Richard Smith reportedly resigns from TranzactCard
As part of TranzactCard’s launch events, co-founder Richard Smith has reportedly resigned as CEO.
One would think a co-founder stepping down warrant an official announcement, but as far as I can tell TranzactCard hasn’t made one.
Instead, we turn to social media. On FaceBook yesterday, TranzactCard DBO Victoria Nichole Doula claimed Smith
resigned from his board position tonight during the launch and is becoming a DBO like us.
Smith’s resignation is purportedly due to BehindMLM’s reporting and due-diligence into TranzactCard and Smith.
People think (TranzactCard is) a scam because of Richard Smith and his failed investment opportunities.
He’s tired of the company getting badmouthed as a result of him, so he’s no longer involved.
So all the people throwing around those BehindMLM articles trash talking Tranzact because of Richard don’t have a leg to stand on now lol.
We’re not sure why Doula classified factual reporting and due-diligence into TranzactCard and Smith as “trash talking”.
BehindMLM published its TranzactCard review in June 2023. TranzactCard was essentially a continuation of Smith’s MLM flops, spanning 2016 to 2021 across Divvee, Nui, The Digital Vault, RevvCard and R Network.
We also reported on Smith being criminally charged with securities fraud in Utah back in 2010.
The charges pertained to Smith running two Ponzi schemes, which authorities claim Smith defrauded consumers out of ~$10.9 million dollars through.
Smith pled guilty to one count of Pattern of Unlawful Conduct (page 3), a second degree felony, in 2017.
In September 2023, BehindMLM reported TranzactCard had lost its US banking services. There was also the false celebrity endorsements, spread by Smith himself.
The only confirmed “celebrity” endorsement TranzactCard has secured is disgraced pillow salesman Mike Lindell.
Lindell is a defendant in multiple defamation lawsuits (at least one is a billion dollars plus). The suits pertain to false claims Lindell made pertaining to alleged voter fraud in the US 2020 Presidential election.
As of October 2023, Lindell is reported to be in financial distress.
Smith’s background is crucial due diligence into TranzactCard that anyone involved in or thinking of getting involved in should be aware of. And to be clear, BehindMLM isn’t responsible for Smith running a Ponzi scheme or his past MLM failures, Smith and Smith alone is.
Nonetheless, the narrative that BehindMLM’s reporting is the reason Smith resigned has attracted the ire of TranzactCard distributors. It’s not the first time.
Fe Marie Murphy (aka Felisha Rodriguez), is a TranzactCard distributor from Florida. In addition to TranzactCard, Murphy is also promoting BFF Crowdfunding.
As reviewed on BehindMLM last month, BFF Crowdfunding is a 400% ROI MLM Ponzi cycler.
I could be wrong but I suspect Smith resigning is tied to TranzactCard unable to secure US banking services with Smith on the books.
“As a DBO” Smith will still unofficially run the company as a co-founder, but his name won’t appear on any merchant applications (such to the extent this was being avoided already).
TranzactCard also officially launched its Z-Club platform.
Z-Club’s website source-code reveals it’s been outsourced to BigCommerce.
I had a look at some of the CPUs in the “computers” section, and pricing appears to be higher than Amazon ($100+ in some instances).
One of the earlier TranzactCard marketing claims was that card users would be able to use Z-Bucks to buy Nike shoes at 50% off.
At launch there are no Nike products listed on Z-Club:
Personally I don’t think Amazon or any other major ecommerce retailer has anything to worry about.
Potential red flags with TranzactCard’s launch are still no word on whether TranzactCard does in fact have verifiable new US banking services. Ditto news on the advertised “Power Save Account”.
Finally if you’re wondering why TranzactCard failing to launch as advertised back in June is a big deal, it circles back to due-diligence on Smith.
Smith has a history of marketing promises he consistently fails to deliver on. R Network dragged on for years before what was left was eventually sold on.
From an MLM due-diligence perspective, it’s naive to ignore red flags we’ve seen before from the same person.
Pending any further Tranzact Card launch updates, stay tuned…
Also just a note on the CPUs I glanced over on Z-Club, they’re selling old Intel 11th gen from early 2021.
A $100+ price difference retail matters a lot, because you can likely pick up a newer generation with better performance for the same money.
That and Intel launched its 14th gen CPUs last month.
He resigned because now he can be a “regular ol’ DBO” and when it collapses, he’ll come out smelling like a rose and be able to point fingers at those he left behind.
