Manifest FX offers no details about who owns or runs the corporate on its web site.
On what seems to be an official Manifest FX YouTube channel, advertising movies credit score Jimmy Bennett and Josh Felts as co-founders of the corporate.
I wasn’t in a position to set up if Jimmy Bennett has an MLM historical past.
On his private web site, Bennett describes himself as a “British entrepreneur”.
The advertising slide above cites Bennett as a founding father of Southgate Wealth. A Google seek for “”southgate wealth” bennett” returns 4 outcomes. Two are unrelated and the opposite three are Manifest FX spam.
This places a query mark over Jimmy Bennett’s skilled historical past.
Replace twenty second March 2022 – Seems Jimmy Bennett has a historical past of securities fraud.
Circa 2015 Bennett was selling some real-estate funding scheme:
In October 2020 Bennett launched Merely FX:
As above, Bennett pitched Merely FX as a 40% to 50% a month passive “auto dealer” scheme.
The FCA moved in and shut Merely FX down in December 2021:
The FCA determine Merely FX as “SnapTrade LTD”. SnapTrade LTD is one other UK shell firm owned by Bennett.
In the event you’re questioning why SnapTrade LTD continues to be included regardless of being tied to securities fraud, it’s as a result of securities regulation within the UK is dysfunctional.
For all intents and functions, Manifest FX seems to be a by-product of Merely FX. /finish replace
After failing to ascertain himself as a spiritual rapper, in 2015 Josh Felts launched his personal ministry.
That flopped and led to Felts slinging MLM buying and selling alternatives.
BusinessForHome tied Felts to Silver Star Dwell in January 2019.
Silver Star Dwell was a foreign exchange bot MLM firm that didn’t register itself with US regulators.
In November 2019 we discovered the CFTC went after Silver Star Dwell co-founders Hassan Mahmoud and Candace Ross-Mahmoud.
In mid 2020 the CFTC filed go well with towards Silver Star Dwell’s third co-founder, David Mayer.
The CFTC alleged of their lawsuit that Mayer, by Silver Star Dwell and Silver Star Dwell Software program, defrauded “greater than 9000 shoppers out of tens of millions of {dollars}”.
In August 2021 Mayer copped a $15.6 million judgment.
By then Felts had moved onto Epic Buying and selling, which he promoted beneath “Paid2Live” branding.
Epic Buying and selling wasn’t as nefarious as Silver Star Dwell however we nonetheless raised pyramid issues.
I discovered Manifest FX advertising relationship again to January 2021. This implies Felt’s time selling the corporate was short-lived (or he managed each for some time).
Manifest FX’s web site was registered by an incomplete UK handle in December 2020.
Primarily based on their respective social media profiles, Jimmy Bennett and Josh Felts signify they’re based mostly out of Dubai and the US state of Georgia respectively.
With Dubai being the MLM rip-off capital of the world, Bennett basing himself there’s an computerized purple flag.
Regardless of having no ties to the UK, different then Bennett presumably being a UK citizen residing overseas, Manifest FX represents it operates out of Chichester.
Learn on for a full evaluate of Manifest FX’s MLM alternative.
Manifest FX’s Merchandise
Manifest FX has no retailable services or products.
Associates are solely in a position to market Manifest FX affiliate membership itself.
Manifest FX does promote branded clothes, nevertheless this has nothing to do with their MLM alternative.
Manifest FX’s Compensation Plan
Manifest FX associates buy entry to an automatic buying and selling foreign exchange bot.
- $1 License – prices $1 a month and offers entry to “AI buying and selling software program”, Manifest FX retains 60% of returns
- Platinum Elite – prices $849 and reduces Manifest FX payment to 25%
- Royalty – prices $1299, offers entry to a few buying and selling bots and maintains 25% Manifest FX payment
- The CEO Membership – prices $4999, offers entry to a few buying and selling bots and removes Manifest FX payment
The MLM aspect of Manifest FX pays on recruitment of associates.
Direct Recruitment Commissions
Manifest FX associates are paid on recruitment of associates:
- recruit a Platinum Elite affiliate and earn $100
- recruit a Royalty affiliate and earn $140
- recruit a The CEO Membership affiliate and earn $200
Notice that Manifest FX’s compensation plan particulars month-to-month membership cost choices. These are usually not detailed on Manifest FX’s web site.
