SEC takes action against Ominto (Dubli), securities reg revoked
Dubli’s parent company Ominto has come under fire from the SEC, after the company failed to file annual reports since September 2016.
Ominto failed to provide a reason for non-filing, but did offer the SEC a settlement upon learning of their investigation.
As per the terms of the settlement, as of May 1st Ominto securities registration is revoked.
Prior to Omino ceasing to file annual reports, we covered them regularly. Our last article was in December 2016, noting Ominto lost $10.3 million over the last financial year.
In May 2018 Ominto delisted itself from Nasdaq entirely. This coincided with a mass resignation of current board members.
At present Dubli appears to be in slow decline since around mid October 2018.
Alexa pegs 70% of Dubli’s website traffic originating out of Japan, with not much else going on outside of Egypt (7%) and the US (5%).
Given that they have already deregistered from the NASDAQ, and supposedly all of Ominto’s assets of any consequence (Dubli, essentially) were sold off last fall, does this actually mean anything?
All that Ominto now apparently consists of is the dodgy animation company that was purchased and insanely overvalued to allow Ominto to get its NASDAQ listing.
If even one person in Japan stumbles across it and questions whatever nonsense they’re being fed over there, it was worth the time it took to put together.
No question about it being a good thing to enlighten people about Dubli — I just think that Ominto and Dubli aren’t the same organization any more. (Ominto is essentially the shell left over after most/all of Dubli was sold off last fall).
Ah, I wasn’t aware Dubli had been sold off. Guess I can stop following Ominto then.
Wait, was it a legit sell off or his Hansen still in charge?
Oh, Hansen is still in charge. Here’s what I posted on one of the other threads back in October:
According to the latest SEC filing, Ominto has sold “an insignificant amount of the assets of the Company” to One Vision Capital Group A/S (aka CEO Michael Hansen) for $1 million. These so-called insignificant assets are:
● Dubli Network Limited
● Dubli E-Commerce LTDA
● Dubli Holding Limited (JAFZA)
● Dubli India Private Limited
● Dubli Network Limited LLC (Delaware)
● Dublicom Limited LLC (Delaware)
● CG Holdings Limited (and its subsidiaries listed below):
o Dubli Network Limited (BVI)
o Crown Group Investments Limited (JAFZA)
o Dublicom Limited (Cyprus)
o Lenox Resources LLC (Delaware)
o Dubli Pakistan Private Limited (Pakistan)
o Dubli Japan G.K. (Japan)
o Dubli Asia Pte Ltd (Singapore)
o Dubli Greater China Ltd (Hong Kong)
So, essentially the entire company (less Lani Pixels animation) has been sold off for one fifteenth the current market capitalization (14.86 million).
Interesting — Ominto does appear to have stopped trading on April 30th. I didn’t know that it was *possible* for a company traded on the bottom tier of the OTCBB to get delisted. You learn something new every day.
finance.yahoo.com/news/ominto-inc-become-private-company-173000402.html
Of course, this is all a bit late to do any good. It was pretty obvious when Ominto was listed on the NASDAQ that it was done under false pretenses. And only now are the regulators catching up to what happened, two years ago.
As noted above, this has no effect on Dubli, which was taken private last fall. Hansen got a nice bonus for getting Ominto listed on the NASDAQ. Does anyone want to speculate on whether he handed it back when it got *delisted* about a year later?
Ah, maybe that’s why I didn’t take much notice then. Hansen sold Dubli to himself.
Mind you, Ominto’s web site still lists Dubli, so perhaps the October transaction was a sham. That or a shameless rip-off of the people that invested in the (now presumably worthless) shares.
The article above (repeated on the Ominto website) states that
Sure…
Good day Eugene.
This is mizo from Egypt, Now a days Dubli is Marketing itself in Egypt, one of the marketers contacted me to register as a marketeer to go under her Pyramid Scheme by paying 620 USD for registration and getting 12 VIP’s membership and a Dubli virtual office as a start to begin my own dubli’s Marketing cash back campaign and start getting profit immediately by working on their program.
Even they are intending to make an international summit in Pyramids Area in Egypt.
So i need your clear and honest advice wether to join them or not? Also i need to know if dubli is going to collapse soon or they will regulate their situations after sec revokes?
your opinion will help me a lot taking the decision.
Thanks a lot for your concern.
BR
Mizo
Why do you need to buy 12 VIP memberships to start a cash back campaign? Name a single legitimate cash back company that operates in the same manner.
Come on now, you already know the answer…
Hey guys. I have been with DubLi Network for 3 years now. By that I mean I have several Business Associate accounts that are still active but I don’t intend on renewing any of them.
MIZO, I hope you find this helpful. I made a withdrawal of my commissions on 23 May 2019, about $1,160, and I still haven’t received the funds in Paylution, and DubLi support refuse to tell me what’s happening to the money or when I will receive it.
They said they have no information, and then stopped responding to me all together.
I also use dubli.com for cash back. The $10 bonus promotion, I have made cash back of more than $15 for several months, haven’t received anything.
And yes the transactions are completed not pending. And, I withdrew my cash back earnings to my PayPal, still no sign of them.
Mizo, Eugene and Oz, I have email threads with DubLi support, Paylution support, Jerry himself….
I also have over 3,000 customers in my downline – my friend and I put in about $25,000 to purchase marketing packages in 2017. The return from these has been so insignificant.
I HAVE BEEN IN DUBLI FOR THE LAST 6 YEARS AND I HAVE EARNED CASH BACK MORE THAN 12000$ AND THOSE WERE WASTED MONEY BEFORE I JOINED DUBLI.
ON THE OTHER SIDE I HAVE BEEN BUILDING DUBLI BUSINESS AND I BECAME THE WORLD 14TH TOP EARNER IN THE MLM INDUSTRY I HAVE THOUSANDS OF PEOPLE THAT HAVE CHANGED THIER LIVES BECAUSE OF OUR GREAT COMPANY SO I CAN’T UNDERSTAND WHAT IS THE PURPOSE OF SPREADING THOSE MISLEADING OPINIONS AND I CANT SEE ANY OTHER REASON MORE THAN JEALOUSY.
I BELIEVE IN ONE THING PEOPLE WANTS TO SUCCEED WILL ALWAYS FIND A AWAY AND PEOPLE WHO FAILS THEY LOOK FOR EXCUSES. PERIOD
The worlds biggest companies have been into NASDAQ and left and then came back and that is ominto plan so what is the purpose of making those propagandas. you can take dell for an example???
Now when the company decides to do a healthy restructuring and come back stronger is that a crime? thats really funny.
for this guy who claims that he didn’t get paid will this is 100000% lie as i have never heard of that unless he doesn’t know how to activate his paylution or paypal account and thinks its company problem.
So my advice to people looking for the reality is find successful people and find our why they succeeded and don’t listen to people who fails as they will always cry and give you excuses.
with all my love and respect.
Is Dubli still kicking around? Their website only mentions $5 single-level commissions.
Is the MLM side of the business still active or did it finally collapse?
And then what happened, recruitment collapsed?
Dubli had its securities reg revoked by the SEC. The circumstances they delisted themselves on NASDAQ were pretty suspicious.
I wouldn’t call a mass-resignation of board members “healthy restructuring”.
Sound logic there.
I.e. victim blaming.
Sounds like you’ve got the pyramid spiel down pat.