Kingdom777 “committed to blessing” Peru?
On December the 15th, after a public warning was issued by Peruvian congressman Jaime Delgado, the Peruvian government moved to ban WCM777 from operating in Peru.
WCM777 (World Capital Market) offers gains of up to 300% of the people who make an investment of between $399 and $1999 (USD).
It seems that, initially, the scheme works. However, as time passes and when it is not possible to convince more people (to invest, the company) stops paying (its existing) investors. Consumers should be alerted to this business.
Despite Peru banning WCM777, it seems some WCM777 affiliates continued to market the scheme there. On January 14th Peruvian officials enforced the ban, shutting down a local WCM777 marketing office and making several arrests.
World Capital Market has captured the public’s money without proper legal authorization, in violation of article 11 of the General Law of the Financial System and Insurance System and Organic Law of the Superintendency of Banking and Insurance (Law No. 26702).
It was also reported that the legal representatives of the company have been charged with crimes.
Now, just shy of a week after the Peruvian arrests, Kingdom777 (formerly WCM777) owner Phil Ming Xu has announced he is “commited to helping and blessing Peru”.
The weight of Xu’s commitment and what exactly he’s referring to is unclear. In a letter published to Twitter on the 17th of January, Xu writes
I believe a man’s success is not defined by how much he owns but defined by how many people he can bless. As an ordained minister, I am willing to sacrifice 100% to god.
We invested and incubated WCM777. Our intention is good and pure to be a blessing in this world.
The vision of WCM777 is to build a city upon a hill to prepare for the ending time and harvest of souls. United, we can multiply. Why we divide if we can multiply?
Uh… alrighty then. So if I’m reading that right… Xu claims he started the WCM777 Ponzi scheme to hoard cash as a way of preparing for the end of the world.
I guess the “100% sacrifice” Xu mentions would be the WCM777 investors at the bottom of the scheme he ultimately plans to rip off.
When Xu rebranded WCM777 to Kingdom777, he announced
The payout ratio will be reasonable after the restructuring period and also the company is planning to register its stock with SEC and launching 777 Points Trading, collaterized by the company’s stock.
It is like secondary market trading before the IPO. The company will be guided by Securities lawyers. Kingdom777 values WCM777′s promotion strategies to get big fast.
That however appears to have now gone out the window (surprise surprise), with Xu stating yesterday
To build this community, we have a promotion plan and a payout ratio of 130% for a limited time.
We want to build a community of love by aligning faith and economic interests of our members.
Try as he might, Xu just can’t seem to resist taking deposits from Kingdom777 affiliates on the promise of >100% returns.
Xu ends his “I love Peru” letter by claiming Kindom777 is going to release a mobile phone app and providing an alleged list of Kingdom777 “verified assets”.
- two golf courses in the USA
- lands and other real estate assets in the USA
- mining assets in China
- oil and gas property
- diamond and gold mining assets in Africa
- clinic centers
What does any of that have to do with the running a global Ponzi scheme? Beats me…
Footnote: Phil Ming Xu’s Peru letter was published to Twitter on January 17th, 2014. The letter uses a “World Capital Market” letterhead which, as Patrick Pretty observes, is a Californian corporation whose registration status is currently “suspended”.
You can read Xu’s original letter below: