The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

MakMac

New Contributor
Jun 19, 2019
17
13
14
SEC site doesn't list any mention of litigation

But a buddy sent this gem.
Which was a link to a video message from Ken Courtright to Site Owners.

With the IncomeStore.com already offline, this web based video will disappear too in a matter of time. And its better to see sweet blah blah nothings in the cold light of black and white text. So for posterity here is a transcription of the video message:


“Hello Site Partners -- many of which include my friends, my family and even my parents."

"As you know from Friday’s letter, Income Store is in a very tight spot. Prior to David Kelly coming aboard, decisions were made that hindsight now shows would be made differently. For these decisions, I am terribly sorry. And I terribly regret having to ask you for 4 months forbearance especially the week before Christmas.”

"As President and CEO at the time, I take full responsibility. As recent as last Monday, we had opportunities in place to avoid that letter going out. As a week long discussion was under way to sell 10 - 40 % of Income Store to a well known company. Clearly those plans fell through."

"This short video is to provide some answers as to what happened. Some insight into the plan forward and reassurance that -- unless forced to -- a restructuring / bankruptcy is not in our future."

"To start, as many of you know, from 2012 to 2016, we battled Google algorithms and were in a constant dance of 2 steps forward and 1 step back. In addition, as many have received one, if we failed on a site we have always replaced it with another. In 2016, we made a hard charge at Facebook-driven assets as they were providing us traffic and revenue the likes of which we had never seen before. As witnessed on our case study videos, some of these assets were earning hundreds of thousands of thousands of dollars per month. Many of you are intimately aware that a year or so ago we had an immediate seven figure monthly loss when the government mandated Facebook to turn off their paywalls due to selling everyone's data through the paywalls. This kick in the teeth by Facebook drove us to seek a platform that had no algorithms, no paywalls and no review system."

The only platform offering no algorithms, no paywalls, and no review systems is that of e-commerce with the leading platform being Shopify. As I shared on our Christmas state of the union last year, our first 22 Shopify stores launched the first week of January. I showed that they went from $21,000 per week to $100,000 per week in the final week of March. This new growth model showed growth opportunities 15 percent better than our Facebook driven assets. We proceeded to build and buy what is now 422 Shopify stores.

David came in and added multiple artificial intelligence driven hubs to cross reference store inventories in the model like Amazon. I greatly underestimated the cost to build, market and manage the digital stores. This past summer I created a fund-raising packet that was passed 4 months on to one David Kelly. David shared that as much as you needed cash you moreover need leadership that understands scale. As all your current models are based on one off builds.

David shared that if I could commit to raising funds, he would come aboard and consolidate, automate and streamline all operations in under a year. The changes David has made so far are immeasurable. In the 4 months David has been aboard, he has successfully consolidated, automated and streamlined a portion of every division in Income Store. David has lived up to his end of the arrangement. I have not lived up to mine.

Outside of receiving a few merchant cash advances, I was routinely receiving bad news from traditional lenders. We recently hired a fundraising manager. He shared with us the reason no traditional bank was interested was their underwriting laws regarding our multiple MCA loans.

He shared that there is a type of lender that only lends to companies that restructure. He showed that if we restructured our MCA loans and found a way to receive a periodic forbearance from our site owners, our funding opportunities would change dramatically. On Wednesday I left New York with our MCA loans completely restructured. Last Friday and again yesterday, we unfortunately had to send out the letter requesting 4 months forebearance on payments to site partners.Because of the quick response from many site partners, as of this morning we have good news from multiple funding options.

With the understanding that none of the 4 options is exciting, if we can urge each of our site partners to pick one of the four options, we can go forward with our plan of monetizing all 422 ecommerce stores, growing our legacy portfolio aggressively, and most importantly cross-marketing all assets to maximize the 10s of millions of visitors we receive each month.

So if I am hard to reach, please forgive me. And please pardon me, as I and the team are working tirelessly around the clock to recapitalize your websites and this company to remedy all issues. I’d like to state again, we are making every effort possible to avoid bankruptcy. If we are forced to go that route it has been shared with us our plan will get approved but site partners might not see anything for years.

I urge each partner, recognizing that none of the options are desirable, to please choose whatever option is most bearable as we can’t choose our go forward plan until we see how a majority of the responses come in. At this time, we are doing everything we can to start payments as soon as possible. I will never forget your patience and cooperation. To our future success. Thanks in advance for working with us.

