OwnProfits Review: 150% ROI “shares”
There is no information on the OwnProfits website indicating who owns or runs the business.
The OwnProfits website domain (“ownprofits.com”) was registered on the 8th of August 2013, however the domain registration is set to private.
Affiliates are naming an “Eric Teng” as the owner of OwnProfits on social media, which appears to be supported by Teng’s presence on the OwnProfits Facebook page:
On his personal Facebook profile Teng lists his location as Singapore, which correlates with a supplied address on the OwnProfits website that is also based in Singapore.
On the MLM history side of things, Eric Teng was most recently the Chief Technology Officer of AdSpacePro.
AdSpacePro launched in July 2013, accepting $5 investments from affiliates on the initial promise of a 150% ROI. All revenue was sourced from new affiliate money and paid out to existing investors using the familiar “Ponzi points” style compensation plan.
On August 19th, AdSpacePro CEO Thomas Winegard sent out the following “compliance update” to affiliates, explaining that he’d only recently been informed Ponzi schemes were illegal in the US:
AdSpacePRO – Compliancy Update
Dear AdSpacePro Member, Firstly, I would like to thank you for your patience while we are in Beta Launch and understanding the technical errors that we have incurred and the downtime that it has taken to get them resolved.
I unfortunately write to you today with another major hurdle that AdSpacePro has come across. Due to new laws in the USA that have come into effect, their are certain aspects of AdSpacePro that will no longer make us fully compliant.
It is not only AdSpacePro that has to change our business model to fall within their guidelines (To Continue Operating LEGALLY), but many of the other rebate programs throughout the internet. Even big boys on the block will too have to make changes.
We have had a look at our options to either keep the website functioning, slowly changing things one step at a time, or to put the website back into pre-launch stage, rectify everything that we need to do to stay legally compliant, and then re-launch on the 1st September as a fully functioning, fully complaint business opportunity.
I am sure that some of you may feel concerned about our capabilities or in the thought that we are in trouble. All of you that have spoken to me know that this is most defiantly not the case at all! I am not going anywhere! It is just unfortunate that these changes in government rules has come at the stage just after we launched in Beta.
So where does this leave you?
1) All membership fees made to ASP will be refreshed on the 1st September so be advised that you have not lost anything
2) All purchased shares will be credited to your account balance for you to use again on launch date; therefore you have lost nothing here.
The only thing lost is time, which is frustrating for not only you but us as well.
We are sorry for this further delay, but I am sure that you will agree with me that it is in the benefit of the whole family to get these changes made before we really kick off.
We don’t want to be on the other side of the law at any stage and therefore it has been our decision to put AdSpacePro website “Under Maintenance” until the 1st September to allow us to complete and change these necessary steps.
I would like to thank you for your support and understanding through this time. When we come back, we will be bigger, better, fully compliant and have everything ready for our members to log into and start building your business and making money online.
At this time I would like you all to retract any public promotions on any website on the internet in which you have publicly promoted.
The use of revenue sharing will not be allowed to be used ever, passive income will not be aloud to be referenced in any presentation of the adspacepro,and distributors, you may not say we share our profits with you.
Upon starting up the site again there will be a new Advertising Rebate Model that will be introduced. You will receive Advertising Rebate Value each time you purchase and apply your advertising to a campaign.
There is a lot of other things coming as well, the point system will be phased out, We have a brand new Advertising platform called the Web Traffic Driver.
We will open the back office back up as soon as we can go in and remove the (ASpace Packages) infrastructure without causing any more technical hick ups, once this is done we can reopen and allow you guys to begin earning commissions again off the sale of advertising.
P.S Please to not forget to retract all marketing campaigns to AdSpacePRO for the time being and, you should only ever show the latest revised compensation plan and Income Disclosure statement to a prospect in a private manner.
Please make Sure To Check The News Section Daily To Receive Our Important Updates Again, No public advertising of the biz opportunity, only within private areas, in which only they or the people interested/invited may learn more about the compensation plan.
The revised compensation plan, and Income Disclosure Statement will be released after it has been approved by an MLM lawyer.
Our public focus is on developing new relationships with advertisers <–(Customers) that will purchase our revolutionary new products to help drive traffic to their site, and get more leads Products: (Web Traffic Driver + AdSpacePRO Tool Set)
I had to cut my ties with my last lawyer who failed to make me aware of recent changes that will be taking place in the U.S Regulations, we now have one of the top MLM Lawyers that will be helping us construct a complaint and beneficial platform for the people.
Kevin Thompson, has multiple clients in the MLM industry and comes highly recommended to me as someone “Who knows his stuff” We will also be purchasing a compliance training course presented by Kevin himself that all distributors must complete, in order to properly represent AdSpacePRO, and what you can or can not say or do!
