spinding-logoSpinding went into prelaunch in January and offered affiliates cycler positions. Priced between $30 – $1890, the company required a constant stream of new affiliates to buy positions in the cyclers to keep paying out positions at the top.

Being the legal compliance disaster that it was, it was entirely unsurprising that the official launch was delayed due to payment processors being unwilling to take on the risk Spinding’s business model brought with it.

Eventually finding a home with i-Payout, who despite being caught up in the TelexFree Ponzi scheme case, continue to provide payment services to a number of questionable opportunities, Spinding eventually launched… and then flopped.

With the cycler queues all but stalling shortly after launch, Paul Nash decided to implement a matrix layer to the scheme. The idea was that matrix payments would spur recruitment, which in turn would result in cycler positions being purchased.

After months of excuses and delays, angry Spinding affiliates who had previously ignored the glaring compliance issues with the scheme began to question its legitimacy.

June 1st was advertised as the launch date for Spinding’s matrix system, however that came and went without anything being implemented.

Now, in an email sent out to Spinding affiliates Nash pleads with them to stick by the company as they gear up for what he’s calling a “relaunch”.

Sent out on July 1st, Nash writes

We’re putting all the pieces and parts in place to support a major re-launch… The matrix and upline payment process, additional marketing videos supporting the app and the opportunity, and a strategy moving forward that everyone’s going to LOVE!

Blaming “three leaders” who Nash claimed he was listening to regarding the implementation of Spinding’s matrix system, Nash claims he’s no longer listening to them. Whether or not the three “unnamed leaders” are still with the company is unclear.

Given Nash’s track record with GoFunRewards and how Spinding has predictably turned out, the cynic in my questions whether they ever even existed.

Meanwhile Spinding’s app, which is supposed to provide legitimacy to what is otherwise nothing more than a cycler-based pyramid scheme, soon to be matrix-based pyramid scheme,┬áis nowhere to be seen.

One explanation for the abysmal payouts and continued matrix delays is the revelation by Nash that he’s purportedly spent $100,000 of affiliate money on Spinding app development.

With the app continuing to be MIA, that’s got to be a bitter pill for what’s left of the Spinding affiliate-base to swallow.

At the time of publication no official “relaunch” date for Spinding has been set. And what exactly Nash is going to relaunch remains a mystery (you need to actually launch something to relaunch it don’t you?).

But Spinding continues to reassure affiliates that mountains of money in commissions are just around the corner, provided they continue to pay their monthly membership fees.

Will Spinding sucesfully launch itself as a matrix-based recruitment opportunity, or is this the last stop on the line for what has been nothing short of a train-wreck launch?

Stay tuned…