Your friend Ken.


I'll let the communication "stand" on its own reserving my comments for another post.
 

MakMac

New Contributor
Jun 19, 2019
17
13
14
The Good Guys showed up...wasn't sure they still existed! :D




Re: Securities and Exchange Commission v. Today’s Growth Consultant, Inc (dba “The Income Store”) and Kenneth D. Courtright, III, United States District Court for the Northern District of Illinois, Civil Action No. 1:19-CV-08454

Date: January 6, 2020

Attached is a Temporary Restraining Order Freezing Assets and Imposing Other Emergency Relief and Order Appointing Receiver that have been entered in the above referenced matter.

The Court has determined that the appointment of a receiver is necessary and appropriate for the purposes of marshaling and preserving the books and records and all assets of Today’s Growth Consultant, Inc.

Within the next few days a website will be established that will provide court documents and other information regarding the case that will answer many of your questions. For additional information, you may contact the office of the Receiver at (305) 542-4410 or incomestore@dvllp.com.

Temporary Restraining Order (01792605x9E1D6).pdf

Order Appointing Receiver (01792604x9E1D6).pdf
 

cy-

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Feb 17, 2017
131
319
177
Europe
Securities and Exchange Commission v. Today’s Growth Consultant, Inc (dba “The Income Store”) and Kenneth D. Courtright, III, United States District Court for the Northern District of Illinois, Civil Action No. 1:19-CV-08454
I remember reading this thread back in 2018 and wondering how skilled they would have to be to pull such a business off.

Seems like shit just got real for them.

I hope anyone here who have money stuck with The Income Store will get as much of their money back as possible.

Will be interesting to follow the court case.
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
29,701
104,283
3,751
Fountain Hills, AZ

Sadman

New Contributor
Jan 7, 2020
3
7
11
"15% guaranteed."

Sometimes the scam is so overt, so obvious, that nothing else needs to be reviewed. As soon as I read that nonsense I knew it was a house of cards.

Hope anyone who fell for it gets out with minimal damage.
Let’s not be glib and triumphant. I lost $173,000. It’s easy to say haha I told you so. I knew it was an unconventional investment but the company had been around for decades and it seemed legit and I wasn’t the only one who thought so. I don’t consider myself to be a sucker generally, I went in with my eyes open but I didn’t think it was actually a scam. I think they used to have a business model that worked but they got into trouble and tried to cover it by taking new investor money (like mine) so it became a ponzi scheme even if it didn’t start out like that. It’s a life changing event for me. I hope the owners and execs all go to prison and are miserable for the rest of their lives because they knew what they were doing when they took my money. In the end of course, it’s my fault. But that doesn’t mean that the people, like me, who have lost their life savings are stupid. We were conned. In hindsight it is obvious but for decades they did give investors returns. I just happened to be the last money into the pyramid, I’m to blame for being stupid. I hope the execs rot in a prison cell.
 

AllenCrawley

Legendary Contributor
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Oct 13, 2011
4,000
16,493
3,356
48
Scottsdale, AZ
Let’s not be glib and triumphant. I lost $173,000. It’s easy to say haha I told you so. I knew it was an unconventional investment but the company had been around for decades and it seemed legit and I wasn’t the only one who thought so. I don’t consider myself to be a sucker generally, I went in with my eyes open but I didn’t think it was actually a scam. I think they used to have a business model that worked but they got into trouble and tried to cover it by taking new investor money (like mine) so it became a ponzi scheme even if it didn’t start out like that. It’s a life changing event for me. I hope the owners and execs all go to prison and are miserable for the rest of their lives because they knew what they were doing when they took my money. In the end of course, it’s my fault. But that doesn’t mean that the people, like me, who have lost their life savings are stupid. We were conned. In hindsight it is obvious but for decades they did give investors returns. I just happened to be the last money into the pyramid, I’m to blame for being stupid. I hope the execs rot in a prison cell.
Glib and triumphant?

If you had read the warnings many shared here in this thread would you have continued with your investment into IS?
 

Sadman

New Contributor
Jan 7, 2020
3
7
11
Glib and triumphant?

If you had read the warnings many shared here in this thread would you have continued with your investment into IS?
No. But do you expect that every investor read this little forum before investing? I only found out about it in the aftermath. It’s not like I was a community member here and everyone told me not to do it but I did it anyway. I can tell you think it serves me right. And maybe it does. But I still lost my life’s savings.
 

