Network Marketing (M.L.M.) - Going Platinum
Number of Customer Reviews for Going Platinum: 0
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As the name itself suggests Going Platinum claims to offer you many things ranging from shopping mall and Internet Gateway to Search Engine and Directory. Going Platinum Inc. promises that its multi-level marketing program you can help you in making $30,000 a month through it. The company assures you of commissions and referral fees depending upon the time your friends surf and buy on the Internet. Well, people have not found any truthfulness in the scheme and it is more as categorized as a scam.
One of the most potent points that went against the company was its dalliance in launching its programs. While the first announced launch date was before Christmas, then it went to Jan 15 and still no concrete result has come out of it. The truth of the matter seems to be different from the claims. It seems that the basic revenue the company makes is through new members.
The concept of "Going Platinum" is based on the scheme that when you enroll 39 other members you get a share of 40% of the profit the company makes with their enrollment. You have to pay a whopping of $6,125 per month to get it. Plaintiff Securities and Exchange Commission has a few complaints about the business scheme of Going Platinum. It alleges that the promises made by the defendant are misleading and false. The falsity of claim includes everything from the technical status of websites to financial backing.
Besides, an investor has no role to play in deciding about the business or managing it. It did not have any other means except investor funds to dwell upon. By resorting to such means Going Platinum has violated 15 U.S.C. § 77q (a); Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"), Section 17(a) of the Securities Act of 1933 ("Securities Act") and many other regulations. Thus, exploring such a business opportunity will doubtfully result in anything positive.
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