Laetitude Review: BitClub Network scammers launch Ponzi
Laetitude provides no information on its website about who owns or runs the company.
Laetitude’s website domain (“laetitude.com”) was privately registered on February 23rd, 2020.
Further research reveals David El Dib (right) citing himself as Laetitude’s founder on LinkedIn.
El Dib is a former BitClub Network scammer. El Dib traveled with BitClub Network executives and spoke at BitClub Network promotional events.
The above screenshot is from a 2017 video of a BitClub Network event held in Spain.
El Dib (right) shared the stage with BitClub Network founder and convicted pedophile, Russ Medlin.
The DOJ arrested three individuals connected to BitClub Network in December 2019.
Russ Medlin was picked up in Indonesia seven months later. He was arrested on child sex charges.
The DOJ allege BitClub Network was a $722 million dollar Ponzi scheme and have indicted five individuals.
Whether David El Dib is a person of interest to US authorities is unclear.
In what is almost certainly not a coincidence, Stefan Stumpf is Laetitude’s “International Leader”.
Stumpf is also a former BitClub Network scammer:
David El Dib is originally from Austria. At some point he fled to Dubai.
Dubai is a safe haven for scammers. It is currently the MLM scam capital of the world.
Laetitude is run through the Spring7 FZ LLC, a shell company purportedly incorporated in the UAE.
Read on for a full review of Laetitude’s MLM opportunity.
Laetitude has no retailable products or services.
Affiliates are only able to market Laetitude affiliate membership itself.
Laetitude’s Compensation Plan
Laetitude affiliates invest up to $50,000 in a crypto trading bot on the expectation of a passive return.
Our bots have been developed over the past three years by an expert team of mathematicians, traders and programmers.
The bots’ trading strategies are based on novel algorithms that have never existed before.
Our bots are fully automated, fast, precise and reliable.
How much Laetitude affiliate pays in membership fees dictates how much they can invest:
- Business – pay $500 and invest up to $5000
- Business Pro – pay $1200 and invest up to $12,000
- Founder Special – pay $3700 and invest up to $50,000
Laetitude’s compensation plan suggests the company keeps 35% of returns generated.
The MLM side of Laetitude pays commissions on recruitment of affiliates.
Laetitude Affiliate Ranks
There are nine affiliate ranks within Laetitude’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Affiliate – sign up as a Laetitude affiliate
- 1 Star – generate and maintain $2000 in downline sales volume every 30 days
- 2 Star – generate and maintain $4000 in downline sales volume every 30 days
- 3 Star – generate and maintain $10,000 in downline sales volume every 30 days
- 4 Star – generate and maintain $30,000 in downline sales volume every 30 days
- 5 Star – generate and maintain $70,000 in downline sales volume every 30 days and recruit and maintain at least one 1 Star ranked affiliate
- 6 Star – generate and maintain $200,000 in downline sales volume every 30 days and recruit and maintain at least one 2 Star ranked affiliate
- 7 Star – generate and maintain $500,000 in downline sales volume every 30 days and recruit and maintain at least one 3 Star ranked affiliate
- All Star – generate and maintain $1,000,000 in downline sales volume every 30 days and recruit and maintain at least one 4 Star ranked affiliate
Laetitude affiliates earn 10% on fees paid by personally recruited affiliates.
Laetitude pays residual commissions via 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):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
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 affiliates. Note there is no limit to how deep a binary team can grow.
Residual commissions are paid as a percentage of affiliate membership fees paid across the binary team.
- Business tier affiliates earn a 9% residual commission rate
- Business Pro and Founder Special tier affiliates earn a 10% residual commission rate
Note that a weekly residual commission cap based on rank also applies:
- Affiliates can earn up to $500 a week in residual commissions
- 1 Stars can earn up to $1000 a week in residual commissions
- 2 Stars can earn up to $2000 a week in residual commissions
- 3 Stars can earn up to $4000 a week in residual commissions
- 4 Stars can earn up to $6000 a week in residual commissions
- 5 Stars can earn up to $8000 a week in residual commissions
- 6 Stars can earn up to $10,000 a week in residual commissions
- 7 Stars can earn up to $15,000 a week in residual commissions
- 8 Stars can earn up to $20,000 a week in residual commissions
Laetitude’s compensation material states “the binary Bonus is paid out in real time.”
