Liyeplimal Review: Limo and XAF Ponzi points
Liyeplimal operates in the MLM cryptocurrency niche and operates out of Douala, Cameroon.
Despite the company’s website domain being registered in February 2018, Liyeplimal claims it was “created in 2017”.
Heading up Liyeplimal is Simb Emile Parfait, cited as CEO and founder of Global Investment Trading.
Liyeplimal’s website footer states it is a “Global Investment Trading product”.
BeOnPush and MGlobally were Ponzi schemes. Game Loot Network combined pyramid recruitment with securities fraud.
At the time of publication Alexa cites Cameroon (65%), Canada (16%) and Bangladesh (12%) as top sources of traffic to Liyeplimal’s website.
Read on for a full review of Liyeplimal’s MLM opportunity.
Liyeplimal has no retailable products or services, with affiliates only able to market Liyeplimal affiliate membership itself.
Liyeplimal’s Compensation Plan
Liyeplimal affiliates invest in limos, which are then converted to XAF on the promise of advertised returns.
Limos are purchased either internally through Liyeplimal or from existing Liyeplimal affiliates.
The current internal limos exchange rate is not provided on Liyeplimal’s website.
Once acquired, limos are used to invest in XAF points as follows:
- Abidjan – 100 limos
- Porto-Novo – 200 limos
- Libreville – 400 limos
- Ndjamena – 800 limos
- Malabo – 1600 limos
- Yaounde – 3200 limos
- Pretoria – 6400 limos
- Cairo – 12,800 limos
- Abuja – 25,600 limos
- Dubai – 51,200 limos
- Ouaga – 100,000 limos
The stated conversion rate from limos to XAF is $1 limo to 800 XAF.
Once invested in, the above plans pay the following advertised returns over a 365 day period:
- Abidjan pays a 160 limos ROI
- Porto-Novo pays a 340 limos ROI
- Libreville pays a 720 limos ROI
- Ndjamena pays a 1520 limos ROI
- Malabo pays a 3200 limos ROI
- Yaounde pays a 6560 limos ROI
- Pretoria pays a 13,440 limos ROI
- Cairo pays a 27520 limos ROI
- Abuja pays a 56,320 limos ROI
- Dubai pays a 114,688 limos ROI
- Ouaga pays a 225,000 limos ROI
Note that while investment in XAF is required, returns provided on Liyeplimal’s website are provided in limos.
Liyeplimal pays referral commissions 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.
Liyeplimal caps payable unilevel teams at five.
Referral commissions are paid as a percentage of funds invested (presumed to be limos) across these five levels as follows:
- level 1 (personally recruited affiliates) – 6%
- level 2 – 2%
- levels 3 and 4 – 1%
- level 5 – 2%
Note that level 2 and deeper must be qualified for.
Liyeplimal only provide qualification criteria for level 2 on their website:
- generate 6000 limos in downline investment revenue and have invested at least 1800 limos yourself
Bonuses in limos are also awarded for each unilevel team level unlocked. The stated reward for unlocking level 2 of the unilevel team is 360 limos.
Liyeplimal affiliate membership is free but participation in the attached income opportunity requires investment in limos.
Seeing as conversion rates are not provided by Liyeplimal, pegging an exact cost to Liyeplimal affiliate membership isn’t possible.
Liyeplimal presents itself as
one of the largest and most experienced platform for buying and selling crypto currencies in Africa.
In reality it’s a Ponzi scheme set up to enrich Simb Emile Parfait and those he works with.
Limo and XAF have no value outside of Liyeplimal. They are created on demand at little to no cost by the company.
Liyeplimal and existing affiliates offload limo onto new gullible investors – for no other reason than to accumulate more of the points and offload them at a profit.
Withdrawals are paid by either new Liyeplimal affiliates wanting to acquire limo, or by the company itself.
Can I request the reimbursement of my investment pack before the 52 weeks?
No. Once you have purchased a pack, it is no longer possible to discontinue it before the 52 weeks.
You have to wait for the end and never renew it if you want.
Once invested, funds are locked up for 52 weeks before affiliates can do anything. This gives Parfait and early affiliates plenty of time to withdraw and stash away the majority of invested funds.
The MLM side of Liyeplimal meanwhile is straight pyramid scheme territory. Nothing is marketed or sold to retail customers.
100% of commissions paid out are tied to recruitment of new Liyeplimal affiliate investors.
On the regulatory front Liyeplimal is obviously offering a passive investment opportunity, which constitutes a securities offering.
On its website Liyeplimal provides basic incorporation details for Cameroon, but fails to provide evidence it has registered with securities regulators.
This means that both in Cameroon and elsewhere, at a bare minimum Liyeplimal is committing securities fraud.
Outside of Liyeplimal’s MLM opportunity you have Simtrex, an exchange nobody uses (Alexa 2 mill) and LiMarket, a XAF ecommerce platform.
Neither has anything to do with Liyeplimal, other than being setup by the same people.
If you’re willing to overlook Liyeplimal being a Ponzi scheme, committing securities fraud and paying pyramid recruitment commissions, one last thing we’ll look at is SimbCoin.
Named after Simb Emile Parfait himself, SimbCoin is a failed Global Investment Trading spinoff.
SIMBCOIN is a Token based on the ERC20 system from Ethereum, a smart contract technology in Blockchain.
From last October, SMB has been sold to gullible investors – most of whom are from Cameroon and Bangladesh.
SMB comes with its own investment plans, which can be purchased through Liyeplimal.
It appears Parfait will continue to launch ERC-20 shit tokens until Cameroonian authorities shut him down or his Global Investment Trading Ponzi factory collapses.
As with all MLM Ponzi schemes, Liyeplimal will be unable to pay withdrawal requests when it runs out of new investment.
This in turn will happen as affiliate recruitment inevitably slows down.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.