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.