Unipay2u

"Buy 1 for yourself and get the chance to sell your friends and family 5 and get your downline started!" We examine the multi-level marketing industry, where only the people who come up with the ideas make any money, and everybody else is left unhappy, broke, and tired of reading scripts and selling overpriced vitamins and similarly worthless products. Includes Global Prosperity, Pinnacle Quest International, IRS Codebusters, Stratia, and other new Global Prosperity scams.

Moderator: wserra

User avatar
JamesVincent
A Councilor of the Kabosh
Posts: 2647
Joined: Sat Oct 23, 2010 8:01 am

Unipay2u

Postby JamesVincent » Wed May 09, 2012 12:51 am

I havent seen a thread for these guys yet so Ill start one. First a little description of what the company is supposed to do.

http://www.npros.com/dir/unipay2u/

UniPay2U provides both gold and gold storage in what they call a professional bullion vault. Individuals who use the service have their purchases stored by Via Mat in Switzerland, United Kingdom, or the United States. The service also allows users to buy, trade and sell with other members via UniPay2U's order board.


Next, what the company actually did and what makes them apparently a MLM.

http://www.npros.com/2012/5/6/unipay2u-execs-arrested/

According to reports, on several occasions the chairman and managing director withdrew large sums of money from the company accounts under the guise of paying commissions and company expenses, when in fact most the funds were deposited into a personal account of the managing director.


http://www.thedailystar.net/newDesign/news-details.php?nid=171586

The Anti-Corruption Commission yesterday filed a case against the chairman and the managing director of unipay2u Bangladesh, a so-called multilevel marketing company, for amassing money by cheating people.
"Just knowing we're in the same genus makes me embarrassed to call myself Homo." Professor Farnsworth

User avatar
Kestrel
Endangerer of Stupid Species
Posts: 877
Joined: Sun Jun 05, 2011 9:09 pm
Location: Hovering overhead, scanning for prey

Re: Unipay2u

Postby Kestrel » Wed May 09, 2012 1:46 am

JamesVincent wrote:Next, what the company actually did and what makes them apparently a MLM.

http://www.npros.com/2012/5/6/unipay2u-execs-arrested/

According to reports, on several occasions the chairman and managing director withdrew large sums of money from the company accounts under the guise of paying commissions and company expenses, when in fact most the funds were deposited into a personal account of the managing director.

That doesn't make it an MLM. Pyramid chain recruiting with tiered commissions favoring the tippy-top would make it an MLM.

Withdrawing and keeping the money under false pretenses makes it an embezzlement fraud.
"Never try to teach a pig to sing. It wastes your time and annoys the pig." - Robert Heinlein

User avatar
JamesVincent
A Councilor of the Kabosh
Posts: 2647
Joined: Sat Oct 23, 2010 8:01 am

Re: Unipay2u

Postby JamesVincent » Wed May 09, 2012 2:05 am

Kestrel wrote:That doesn't make it an MLM. Pyramid chain recruiting with tiered commissions favoring the tippy-top would make it an MLM.

Withdrawing and keeping the money under false pretenses makes it an embezzlement fraud.


I said that since it states they were supposed to be paying commissions.
"Just knowing we're in the same genus makes me embarrassed to call myself Homo." Professor Farnsworth

User avatar
JamesVincent
A Councilor of the Kabosh
Posts: 2647
Joined: Sat Oct 23, 2010 8:01 am

Re: Unipay2u

Postby JamesVincent » Wed May 09, 2012 2:13 am

Plus
http://www.best-mlm-opportunities.com/wwwunipay2ucom.html

Purchase online gold & Earn 20% Per Month
"Just knowing we're in the same genus makes me embarrassed to call myself Homo." Professor Farnsworth


Return to “MLM Scams Forum (as if any of them aren't)”

Who is online

Users browsing this forum: No registered users and 2 guests