Honest Programs supplies no info on its web site about who owns or runs the corporate.
In an try to seem respectable, Honest Programs supplies a UK incorporation hyperlink in its web site FAQ.
Honest Programs Group LTD was included in June 2020.
UK incorporation is filth low cost and successfully unregulated. It’s a favored jurisdiction for scammers seeking to incorporate dodgy corporations.
For the aim of performing MLM due-diligence, UK incorporation is meaningless.
Versus the UK, Honest Programs seems to be operated out of Russia and/or the Ukraine.
That is supported by Russia and Ukraine being the one notable sources of site visitors to Honest Programs’ web site. On the time of publication Alexa pegs Russia at 36% and the Ukraine at 22%.
Russian textual content seems in paperwork supplied by Honest Programs:
Honest Programs’ YouTube channel is stuffed with Russian language advertising and marketing movies:
And all of Honest Programs advertising and marketing webinars are scheduled on Russia/Ukraine time, with hosts bearing names you’d count on (e.g. Vadim Mashurov, Alexey Kozinov, Lina Nikonenko and so forth.)
Who’s working Honest Programs from Russia and/or the Ukraine is just not disclosed.
As at all times, if an MLM firm is just not brazenly upfront about who’s working or owns it, assume lengthy and onerous about becoming a member of and/or handing over any cash.
Honest Programs’ Merchandise
Honest Programs has no retailable services or products, with associates solely capable of market Honest Programs affiliate membership itself.
Honest Programs’ Compensation Plan
Honest Programs associates make investments $100 or extra on the promise of an marketed month-to-month ROI:
Referral commissions on invested funds are paid out through a unilevel compensation construction.
A unilevel compensation construction locations an affiliate on the high 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.
Honest Programs pays a 16% referral fee on funds invested.
Associates earn 5% to 16% based mostly on rank, with greater ranked associates capable of choose up the distinction between their rank and decrease ranks inside their unilevel staff.
- Stage 1 – make investments $100 and obtain a 5% referral fee fee
- Stage 2 – generate $3000 in downline funding quantity and obtain a 7% referral fee fee
- Stage 3 – generate $10,000 in downline funding quantity and obtain a 9% referral fee fee
- Stage 4 – generate $25,000 in downline funding quantity and obtain a ten.5% referral fee fee
- Stage 5 – make investments $500 and generate $50,000 in downline funding quantity and obtain a 12% referral fee fee
- Stage 6 – make investments $1000 and generate $100,000 in downline funding quantity and obtain a 13% referral fee fee
- Stage 7 – make investments $5000 and generate $500,000 in downline funding quantity and obtain a 14% referral fee fee
- Stage 8 – make investments $10,000 and generate $1,000,000 in downline funding quantity and obtain a 14.5% referral fee fee
- Stage 9 – make investments $30,000 and generate $3,000,000 in downline funding quantity and obtain a 15% referral fee fee
- Stage 10 – make investments $100,000 and generate $10,000,000 in downline funding quantity and obtain a 15.5% referral fee fee
- Stage 11 – make investments $250,000 and generate $25,000,000 in downline funding quantity and obtain a 16% referral fee fee
Once more, 20% is paid on all funding into Honest Programs. The referring affiliate receives their rank share, with the remainder (as much as 20%) distributed upline to greater ranked associates.
Word that Stage 11 associates obtain the total 20% fee on all personally referred funding.
Becoming a member of Honest Funding
Honest Funding affiliate membership is free.
Full participation within the hooked up earnings alternative requires a minimal $100 funding.
Conclusion
Regardless of the corporate title, Honest Programs is something however honest about its legitimacy.
Honest Programs represents it generates exterior income through ‘an revolutionary algorithm of world monetary corporations and banks stage.’
Yeah, we don’t know what which means both. However in any case, magic algorithms, one thing one thing, and a median ~15% month-to-month ROI.
On its web site Honest Programs claims to have been buying and selling for twenty-one months:
After 21 months of the profitable operation of the buying and selling algorithm. Honest Programs started to make use of these algorithms to commerce the general public pool of its clients.
Issues get much more foolish whenever you check out the corporate’s roadmap:
If Honest Programs’ nameless admins have been working a bot for years at ~15% a month, what on Earth do they want your cash for?
Honest Programs additionally claims their inventory commonplace UK shell firm incorporation offers them permission:
Do you will have a enterprise permission?
Sure, the corporate has permission to:
64304 – Actions of open funding corporations
64205 – Actions of economic providers holding corporations
64303 – Actions of enterprise and improvement corporations
64999 – Monetary intermediation
To be clear incorporating a shell firm within the UK doesn’t give Honest Programs permission to interact in any of the above.
What Honest Programs markets is a securities providing. Honest Programs is just not registered to supply securities in any jurisdiction it solicits funding in.
Because of this at a minimal, Honest Programs is committing securities fraud and working illegally.
Because it stands, the one verifiable income getting into Honest Programs is new funding.
Utilizing new funding to pay affiliate withdrawal requests makes Honest Programs a Ponzi scheme.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will new funding.
This may starve Honest Programs of ROI income, ultimately prompting a collapse.
Honest Programs’ exit-scam of selection is the Ponzi factors token.
Marketed as “coming quickly”, Honest Token is
meant for the acquisition of funding merchandise, fee for providers, receipt of dividends and bonuses throughout the platform, which could be exchanged for any handy forex in Honest Pay or the exterior market.
The exit-scam will see Honest Programs’ admins change to solely paying returns in Honest Tokens, that are nugatory and generated on demand at little to no value.
Initially Honest Token might be convertible into precise cash by means of the interior alternate, Honest Pay.
When the time comes, Honest Token might be dumped on a number of dodgy public exchanges. Honest Tokens’ admins and high traders will withdraw in the course of the preliminary itemizing pump part.
As Honest Token then inevitably dumps, they take what they’ve scammed and exit stage left.
What’s left of Honest Programs’ gullible affiliate investor-base are left bagholding Honest Tokens, which they study the onerous approach are totally nugatory exterior of the Ponzi scheme.
Replace twelfth December 2021 – Honest Programs collapsed in mid 2021. The Ponzi scheme was rebooted as S-Group in August.