I bet we’ll see other resignations in the week or two after the “launch” as the rats flee the ship.
Pretty slick exit. He is playing the “Poor Richard” card once again. I’m sure that the rest of his gang is now making more empty “exciting” promises while implementing their 6 month exit plan which will net them many millions of dollars…… in their pockets.
If their ownership “Trust” flies under the radar of the regulatory authorities, these guys will have pulled off one of the biggest “Franchise Scams” ever.
My math tells me that they have collected close to 50 million dollars so far…… but they have expenses etc so they will only wind up with 20 Million Dollars……..Give or take a few. LOL
WHERE IS THE MASSIVE TRAVEL STORE THEY PROMISED????
The promise was
a bank account – TOTAL FAILURE
debit card – TOTAL FAILURE
Z-club with prices below public rates and millions of Skus – TOTAL FAILURE AND BEYOND EMBARRASSING
Global Travel platform to burn all of your zbucks – WHERE IS IT?
THIS IS COMPLETE FRAUD NOW. COMPLETE. FRAUD.
Smith may have “resigned” as CEO in order to not be visible, but TranzactCard LLC is a wholly owned subsidiary of TZT Holdings LLC, which is owned by Richard Smith and which he is Chairman of. TZT Holdings owns the brand “TranzactCard” and the TranzactCard Financial Ecosystem.
Smiths fako exit will fool those gullible fools at the Banks, VISA, and Mastercard. TranzactCard claimed ten more States to complete the franchise opportunity offering. Unfortunately these are the ten States with the strictest rules and the ownership chain will expose Richard Smith. There does not appear to be anything for TranzactCard to franchise in any case.
I became a DBO in September after a well established and ethical company which I was part of threw their ring into the hat – and I trusted that.
Then, the proverbial you-know-what hit the fan. I was already on the Facebook group so I started asking questions. NO ONE wanted to hear much less answer my questions. The group began to seem cultish to me.
From what I have observed there is a ton of “stacking” (people purchasing positions for others) and the emphasis is definitely on recruiting DBO’s rather than mere customers.
My antennas are waving all over the place LOL.
Susie, ABSOLUTELY!! I see Dbo posts all over Facebook saying that they will pay for your position or I will pay the way for 2 or 5 people. Or I will pay for 5 people’s $25 debit card fee!
There are no posts about some great products they get with zbucks or what great vacation spots we get. NOONE ever posts how many people will be needed in order to even make money on other people’s swipes!! MLM industry finest!
This has gone from a scam ……..to a full blown CULT………. with Richard himself and the other “Servant Leaders” comparing Richard to Jesus Christ crucified.
This comparing Richard to Jesus Christ taking up his cross on behalf of mankind has now elevated TranzactCard from a “Cult” to a “Satanic Cult”………..
The dancing on the stage was not only embarrassing; it was a huge red flag. Emotion and Hype over substance………
The blind followers will not allow any questions, or requests for information… Jim Jones and his cool aid stuff……… Scary.
First off, how does a person get scammed paying $25 for a rewards card or $495 to become a DBO? We aren’t talking about $1000’s of dollars.
Second, how does Johnny McNellis come up with them taking in $50 million. The most they could have collected is $20 million less refunds to those that make the manager position and expenses.
So maybe they have made $5 million. To me if you are going to scam people, you would do it for more than a few million dollars.
This will make a great masterclass on how to scam money out of people.
@Robert
I suggest you go read up on R Network. BehindMLM has covered it.
How much someone gets scammed out of is irrelevant to them getting scammed.
I happened to be in Vegas for their final launch day so I popped over expecting a boring sales convention but not more than 5 minutes into their final general meeting the speaker teased out the banking partner and right before revealing it, he claims they’re under attack by hackers from “our enemies.”
I burst out laughing. Everyone seemed to think that was logical and shouted at the “big banks” as clearly they don’t want us to succeed.
No bank was revealed, because hackers, of course; debit cards aren’t coming but they revealed a new way to skim fees in the meantime.
A former friend is involved and he has bullied his way out of friendships because no one wants to sign up for a Ponzi.
To me this is a perfect example of “expecting something for nothing” and people always seem to climb on board without thinking. Ever heard of “Pyramid Scheme”?
Sad to say, the “little guys” will come up empty while Smith and his Minions make millions.
C’mon folks, how can you fall for it? Be smarter than that.