bc-academy-logoBC Academy first popped up on BehindMLM’s radar as a reboot of the uFun Club Ponzi scheme.

uFun Club investors were given positions in BC Academy, suggesting the uFun Club affiliate database had been sold to BC Academy’s owners.

At the time limited information about the BC Academy MLM opportunity was available. Since then further details about the company have emerged, such that I’m now able to put together a formal review.

BC Academy claim to be “authorized” by BookCoins to “distribute shares”.

BookCoins is a separate company, who claim to be ‘the world’s largest online bullion marketplace trading platform‘.

BOOKCOINS manages billions of tangible and intangible assets including silver – more than the silver reserves of some countries.

There is no proof of either of these claims provided on the BookCoins website.

The company itself appears to be made up of three entities; BOOKCOINS LLC in New York, BOOKCOINS FZE in Dubai and BOOKCOINS Pte. Ltd. in Singapore.

BookCoins LLC does appear to be a registered corporation in New York. The address provided for the business however is that of an agent.

Another address in New York provided on the BookCoins website is that of a PO Box. As such, whether BookCoins actually exists in the US other than in name only is unclear.

BC Academy meanwhile provide a corporate address on their website in Kuala Lumpur, Malaysia.

wyson-chan-ceo-bc-academyAccording to BC Academy’s compensation plan documentation, the company is headed up by CEO Wyson Chan (right). BookCoins is headed up by Chairman Alex Siaw.

According to a post on Chan’s Facebook page dated September 2015, he and Siaw are working together through Naim Indah Corporation Bhd.

Today is a remarkable day for my career path. After months of consideration, I finally decided to make this announcement here that I have invested into a public listed company in Malaysia, Naim Indah Corporation Bhd (NICORP 4464 Main board Bursa Saham) and will be taking up the position of ” Business Development Director” in the company, and also “Managing Director” position in one of the subsidiary company, Naim Indah Mutiara Capital Berhad.

NICORP’s group chairman, Dato Seri Alex Siaw and his partner, Dato Ion Lee will be my close working partners in driving and developing the company. I would also like to thanks them for giving me this opportunity to work together.

Chan appears to have signed on as BC Academy CEO in early 2016.

As for Alex Siaw, Naim Indah Corporation Bhd was tied to uFun Club mid last year.

The MO of this group is the registration of dozens upon dozens of companies, through which the actual owners of uFun Club, BC Academy, BookCoins (and anything else they’ve launched) are obscured.

Read on for a full review of the BC Academy MLM opportunity.

The BC Academy Product Line

BC Academy has no retailable products or services, with affiliates only able to market BC Academy affiliate membership itself.

The BCA Network Compensation Plan

The BC Academy compensation plan sees affiliates invest in BookCoins points (BC).

BC Academy affiliates are also paid when they recruit new affiliates who do the same.

BC Points

BookCoins’ BC points are represented as having the value of of 1 gram of silver.

Affiliates acquire BC points by purchasing BC Academy affiliate packages:

  • Basic – 160 BC points
  • Intermediate – 1600 BC points
  • High – 8000 BC points
  • Advance – 16,000 BC points

The BC Academy compensation plan material suggests BC points will be tradeable for cash, able to be spent with third-party merchants and redeemable for silver bars.

At the time of publication, no further specifics are provided.

BookCoins Virtual Shares

BC Academy affiliate packages also come bundled with BookCoins virtual shares:

  • Basic – 100 shares (1 share a day for 100 days)
  • Intermediate – 1000 shares (10 shares a day for 100 days)
  • High – 5000 shares (50 shares a day for 100 days)
  • Advance – 10,000 shares (100 shares a day for 100 days)

Bonuses shares are awarded if a BC Academy affiliate recruits new affiliates as follows:

  • Basic – recruit three affiliates and receive 1 share a day for an additional 200 days (200 shares)
  • Intermediate – recruit one Intermediate or higher affiliate and receive 10 shares a day for an additional 200 days (2000 shares), or recruit two Intermediate or higher affiliates and receive 10 shares a day for an additional 300 days (3000 shares)
  • High – recruit one High or higher affiliate and receive 50 shares a day for an additional 300 days (15,000 shares), or recruit two High or higher affiliates and receive 50 shares a day for an additional 350 days (17,500 shares)
  • Advance – recruit an Advance affiliate and receive 100 shares a day for an additional 400 days (40,000 shares)

BC Academy affiliates are able to trade and sell BookCoins shares on an internal exchange.

The current value of a BookCoins virtual share is not provided on either the BC Academy of BookCoins websites.

Recruitment Commissions

BC Academy affiliates are paid BC points when they recruit new affiliates as follows:

  • recruit a Basic affiliate and receive 10 BC points
  • recruit an Intermediate affiliate and receive 100 BC points
  • recruit a High affiliate and receive 500 BC points
  • recruit an Advance affiliate and receive 1000 BC points

Residual Commissions

Residual commissions in BC Academy are paid out in BC points using a binary compensation structure.