In any occasion, ought to they be made obtainable once more, the above quantities are paid out at 50%.
Residual Commissions
Manifest FX pays residual commissions as a proportion of funds spent by recruited associates every month.
This presumably solely applies to month-to-month affiliate memberships, nevertheless this isn’t made clear in Manifest FX’s compensation materials.
Manifest FX pays residual commissions down two ranges of recruitment (unilevel):
- Platinum Elites earn 15% a month
- Royalty and The CEO Membership associates earn 20% a month
All associates earn 5% on degree 2 (associates recruited by these you recruit).
World Bosses Pool
Manifest FX takes 3% of company-wide affiliate payment income and locations it into the World Bosses Pool.
Manifest FX associates qualify for a share within the World Bosses Pool after they recruit ten associates in a month.
Though not clarified, I consider World Bosses Pool qualification resets month-to-month.
Recruitment Bonus
Manifest FX rewards associates who recruit with the next bonuses:
- recruit 25 associates with lively membership and obtain AirPod Professionals
- recruit 50 associates with lively membership and obtain a MacBook Professional
- recruit 100 associates with lively membership and obtain an iMac or $2500
- recruit 250 associates with lively membership and obtain a “$5000 buying spree”
- recruit 500 associates with lively membership and obtain a Rolex watch
- recruit 1000 associates with lively membership and obtain a “7 Star resort Dubai journey of a lifetime” or $10,000
- recruit 2500 associates with lively membership and obtain a Mercedes G Wagon or Vary Rover or $75,000
- recruit 5000 associates with lively membership and obtain a Lamborghini Huracan Evo or Ferrari Portofino
Becoming a member of Manifest FX
Manifest FX affiliate membership prices $1 to $4999:
- $1 License – $1 a month
- Platinum Elite – $849
- Royalty – $1299
- The CEO Membership – $4999
Manifest FX’s compensation plan references month-to-month payment choices for Platinum Elite and better. Particulars aren’t obtainable on the corporate’s web site.
Manifest FX accepts bitcoin and USD as cost.
Manifest FX Conclusion
Manifest FX is a continuance of what Josh Felts discovered at Silver Star Dwell. That brings with it the identical regulatory issues.
By offering associates with entry to a passive buying and selling bot Manifest FX is committing securities fraud.
As a result of they’re providing returns by foreign exchange, whether or not purported or in any other case, Manifest FX and its founders additionally must register with the CFTC.
At time of publication neither Manifest FX, Jimmy Bennett and Josh Felts are registered with the SEC or CFTC.
By failing to register with US regulators, Manifest FX is setting itself up for a similar fraud expenses Silver Star Dwell was pulled up on.
Secondary regulatory issues exist by means of Manifest FX failing to offer shoppers with any details about its buying and selling bots.
That is potential violation of the FTC Act (disclosures and misleading advertising).
Seemingly conscious it’s working illegally, Manifest FX affords up the next pseudo-compliance on its web site:
The knowledge on this web site just isn’t directed at residents of the US.
That is apparent pseudo-compliance. Along with Josh Felts working from the US, three out 5 Manifest FX “crew members” are US residents.
In the meantime a search of social media reveals loads of Manifest FX promoters with US accents.
In October 2021 Bennett fronted a Manifest FX Advertising and marketing video titled “MANIFEST E-COMMERCE LAUNCH”.
Manifest E-commerce seems to be some Amazon dropshipping coaching scheme.
This implies issues aren’t going so effectively with Manifest FX’s buying and selling bot alternative.
Curiously I couldn’t discover something additional on Manifest E-commerce. It doesn’t seem to have gone wherever.
On the finish of the day if Manifest FX’s advertising claims have been reliable, they’d register with US regulators and supply traders with related audits.
Failing to do that just isn’t solely unlawful, as we noticed with Silver Star Dwell, it lends itself to Manifest FX working fraudulently. Each with respect to its enterprise mannequin and claims made about its buying and selling bots.
The vast majority of Silver Star Dwell associates misplaced cash. Being basically a clone of the enterprise by a former promoter, Manifest FX will play out the identical.
Replace twenty third July 2022 – Manifest has ditched its “Manifest FX” branding. The corporate now simply goes by Manifest.