Banners Broker Scam Review

Webutation 100% basictech newsIs Banners Broker a Scam?

My friend Ethan Vanderbuilt asked me to investigate this; I must say that I had not heard of it until today. Being a Private Investigator, it did not take me long to figure this one out.

I am going to go all out on this one and say “yes” it is a scam, but more like a Ponzie Scheme. I hate to let the cat out of the bag so early in the post, but there are some things I need to remind people of when it comes to making a decision on investing in any program.

1) Can you buy the product without joining the program and becoming a distributor? This is major, even if you have no intention of buying the product. If they do not offer their product to the general public without signing up to the program, most likely it is a scam. You cannot just buy advertising with Banners Broker.

2) Can you get all the information about the company without joining? Legitimate companies have nothing to hide and are more than glad to provide any information you request. Banners Broker will only reveal limited information without signing up and you must have a sponsor.

Those are the 2 main points one must consider before getting into any business opportunity and Banners Broker failed on both counts.

Banners Broker is a Ponzie Scheme

According to their promotional video,  banners broker business modelthis is a strait line cycler. A multi-level system with just one downline. This is just a complicated way to promote a Ponzie Scheme. Notice how they say “take $20 and double it multiple times to $10,000? These kinds of claims are illegal.

If you live in the U.S., money cyclers are illegal. I will say this again, it is another term for Ponzie Scheme or HYIP (High Yield Investment Program).

This company is based in Belize, another red flag. Belize is the place to register your business if you want to run a Ponzie Scheme. They have very little restriction on this kind of activity.

Here are some of my other findings in my investigation, the most important one being who owns the company. The sales video says that a mathematical genius by the name of Chris Smith owns the company. A little convenient don’t you think? A name as common as John Smith and he is not the handsome young man pictured in the video.

As you can see, the real Chris Smith is nothing like the stock photo. I tried to do more research on who Chris Smith is, but that name is real common and is overshadowed on the internet by the famous ball player and a musician.

Chris Smith Fake PictureAs you can see, there’s a big difference in who Chris Smith really is.

Chris Smith real picture

By the way, the Irish people are really pissed. He scammed many people in Ireland and the Government of India has shut him down.

They say that you do not have to recruit people to make money, but from the reviews I looked at, that is the only way to make the big money or even any money of consequence.

Many people are complaining about not getting paid, while others are saying they have made lots of money. I tend to believe the ones that say they have not been paid. Most Ponzie schemers will pay their most productive people toward the end to keep the money coming in and give testimony.

My research has shown that this company is on the verge of collapse and they are struggling to keep it going. They are laying blame on negative bloggers really heavily. We hear the excuses all the time that people are too lazy and stupid to do the work. These people are claiming that people are jealous of their success. If you have an upstanding business, then you would not have to worry about that.

Conclusion; BIG SCAM PONZIE SCHEME!! STAY CLEAR!!!

Why some people want to pay big money for something they can get for free is beyond me.

Other links on this topic

https://www.facebook.com/pages/Banners-Broker-Ponzi-Scam/398614356881465

http://finchsells.com/2012/12/20/banners-broker-scam-update/

Im Basics learn freeLearn the money making formula

Don’t get scammed, you do not need to pay 2 beach bums and a convicted con artist to learn to make money

Advertisements

12 thoughts on “Banners Broker Scam Review

  1. Doesn’t Costco require you to buy a membership to shop there? What do you mean by “all the information” about a company? Every company I know of has information they don’t disclose to anyone who asks for it.

    1. Tex, I do not shop at Costco, never have, but I am assuming that it operates the same way as Sam’s Club. There is a big difference. These are wholesale outlets and when you buy your membership you know exactly what you are getting, goods at a wholesale price. You know what is expected and the rules are laid out in the agreement you sign. With Banners Broker, the information is limited until you sign up, very limited, like the fact that they are using third party rotators that anyone can access with a little research and not have to pay them. That’s just one example, but your whole analogy is like comparing apples to oranges.

    2. Yes “tex2”, Costco does charge a membership to shop there. But here’s where things change quite a bit:

      They don’t make claims that by buying a membership, you can quickly turn $20 into $10,000.

      They don’t offer you commissions on recruiting other members and the members they get and so.

      They don’t misrepresent the benefits of being a member.

      It’s subtle, I know but I’m sure a smart Texan like yourself can see it? No?

      Maybe you can see the irony that you’re on this site defending a pyramid scheme with a link in your name that leads to a site calling out Amway for running a scam (which is also a pyramid scheme)? No?

      Damn. Well, I tried.

      1. I try to be as cordial as I can when replying and moderating comments on my site, but I have to say “Ha Ha” on this one. You are absolutely correct Angelo.

  2. Shame on Ethan, currently investigations on ethans research is under review.. He needs to get a real job. Enjoy your ban ethan

    1. I am a Private Investigator, not a Lawyer, but I try to make my reviews as unbiased as possible. Wording is everything, and one must chose his words carefully. Especially Professionals speaking from an authoritative standpoint. Part of the new FTC regulation is that of transparency and dislosier. I have tried to warn Ethan about this. I think he is a good guy and we stay in contact, but this is the area where we disagree. Pyramid Schemes and Direct Sales companies are two entirely different things. I would be interested in your thoughts on my blog here, Thank you, have a great day!

  3. It seems that every online marketing company is a scam according to Ethan Vanderbilt. Herbalife and Amway have been around for years. If they are a scam why have they not been shut down!!?? As far Banners Broker goes, I have been an affiliate for 18 months and yes they have had problems, they are a new company and growing. Yes, money has been paid out, a lot of money, this is a fact. Yes, it has slowed down due to improving the company and coming our with a new version. Yes, you have to put money in to get started and NO I have not taken money out yet. Yes, I have been a little concerned lately bit it will come right just need a little patience. It is the best online marketing company I have come across and it has been approved by the FTC and India has NOT been closed down, it was investigated but is now up and running again. I think you should get your facts straight before you post anything anywhere!

    1. Brenda,
      Thank you for the comment and I really appreciate you keeping it clean. I want to make one thing perfectly clear, Ethan and I are friends, but we are two different people and do not always agree. Although I do not personally agree with the business practices of Amway and Herbalife, they are legitimate companies. Your argument of a business not being shut down, so it must be legal does not hold water. I hear that all the time, but the truth is that until a crime has been reported, there is no crime. Then there must be an investigation and legal proceedings. It is what we call Due Process of Law and can sometimes take a very long time. There is one thing I would like to address about your comment, Yes they were shut down in India January 2nd 2013, but it does look like they are back up now. Thank you for bringing that to my attention. I do not have the time right now to do a re-investigation, but it does look to me like they have made some changes. I try to be fair, so I will put it on my to-do list of looking into it again. I would like to encourage you to read my About Basictech page, I stand by my statements as true at the time of my publishing the post. This is why I will revisit this, but unless they have revamped their business from the very core, it is still a Ponzie Scheme. One more note, Banners Broker was never approved by the FTC. The Federal Trade Commission is in the business of consumer protection and they do not endorse any company or business. Any approval would come in the form of non disciplinary action or a legality approval following a legal review or judgment. I am finding no evidence of any action. I am hoping you can provide me with some proof of this.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s