Photo voltaic Oil Challenge operates within the cryptocurrency MLM area of interest. The corporate doesn’t present a company tackle on its web site.
Heading up Photo voltaic Oil Challenge is CEO Hitesh Juneja.
One of many key driving figures behind the ‘Past Oil™’ initiative, Mr. Juneja brings an invaluably various set of abilities and expertise to the mission.
Juneja final popped up on BehindMLM’s radar solely just lately. In April BehindMLM reviewed Apex Monetary, an MLM crypto Ponzi scheme Juneja was cited as a co-owner of.
Juneja usually works with Jason Rose, additionally an Apex Monetary co-founder.
Rose is Photo voltaic Oil Challenge’s Chief Monetary Officer.
Previous to Apex Monetary, the final time we got here throughout Rose and Juneja they have been launching Rise Community. This was again in November 2019.
Learn on for a full evaluation of Photo voltaic Oil Challenge’s MLM alternative.
Photo voltaic Oil Challenge’s Merchandise
Photo voltaic Oil Challenge has no retailable services or products, with associates solely in a position to market Photo voltaic Oil Challenge affiliate membership itself.
Photo voltaic Oil Challenge’s Compensation Plan
Photo voltaic Oil Challenge associates make investments bitcoin and/or ethereum into SOAX tokens. That is achieved on the illustration of a ten-year passive return.
SOAX tokens are generated by Photo voltaic Oil Challenge at little to no value. They’re then bought to Photo voltaic Oil Challenge affiliate buyers for 10 cents every.
Photo voltaic Oil Challenge associates should put money into not less than 200 SOAX tokens at a time ($20).
As soon as invested in, SOAX tokens are parked with Photo voltaic Oil Challenge (staked). As soon as that is achieved Photo voltaic Oil Challenge represented the parked tokens will generate returns for ten years.
Returns are paid in SOPX tokens, which associates money out for bitcoin or ethereum.
Photo voltaic Oil Challenge claims it pegs the SOPX withdrawal charge to the present West Texas Intermediate Crude Oil (WTI) value.
The MLM aspect of Photo voltaic Oil Challenge pays associates to recruit new affiliate buyers.
Referral Commissions
Photo voltaic Oil Challenge pays referral commissions 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.
Photo voltaic Oil Challenge caps payable unilevel staff ranges at six.
Referral commissions are paid as a proportion of bitcoin and ethereum invested throughout these six ranges as follows:
- stage 1 (personally recruited associates) – 10%
- stage 2 – 3%
- ranges 3 and 4 – 2%
- ranges 4 to six – 1%
Becoming a member of Photo voltaic Oil Challenge
Photo voltaic Oil Challenge affiliate membership is free.
Full participation within the connected earnings alternative requires a minimal $20 funding in SOAP tokens.
Notice that Photo voltaic Oil Challenge solicits funding in bitcoin and ethereum solely.
Conclusion
Photo voltaic Oil Challenge is a straightforward smart-contract Ponzi scheme.
- make investments bitcoin and/or ethereum;
- get SOAX tokens;
- park SOAX tokens with Photo voltaic Oil Challenge;
- gather SOPX tokens for 10 years; and
- money out SOPX tokens at worth set by Photo voltaic Oil Challenge.
The ruse Photo voltaic Oil Challenge are working their Ponzi on is oil manufacturing from deserted oil wells.
The Photo voltaic Oil mission takes over these oil wells in partnership with native impartial operators.
We exchange the antiquated pump jacks with new, Photo voltaic-powered eco-friendly pumps which might be considerably extra environment friendly, automated, and price efficient.
This revitalization turns these outdated deserted oil wells into productive, worthwhile places.
Photo voltaic Oil Challenge claims that when an affiliate invests in SOAX tokens,
Inside just a few days, we deploy new eco-friendly tools on these wells and start producing worthwhile oil.
The oil being produced from these properties is represented by our second token – The SOPX – or Photo voltaic Oil Manufacturing.
Photo voltaic Oil Challenge claims that for every barrel of oil extracted out of the bottom, one SOPX token is generated.
So, as a possible Photo voltaic Oil Challenge affiliate investor, how do you confirm Photo voltaic Oil Challenge is doing what it claims it’s.
Being a passive funding alternative, Photo voltaic Oil Challenge is required to register with the SEC. After registering their securities providing, Photo voltaic Oil Challenge is then required to offer the SEC, its buyers and the general public with detailed monetary stories.
These stories are required to be audited. Extra importantly, they’re the one verifiable option to affirm Photo voltaic Oil Challenge is utilizing exterior cash to pay withdrawals.
Having launched on or round late 2020, by now there needs to be not less than two quarters value of monetary stories filed with the SEC.
The excellent news is the SEC’s Edgar database is quickly searchable.
The dangerous information is neither Photo voltaic Oil Challenge or Hitesh Juneja are registered to supply securities within the US.
By not registering the with the SEC, Photo voltaic Oil Challenge and Juneja are committing securities fraud.
That is doubly regarding, seeing as Alexa estimates 96.4% of Photo voltaic Oil Challenge web site visitors originates from the US.
Based mostly on Apex Monetary company data, Hitesh Juneja operates out of Texas. His companion in crime, Jason Rose, operates out of Alabama.
Within the US, promotion of unregistered securities is simply as unlawful as providing unregistered securities.
With Photo voltaic Oil Challenge, we now have a BVI shell firm, run by American residents, providing and selling unregistered securities to US residents.
In what seems to be an try to justify securities fraud, Photo voltaic Oil Challenge has a “due-diligence” part on their web site.
Right here, a meaningless shell firm registration within the scam-friendly BVI jurisdiction is offered. There’s some equally meaningless oil pump patent, advertising and marketing movies, reserve stories (not an alternative to audited monetary stories), and proper on the backside of the web page, a “authorized opinion and regulatory evaluation”.
Photo voltaic Oil Challenge has engaged a number of authorized specialists within the areas of cryptography, oil manufacturing, and regulatory oversight.
In relation to this, SOP has acquired detailed authorized opinion letters on the deserves and regulatory views on the SOAX and SOPX tokens by an legal professional group specializing on this space of regulation.
Right here’s the issue: Photo voltaic Oil Challenge are ignoring their passive funding alternative. As an alternative they’re arguing that their tokens aren’t securities choices.
Whether or not SOAX and SOPX are securities choices in and of themselves is irrelevant.
Photo voltaic Oil Challenge soliciting funding on the commercial of a ten yr passive return is a securities providing.
Photo voltaic Oil Challenge don’t tackle this wherever on their due-diligence web page.
Within the absence of any verifiable income, the one verifiable income coming into Photo voltaic Oil Challenge is new funding.
Utilizing new funding to fund SOPX withdrawal requests makes Photo voltaic Oil Challenge a Ponzi scheme.
This shouldn’t come as a shock when you’re aware of Juneja’s different just lately launched crypto Ponzi, Apex Monetary.
As with all MLM Ponzi schemes, as soon as affiliate recruitment runs dry so too will new funding.
It will starve Photo voltaic Oil Challenge of ROI income, ultimately prompting a collapse.
The maths behind MLM Ponzi schemes ensures that once they collapse, nearly all of individuals lose cash.