AllenCrawley

Legendary Contributor
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Oct 13, 2011
4,000
16,493
3,356
48
Scottsdale, AZ
No. But do you expect that every investor read this little forum before investing? I only found out about it in the aftermath. It’s not like I was a community member here and everyone told me not to do it but I did it anyway. I can tell you think it serves me right. And maybe it does. But I still lost my life’s savings.
No, I'm saddened you lost $173,000. It actually angers me when people/companies prey on people to make money. I have a number of posts on this "little" forum about that very thing.

I know you hadn't read this thread prior due to the fact you just created your account today. You missed my very subtle point. I don't know you but I do know a vast majority of people are blinded by easy money promises and overlook obvious red flags and even warnings from others. Some have read this thread and continued with their investment. I was just curious if you would have as well.
 

Sadman

New Contributor
Jan 7, 2020
3
7
11
No, I'm saddened you lost $173,000. It actually angers me when people/companies prey on people to make money. I have a number of posts on this "little" forum about that very thing.

I know you hadn't read this thread prior due to the fact you just created your account today. You missed my very subtle point. I don't know you but I do know a vast majority of people are blinded by easy money promises and overlook obvious red flags and even warnings from others. Some have read this thread and continued with their investment. I was just curious if you would have as well.
Yep. And I take full responsibility for my misfortune. I’m just saying that I never considered myself a gullible investor. I used to watch American Greed on TV and wonder why on earth people would fork over their savings for dodgy promises. But now I’m one of them. I did it because I wasn’t able to invest in securities due to me being a dual U.K./US citizen, which means you run afoul of both tax regimes by investing in things like mutual funds which I’d always done. I was told I was non compliant and subject to a severe penalty so I sold everything and began investigating alternative investments. These guys advertised on the radio, I checked them out, thought that since they’d been in business for decades and the CEO was a former banker that it looked legit whilst understanding it was a bit alternative. I guess I just thought it was a pint worth taking. I have friends who have made fortunes in similar ventures. And lots of investors in the Income Store did make a lot of money. Only in retrospect does it look like stupidity. I’m not asking for pity. I’m not sure what I’m saying except that it’s easy in retrospect to say that this was obviously a scam. But for me and for lots of people it’s blown a massive hole in their lives and I never considered myself a schmuck, but I guess I was.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
29,701
104,283
3,751
Fountain Hills, AZ
But do you expect that every investor read this little forum before investing?
Actually yes, before investing $200,000 with a small company who promises "15% guaranteed" a simple Google search would have turned up this thread and become a part of your due diligence.

I would never part with six-figures (especially if it amounted to my life savings) with a small company without a substantial diligence examination.

People with a background in investments, finance, and eCommerce business explicitly said IS stunk of bull-shit. But the allure of easy "passive income" is too great to ignore for most folks.

I hope you're able to recover, if not the investment, then financially and emotionally. $173,000 is quite an expensive lesson. With that said, I'd be happy to send you my two books (complimentary) that can get you back on track to sustainable, legitimate financial freedom. Of course, no strings or cost -- just a hope that it helps you turn things around.

This offer is available to any income store VICTIMS -- use the contact us link (in the forum footer) and send me your mailing address (complete with your story) and I'll send you two signed copies of my book, absolutely free of charge.

As Allen mentioned, it really sucks that so many people were taken for a ride.

But alas, it is not the end, but the beginning.

Good luck.
 

MakMac

New Contributor
Jun 19, 2019
17
13
14
I remember reading this thread back in 2018 and wondering how skilled they would have to be to pull such a business off.

Seems like shit just got real for them.

I hope anyone here who have money stuck with The Income Store will get as much of their money back as possible.

Will be interesting to follow the court case.

View: https://www.youtube.com/watch?v=uK3oCIxRqJk



Emilia Gardner piecing together interesting lawsuit details on youtube.
 
