Genesis Global Network Review: Addwallet Ponzi rebooted
Genesis Global Network review launched earlier this year and list a corporate address in Belize (a known tax-haven) on their website.
Genesis is a legal corporation registered in Belize and is a closely held private company.
Research reveals multiple businesses operating out of this address, indicating that Genesis Global Network use virtual office space. Other than registration, it would appear Genesis Global Network do not have an actual physical presence in Belize.
Identified as Chief Visionary Officer on Genesis Global Network’s website is Donald Bernardin. Affiliate marketing for Genesis Global Network suggests Bernardin created the company with Brandon Bradshaw.
Back in 2013 Brandon Bradshaw fronted the Ponzi AddWallet as Vice-President. Loius Cordero was named CEO in Ecuador, however this was evidently a puppet position that formed part of a larger plan to elude US regulatory attention.
Why would AddWallet feel they need to hide from US regulators?
A reload scheme that sought to cajole disenfranchised Zeek Rewards investors into a stripped down reload scam, AddWallet got rid of Zeek’s penny auction facade and had affiliates invest up to $5000 directly in Ponzi points.
This was done under the guise of advertising credits, a commonly used front by online Ponzi schemes today.
AddWallet launched in early 2013 and by mid-year was showing signs of new affiliate funds drying up.
On a conference call held in late May, Brandon Bradshaw told his investors that if they weren’t happy with the diminishing returns, they should cut their losses and move on.
Around the same time, other AddWallet affiliates begged their fellow investors not to withdraw funds (as they were likely trying to withdraw themselves).
The next few months saw AddWallet continue to decline. The company desperately attempted to attract new investor funds with $2000 “founder packages”, however with affiliates reporting widespread lack of payments and disappearing Ponzi points, these attempts went nowhere.
In August, Bradshaw announced he was leaving AddWallet (and taking whatever funds he’d stolen from investors with him).
No official reason for Bradshaw’s departure was ever provided.
As mentioned earlier, both Bradshaw and Bernardin (right) are graduates of the Zeek Rewards Ponzi scheme.
As above, two “Donald Bernardins” appear on a published list of Zeek Rewards investors who made more than $1000 and, as of May 2014, have refused to negotiate the returning of funds they stole:
It would appear whatever money was left from the AddWallet collapse (the company completely fell apart when Bradshaw bailed), has now run out. And so Bradshaw and Bernardin are back with a new opportunity, Genesis Global Network.
Having likely burnt their bridges in the Dominican Republic, now we have Genesis Global Network registered in Belize.
Bradshaw is no stranger to deliberately orchestrating scams with a focus on evading US regulatory attention. In March of 2013 Bradshaw (a resident of Florida in the US) explained specifically why he’d registered AddWallet in the Dominican Republic:
[13:44] One of the first things that was wrong was that they (Zeek Rewards) were incorporated in the southern United States, they were incorporated in North Carolina and they were sitting ducks.
Y’know, once you have so much advertising people know you, you become global and they became a target.
So we saw all the way what happened here. So we incorporated in Ecuador.
Bradshaw didn’t see a problem with Zeek Rewards ripping off thousands of investors (a feat he would later repeat with AddWallet), it was that they made the “error” of registering their Ponzi scheme in the US.
Today, the sentiment behind Bradshaw’s 2013 comments are continued on via the Genesis Global Network website:
Genesis was started because we were flat out frustrated!
We were tired of being let down by companies after spending a lot of time, energy and money in them and watching our financial dreams become nightmares.
We still believe in this industry and rather than quitting, we decided to start Genesis to become a beacon of hope for people like us and for others around the globe.
Read on for a full review of the Genesis Global Network MLM business opportunity.
The Genesis Global Network Product Line
Genesis Global doesn’t appear to have any retailable products or services themselves.
“Business Units” are advertised for sale, with each unit costing $1. Genesis Global Network permit affiliates to invest between $1 to $10,000 in their business units.
All other products listed on the Genesis Global Network website either do not exist yet or are offered by third-party companies.
Of note is that the Genesis Global Network website talks about the launch of a penny auction ‘prior to our Grand Launch in August of 2014‘.
At the time of publication, it would appear the penny auction has still not launched.
The Genesis Global Compensation Plan
The Genesis Global compensation plan revolves around affiliates investing in “Business Units” on the promise of an advertised 90 day ROI:
Affiliates may purchase BUs for $1.00 each and from a minimum of 10 to a maximum of 10,000.
These BUs can earn for a maximum of 90 “Pay Days” (Monday through Saturday represents 6 “Pay Days”). 90 “Pay Days” represents 15 weeks of rebate rewards. Once 90 “Pay Days” have been reached, the original BUs expire and the remaining balance can continues (sic) to earn rewards.
In a nutshell, affiliates invest up to $10,000 in Business Units and are then paid a 90 day ROI from subsequently invested funds.
Genesis Global Network force affiliates to re-invest 70% of the ROI paid out. An affiliate can used trapped funds to re-invest in more Business Units (which pay out a new 90 day ROI).
Referral commissions are paid out on Business Unit investment, payable down three levels of recruitment:
- Pearl ($12 a month) – 5% on level 1
- Ruby ($40 a month) – 5% on level 1 and 2% on level 2
- Sapphire ($70 a month) – 7% on level 1 and 3% on level 2
- Emerald ($120 a month) – 10% on level 1, 3% on level 2 and 2% on level 3
“Product Unit” investment is also available, costing $100 an investment and paying out a quarterly ROI for a year (4 ROI payments).