Kind regards, Thomas Winegard CEO AdspacePro!
As above Kevin Thompson was named by Winegard as AdSpacePro’s new lawyer, however no clarification is made of the supposed “new laws that have come into effect” in the US since the launch of AdSpacePro in July 2013.
After the compliance update Winegard thing seem to have deteriorated. On the 15th of September Eric Teng advised via Facebook that he was “officially out of AdSpacePro”.
Less than 24 hours later Teng went on to post the following:
Alright, now that I am calm, I’m just going to lay down some facts just so you guys can see what kind of person Thomas Winegard is deep down inside. This include the ones you already knew and the ones you maybe didn’t know about.
1) He said bad things about people behind their backs… and I’m not talking just about any people… I’m referring to people like Chris Donnelly, Nikki De Chalain, Edward Elliott who have helped him so much.
How ungrateful can a person be? If Thomas can do such things to me and all those close to him, then I cannot imagine what kind of things he can’t do to others who helped him less.
2) Greed got to Thomas and why do I say this? He keeps wanting to reduce the equity of his partners (both Chris and mine) from the day the business starts.
It started from 33.33% each, and then he reduced Chris to 15% and now maybe less. He reduced mine from 33.33% to 10% to now 0%.
3) AdSpacePro is broke. Only a week ago, I gave Thomas my credit card details (yes, that’s how much I still trusted him 1 week back) so that he can purchase something he needs (and it cost less than $100).
He still has my credit card details but I’m going to cancel it tomorrow.
The lawyer fees are $8k and I estimate we need about another $15k-$25k to pay off the members when the shares expire plus the account balance so I’m not sure how he’s going to dig out ($8k + $15k = $23k) or ($8k + $25k = $33k) based on my estimation.
4) I did not break any agreement because I specifically told Thomas that I am starting a new rev sharing site and he agreed.
I even ask him on 2 different occasions if he wants shares in it, and he did not. Despite this mutual agreement, I guess he is using the chance to kick me out so he can have my ASP shares to his own.
Common sense tells you that if I wanted to launch my own rev sharing site secretly, I wouldn’t have posted on my Facebook timeline publicly since Thomas is on my list and he could see it.
The reason I do it is because we had a mutual agreement and I think it’s ok to do so. I have proof of him agreed to my rev sharing site, yes.
5) For those who knew, I programmed the whole ASP system from scratch, been defending ASP each time some of you come asking and I kept saying ASP is not a scam (because until a couple days ago, I still trusted Thomas like some of you). And he claims I’m not loyal?
Someone who isn’t loyal to the business won’t offer his credit card to him and definitely won’t offer to inject $20k to keep AdSpacePro afloat because like I said, it’s broke.
6) Thomas kept giving promises and deadlines that wasn’t delivered. This did not happen just 1 or 2 times so it’s definitely not an accident, it’s his habit.
I’m sure you all know about all these broken promises by now, but for those who are new, yeah he kept giving false promises and bad deadlines.
7) Thomas changed the compensation plan to benefit himself at anytime he likes it!
For example when it was first started, he lure people in with unlimited shares and then limit the amount and today, nobody has any shares because AdSpacePro is broke and he’s not going to pay the shares.
Luring people in with a promise and then deliver something less and then at the end, deliver nothing, this is very unethical way of doing business. If he is serious about ethics, he should pay off the shares as promised first, you can’t simply steal/erase people’s assets/money like that without any compensation!
He’s basically taking everyone who trusted him as a fool.
I feel upset because I remember right from the start, we (some members and I) defended Thomas when he argued with some members, argue with David Dave Clayton (and David has the rights to be angry because members are indeed given false promises to come into ASP), and even argue with Charles Scoville and others who posted his mugshot photo.
Now given all the lies Thomas made and all the broken promises, I am beginning to start doubting his mugshot story.
It might well been him who stole the things just like how he stole my company equity from me. If he can do all these things to people, then why can’t he spin a story about his arrest?
For those who defended him today, I see a mirror image of myself on you, people who were being used by him because we trusted him too easily.
I am happy to provide proofs on all the above points I said. He is no longer worth me helping. Before today, I didn’t say all these because I was prepared to let the matter drop and let AdSpacePro continue, but when he started making threats today and hurling vulgarities at me, this broke the limit.
I am not weaken by threats, I always come back stronger when facing challenges like this.
At the time of publication the AdSpacePro website advises visitors that “something big is coming”, displaying a timer that has four days left on the count.
Despite the claim on the OwnProfits website that it’s been ‘a registered company in Singapore since 2009’, quite clearly as an MLM income opportunity the company only came about following Thomas Winegard’s AdSpacePro compliance backflip back in August.
Read on for a full review of the OwnProfits MLM business opportunity.