Last edited:

MakMac

New Contributor
Jun 19, 2019
17
13
14
Yep. And I take full responsibility for my misfortune. I’m just saying that I never considered myself a gullible investor. I used to watch American Greed on TV and wonder why on earth people would fork over their savings for dodgy promises. But now I’m one of them. I did it because I wasn’t able to invest in securities due to me being a dual U.K./US citizen, which means you run afoul of both tax regimes by investing in things like mutual funds which I’d always done. I was told I was non compliant and subject to a severe penalty so I sold everything and began investigating alternative investments. These guys advertised on the radio, I checked them out, thought that since they’d been in business for decades and the CEO was a former banker that it looked legit whilst understanding it was a bit alternative. I guess I just thought it was a pint worth taking. I have friends who have made fortunes in similar ventures. And lots of investors in the Income Store did make a lot of money. Only in retrospect does it look like stupidity. I’m not asking for pity. I’m not sure what I’m saying except that it’s easy in retrospect to say that this was obviously a scam. But for me and for lots of people it’s blown a massive hole in their lives and I never considered myself a schmuck, but I guess I was.
Anyone who has taken substantial risks is not batting 1.000 - that is guaranteed. OF course I have made smart losses along with bad bets -- but in the end "its all just poker" and smart losses don't feel any better than my bad losses. Of course, we can all cheer for the decisions for losses avoided here - well played! But your instincts were to put trust in a person and his story. That's a GOOD instinct - lose the schmuck self talk as it matters and you don't deserve it. Bernie Madoff got the best of a bunch of smart money - and through 9 payments over 10 years investors have averaged 66% recovery of their original investments. A lot of ways to lose 30% in today's market conditions. Think carefully about what you MIGHT have done differently -- and label that analysis as a future resurce but lose the schmuck label. My best wins have come from moving on from bad beats. Good luck.
 

DaveC

Bronze Contributor
FASTLANE INSIDER
Speedway Pass
Oct 15, 2012
160
257
171
Chicago, IL
Funny, I just had a conversation on IS with some of my partners. I'm not sure what went on here behind the scenes. I had talked to them about investing maybe 4 years ago but felt that the return simply didn't match the risk. But based on the letter, it looks like they were really just chasing the latest online fad (Google->Facebook->Shopify). It just brings back to the front the concepts of control. I've actually been moving away from "passive" online business investing because of the massive changes happening with Google, Facebook, and Amazon.
 

transient

New Contributor
Dec 5, 2019
7
6
11
I know this is off topic so I'll only post about this once but...

The IS model always had me scratching my head. How could they possibly promise those returns in perpetuity? The internet doesn't work like that.

Their original today's growth model works I think. The "authority site" model. They would help you, the expert in some field, build a site. They host it, run it, keep it updated and secure, help you with regular redesigns, and take some cut. No guaranteed returns.

I'd like to take it further by matching people with domain knowledge with people with money. The people with money fund the people with knowledge to buy/build/run a site and then once active take a cut off the top to profit on the investment. The IS type company would only ever be responsible for valuing a site and helping with the purchase, hosting, match making, security, redesigns, SEO, and cheap supplementary content. Ecommerce help and support as well. I think there is plenty of money to be made. Just not 15% guaranteed. The workload here is far more manageable and the main pressure for success/failure would be placed between investor and and expert rather than on the IS type company. IS type company would just be a support system... Kind of like a franchise.

There is definitely a large group of people with good ideas and work ethic but little tech skill, and a large group of people with money they want to invest in something risky. I suppose I'm drawn to this because I have most of the right skills to be the IS type company in this instance.
 

biophase

Legendary Contributor
EPIC CONTRIBUTOR
FASTLANE INSIDER
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 25, 2007
6,894
31,672
5,083
Scottsdale, AZ
Let’s not be glib and triumphant. I lost $173,000. It’s easy to say haha I told you so. I knew it was an unconventional investment but the company had been around for decades and it seemed legit and I wasn’t the only one who thought so. I don’t consider myself to be a sucker generally, I went in with my eyes open but I didn’t think it was actually a scam. I think they used to have a business model that worked but they got into trouble and tried to cover it by taking new investor money (like mine) so it became a ponzi scheme even if it didn’t start out like that. It’s a life changing event for me. I hope the owners and execs all go to prison and are miserable for the rest of their lives because they knew what they were doing when they took my money. In the end of course, it’s my fault. But that doesn’t mean that the people, like me, who have lost their life savings are stupid. We were conned. In hindsight it is obvious but for decades they did give investors returns. I just happened to be the last money into the pyramid, I’m to blame for being stupid. I hope the execs rot in a prison cell.
I'm sorry to hear that you lost alot of money. We've all lost money on investments. The key is to learn from them. I actually got lucky about 10 years ago when I invested a small sum of money into a "guaranteed" return real estate scheme. Luckily for me, I decided to withdraw my entire investment about 2 months before they imploded. It wasn't because I knew anything, I just happen to need the money.

