Options Rider suspend recruitment, lie to affiliates
Short of addressing whatever problems exist with their business model, we’ve pretty much heard every excuse under the sun from MLM underbelly scheme admins.
Usually these are shallow attempts at drawing attention elsewhere from the fraud taking place, which is easily refuted by redirecting the conversation back to said fraud.
Every now and then though, one company will get so caught up in their misdirecion and lies, that their defense turns into a right royal circus.
Options Rider is one of those companies, with a recent email communication sent out to affiliates ripe for the picking.
A recent email sent out by Michael Sloan, who identifies himself by association with Binary Options Concierge.
I have seen Sloan credited as an owner of Options Rider, but was unable to independently verify the information. Options Rider themselves provide no information about company management on their website (a red flag in itself).
In any event, the primary purpose of Sloan’s email is to make Options Rider affiliates aware that new affiliate signups have been suspended.
Due to the surge of new clients, we are temporarily closing new registrations and deposits into the system effective immediately. We will resume new registrations on the 5th of May.
We want to make sure that the clients that we have are taken care of. This will allow us to catch up on pending new accounts and referral fee payments. Please notify all of your prospects immediately.
Seeing as these processes are automated and handled by software, what Sloan is talking about is unclear.
Whatever he’s trying to cover up though, we’ll still give him the benefit of the doubt.
On the other points Sloan brings up in his email? Not so much.
As is typical of MLM underbelly schemes, Sloan and Options Rider are attempting to plant the seed that they are under siege by unnamed “competitors”.
It is under this banner of deception that BehindMLM (misidentified as I am) is called out.
I also want to address the fact that, due to our growth, our competitors will initiate smear campaigns against us. Recently, we had a person who wrote an article about us on a website “behindmlm” by the name of Mikael Thorton that was very negative.
The claims in the article were false.
Naturally the “claims” Sloan refers to are not identified. Good luck in any event, seeing as the entire review is based on Options Rider’s very own compensation plan.
That alone isn’t the lie though, it’s this next part:
Now, our focus is only on Options Rider. I had the pleasure of speaking to Mikael after the incident occurred and he asked me, Michael Sloan, to pay him $5,000 and only then would he remove the article.
Yeah that, that never happened. I’ve never spoken to Sloan or anyone at Options Rider.
I’ve been writing at BehindMLM for over five years now, and I’m certainly not going to sell out my readers for a quick buck.
What you’re looking at there is pure fiction, a poor attempt by Sloan to direct attention from Options Rider’s questionable business model to… well, anywhere really.
But hey, if you’re running an unregistered securities scheme masquerading as a binary options platform, what’s a fabricated claim of extortion between friends?
The second lie Sloan tells affiliates relates to Bob Roberts, and his supposed non-involvement in Options Rider.
Bob Roberts, our CEO, only owns Binary Options Concierge and has no interest in any other binary options platforms and other management services regarding binary options.
Exhibit A, an Options Rider affiliate call hosted by Brian Conley (Connolly?) held in mid-April (before BehindMLM published our Options Rider review).
After explaining his relationship with Tom Carter (credited as a co-owner of Options Rider), Conley explains
[3:19] Now, Thomas, who I said I’ve known for many years, he was the one that was introduced to Bob Roberts.
Roberts is the owner of the software that we’re using in Options Rider.
So Thomas met Bob, Bob started talking about his software and the success that they’d had, and they started putting together the Options Rider concept.
Thomas Carter and Bob Roberts are the only individuals identified as owners on the call, with both credited as having “put together” Options Rider.
Later Carter himself joins Conley on the call.
(Conley) [17:30] I was talking about Thomas Carer moments ago, Thomas is one of my good friends, my mentors, he’s actually the one who introduced me to this, I’ve known him for a long time.
He’s travelling but Thomas, I’m gunna let you step in and start doing some Q&A. But first Thomas, just tell everybody, y’know, when you saw Options Rider, obviously you were just like I was.
I’m an investor, but after a couple of weeks of looking at it you’ve made your time to meet with Bob Roberts and actually buy into the company, so now you’re a part-owner, which is pretty exciting, because I know you don’t want to go to jail.
You’re a great guy and you did your homework. So tell everybody what made you buy-in first and then help me finish up with the questions.
(Carter) [18:14] Brian thank you so much for the great, great, great call, it’s very informative and hit all the points.
But I’m not gunna spend a lot of time on Q&A today. Ladies and gentlemen I wanna bring my business partner, all the way from Shanghai right now, he’s coming onto the call and you guys get a special treat today, I have Mr. Bob Roberts on the line.
[18:45] I apologize, it might be a little garbled but this is my business partner, Bob Roberts, the owner of the software, the owner of Options Rider.
These aren’t my words, this is an official corporate Options Rider affiliate call, with the co-owners of the company on the call itself.
And you’re going to tell me Bob Roberts isn’t involved?!
Yo, you’re full of shit Sloan. Stop lying to your affiliates and address the fact that Options Rider are engaged in the offering of unregistered securities to US citizens.
As per the Options Rider corporate call, Options Rider affiliates invest a minimum of $500, sit back and then collect a passive ROI based on the efforts of others.
The owner of the company is hiding out in Shanghai, China, and you and the rest of the US-based Options Rider affiliates are left holding the bag.
By all means continue to delude yourselves into thinking you aren’t offering unregistered securities, but coming up with false claims of extortion and lying about company ownership to cover your tracks?
That’s pretty low guys, even by MLM underbelly standards.
Update 6th of May 2015 – The lies of Options Rider continue to unravel, with the company’s feigned authorization from the “New Zealand Securities and Exchange Commission” appearing to be completely made up.
BehindMLM reader John Caine spearheaded discussion on the issue, publishing correspondence with New Zealand’s Financial Markets Authority over the matter.
For reference, the following text appears on the Options Rider “Client Agreement”:
The Company is authorized and regulated by the New Zealand Securities and Exchange Commission to offer certain Investment and Ancillary Services and Activities under the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters Law of 2007, Law 144(I)/2007, as subsequently amended or replaced from time to time (“the Law”), with FSP license number FSP109805.
FMA told Caine that first and foremost, New Zealand does not have a “Securities and Exchange Commission”. They also clarified that Options Rider
is not registered on the Financial Service Providers Register (FSPR) or regulated as a financial service provider in NZ.
Furthermore ‘the FSP number they have provided is not a correct number or in the correct format.‘
Why might that be?
Well, as it turns out Options Rider just copy and pasted text from an unrelated entity, pertaining to Rodeler Limited being registered as a Cyprus Investment Firm:
Rodeler Limited (“the Company”) is authorised and regulated by the Cyprus Securities and Exchange Commission (“CySEC”) as a Cyprus Investment Firm (“CIF”) to offer the services and activities enlisted herein in this document, under the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters Law 144(I)/2007, as subsequently amended from time to time (“the Law”).
As BehindMLM reader Kasey Chang explains on his own blog, all Options Rider did was switch out references to Cyprus with that of New Zealand.
Here’s the really hilarious part though… They claimed to be authorized by New Zealand Securities and Exchange Commission with “FSP License number 207/13”.
The problem is New Zealand does NOT have a Securities and Exchange Commission. New Zealand investments is regulated by Financial Markets Authority. And the cited laws do NOT exist in New Zealand.
It’s even more hilarious when I was able find the actual laws and regulations cited… in an REAL options trading company based in Cyprus (that’s in Europe!).
These scammers didn’t even bother changing the number. Tsk tsk tsk.
Over to you Options Rider. Care to explain anything else you might be lying about?