BeOnPush Ponzi collapses, plans to reboot as BeOnTel
When an MLM Ponzi scheme runs out of money, affiliates stop getting paid.
It’s also when we start to see all manner of wild excuses trotted out. And boy, did BeOnPush’s recent collapse provide us with some whoppers.
For those unfamiliar with the scheme, BeOnPush solicited investment deposits of up to $10,000 on the promise of a 150% ROI.
The ruse behind BeOnPush was that ROI funds were generated via advertising. Leave alone the fact that affiliates investing funds had nothing to do with advertising, BeOnPush never provided any proof ROIs paid out were in any way tied to advertising.
The first signs of trouble in BeOnPush was the dangling of the “BeOnPush will stop accepting new affiliates” carrot. This nonsense began in April and of course never eventuated. At least not until it was already too late.
The intention behind announcing BeOnPush was “going to go private” was to create a sense of urgency. It was hoped the fear of loss of being able to sign up for the income opportunity would trigger an influx of new recruits. And with those recruits more money to keep BeOnPush chugging along.
BeOnPush survived until June, at which point funds completely ran out and a company-wide collapse was triggered.
In an attempt to continue with the fiction that BeOnPush didn’t collapse because new invested funds ran out, Ferki Demirovski (right) held a “Core Leaders summit in Macedonia”.
At this meeting of top BeOnPush investors, Ferki explained the reason BeOnPush had stopped paying out was because of fraud.
Demirovski claimed that out of BeOnPush’s 200,000 affiliate accounts, 150,000 were found to be fraudulent.
This, Demirovski claimed, had broken the trust between BeOnPush and their advertising partner, who of course was not named. Demirovski also trotted out credit card fraud as a major mitigating factor in the collapse.
Left unsaid was when all these bogus accounts were being created, why BeOnPush had no problems accepting funds through them.
In any event and long story short, BeOnPush ran out of newly invested funds to pay off existing investors with.
In an attempt to retain BeOnPush investors who are going to take a loss (the majority of BeOnPush affiliates), Demirovski has converted investment packages into virtual shares.
Affiliates who want out are being told they can surrender allocated shares on August 10th. Demirovski has promised these affiliates the return of their initially investment amounts in BeOnPush.
Not before they hand over personal identification documents first though. With BeOnPush purportedly riddled with fraud, handing over passport and driver’s license scans sounds like a great move.
BeOnPush affiliates who stay on have been told their shares will pay out through BeOnTel, Demirovski’s planned BeOnPush reboot scheme.
BeOnTel sees Demirovski change BeOnPush’s online advertising ruse to cell phone advertising. Otherwise the scam is mostly the same.
After paying a $100 fee, BeOnTel affiliates will once again invest in adpacks on the promise of a ROI. In order to earn from BeOnTel adpacks, each affiliate will be forced to purchase a cell phone from the company.
Some of the funds invested by affiliates in BeOnTel will be used to pay out BeOnPush shares, the rest will be used to pay out BeOnTel ROIs.
Through the yet to be launched “BeOnCoin”, there is also talk of cashing in on the current MLM cryptocurrency Ponzi points trend.
Basically, now that BeOnPush has completely collapsed, Demirovski is trying to wipe the slate clean and reboot his Ponzi scheme.
In an effort to cover his tracks, Demirovski has began to dismantle BeOnPush in earnest. On the 22nd of July Demirovski requested BeOnPush’s sham UK corporate registration be struck.
BeOnPush only ever existed in the UK in name only (a UK incorporation costs about £20 GBP), and no doubt we’ll see a new BeOnTel entry created soon.
Demirovski has acknowledged he’s lost millions of dollars through BeOnPush’s collapse, however the exact amount BeOnPush affiliates have lost is thus far unclear.
In the meantime promotion for BeOnTel has begun in earnest, propelled by desperate BeOnPush affiliates hoping to be among the first to capitalize on a brief influx of newly invested funds when it launches.
Reboot scams rarely reach the heights of their predecessors though. A far more likely scenario is those looking to recoup their losses will just lose out again to Demirovski’s “core affiliates”, who no doubt have been promised cushy positions at the top of his new BeOnTel scheme.