WCM777 Ponzi rebrands as Kingdom777
One of the top two biggest MLM Ponzi schemes today, WCM777 brought in the new year by announcing it was changing its name to Kingdom777.
Typically when a Ponzi scheme changes its name it’s because of a stigma attached to the old one, with WCM777 however the company is citing all manner of reasons for the change.
In an announcement written in CEO Ming Xu’s signature “chinglish”, that appeared on or shortly after December 30th 2013, Xu advises that
Kingdom777 acquired the asset of WCM777 on Dec. 30th, 2013 from World Capital Market (BVI). WCM777 is renamed “Kingdom777″.
“Acquired the assets of” you say? My my, how official sounding.
It’s what comes next though that should be setting off alarm bells in WCM777 affiliate investor circles:
Kingdom777 is founded by a group of visionaries with faith. They share the same vision of ” United by love and Build a City upon a Hill” by the founders, Dr. Phil Ming Xu and Tiger Liu.
After the acquisition, Dr. Phil Ming Xu and Tiger will not be officers but are given the honorary title of ” Founders”.
Kingdom777 will transform WCM777 and stop the existing promotion and change the system to be legal globally.
Xu already confirmed WCM777 was operating an illegal Ponzi scheme in the US back in November, with the above pretty much confirming that they are an illegal Ponzi the world over.
“Stop the promotion” of WCM777, go into hiding and hand the reigns over to some new schmuck.
“Thanks for all the money guys, we had a good six months or so… but it’s now time for us to get out of Dodge. S’long suckas!”
Had he of stopped there Xu’s announcement would have been amusing enough, but he goes on…
The payout ratio will be reasonable after the restructuring period and also the company is planning to register its stock with SEC and launching 777 Points Trading, collaterized by the company’s stock.
It is like secondary market trading before the IPO. The company will be guided by Securities lawyers. Kingdom777 values WCM777′s promotion strategies to get big fast.
Under new leadership of Kingdom777, the company will be evolved into a top global company to be a blessing to the global community and provide solutions for human sustainability as a social capital company.
So much bullshit… where to begin?
I suppose with the filing with the SEC.
Xu: Praise Jesus, I am up in your house looking to register my six month old Ponzi scheme with the SEC.
SEC: uh… what?
Xu: We have the blessing of the global community, and now that we’ve implemented a reasonable payout ratio and changed our name, we need your blessing too!
SEC: A… Ponzi scheme?
Xu: No, no, no… not anymore. We hired some new guy and… well it’s like a secondary market trading before an IPO. You know what I am saying?
SEC: Carol… clear my schedule.
Ming Xu, please, please, please, record your attempt to file WCM777 with the SEC and upload the video to YouTube.
The new fall guy Xu has appointed, so that he and Liu can pretend WCM777 only went to Ponzi shit after he took over, is some dude name James Tenorio.
Is Tenorio a WCM777 affiliate investor who went balls deep into debt to fund a fairy tale Ponzi retirement? Probably, but we don’t know for sure.
According to Ming Xu, Tenorio has “bilingual skills of Spanish and English” and “was responsible for helping create an infrastructure that allowed several banks in Central America to interact with CardMarte”.
Cardmarte offer “global prepaid card solutions”, with Tenorio listing himself on LinkedIn as a “General Manager” of the company between 2002 and 2010:
Xu closes his announcement by stating that ‘currently, Mr. Tenorio resides in Los Angeles with his wife’. How that’s going to work what with WCM777 running off to Hong Kong after the US state of Massachusetts declared the business illegal is anyone’s guess.
Xu doesn’t mention if Tenorio speaks Chinese. I’m guessing he doesn’t.
As amusing as Xu promising to legalise WCM777, distancing himself from the operation, giving it a new name and installing a fall guy is, the reality is that, for now, the changeover to Kingdom777 is purely cosmetic.
All they did was fire up a new domain (“kingdom777.com”) and literally copy and paste over the WCM777 website:
Curiously, the Kingdom777 website domain is currently registered out to Ming Xu using a street address in Temple City, California:
Xu’s current whereabouts are currently unknown… but if any US regulators are reading this, now might be a good time to jump in a company car and pay 9532 Olive St, Temple city in California a visit.