EXnGlory Review: Daily returns ASIC investment fraud
EXnGlory claims it’s ‘an Australian trading company that has been present on market since 2015‘.
I ran ABN and ACN searches for “EXnGlory” and “Ex&Glory”. Nothing came up for an ABN but ExnGlory PTY LTD was registered with ASIC on September 9th, 2019.
EXnGlory’s official YouTube channel was created on September 13th, 2019 – which is around the time the company launched.
EXnGlory’s claim it has been around since 2015 appears to be a lie.
Supposedly running EXnGlory is CEO Christopher Allison.
Allison has a distinct eastern European accent, and his CEO video is shot in an obviously rented space.
Given this, it’s highly likely an actor is playing Allison.
Whoever is actually running EXnGlory is probably from Europe, with any ties to Australia being superficial (shell companies).
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
EXnGlory has no retailable products or services, with affiliates only able to market EXnGlory affiliate membership itself.
EXnGlory’s Compensation Plan
EXnGlory affiliates invest $100 or more on the promise of a 118% to 121.6% ROI, paid in eighteen days.
Referral commissions are paid via a unilevel compensation structure.
A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):
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.
EXnGlory caps payable unilevel team levels at ten.
Referral commissions are paid out as a percentage of funds invested across these levels as follows:
- level 1 (personally recruited affiliates) – 7%
- level 2 – 5%
- level 3 – 3%
- level 4 – 2%
- levels 5 to 7 – 1%
- levels 8 to 10 – 0.5%
EXnGlory affiliate membership is free.
Participation in the attached income opportunity however requires a minimum $100 investment.
EXnGlory claims to generate external revenue via… well, I’ll let you try to figure it out.
The company governs its own business using the most advanced technologies in artificial intelligence, latest results in marketing techniques and finance online management as well stock exchange and cryptocurrency assets.
The above is taken from EXnGlory’s website and obviously not written by a native English speaker.
EXnGlory mashes together the typical MLM Ponzi cliches. None of which actually exist.
EXnGlory’s ASIC registration is meaningless, as to date the only document filed is a 201C Application For Registration as a Proprietary Company.
A 201C filing costs $495 and is done online. It is a basic proprietary company registration.
Like Companies House in the UK, you can put any bogus information down. By the time ASIC investigates, if at all, EXnGlory will be long gone.
An ABN is a bit more meaningful, which is probably why EXnGlory doesn’t have one.
In any event, EXnGlory are running a passive investment scheme. This is a securities offering.
Even if you were gullible enough to take EXnGlory’s ASIC registration at face value, it only covers Australia.
At the time of publication Alexa estimates the US (34%), Iran (14%) and Russia (10%) are the top three sources of traffic to EXnGlory’s website.
Russia is the wild west but securities are regulated in both the US and Iran.
EXnGlory is not registered to offer securities in either jurisdiction, and thus operates illegally.
As it stands the only verifiable source of revenue entering EXnGlory is new investment.
Using new investment to pay existing investors a daily return makes EXnGlory a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dies off so too will new investment.
This will starve EXnGlory of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of investors lose money.
Yet another fake office video with yet another preposterously fake CEO.
The old books used as decoration have Cyrillic lettering on the spine. A website with exchange rates which is shown at 2:38 is also in Cyrillic.
Given that we’re clearly in Europe, it must be a Slavic language, but I can’t tell which one. So that only narrows the location used down to somewhere in the former Soviet Union, the former Yugoslavia, or Bulgaria.
There is one element that could indicate the country. There is a picture of a very odd-looking and distinctive building on the wall, which has Olympic rings on it.
It’s visible from about 1:40. It isn’t pretty, and it doesn’t look like the kind of thing you’d have a picture up on the wall of, unless it’s in your own country and considered some kind of landmark. But somebody would have to recognize it.
(BTW: the extra shown at 1:52 puts on one of the worst simulations of typing I’ve ever seen. Very entertaining.)
Lol, looks like our man is playing the piano in fast forward 😀
That typing at 1:52 caught my attention, too! Great one.
It’s also quite entertaining how all these fake videos always show coffee cups and other merchandise bearing the company’s logo.
I’m starting to think there’s a service industry for that particular type of video. They probably have an one-stop-shop package (rented office decorated with company logos, office actors, video production).
The construction at 1:40 seems to be part of a sports (swimming) venue. I believe I can make out the Olympic rings on the white surface.
Yeah the Alibaba flags and mugs are always present. It does feel like there’s a production company catering to these scams.
We won’t probably ever know though, as clearly these guys don’t operate in English.
The obvious way to go about making a video like this would be to simply hire any company which makes low-budget corporate videos.
It’s not their job to investigate whether or not the company in question is legit, and trying to make companies look more impressive than they really are is an essential part of the business.
Using a staged office looking a lot more prestigious than the real offices of a small company can’t be an unusual practice.
A lot of little startups might not even have an office of their own yet when they want a video made. Fake it till you make it isn’t restricted to MLM scams.
Looking around a bit at sample videos from such production companies, and approximate pricing information, I’d say a video like this can’t cost more than somewhere in the very, very low thousands of euros or dollars.
With so many co-working/virtual/short-term-rent, fully furnished offices around, locations aren’t a problem (and quite a few of those places quite plainly cater to companies wanting to create a false impression of themselves).
The branded props are dirt-cheap, too. Mugs with a picture printed on them you can get at most places where they print photographs, for a few euros/dollars each.
The mugs shown here are clearly that kind: if a real company wanted a bunch of mugs with their logo on a black background, they’d order all-black mugs, not plain white ones with a black rectangle printed on them.
I had no idea what those stupid table flags might cost, so I looked it up. The first price I found was €20 for one, less if you buy two or more.
Some big printouts or foil cutouts of your logo don’t cost much either. If you’re the thrifty type and have some minimal craft skills, you can even make some of that stuff yourself for next to nothing (like the company name on the wall in this video).
You can buy everything shown in this video with the company name on it for well under €100.
So, if this video manages to attract just a handful of marks stupid enough to ‘invest’ €1000 each, they’ve already got the production costs more than covered.
Just one more amusing detail: a token black person, who’s there to make the whole thing look less obviously Russian (or thereabouts), at 4:14 is wearing an entertainingly badly-fitting suit jacket that quite clearly isn’t his.
Russians, or Russian speaking Ukrainians.
While I couldn’t read the writing on the spines of the books (my eyesight is not as good as yours I guess) the site you reffered to on 2:38 is in Russian, also around 3:39 you can see one of their “developers” has Safari open on a Macbook and the OS language is set to Russian (the menus in the topbar).
Also you can differentiate a Russian from a South Slav by the accent when they speak in English, Russians speak English as if they have someones balls in their mouth, while South Slavs speak with a clear but monotone and harsh accent.
Source: South Slav
It isn’t good eyesight, it’s downloading the 4K version of the video and zooming in on freezeframes. My monitor can’t show all 2160 lines at once, but VLC Media Player can make full-resolution snapshots, for looking at in another program.
As to the guy’s accent, if I’d been forced to guess I’d also have gone for East rather than South Slavic, but it’s nice to have my uneducated hunch, as someone who doesn’t know any Slavic language, confirmed.
I have to say this in favour of these fake CEOs though: they’re often a lot prettier than the real thing.
Strong Ukraine connection here.
The picture on the wall shows the thermal pools of Berehove on the border to Hungary
The IT person with the fancy glasses is Ukrainian actor Sergey Glavchev
The person closest to the Berehove picture on the wall is Evgeny Savvin
He came first in the 2018 Donetsk beard contest.