OnPassive diverts payments to Dubai after SEC lawsuit
Following an SEC lawsuit alleging $108 million in fraud, OnPassive appears to be diverting payments to Dubai.
OnPassive affiliates report US banks are flagging the transactions as fraudulent.
Prior to the SEC’s lawsuit, OnPassive is believed to have been using US banking channels. Now the company is laundering funds through Dubai and cryptocurrency.
This has prompted US banks to start flagging OnPassive payments are fraudulent:
This isn’t surprising. Dubai is a worldwide hub for financial fraud, including MLM.
Once funds are transferred into OnPassive, affiliates are given OKOIN.
OKOIN is a worthless inhouse token represented to equal the USD.
In response to the SEC’s lawsuit, which pointed out OnPassive had not released a product since launch, Ash Mufareh announced plans to release O-Connect.
Up until the SEC filed its lawsuit, O-Connect was an unreleased Zoom clone OnPassive used to market its MLM opportunity for years.
Whereas Zoom is free or $250 annually at its highest retail tier, OnPassive is charging 375 OKOIN ($375) every quarter for access to O-Connect ($1500 annually).
Another response to the SEC’s lawsuit is OnPassive offering refunds on $97 O-Founder fees.
Unfortunately due to threats of “immediate action”, we don’t know whether OnPassive refund requests are being promptly honored.
What we do know is, as of August 2023, OnPassive claims to have sold 1.4 million O-Founders positions.
At $97 a pop, this comes to $138.4 million in potential refunds. Even if it’s just for academic purposes, hopefully the SEC obtains OnPassive refund data as part of the discovery process.
Unfortunately rather than acknowledge the SEC suing OnPassive for $108 million as a major federal enforcement action, Mufareh and OnPassive promoters are minimizing it to a “press-release”.
Other OnPassive affiliates are working to suppress awareness of the SEC’s OnPassive lawsuit.
While it’s true the SEC issued a press-release regarding its federal lawsuit, the enforcement action itself is the lawsuit. The SEC prevailing, either by jury verdict or settlement, would mean the end of OnPassive.
It’s expected as reality sinks in, over the coming months more and more OnPassive affiliates will realize they’ve been had.
Questions to the SEC can be submitted via their website.