So I don't think we are gloating here, but I guess we are saying I told you so in some way. This thread is a year old. I don't know if you invested in IS prior to that time. I hope this thread has turned away a bunch of investors. Because if more people kept investing in the past year, this scheme would still be going and people would still be defending them.

Bottom line is that you are responsible for your own investment decisions. Due diligence is up to the investor, you just can't outsource that at all.

Hopefully this will be a blip in your investment career and because of it your future investments will fare better.
 

grohiit

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 8, 2020
5
11
17
Boise, ID
Feeling really sorry for the loss of other investors. As MJ stated, I hope you recover emotionally if not financially.

I was burnt by a RE scheme in the past which led me to read (and re-read) Millionaire Fastlane in 2016.

After reading, I was so excited that I went to work on building a business seriously for the last few years. Many 80 hour weeks later, I now have a profitable business generating 6 figures a month.

I never knew that a fastlane forum existed . I only came across this forum last month in December because I heard of income store falling apart and my business is exactly same as income store. Except I don't take others money.

I build income generating sites mostly for myself. I did take investors money once, but been very scared to take more money since. Because in this business, finding good sites to buy is the bottleneck. Money is not. We are having a hard time putting the money we generated to good use back in the business. Finding good sites is so hard that we spend thousands of hours in finding and doing due diligence on new sites.

When I heard guaranteed 15% returns, it didn't sound surprising because 15% is definitely possible. I guess any legitimate business will be able to do more than 15% yearly. I was more amazed at how they are able to scale to 200+ employees and 500 websites. Here we are struggling to scale to 20 websites.

Watching income store fall apart closely is teaching us a lot of lessons. The most important being, this business model doesn't scale to the levels Income Store tried to achieve. May be in the future, when there are as many websites as houses it will scale, but for now it just doesn't. We are making significant changes in our business strategy to not end up where Income store did, not in terms of losing others money but in terms of becoming insolvent.

Thanks to all the insiders and investors for sharing their experience. It surely helped us to adjust our strategy of growth.
 

CareCPA

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
May 2, 2017
741
2,544
650
30
Pennsylvania
Feeling really sorry for the loss of other investors. As MJ stated, I hope you recover emotionally if not financially.

I was burnt by a RE scheme in the past which led me to read (and re-read) Millionaire Fastlane in 2016.

After reading, I was so excited that I went to work on building a business seriously for the last few years. Many 80 hour weeks later, I now have a profitable business generating 6 figures a month.

I never knew that a fastlane forum existed . I only came across this forum last month in December because I heard of income store falling apart and my business is exactly same as income store. Except I don't take others money.

I build income generating sites mostly for myself. I did take investors money once, but been very scared to take more money since. Because in this business, finding good sites to buy is the bottleneck. Money is not. We are having a hard time putting the money we generated to good use back in the business. Finding good sites is so hard that we spend thousands of hours in finding and doing due diligence on new sites.

When I heard guaranteed 15% returns, it didn't sound surprising because 15% is definitely possible. I guess any legitimate business will be able to do more than 15% yearly. I was more amazed at how they are able to scale to 200+ employees and 500 websites. Here we are struggling to scale to 20 websites.

Watching income store fall apart closely is teaching us a lot of lessons. The most important being, this business model doesn't scale to the levels Income Store tried to achieve. May be in the future, when there are as many websites as houses it will scale, but for now it just doesn't. We are making significant changes in our business strategy to not end up where Income store did, not in terms of losing others money but in terms of becoming insolvent.

Thanks to all the insiders and investors for sharing their experience. It surely helped us to adjust our strategy of growth.
Nice to see you joined.

I bet we could learn a lot about growing REAL income-generating sites if you're inclined to share some wisdom (but I'd put it in a new thread so it doesn't get intermixed with IS).
 

PapaGang

(Jeff Ganger)
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jul 10, 2019
155
378
180
Milwaukee, WI
"15% guaranteed."

Sometimes the scam is so overt, so obvious, that nothing else needs to be reviewed. As soon as I read that nonsense I knew it was a house of cards.

Hope anyone who fell for it gets out with minimal damage.
I didn't go to business school, but that was my red flag as well. Guaranteed?