A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):

binary-MLM-compensation-plan

The second level of the binary team is generated by splitting each of the two first-level positions into another two positions each (4 positions).

In this manner subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.

Positions in the binary team are filled via direct and indirect recruitment of new BC Academy affiliates.

At the end of each day, BC Academy tally up investment volume on both sides of the binary, with affiliates paid a matching bonus on investment volume:

  • Basic affiliates receive 10 BC points per 10 BC points matched on both sides of the binary team (capped at 160 BC points a day)
  • Intermediate affiliates receive 100 BC points per 100 BC points matched on both sides of the binary team (capped at 1600 BC points a day)
  • High affiliates receive 500 BC points per 500 BC points matched on both sides of the binary team (capped at 8000 BC points a day)
  • Advance affiliates receive 1000 BC points per 1000 BC points matched on both sides of the binary team (capped at 16,000 BC points a day)

Leadership Bonus

The Leadership Bonus is a residual recruitment commission paid out via a unilevel compensation structure.

A unilevel compensation structure places a BC Academy affiliate at the top of a unilevel team, with personally recruited affiliates placed directly under them (level 1):

unilevel-commission-structure

If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliate’s unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.

BC Academy cap payable unilevel levels at twelve.

The Leadership Bonus appears to be paid as percentage of BC points newly recruited affiliates in a unilevel team invest in:

  • Referral affiliates receive 2% on level 1 to 3
  • Intermediate affiliates receive 2% on levels 1 to 6
  • High affiliates receive 2% on levels 1 to 9
  • Advance affiliates receive 2% on level 1 to 9 and 3% on levels 10 to 12

Joining BC Academy

BC Academy affiliate membership is tied to the purchase of a Basic, Intermediate, High or Advance affiliate package.

At the time of publication BC Academy do not provide affiliate membership costs on their website or in their compensation plan.

Conclusion

From what I can gather BookCoins have set themselves up as a cryptocurrency, purportedly backed by Silver.

In reality though the silver doesn’t exist, unless a BC Academy affiliate specifically requests it. Then, and only then, are commissions the affiliate has already earned converted into silver.

Otherwise it’s all virtual money, contained within BookCoins’ virtual shares and BC points.

BC points are the cryptocurrency side of things, however at the time of publication you can’t actually do anything with them. Like uFun Club’s uTokens, BC points are being hyped up as “the next big thing” in the cryptocurrency arena.

BookCoins’ virtual shares meanwhile are straight up securities fraud. Despite shell-company registrations in the US, Dubai and Singapore, BookCoins are not registered to offer securities in any jurisdiction globally.

Outside of BookCoins the virtual shares hold no value, with the value inside BookCoins pegged to invested funds. This makes BookCoins’ shares a Ponzi scheme.

BC points are pretty much the same, with a BC point value also pegged to nothing more than affiliate investment.

There’s no other verifiable source of revenue entering BC Academy or BookCoins.

Call me cynical, but both Wyson Chan and Alex Siaw are presented in BC Academy and BookCoin marketing presentations as being Datos. This is a Malaysian title, which coincides with how uFun Club ultimately collapsed.

The migrating of uFun Club accounts into BC Academy is key here, demonstrating the likelihood of common ownership between BC Academy, BookCoins, uFun Club and Unascos.

When uFun Club was shut down in Thailand, those publicly running the scheme fled to Malaysia and rebranded as Unascos.

Unascos flopped and ultimately collapsed. Those running it have not been heard from or seen in public since.

Investor losses are hard to quantify, owing to an inexplicable lack of action on behalf of Malaysian authorities. To date Malaysian authorities have not so much as publicly confirmed an investigation into uFun Club or Unascos.

What we have with BC Academy is an attempt to resuscitate the scam with different management.

Here’s how it will play out:

uFun Club and Unascos top-earners will have gotten in early and shortly thereafter, begun to pitch BC Academy to BookCoins to their former uFun Club downlines.

Eventually once that recruitment pool is exhausted, the company will use funds invested by these affiliates to put on some galas and lure new victims into the scheme.

Otherwise it’s pretty much the same as uFun Club. Create a bogus cryptocurrency, waffle on about silver bullion and hope people invest.

Top investors and murky management in Malaysia withdraw most of the invested funds, with everybody else sold broken dreams and promises.

As with uFun Club and Unascos, it’s unlikely that Malaysian authorities are going to step in and close BC Academy or BookCoins.

The shell companies set up around the world are simply a vehicle to launder invested funds through, otherwise serving no practical purpose. Certainly nothing to do with silver bullion or precious metal storage.

BC Academy and BookCoins are very much owned by Malaysians and being operated out of Malaysia.

Once new investor funds dry up, BC points and BookCoins share’s will collapse towards $0 value internally. As with uFun Club and Unascos, the vast majority of BC Academy investors will suffer a loss and history will once again have repeated itself.

Unfortunately uFun Club investors appear to be a rather naively gullible bunch, so expect loads of bogus promises, gala dinners and colorful presentations until BC Academy and BookCoins collapse.