What’s left of the Richard Smith’s Tranzact Card to FinMore grift has collapsed.

In an email sent out a few hours ago, frontman Peter Rancie “announc[ed] the complete and immediate shutdown of TranzactCard and FinMore”.

While Rancie (right) “doesn’t blame” newly launched NeloLife for TranzactCard’s and FinMore’s “mistakes”, he does state the its launch is the reason TranzactCard and FinMore were unable “to achieve their respective missions”.

Rancie attributes previous TranzactCard and FinMore blunders, which given Richard Smith’s history should have and were obvious, to “federal and state regulatory issues beyond our control”.

Rancie also cites “the incessant noise that surrounds the direct sales industry”, which as it pertains to TranzactCard and FinMore largely revolved around said “federal and state regulatory issues”.

BehindMLM covered TranzactCard and FinMore exhaustively, beginning with our June 2023 TranzactCard review.

Bottom line? I’m not 100% on TranzactCard committing securities fraud but I’m smelling smoke. And that smoke is thick given Smith’s past brushes with securities fraud.

Smith, who has a criminal securities fraud conviction, solicited $495 payments from thousands of “Digital Branch Office” affiliates.

The solicitation was based on numerous misrepresentations, including at one point the involvement of Donald Trump, Barack Obama, the RNC, DNC and LeBron James.

Following due-diligence into Smith, TranzactCard’s planned US banking services were terminated in September 2023. This marked the end of the business, however solicitation of $495 DBO’s continued on promises of new banking channels.

TranzactCard and FinMore named Bangor Bank as a replacement towards the end of 2023, however this was promptly denied by the bank.

The deception continued through the announcement of FinMore, a reboot in name only. Richard Smith still owned parent company TZT Holdings LLC.

As happens often, BehindMLM received criticism for covering TranzactCard and FinMore. Notably, MLM veteran Randy Schroeder had a meltdown over our reporting in September 2023.

Characterizing BehindMLM as a “dog chasing a train”, Schroeder falsely claimed BehindMLM had been paid to report on TranzactCard and FinMore.

Schroeder was very public in spreading misinformation with respect to BehindMLM’s reporting. To the best of my knowledge Schroeder has never publicly acknowledged this or taken responsibility.

Instead, as TranzactCard and FinMore collapsed around him, Schroeder went on a “delete the evidence” spree and began promoting Nelo Life.

From the perspective of FinMore and TranzactCard corporate, Here’s Peter Rancie on Nelo Life;

The ability of TranzactCard and Finmore to achieve their respective missions have been eroded irreconcilably, by the launch of a competitive operation.

As a result of this last factor, most digital communications channels have been polluted with a social media civil war that is still escalating.

Rather than investigate or accuse any individual or group of individuals who may have founded or migrated to this new competitor with crossrecruiting, or breaches of non-disclosure agreements, or other possible contract violations, both TranzactCard and Finmore will cease all operations immediately.

Instead of getting on with the work of TranzactCard, for most of 2024, the changeover to Finmore has taken precedence. This migration was requested by the Field Leadership Council, not initiated by corporate.

The new, competitive entity was swiftly created by, and promoted by, a number of the same leaders who had advocated moving to Finmore. It was launched even before Finmore had the chance to release its store and commissionable products.

In hindsight, the last months of activity have been a complete distraction on all fronts. It’s time to end the social media civil unrest and the ensuing mayhem. The social impact and commercial objectives of TranzactCard and Finmore cannot be fulfilled in this environment.

Note: The new, competitive entity has never been part of TranzactCard/Finmore. Of course, there are multiple potential or actual conflicts of interest embedded in these happenings; the crossover activities of certain field leaders, the crossover of legal counsel, and the crossover of the technology team, to name a few.

While all of these items are subject to further consideration by outisde [sic] legal counsel, no accusation is made herein.

Nelo Life emerged as an attempt to “cash grab” what was left of TranzactCard and FinMore’s promoters last month.

The FinMore “leaders” Rancie cited as creating FinMore are Nick Sorensen, Eric Allen and Larry Lane.

Orkan Arat is the fourth Nelo Life co-founder, however this information was initially hidden from consumers.

Rancie mentioning “the crossover of the technology team” suggests Arat may have also been involved in TranzactCard and FinMore.

Analysis of Nelo Life’s compensation plan saw BehindMLM raise concerns it was a pyramid scheme. As more about Nelo Life’s business model came to light, we later expressed securities fraud concerns.

This prompted a response from Eric Allen on March 31st. While Allen stated he “actually agree[s] with the vast majority of” BehindMLM’s research, what we’d published about Nelo Life was “completely untrue”.

This echoed criticism BehindMLM had previously received over our TranzactCard and FinMore reporting.

Following TranzactCard and FinMore’s collapse, Peter Rancie states there “will be no further correspondence from either entity”.

Richard Smith cashed out and rode off into the sunset last year. As it stands we don’t know how much Smith misappropriated from consumers via deceptive marketing and misrepresentations.

What we do know is at least 48,000 credit cards were filed with TranzactCard and FinMore. At $25 and $495 a pop, this likely resulted in a windfall running well into the millions.

Pending any further updates, we’ll keep you posted.