The mechanics of Product Unit investment are the same as Business Units. An affiliate invests $100 sums and collects a passive ROI for four quarters paid out of subsequently invested funds.
In addition to ROIs, Genesis Global Network affiliates are also paid recruitment commissions (a direct and residual).
Direct recruitment commissions in Genesis Global Network are determined by how much an affiliate spends on their membership each month:
- Pearl ($12 a month) – 20% on level 1 and 5% on level 2
- Ruby ($40 a month) – 20% on level 1, 5% on level 2 and 2% on level 3
- Sapphire ($70 a month) – 20% on level 1, 7% on level 3 and 3% on level 3
- Emerald ($120 a month) – 20% on level 1, 10% on level 2, 3% on level 3 and 2% on level 4
Note that these commissions are paid monthly, provided all recruited affiliates continue to pay their affiliate fees.
Residual recruitment commissions are paid out using a 2×20 matrix compensation structure.
A 2×5 matrix places an affiliate at the top of a matrix, with two positions directly under them (level 1):
In turn, these two positions branch out into another two positions each (level 2) and so on and so forth down a total of twenty levels.
How many levels a Genesis Global Network affiliate can earn on depends on their affiliate membership rank and their personal recruiting efforts.
Before we get into the matrix ranks, note that membership points as well as the payment of monthly fees are required to qualify.
Membership points are generated when affiliates are recruited, with the amount of points allocated determined by how much they spend on affiliate membership fees:
- Pearl – 10 points
- Ruby – 50 points
- Sapphire – 100 points
- Emerald – 200 points
With that in mind, matrix levels payable according to an affiliate’s membership rank are as follows:
- Pearl (recruit 2 affiliates) – earn on 5 levels
- Ruby (recruit at least 3 affiliates who generate at least 300 membership points) – earn on 10 levels
- Sapphire (recruit at least 4 affiliates who generate at least 500 membership points) – earn on 15 levels
- Emerald (recruit at least 5 affiliates who generate at least 1200 membership points – earn on all 20 levels
Positions in the matrix are filled via the recruitment of affiliates, with how much of a commission is paid out ranging from between 0.25 cents to $2.
Genesis Global Network do not disclose how much specifically is paid per level in their compensation plan material.
Joining Genesis Global Network
Affiliate membership with Genesis Global Network is available at four price-points:
- Pearl – $12 a month
- Ruby – $40 a month
- Sapphire – $70 a month
- Emerald – $120 a month
The primary difference between the affiliate membership is income potential through the Genesis Global Network compensation plan. Particularly how much an affiliate can invest in units and how much they can re-invest (specifics are not provided in the Genesis Global Network compensation plan).
Different name, same old Ponzi points scam.
Instead of VIP bids in Zeek Rewards and advertising credits in AddWallet, now we have “Genesis Coins”.
The idea is the same though, affiliates invest on the promise of advertised ROIs, which Genesis Global Network pays out subsequently invested funds.
There’s a whole bunch of smoke and mirrors on the Gensis Global Network website, with Bradshaw and Bernardin throwing an array of Ponzi stereotypes in an attempt to add legitimacy to the scheme.
This 90 day affiliate investment model didn’t work with Zeek Rewards or AddWallet… and it’s not going to work with Genesis Global Network.
When affiliate funds run out one need only look to AddWallet to see the train-wreck that will follow.
Firstly Genesis Global Network affiliates will notice their daily ROIs dry up.
Then Brandon Bradshaw will get on calls and start blaming affiliates. Others will beg those with funds trapped int eh system to not withdraw, as this has a negative impact on their own withdrawal attempts.
The company meanwhile will retain radio silence. And a few months later Bradshaw will announce he’s quitting and disappear off with an undisclosed sum of invested money.
By this point Bernardins will be long gone.
Suckers who didn’t “get in early” will once again be left holding the bag… until Bradshaw reappears next year with a new scheme and partner. Promising affiliates they can make back what they lost in his last venture, Bradshaw will again set about fleecing those who deposit funds with him.
With no external funds (all that crap about “the company selling products for you” is just that, crap), Genesis Global Network relies on a constant source of newly invested affiliate funds to stay afloat.
Perhaps having learnt from the disaster that was AddWallet, this time around Bradshaw is forcing affiliates to leave as much real money in the scheme than ever before.
70% of all funds are trapped in the scheme, with affiliates only ever able to withdraw 30% of the monopoly money Genesis Global Network pays them.
The idea behind this is an extremely slowed down version of the typical 90 day Ponzi points system. By trapping 70% of every monopoly money ROI paid out, Bradshaw no doubt hopes to keep this scam rolling longer than AddWallet did.
Ultimately however new affiliate funds are still going to be exhausted. The only difference is this time Bradshaw will be able to make off with a larger portion of stolen investor funds.
That is of course if the SEC don’t step in first. The Ponzi points business model is entirely familiar to them by now, but whether or not they’ll step in remains to be seen.
One thing is for certain though, being registered in Belize isn’t going to count for much. Bernardin and Bradshaw are based out of and accepting funds from investors in the US.
Round and round we go…