Nugen Coin Review: Free Mart gets into crypto fraud
Nugen Coin provides no information on its website about who owns or runs the company.
Nugen Coin’s website domain (“nugencoin.com”), was privately registered on November 1st, 2021.
I became aware of Nugen Coin following a reader request tying it to Free Mart.
I was able to confirm this with a little research:
BehindMLM reviewed Free Mart back in 2016. The company was co-founded by David Crookston and John Austin (left and right respectively).
Failing to differentiate between affiliates and retail customers, Free Mart essentially operated as a pyramid scheme. Attached to the MLM opportunity were kooky products Free Mart attributed illegal medical claims to.
Having not researched Free Mart since 2016, I discovered the company now goes by “ShopFreeMart”.
ShopFreeMart operates from “shopfreemart.com”, on which no company ownership or executive information is provided. There’s also no mention of NugenCoin.
ShopFreeMart failing to acknowledge ownership of Nugen Coin and hiding this information from consumers is a red flag. As is failing to provide ShopFreeMart ownership and corporate information.
Both disclosure failures are potential violations of the FTC Act.
From the Nugen Coin marketing video screenshot above, we can confirm John Austin is still CEO of ShopFreeMart.
David Crookston left the company on bad terms in mid 2016. This prompted Austin to publicly air dirty laundry about him.
In a bizarre turn of events, Austin did this by impersonating yours truly on a fake BehindMLM website.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Nugen Coin’s Products
Nugen Coin has no retailable products or services.
Affiliates are only able to market Nugen Coin affiliate membership itself.
Nugen Coin Compensation Plan
Nugen Coin affiliates invest in Nugen Coin on the promise of an advertised ROI.
Free Mart are currently selling Nugen Coin to their affiliates for ~32.7 cents each.
The minimum Nugen Coin investment amount is $50.
Once invested in, ShopFreeMart locks up Nugen Coins for 18 months. This is done on the promise of a 200% ROI paid every 202 days.
While your coins are staked with NuGen you receive additional coins 4 times per day at the rate of .35% making the overall return per day .357%.
At that compounding rate the number of coins in your account will double in 202 days.
18 months is 547 days, equating to roughly 2.7 200% ROI 202 day cycles.
A 10% commission is paid on Nugen Coins invested in by personally recruited affiliates. That’s on top of any MLM commissions earned through ShopFreeMart.
ShopFreeMart do not provide compensation details on their website. As such I’m unable to confirm whether the compensation plan has been updated since 2016.
Joining Nugen Coin
Nugen Coin affiliate membership appears to be free.
Full participation in the attached income opportunity requires a minimum $50 investment in Nugen Coin.
Nugen Coin Conclusion
Traffic to ShopFreeMart’s website is dead. Which means as an MLM business, ShopFreeMart is dead.
Nugen Coin appears to be a desperate bid to continue earning from affiliates, by getting them into cryptocurrency fraud.
NuGen Coin (symbol NUGEN) is our flagship coin and can be purchased directly from us.
ShopFreeMart fails to provide any technical information on Nugen Coin. Which is odd, seeing as Nugen Coin is marketed as “the new standard of banking and commerce”.
ShopFreeMart also markets Nugen Coin with the usual “we’re gonna be the next bitcoin” nonsense;
Consider what happened with Bitcoin. It was first listed and traded at 5 cents per coin, and it is now over $41,000 per coin.
Now it is your turn.
This is a baseless marketing claim, made for the sole purpose of encouraging investment into Nugen Coin.
This in turn is done on the promise of a daily ROI, which affiliates earn passively for 18 months.
ShopFreeMart’s Nugen Coin offering is most definitely a securities offering. This requires registration with financial regulators and filing of audited financial reports.
In their End-User License Agreement, Nugen Coin provides a corporate address in the US state of Florida. Nugen Coin’s agreement also clarifies that
The laws of US, excluding its conflicts of law rules, shall govern this Agreement and your use of the Application.
Securities in the US are regulated by the SEC.
