edward Wu is listed as “Edward Ng.” On LinkedIn, he also makes use of this persona.
2016 saw the official registration of the online domain for 1WorldBlockchain. The registration was most recently revised in January 2019.
The company’s location in Nanshan District, Shenzhen, China, is revealed in an archived edition of the 1WorldBlockchain website.
I believe that the primary purpose of 1WorldBlockchain at this time is to spread rumors about WoToken.
Products of WoToken
The platform does not provide any products or services for resale; affiliates are only allowed to promote WoToken affiliate membership.
Compensation Plan of WoToken
Based on the promise of the promised returns, WoToken affiliates invest.
- WOR tokens will return 0.25 to 0.5% each day on an investment of $1,000.
- The daily ROI of 0.3% to 0.65% is what affiliates may anticipate on purchases of up to $5000 in WOR units made through the WoToken app.
As needed, WoToken generates WOR tokens, which are only functional inside WoToken. The WOR tokens are used by WoToken to pay all returns and commissions.
WoToken: Affiliate Commissions
WoToken pays referral commissions on WOR refunds given to downline affiliates. WoToken pays referral commissions via a unilevel incentive system.
In a unilevel compensation scheme, an affiliate is assigned in charge of a team and every member they personally selected is placed directly beneath them (level 1):
At level 2, the original affiliate’s unilevel team is augmented by any level 1 affiliate who has recruited new affiliates.
In the event that any level 2 affiliates recruit new affiliates, they advance to level 3, and so on through a theoretically indefinite number of levels.
The number of unilevel groups a WoToken affiliate creates will have an impact on the rates of referral commissions.
|Team level||Level 1||Level 2||Level 3||Level 4-10||Level 11-15|
Apollo Levels: Alan Bagamaspad
Once a WoToken affiliate’s unilevel team reaches level 15, they can still get referral commissions if they match the conditions for the Apollo Level.
Level 1: Produce a downline WOR token ROI in the amount of $250,000, and from levels 15 to unlimited, earn 5% in referral commissions.
Level 2: As an independent Level 1 affiliate recruiter, you can start earning 10% in commissions for referrals at Level 11 and higher.
Level 3: By personally bringing on at least three Level 2 affiliates, you can earn 15% commissions for referrals from levels 11 to infinity.
Level 4: By directly bringing on a minimum of three Level 3 affiliates, you can earn 20% commissions on referrals from levels 11 to infinity.
People’s Comments on the Ponzi Scheme of Alan Bagamaspad
A Ponzi scheme is a type of investment fraud in which the operator promises exorbitant returns to early investors. However, instead of generating legitimate profits, these returns are paid by using the capital invested by newer investors. As the scheme is dependent on the continuous influx of new investors to pay the promised returns, it eventually collapses when it can’t attract enough new investors. Consequently, the participants suffer heavy financial losses.
Unmasking the “Fake Guru”
Alan Bagamaspad, presenting himself as a “guru” of the investment world, has exploited the trust of many. His claims of high returns and safe investments have lured many into his web of deceit. However, beneath this façade lies a different reality.
Bagamaspad’s strategies are far from those of a legitimate investment guru. Instead of investing in viable businesses or assets, he directs the funds toward sustaining the pyramid scheme he has created. This is typical of fake gurus who rely on the ignorance and trust of their followers to maintain their scams.
Unveiling the Red Flags
Alan Bagamaspad’s MLM scam exhibits several red flags that are characteristic of such fraudulent schemes. These include:
- Promising High Returns: The promise of high returns is a common bait used by scammers. Legitimate investments usually offer moderate returns, and any claim of unusually high returns should be treated with suspicion.
- Lack of Transparency: The lack of clear information about where the money is being invested is another red flag. In a legitimate investment, the investor has the right to know where their money is being directed.
- Pressure to Recruit: In Bagamaspad’s MLM scam, investors are pressured to recruit new members. This is a typical characteristic of pyramid schemes, where the focus is more on recruitment than selling a product or service.
The Bagamaspad Scheme: A Case Study
Alan Bagamaspad’s MLM scam serves as a case study for potential investors to understand how such schemes operate. It showcases the clever tactics used by scammers to lure investors and the devastating aftermath when the scheme collapses.
The Victims of the Scam
The victims of Bagamaspad’s scam are the unsuspecting investors who fell for his deceptive promises. These individuals, lured by the prospect of high returns, ended up losing their hard-earned money. The psychological impact of such a loss is often as devastating as the financial one.
The Legal Perspective
The actions of Alan Bagamaspad and his MLM scam fall under the purview of fraudulent activities. Such schemes are illegal in many jurisdictions, and perpetrators can face severe penalties, including imprisonment and hefty fines.
The Aftermath and Lessons Learned
The aftermath of Bagamaspad’s MLM scam is a harsh reality check for the victims and a stern warning for potential investors. It highlights the importance of due diligence and skepticism when faced with offers of high returns with little to no risk.
Get Your Money Back Suspicious
Conclusion: A Word of Caution
The story of Alan Bagamaspad and his MLM scam is a stark reminder of the dark side of investment. It serves as a warning to potential investors about the perils of falling for such deceptive schemes. The key to safe investing lies in due diligence, skepticism, and a solid understanding of investment principles.
In conclusion, while MLMs can be a legitimate business strategy, it is crucial to be cautious and thoroughly research any investment opportunity. As the case of Alan Bagamaspad demonstrates, not all that glitter is gold.
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