The OwnProfits Product Line
OwnProfits is a profitable cloud based system that provides you with everything necessary to start and grow your own online business. We provide additional tools (blogs, vlogs, email blast, capture pages, landing pages, etc) and share those profits with you so that you can easily focus on your online business!
Despite the above marketing spiel, it appears the only thing currently purchasable in OwnProfits is “shares”:
Can we buy unlimited Shares?
Shares are a way for us to reward our Members with the success of OwnProfits.com and should not be used as a way to exploit the system.
Therefore, to ensure the sustainability of our company, we introduce measures so that every Member has an allocated Shares limit according on their performance.
This means the harder you work, the better your performance, the more Shares you are allocated to grow your Profits!
OwnProfits don’t actually specify how much an individual share is, only stating that
they accumulate daily until they reach 150% of total value at which point they expire, giving you $50 profits for every $100 worth of shares.
Needless to say only affiliates can but shares, meaning that at the time of publication, OwnProfits has no retailable products or services.
That said, various marketing tools are bundled with paid OwnProfits affiliate membership.
The OwnProfits Compensation Plan
OwnProfits’ compensation plan revolves around the acquisition of “shares” by affiliates, which pay out a 150% ROI and after which expire.
Not mentioned in the OwnProfits compensation plan is the cost of an individual share, with the company only stating that shares will be allocated using a performance based process (read: how much money an affiliate invests and convinces their downlines to invest).
Shares are paid out according to an affiliate’s membership status, with paid affiliate’s shares maturing at a faster rate than a free affiliate’s shares:
In order to keep our business model sustainable, the Shares will appreciate at different rates which will be determined by multiple factors such as the total amount of Shares, the total amount of Profits, and most importantly, your Membership level.
In order to qualify for their daily ROI, OwnProfits affiliates must click on ten company-supplied ads each day.
Affiliate Membership Ranks
A basic OwnProfits affiliate subscription is $10 a month, with all affiliates paying the same monthly fee.
There are three affiliate levels in OwnProfits, with the higher levels receiving a larger portion of the daily ROI payout via their accumulated shares.
- Free affiliates – no cost
- Team Leader – pay OwnProfits $10 a month
- Regional Leader – continue to pay $10 a month and personally recruit 200 Team Leader paid affiliates, maintaining this number for 6 consecutive months
Regional Leader Bonus
Upon achieving the Regional Leader affiliate rank, OwnProfits will pay out an affiliate a one-time $10,000 bonus.
“Buy and Sell” Commissions
Details are scarce as to what exactly affiliates will “buy and sell”, however a percentage commission is offered independent of the share scheme on all purchases made by affiliates (5% for free affiliates and 20% for paid).
Share purchases or an affiliate’s monthly membership fee are not payable as “Buy and Sell” commissions.
Affiliate membership to OwnProfits is either free or $10 a month for a paid membership (faster 150% ROI rate of shares)
It doesn’t take a genius to see that OwnProfits is a reimagining of AdSpacePro before the Kevin Thompson compliance changes.
Built around a more typical fixed percentage ROI over the expiring Ponzi Points model, OwnProfits simply takes in new affiliate money and pays it out to existing investors, with how much they are paid depending on how many shares they have bought or generated.
Straight from the horse’s mouth, any notion that OwnProfits is anything but an affiliate-funded investment scheme is readily dismissable:
And then there was this, taken straight from the OwnProfits compensation plan:
As a passive investor who don’t want to do any work, you can buy your way in and grow your money.
One particular point of interest in the OwnProfits compensation plan was the mention of a super secret alternative source of revenue:
We have full time staff that purely focuses on bringing profits into the site. This is something that we will not reveal too much as it is our competitive advantage against competitors.
We need a sustainable business and that means we need someone to keep bringing in profits into the system.
Looking at the daily company supplied advertise clicking requirement for affiliates in order to qualify for their share ROI, I’m punting that this secret revenue generation is the sale of advertising by OwnProfits itself.
Advertising is frequently used as a front for online Ponzi schemes, with affiliates themselves typically being the only advertisers. Non-participant advertisers remain rare to non-existent as there is simply no value to third-party advertisers in purchasing advertising affiliates are forced to view in order to receive their ROI.
Regardless, whatever OwnProfit’s secret revenue source is it has nothing to do with the compensation plan, which remains entirely affiliate funded and pumped into the share scheme.
The basic idea?
I am definitely losing money on the short term but that’s my plan anyway, with focus on the long term.
This will be a 100% sustainable business over the long run (but for the starting few weeks, I am pretty sure that I will be losing money since I’m using my own money essentially to put this business on the fast track to success).
Eric Teng himself will put up the seed money to get the ball rolling before the usual take new affiliate money and use it to pay existing affiliates kicks in.
As always, once the new affiliate investment stops so too will the daily ROIs.