A search of the SEC’s Edgar database reveals neither ShopFreeMart, Free Mart, Nugen Coin or John Austin are registered to offer securities in the US.
This means that at a minimum Nugen Coin and ShopFreeMart are committing securities fraud.
As for the investment opportunity itself, ShopFreeMart affiliates were on boarded at 9.6 cents a coin – roughly a third of what Nugen Coin is being flogged for now.
They’ll be the first to reach the 18 month maturity period, effectively seeing them cash out subsequently invested funds.
10% commissions isn’t MLM but I’ve covered Nugen Coin due to its ties to ShopFreeMart regardless.
Naturally those that recruit the most investors will earn the highest Nugen Coin commissions.
Withdrawals will take place via Nugen Coin’s planned internal exchange;
We are in the process of opening our own NUGEN EXCHANGE where you can buy and sell or hold for the future increase in the price of the coin.
NUGEN will be listed on the exchange along with other major coins such as Bitcoin and many others.
NUGEN will also be listed on other exchanges such as Binance.
It’s worth noting that despite Nugen Coin’s website domain being registered seven months ago, Nugen Coin isn’t publicly tradeable.
It’s likely that John Austin is saving public trading for the inevitable exit-scam. That will see Nugen Coin dumped on dodgy public exchanges when ShopFreeMart can’t or doesn’t want to pay withdrawal requests any more.
Cue Nugen Coin affiliate holders panic selling, the public trading value dumping to zero and sorry for your loss.
Update 27th June 2022 – Nugen Universe expands the original Nugen Coin securities fraud offering detailed above.
Update 1st February 2023 – Nugen Coin has collapsed.
I happen to use shop freemart products and have done so for 5 years. These products 100% have been very effective for me.
They make no medical claims, however one knows what works for them.
I was a very skeptical customer… now happy to say; a very satisfied customer.
I’ve documented Free Mart’s kooky product medical claims. Pretending otherwise isn’t doing you any favors.
Also being a “happy customer” of kooky products doesn’t change Free Mart getting into crypto fraud. But uh, you do you.
Can you explain this publicly traded bit? I dont see any exchanges where this is publicly traded? Im confused here.
How can they be publicly traded if there is no exchange yet. Am i missing something?
Thanks for catching that.
Should read: Nugen Coin isn’t publicly tradeable.
When Elon Musk (Ozedit: derails removed)
NuGen began as an interface with Shop Free Mart however they have slowly removed any sign of MLM and in one week, will make a number of major announcements.
So yes, in May, your article is correct, however today, NuGen is a very different company.
My question to you is: Will you create a new review and get rid of the phrase: NuGen is a crypto fraud?
And PS: John Austin no longer has access to the admin section of the site.
MLM wasn’t the problem with Nugen, securities fraud was.
If they haven’t changed that then Nugen is still engaged in fraud.
A reader sent in Nugen’s updated whitepaper which details some metaverse bandwagon grifting I was going to go over today.
If the business model has changed such that an updated review is warranted, I’m all ears. Haven’t seen anything to suggest that though.
Thanks for the confirmation re. John Ausin. And if you want to discuss Elon Musk do it somewhere else, has nothing to do with Free Mart or Nugen Coin.
I am a part of ShopFreeMart where I was sponsored for my membership around May 2021.
I did not make any commissions but I did receive 23.8 free NuGen Coins as a member at a value of over $200 at that time.
I had the option of cashing out and withdrawing all that money but I decided to invest it into NuGen.
Ever since then that $200 is now $1270 as of today’s date and I still have not referred anyone to the platform.
I can understand the intentions being questioned so here is a little whitepaper of their business.
Hopefully, it will give a much more in-depth understanding of their business intention. (Ozedit: link removed, see below)
NB: Even though I am an affiliate I am not here to steer you into not doubting them or try to convince you into investing in anything. Just thought that this bit of information would be useful.
Numbers on a screen = $0. The $200 never existed, sorry for the loss of whoever paid for you to join.
