EXnGlory claims it’s ‘an Australian buying and selling firm that has been current on market since 2015‘.
I ran ABN and ACN searches for “EXnGlory” and “Ex&Glory”. Nothing got here up for an ABN however ExnGlory PTY LTD was registered with ASIC on September ninth, 2019.
EXnGlory’s official YouTube channel was created on September thirteenth, 2019 – which is across the time the corporate launched.
EXnGlory’s declare it has been round since 2015 seems to be a lie.
Supposedly operating EXnGlory is CEO Christopher Allison.
Allison has a definite japanese European accent, and his CEO video is shot in an clearly rented area.
Given this, it’s extremely doubtless an actor is enjoying Allison.
Whoever is definitely operating EXnGlory might be from Europe, with any ties to Australia being superficial (shell corporations).
As at all times, if an MLM firm is just not overtly upfront about who’s operating or owns it, suppose lengthy and onerous about becoming a member of and/or handing over any cash.
EXnGlory’s Merchandise
EXnGlory has no retailable services or products, with associates solely capable of market EXnGlory affiliate membership itself.
EXnGlory’s Compensation Plan
EXnGlory associates make investments $100 or extra on the promise of a 118% to 121.6% ROI, paid in eighteen days.
Referral commissions are paid by way of a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the prime of a unilevel staff, with each personally recruited affiliate positioned instantly below them (stage 1):
If any stage 1 associates recruit new associates, they’re positioned on stage 2 of the unique affiliate’s unilevel staff.
If any stage 2 associates recruit new associates, they’re positioned on stage 3 and so forth and so forth down a theoretical infinite variety of ranges.
EXnGlory caps payable unilevel staff ranges at ten.
Referral commissions are paid out as a proportion of funds invested throughout these ranges as follows:
- stage 1 (personally recruited associates) – 7%
- stage 2 – 5%
- stage 3 – 3%
- stage 4 – 2%
- ranges 5 to 7 – 1%
- ranges 8 to 10 – 0.5%
Becoming a member of EXnGlory
EXnGlory affiliate membership is free.
Participation within the hooked up earnings alternative nonetheless requires a minimal $100 funding.
Conclusion
EXnGlory claims to generate exterior income by way of… nicely, I’ll allow you to attempt to determine it out.
The corporate governs its personal enterprise utilizing essentially the most superior applied sciences in synthetic intelligence, newest ends in advertising and marketing strategies and finance on-line administration as nicely inventory trade and cryptocurrency property.
The above is taken from EXnGlory’s web site and clearly not written by a local English speaker.
EXnGlory mashes collectively the everyday MLM Ponzi cliches. None of which truly exist.
EXnGlory’s ASIC registration is meaningless, as to this point the one doc filed is a 201C Software For Registration as a Proprietary Firm.
A 201C submitting prices $495 and is completed on-line. It’s a fundamental proprietary firm registration.
Like Firms Home within the UK, you’ll be able to put any bogus info down. By the point ASIC investigates, if in any respect, EXnGlory might be lengthy gone.
An ABN is a little more significant, which might be why EXnGlory doesn’t have one.
In any occasion, EXnGlory are operating a passive funding scheme. It is a securities providing.
Even for those who have been gullible sufficient to take EXnGlory’s ASIC registration at face worth, it solely covers Australia.
On the time of publication Alexa estimates the US (34%), Iran (14%) and Russia (10%) are the highest three sources of site visitors to EXnGlory’s web site.
Russia is the wild west however securities are regulated in each the US and Iran.
EXnGlory is just not registered to supply securities in both jurisdiction, and thus operates illegally.
Because it stands the one verifiable income getting into EXnGlory is new funding.
Utilizing new funding to pay current traders a day by day return makes EXnGlory a Ponzi scheme.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dies off so too will new funding.
This can starve EXnGlory of ROI income, finally prompting a collapse.
The maths behind Ponzi schemes ensures that after they collapse, nearly all of traders lose cash.