Weeconomy Review: Flexkom rebooted with crypto investment fraud
Weeconomy began as Flexkom, a pay to play pyramid scheme masquerading as an ecommerce platform.
Flexkom collapsed on or around late 2016. Today the former Flexkom website domain redirects to something called “MPM Group AG”.
Flexkom is believed to have scammed upwards of 40,000 affiliate investors, most of which were in Turkey.
Around the time of Flexkom’s collapse in late 2016, Wee Business Economy was launched.
Weeconomy (aka Wee and Wee Business Economy), is headed up by Flexkom owner Cengiz Ehliz (right).
For all intents and purposes, Weeconomy is a rebranding and continuation of the Flexkom scam.
Read on for a full review of the Weeconomy MLM opportunity.
Weeconomy runs a rebrand of Flexkom’s merchant network.
Shoppers sign up and when they purchase products through participating merchants (all of whom are Weeconomy affiliates), they receive a cashback.
Cashback can either be cashed out or used as credit at other signed up Weeconomy merchant affiliates.
Shopper membership for Weeconomy’s platform is free, however this has nothing to do with Weeconomy’s MLM opportunity.
The Weeconomy Compensation Plan
You won’t find a copy of Weeconomy’s compensation plan on their website, or anywhere for that matter.
As with Flexkom the income opportunity side of the business is shrouded in mystery.
As such, the following analysis has been pieced together from various Weeconomy marketing presentations (most of which are in German, because Flexkom tanked Cengiz Ehliz’s reputation in Turkey).
Weeconomy affiliates earn a commission on cashback payments shoppers who sign up with their cards/vouchers receive.
Quoted commission rates are 5%. Note again that this is on the cashback amount, not the total purchase price.
Weeconomy affiliates are paid to recruit new affiliates.
- recruit a Start package affiliate and receive €110 EUR
- recruit a Basic package affiliate and receive €170 EUR
- recruit a Premium package affiliate and receive €330 EUR
- recruit a CallCenter package affiliate and receive €170 EUR
Behind Weeconomy’s cashback front is an investment backend.
Weeconomy affiliates invest in virtual shares, which are advertised as paying a monthly return.
Weeconomy shares are bundled with affiliate signup packages.
As per the above marketing slide, Weeconomy virtual shares are tied to a “transaction pool”, which pays €560 EUR a month.
This is off an initial investment of €9030 EUR in six Weeconomy affiliate positions (step 1 in the calculation example above).
Weeconomy affiliate membership is tied to the purchase of one of the following packages:
- Start – €690 EUR
- Basic – €1490 EUR
- Premium – €2690 EUR
- CallCenter €1290
Each package comes with weeCards to give to shoppers.
Weeconomy’s original business plan, although not openly presented, is easy enough to understand.
You sign up, invest in shares and collect a monthly return. If you want a higher return, you simply invest more:
Wee’s ecommerce shopping platform is there, which you can either pretend is relevant or just ignore.
Typically you’ll only hear about Weeconomy’s shopping platform from affiliates’ trying to convince you it’s not a scam.
Despite clearly offering a passive investment opportunity, Weeconomy provides no indication on its website that it has registered its opportunity with financial regulators in any jurisdiction.
In fact if you visited Weeconomy’s website, you’d be forgiven for thinking the company has no attached income opportunity at all.
The reason for the shadiness should be obvious. If Weeconomy’s merchant platform was actually viable, Flexkom wouldn’t have collapsed.
The problem with MLM ecommerce platforms is invariably it is only affiliates who wind up using them.
They’re not there to shop though, and so the platforms become marketing tools.
Affiliates make the odd purchase on them, if only to show the platforms work (in the lead up to convincing you to sign up and invest).
And so it was with Flexkom and so it is in Weeconomy.
Initially Weeconomy touted itself as a mobile payment platform (MPM Group stands for “Mobile Payment Markets”)
Mid last year Weeconomy announced a WeeToken ICO, which has since been abandoned for Cooinx. I think at some point it was going to be called “WeeNexx” too.
In any event, the addition of crypto Weeconomy provides literally no change to the business model, other than platform payments in Weeconomy’s internal token.
And of course the addition of cryptocurrency brings with it the “invest in our shitcoin and we’ll all be rich” rubbish.
Cooinx is presented as a standalone company but is obviously just another shell component of Weeconomy.
Despite nobody outside of Weeconomy using it, the most you’ll get out of Cooinx is acknowledgement that it’s ‘an official sales-partner of wee.‘
Cooinx is not publicly tradeable and doesn’t exist outside of Weeconomy.
The company does not publish its internal trading value, which is arbitrarily set by Weeconomy through Cooinx’s puppet management.
And make no mistake, the marketing rubbish about Cooinx being a “partner of wee” is very much an illusion. Cooinx is headed up by Michael Schiebe (right and the guy in the BMW above), who has been around since the Flexkom days.
And if you’re perhaps wondering why this scam has gone on for so long, here’s a snapshot of the shell company structure behind it:
Remember, this is just what’s been publicly disclosed. You can bet the banking side of Weeconomy is even more convoluted.
Reading between the lines, it seems Cooinx has been launched to replace Weeconomy’s fraudulent virtual share investment scheme.
The reason for the switch brings us to the MLM ICO exit-scam model, which by now you should be familiar with.
Gullible Wee investors sign up and invest in Cooinx. Weeconomy creates Cooinx at little to no cost.
In an effort to keep regulators at bay, no investment details are provided on either the Weeconomy or Cooinx websites.
The best I could find was this marketing slide, which represents investment into seven Weeconomy affiliate positions provides 27,000 Cooinx tokens.
And a potential €2.7 million EUR “we’re gonna be the next bitcoin” return.
When investment in Cooinx dries up, Cengiz Ehliz will get Cooinx listed on some dodgy exchange.
This will create one last bubble of hype, allowing Ehliz, Schiebe and other Weeconomy insiders to dump Cooinx as the initial public value inevitably pumps.
After the initial launch hype, Cooinx will dump and bagholder affiliates are left holding yet another worthless MLM shitcoin.
Virtual shares and Cooinx are of course only revealed once you’re groomed for Weeconomy, by introducing you to the irrelevant shopping platform.
You’re not supposed to know about it – but that doesn’t mean you can’t verify the Weeconomy’s scam model yourself.
Just ask whoever is trying to recruit you for examples of all the successful Flexkom merchants and affiliates.
There won’t be any because outside of Cengiz Ehliz, Michael Schiebe and the rest of the Flexkom inner-circle, there are none.
Thousands lost money in Flexkom and no doubt thousands more will lose money chasing Weeconomy crypto riches.
Don’t be one of them.