Tell me you didn’t read the review without telling me you didn’t read the review.
Also way to completely ignore ShopFreeMart committing securities fraud.
Thanks for info.
Check out nugen now.. I heard someone may get sued over false accusations …
Nugen Coin was committing securities fraud yesterday. Nugen Coin is committing securities fraud today. Nugen Coin will be committing securities fraud tomorrow.
Feel free to point out anything that’s false here.
The only party at risk of getting sued here is Nugen Coin. Openly committing securities fraud in the US is a dangerous business model.
Thank you for this article!!! I’ve been telling my wife and her brother this is definitely a scam. I did my own research and found many of the same issues as yourself and came to the conclusion it’s fraud as well.
However my wife’s brother demanded he invest for us as a gift (I wasn’t prepared to fight with my wife over this so I told her we accept this gift but absolutely no more investment into this.)
The rate of return is unrealistic, also when the whole cryptocurrency market collapsed and all coins lost value my NuGen account continued to rise!!
That should be a red flag right there!! How can a $100 investment a little over a year ago be worth $3200 today? SCAM!
Sorry to hear your situation. Sounds like unfortunately you’re wife’s brother has gone full Ponzi bro.
I’d be keeping an eye on the family finances for the next 3-6 months. I hope your wife doesn’t have any private accounts…
What do you think now??… nugen is trading on LBank… I’ve received 84 times my investment … you say Nugencoin is a scam … I don’t think so… I’ll take a scam like this all day long ..
Nothing has changed with Nugen Coin, it’s still committing securities fraud.
With respect to legitimacy, how much you steal through Nugen Coin is neither here nor there. You can’t legitimize fraud by increasing the amount stolen through fraud.
Also your numbers don’t add up. Nugen Coin launched in late 2021 and pitches a 200% ROI over 202 days.
For you to have made 84 times your investment, that’s a boatload of recruiting new bagholders – which you’re disingenuously representing as a ROI.
Thanks for at least owning up to being morally bankrupt.
Numbers on a screen are just numbers on the screen. Where can you actually spend your crypto shit-coin?
Suckers like you a plentiful. Keep giving your money to Ponzi scammers.
nugen has promises to buy back all coins and trade them for ethereum coin.
And where’s that ethereum going to come from? Ponzi schemes collapse because there’s nothing left to steal.
Nugen Coin has been a big bunch of BS. Last e-mail they sent out about the platform delay was almost two months ago.
Glad I didn’t invest much into it, but getting my wife, son, and daughter in this nonsense company makes me look like an idiot!
Thanks Nothing coin, i.e. Nugen Coin.
The last is about a month ago NUGEN give their members so called wallets with etherium coins.
When members tried to cash it, through Coinbase it didn’t go through. We have a screen saying we have etherium but can’t cash it.
It’s because the ethereum doesn’t exist.
You had the same problem when you had a screen of Nugen Coin too, you just didn’t realize it.
The moment you call and ask questions phone gets hanged up on you.
They constantly changing websit, they changed the login website 2 weeks ago.
What can I do fazil jabar took my life inheritance, I lost thousands of dollars.
And I ask for corporate address to write them they refuse to provide.
US securities fraud is regulated by the SEC. Best to file a complaint on their website.
Why is it so hard for the SEC or other government agency to stop people like Fazil, John Austin, etc from preying on those who are trying to invest and earn money so we can survive with our small salaries?
We need help and do not need thieves taking the money we have worked hard for.
We were told Fazil is dead. How do we know this is true. How do we get our money back.
Probably should have done some due-diligence prior to investing into a Ponzi scheme.
Your money is gone, sorry for your loss.
Why is it so hard for YOU to do real due diligence before giving any stranger on the Internet your hard earned money?
YOU are the one responsible for investing your money, not the SEC or any regulatory agency. If people like YOU would actually do real due diligence, there would be no money for them to steal.
You can always hire an investment advisor to help you invest your money, but again you must do your due diligence to make sure they are legitimate and have a successful track record of investing.