Typically a residual binary commission is only paid out on volume generated on one side of the binary team. Whether that’s the case in Laetitude is unclear.
Laetitude pays a Matching Bonus on residual commissions earned by downline affiliates.
The Matching Bonus is tracked 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.
Laetitude caps the Matching Bonus at eight unilevel team levels.
- level 1 (personally recruited affiliates) – 10%
- level 2 – 8%
- level 3 – 6%
- levels 4 and 5 – 4%
- levels 6 to 8 – 3%
How many levels an affiliate earns the Matching Bonus on is determined by rank:
- 1 Stars earn the Matching Bonus on one unilevel team level
- 2 Stars earn the Matching Bonus on two unilevel team levels
- 3 Stars earn the Matching Bonus on three unilevel team levels
- 4 Stars earn the Matching Bonus on four unilevel team levels
- 5 Stars earn the Matching Bonus on five unilevel team levels
- 6 Stars earn the Matching Bonus on six unilevel team levels
- 7 Stars earn the Matching Bonus on seven unilevel team levels
- All Stars earn the Matching Bonus on eight unilevel team levels
Full participation in Laetitude’s MLM opportunity is available at three price-points:
- Business – $500
- Business Pro – $1200
- Founder Special – $2500
The primary difference between these tiers is income potential (investment limits).
Note that there is also a free Laetitude affiliate membership option, however this has nothing to do with the MLM opportunity.
From someone in bed with BitClub Network’s management, comes a similar crypto themed Ponzi scheme.
Laetitude uses the tried and trusted “trading bot” Ponzi ruse, which is offered through Swapoo.
Note there’s Swapoo the crypto exchange and Swapoo the trading bot platform. The trading bot platform is housed at “swapoo.ai”.
We developed our bots with knowledge accumulated through years of trading experience and tested them against a range of crypto market conditions.
The bots’ strategies are based on complex, dynamic programing [sic] algorithms and use different digital high-tech engines to achieve excellent trading results.
The usual MLM crypto Ponzi bullshit.
Swapoo markets a 149.32% ROI, supposedly achieved across 2020. No audited financial reports are provided.
Swapoo represents it is registered in the British Virgin Islands. This would be a meaningless shell company incorporation.
Heading up Swapoo is CEO Dave Martin, who if I’m not mistaken is based out of the Philippines.
A flowchart I’ve seen ties Martin Backhausen, supposedly also a BitClub Network net-winner, to David El Dib and Dave Martin.
Backhausen is also based in the Philippines, that much I was able to verify.
Having a closer look at Swapoo, it’s the “admins can’t touch our money!” trading model. Which is of course bullshit.
When the time comes to exit-scam, rigged trades are pushed through the bot, through which affiliate funds are transferred to admin accounts.
Furthermore if two BitClub Network scammers actually had a profitable trading bot, they’d just run it.
Our Bots are developed by a team of mathematicians, traders, programmers, and experts on machine learning who use their collective expertise to create and transform a systematically organized body of crypto trading knowledge into unique automated trading bots.
Bots never stop, never sleep, never make mistakes. Always working, they spend 24/7 accurately executing proven, rules-based strategies, 100% of the time, to grow your portfolio.
No need for shell companies in hidey-hole jurisdictions and pyramid scheme commissions.
On the regulatory front neither Laetitude or Swapoo are registered to offer securities in any jurisdiction. This means that, at a minimum, Laetitude and Swapoo are committing securities fraud.
Serial scammers who might be on the run from the law launching more scams to steal more money through. You know how this ends.