MyAdvertisingPays investors not happy with slashed ROIs
Following a decision last week to can US business operations, American MyAdvertisingPays affiliates are threatening legal action over slashed ROI payouts.
As part of the termination of US operations, MyAdvertisingPays had promised US affiliates they would be paid a “lump sum” payment on existing investment positions.
This was proposed as an alternative to waiting indefinitely for the advertised $60 ROI through regular channels.
The termination of MyAdvertisingPays’ US operations prohibited new US affiliates from investing and also segregated funds invested in MyAdvertisingPays from within the US.
With no new US funds entering the scheme, existing US investors would obviously never be paid the advertised $60 ROI.
Little did US investors know however, that MyAdvertisingPays’ lump sum offering was just a fraction of the advertised ROI amount.
An open letter sent to MyAdvertisingPays management, purportedly written on the 22nd of October, explains the current situation:
We are writing to you to let you know that we have some great concerns in regards to the recent decision to abandon the USA.
We appreciate all that you have done so far for us in regards to providing a medium to be able to supplement our income. As usual results are not typical.
1) We totally understand the basis for withdrawing from the USA. It’s business. We get it. No problem.
2) We also appreciate all the newly enlisted people getting their refund if packs were bought 30 days or less. Again, full refund is expected and we appreciate that.
3) What we disagree with are the 10000 + of people who helped build this company and are getting screwed. Again, moving out of the USA was a choice versus mandatory.
Either way. That’s fine. But Ethically, you have to fulfill your moral obligations to them because you entered into a contract with them when you accepted their payment of $49.99 per pack, promising them a return of $60.00 minus $3.00 within roughly a 100 days to mature.
And I quote “until you have received $60.00 in return” which they signed and agreed to by Maps when they purchased each pack.
Whether or not this was run by a lawyer I can’t say, but it should be known that investors in Ponzi schemes aren’t entitled to claiming advertised ROIs.
Suffice to also say that any contracts purported ROIs are offered through, aren’t worth a damn in court either.
4) The current lump sum settlement is roughly 1/3 to 1/4 of the value promised. Which does not make any sense.
So basically you are paying them $.25 to $.33 of a $1.00. Not Fair. They have worked tirelessly for months and months bringing in referrals and building the company.
5) For example: someone with 300 packs as of October 15th 2015 should have received 300 X $60 minus $3.00 = $17,100.00 for lump sum amount or give them 100 days for the packs to expire from the “entire pot” and for them to withdraw the total amount of $17,100.
Instead, you moved them into a “slow earning pot” like $.20 a day which will take over 2 years. Lol.. That’s not ethical.
Not ethical perhaps, but unfortunately the hard reality behind all Ponzi schemes. That being no matter what contracts are signed or what is promised, such schemes cannot pay out more than is invested.
You changed the terms of the agreement on October 15th by moving them into another pot which you have mentioned publicly.
They met their obligations by purchasing packs, clicking on 10 ads daily and sticking with the plan prior to October 15th.
6) I call on you Mr Deese (The Owner), the board, the attorneys (Mr Herpy Sr) for maps to carefully review these statements and concerns so that an ethical compromise can be reached on behalf of the 10,000+ subscribers in the USA.
7) We will like to move on with our lives and pursue other ventures but make no mistake, we want to get this resolved amicably and as quickly as possible so that everyone can return to the business at hand.
But, if not, we will pursue this to the fullest extent possible across continents.
We are currently in consultation with Morgan and Morgan Law Firm and await to see your decision before we move forward.
Again, thank you for all that you have done over the years and we look forward to an ethical policy change to meet item number 3.
On behalf of some of the US Subscribers.
On their website, Morgan and Morgan claim to be ‘a leading personal injury law firm dedicated to protecting the people, not the powerful.‘
What personal injury law has to do with claiming ill-gotten Ponzi gains though, I have no idea.
Ultimately should US investors take MyAdvertisingPays to court, the results will be amusing to say the least.
Investors suing a fraudulent Ponzi scheme and demanding they be paid out of funds that don’t exist? Good luck with that.
Meanwhile slashed ROI offerings aren’t the only thing US MyAdvertisingPays investors are having to deal with.
In their announcement last week, MyAdvertisingPays told affiliates that
any American member that has made a purchase through a payment processor within the last 30 days can ask for a 100% refund.
This process was supposed to be automated, but that didn’t work out:
The processor has changed their stance on automatically refunding all purchases within the last 30 days because the resulting workload on MAP would be significantly higher.
So, if you want a refund, please contact our support desk by clicking on the yellow Submit Ticket button at the top right of your screen.
Automated refunds on any investments made within the thirty days sounds pretty straight forward to me. A few mouse clicks at best?
I mean if you can segregate all funds invested by US investors then how easy is it to automate refunding people?
Apparently MyAdvertisingPays’ new refund process sees affiliates send an email to a Gmail account, after which ‘most banks are refunding very quickly‘.
Offered lump sum payments to investors are also reportedly being split across the 1st of November and December.
Anything to fly under the money laundering radars for as long as possible I guess…