Bring The Bacon Home Ponzi scheme collapses
Bring The Bacon Home launched last month and, after less than a month of operation, now appears to have run out of funds.
This has triggered a Ponzi collapse, with BTBH admin Sherilyn Chong confirming the news earlier today.
Sent out in an update to Bring The Bacon Home investors sometime over the last twenty-four hours, Chong (right) wrote
This is a really important update, please read ALL of it.
I received an email about 2 days before I was back from my trip. It was a threat mail that went something along the lines of “You will be shut down… blah blah blah (lots of details about what he has done)”.
I honestly thought it was an empty threat, which is why I continued to pay out.
Who purportedly sent Chong the “threat mail” is unfortunately not clarified.
Anyhow, I received a call few days back checking on my “online business”.
I am asked to provide details, information and everything to justify that it is a legit business and everything.
Once again, who called Chong is not clarified. However the nature of the call suggests Chong might have been contacted by Singaporean regulators.
Business of this type is hardly seen in my country, so honestly, I am not sure how this will go, but advises from people is to close this while I still can, and do the necessary.
What with Bring the Bacon Home being an obvious Ponzi scheme, the move from Chong to shut it down might be too little too late.
Or, Chong might just be looking to string her investors along. Angry Ponzi investors tend to file chargebacks and contact government regulators.
The actual reason Chong is shutting down Bring The Bacon Home comes later in the update:
Sad to say, but we have already stalled. There are hardly new funds, hardly new packs sold, purchase wallets are low.
I have used my affiliate earnings to cycle an additional 3000 Level 1 positions. Whether you believe me or not, at this point of time, it honestly doesn’t matter anymore.
That can obviously only go on for so long without newly invested funds entering the scheme.
How much Chong allegedly pumped into the scheme out of her own winnings is unclear. Ditto the dollar amount of stolen investor funds she’s still sitting on.
I’ve already paid out more than 80% of the funds. PM withdrawals were slow because I had to keep getting funds exchanged as PM funds were low but the withdrawals were high.
I’m guessing most of them got the good positions. I don’t know, but that’s the truth. I’ve already sent out 80% of the funds.
Based on this information alone, you should know, even if I don’t close this now, there is not much future.
The confirmation that BTBH had run out of funds to pay out puts a serious question mark over Chong’s claims that a regulator has been in contact.
Partially refunding victims has no bearing on regulatory investigations, with Chong still likely to face criminal charges if regulators were indeed investigating.
Far more likely is that it’s a ruse to scapegoat the inevitable collapse of the scheme.
BTBH started off well, but it went through a really rocky time, and it started on a bad timing (just right on the downhill of ALL cyclers), people lost trust. Everyone is only trying to withdraw – what does that leave us with?
With all that is said, the final decision is I will be closing down BTBH.
I know no matter how much I say, everyone is going to call me a scammer and all the bad stuff just because not everyone made money.
The very nature of Ponzi schemes confirms that the only people who profit are those who get in early. In particular, that would be Sherlyn Chong and any positions she created for her friends and family.
Refunds with what is claimed to be funds remaining in BTBH’s bank account have been promised, but the future is looking bleak for Chong’s victims.
I also read all the comments, and I know people are unhappy. My admins are unhappy, I am unhappy.
If you have made back 60% of your money, you are better off than most. You CAN send (a refund request) in, but it will depend on the amount of people that I have to distribute.
As to those who dare to file disputes and/or contact regulators concerning the scheme…
Anyone who files dispute, you will NOT be part of the distribution.
BTBH is a cycler, everyone knows how cycler works.
Part of the funds when you buy a sub, is used to cycle somebody else and that money is paid to him/her.
As such, you will HAVE TO KNOW, it is IMPOSSIBLE to give FULL refunds to everybody.
All cyclers will come to an end with no new funding. Even the 35% repurchase rule can’t really fix it.
As I mentioned we had less than 15 deposits after we launch, and look at the amount of withdrawals I have paid. We (weren’t going to) last long.
You never know if your dispute can harm the rest and get our funds frozen and nobody gets the money, that is really selfish of you.
They will be terminated – with Chong effectively stealing any funds they’ve invested in Bring The Bacon Home.
Looking towards the future, Chong writes:
I will IGNORE everyone asking me where is their money after a few days.
All cycling will stop, and withdrawals will be closed in 2 DAYS.
YOU HAVE 2 DAYS TO MAKE A WITHDRAWAL FOR YOUR REMAINING CASH BALANCE.
Withdrawals will be closed and you will not be able to submit a withdrawal after 14 April 10AM EST.
And so endeth the Bring The Bacon Home Ponzi scheme.
But not Sherilyn Chong’s Ponzi scamming. Obviously using some of the funds she’s withdrawn from the scheme herself, Chong explains that she’s
really really very upset things have come to this point.
I have already worked on part 2, and we are about 30% into it, the new product that we have is actually auction bidding.
I wanted BTBH to become a place where members can make money from bidding and selling items, and THEN earn some cash from matrix bonuses (not the other way around).
Bidding and selling items? Sounds like a penny auction come e-commerce portal hybrid.
The problem of course is that the type of investors Chong attracted with Bring The Bacon Home aren’t in the least bit interested in such services.
They want to invest their funds, sit back and collect newly invested funds from subsequent investors.
That’s what Chong promised them through Bring The Bacon Home and that’s why they signed up and deposited funds with her.
Any diversion from this Ponzi business model is going to flop, harder than Bring The Bacon Home itself did.
Just know that in cyclers, it is impossible for everyone to earn. Cyclers ALL stall in the end.
Wise words, so one has to wonder then why Chong went ahead and launched Bring The Bacon Home.
Is there any other word than “scammer” that describes someone who launches a matrix cycler, knowing full well that no matter what they do, people are going to get scammed?
Regulatory action might have been a bit quiet these last few months but boy are the matrix cyclers dropping like flies.
Footnote: Sherilyn Chong’s full update can be read as a comment over at BehindMLM’s Bring The Bacon Home review. Our thanks to reader Lynndel for publishing it.