Housemate potentially involved in a Forex MLM/Ponzi scheme
I’m curious if anyone here has heard of or is familiar with the company KOT4X? I have a housemate who claims to have made over $10 million from this website in a few months which I find utterly ridiculous. This all began with him trying to get the rest of us signed up for his “company” which I overheard him tell someone else is KOT4X. I did some digging on them but all I’ve been able to uncover is that the “company” is sketchy as hell. It’s registered offshore (St Vincent and the Grenadines) and makes some pretty serious promises regarding how much money can be made. The catch, of course, is that it costs ≈$250 to create an account (and I would imagine there are further monthly fees associated with this). He has mentioned that there are several hundred videos that teach how to make significant money off of Forex trading, which leads me to suspect this specific website is some iteration of IMAcademy. Needless to say, I didn’t take the bait or really remark on it but now I’m thinking I should have. This housemate has not yet paid his share of the rent for the month; he keeps saying that he has and it’s “processing” and that his low standard of living given his supposed wealth is due to the fact he is “humble.” Coupled with this, I am fairly certain this housemate stole about $120 from my wallet along with my AirPods from my room, which I would imagine he sold for cash. He of course denies this and it’s frankly impossible to prove without either catching him in the act or seeing him use the AirPods, which hasn’t happened yet. If he doesn’t pay his rent within the next few days, I have all intentions of doing everything in my power to get him kicked off the lease and evicted from the house because I frankly don’t feel comfortable living here. I’m in the process of finding someone else to take my spot on the lease, but it’s not promising at the moment. Really, I’m just looking for any help or advice anyone can give regarding this supposed “company” and what I can do to stave off what I imagine will be further acts of desperation to come. I’m happy to answer any questions anyone has about it to the best of my ability, but I really don’t know much more than what he has told us. Is it possible to report him specifically to the SEC or another agency for investigation? Ordinarily I’d be inclined to try and talk him out of it, but given the theft I’d just like to see him gone and never see him again.
I'm pretty sure Tradera is an MLM. One of my family members reached out to me about a way to make money with Forex trading and asked me to join a call to learn more. My MLM senses were already tingling but when I dialed in the talk about teams and general motivational stuff made me think that it was definitely an MLM. Also the after follow up (I left the call early), the fact that this family member has made posts about why all businesses are pyramids, and the $99 per month buy-in to supposedly make $500 or more per month. I feel bad because my family member is really into this and I can't really tell them to F off, so I just go with soft let downs. I'm genuinely interested in investing (learned about Forex and it's not for me) but I hate that now there is a new way for people to get scammed.
My sister attended a forex trading meeting at her boyfriend's friend's house last night who has apparently made tons of money from doing very little with forex trading, is now traveling the world etc... She then told us there was a $200 startup fee for the software, then she told us there is $160 monthly subscription that can be canceled if- wait for it- You recruited 3 people! Has anyone had experience with the forex MLM before? What has your experience been? Edit: I'm aware of forex and the legitimacy of it, just looking for experiences to show my little sister in regards to the MLM poaches using it:)
I follow a bunch of them Instagram for giggles and I am baffled by their lifestyles. There are 19 and 22 years olds claiming to be millionaires and making $100,000 a month. If this is true I feel so bad for the people that are paying to be apart of this MLM. The wealthy ones seems so busy shopping, going out to eat, penthouse shopping, and traveling that it’s hard to believe they actually trade. The members of the MLM seem to pay $235 to join and also pay some monthly fee. One woman said she had over 60 people on her “team” smh. They are so sly and/or aggressive in their marketing tactics. Are any of you aware of this MLM or know of anyone involved?
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I’ve been seeing on people I know on my snapchat and instagram talking about trading forex and to ask them how to do it, which I assume is them trying to get a down line, but then I see minor celebrities advertise it and reference accounts that have a couple thousand followers. It doesn’t appear that the celebrities are trying to build a down line and seem more like paid sponsorships. Are these MLMs or some other type of scam?
Let me approach your question of whether the Forex is an MLM this way. First, A MLM stands for mult-level marketing. As you know, simplistically stated this is a business model that has one business (or individual) sponsor (or market) to another b... Not many Forex Multi level marketing companies are there in the sector. But we will try to focus the best two ones in the field right now. Top MLM Forex Companies #1. iMarketsLive. iMarkets was founded by CEO Christopher Terry and CFO Isis De La Torre. Its headquarters is in New York with also a fully functional office in London. FOREX has become a top way for investors to make profits. FOREX trading has become huge! And now, MLM has found its way into FOREX trading. What Is FOREX Trading? The term FOREX stands for the foreign exchange market.To put it in easy terms, it is the rate of exchange of one currency to another. Tradera is a forex mlm company that launched in December 2019 by Kody Sell and Eastan Harris. Tradera provides products such as forex education, trade alerts, market forecasts, live trading sessions, fundamental analysis, corporate events and of course a multi level marketing referral program. Multi-level Marketing (MLM) companies used to rule the world. With an ingenious system that causes a company to rapidly grow, these brands saw themselves skyrocket as people became more and more eager. Unfortunately, some saw this trend as an opportunity to create a similar system that would milk people of their money - this is the pyramid scheme.
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