Bruh...

Who green-lighted that marketing copy? Even I've heard of FINRA...

BTW, I've lost 5 figures on a get rich quick investment scheme, so I know how it feels to lose and get bamboozled.

I learned SO MUCH from that experience. I hope investors of IS get some sort of consolation. If nothing else, may it serve as fuel to fire your efforts to go UNSCRIPTED.
 
Last edited:

PapaGang

(Jeff Ganger)
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Jul 10, 2019
155
378
180
Milwaukee, WI
I am a contractor for Income Store and they stopped paying us 4 weeks ago. We are owed tens of thousands of dollars. When we’ve asked for our pay we’ve been met with awful attitudes from the execs and owners. Kerry Courtright was particularly nasty. She threatened to sue one of us for slander and stalking. Nice lady.

There are more than 100 contractors in the SEO Content division. It’s lovely.
Jesus.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

grohiit

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 8, 2020
5
11
17
Boise, ID
Nice to see you joined.

I bet we could learn a lot about growing REAL income-generating sites if you're inclined to share some wisdom (but I'd put it in a new thread so it doesn't get intermixed with IS).
Good to see you here as well.

Yes, happy to share the lessons learnt and scaling strategies for online assets in a separate thread. As I downshift and focus on other things (which is my 2020 goal), I am happy to help others on the forum.
 

JasonR

Maverick
EPIC CONTRIBUTOR
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
May 29, 2012
2,033
10,502
2,556
Traveling
I posted this in another thread, I guess I should have posted it here:

Well low and behold - I just called this out as a likely scam in another thread.


Re: Securities and Exchange Commission v. Today’s Growth Consultant, Inc (dba “The Income Store”) and Kenneth D. Courtright, III, United States District Court for the Northern District of Illinois, Civil Action No. 1:19-CV-08454
Date: January 6, 2020
Attached is a Temporary Restraining Order Freezing Assets and Imposing Other Emergency Relief and Order Appointing Receiver that have been entered in the above referenced matter.
The Court has determined that the appointment of a receiver is necessary and appropriate for the purposes of marshaling and preserving the books and records and all assets of Today’s Growth Consultant, Inc.
Within the next few days a website will be established that will provide court documents and other information regarding the case that will answer many of your questions. For additional information, you may contact the office of the Receiver at (305) 542-4410 or incomestore@dvllp.com.
You can download the Restraining Order and Order Appointing Receiver on the above link if you care to do so.

Guys - watch out, out there and use your common sense.
 

transient

New Contributor
Dec 5, 2019
7
6
11
Looks like no one is managing them. Some sites which have hosting etc due went down. Others are still online with no active management.
It's a really tough call. On the one hand they are supposed to be owned by the site partners but on the other hand the domains are in IS accounts and the hosting is on IS paid hosting. The receivership does seem to be making minimum required payments to not lose the assets but maintenance is not being done so they are losing value regardless. It's suggested that with ponzi schemes they claw back profits from early people to pay later people who have lost al of their money. If this is the case, the sites would have to be sold in order to distribute the money. That of course opens up the door to lots of lawsuits against the govt. I can't even imagine how they will deal with this without someone getting a bad deal.
 

MakMac

New Contributor
Jun 19, 2019
17
13
14
So what's going to happen with all those sites now? Who is managing them?
[/QUOTE
Hopefully they go up for sale quickly with any real value converted to funds for the estate and transferred to parties that can realize on their true value.
 

MakMac

New Contributor
Jun 19, 2019
17
13
14
It's a really tough call. On the one hand they are supposed to be owned by the site partners but on the other hand the domains are in IS accounts and the hosting is on IS paid hosting. The receivership does seem to be making minimum required payments to not lose the assets but maintenance is not being done so they are losing value regardless. It's suggested that with ponzi schemes they claw back profits from early people to pay later people who have lost al of their money. If this is the case, the sites would have to be sold in order to distribute the money. That of course opens up the door to lots of lawsuits against the govt. I can't even imagine how they will deal with this without someone getting a bad deal.
For early sites that were truly purchased with segregated funds and ownership recognized, I think those owners might have a chance at retention. But sites that were in fact purchased with pooled funds...that is pooled assets...became...pooled assets. Most likely they will remain pooled assets and sold for the benefit of the estate...where those pooled assets will be available for most site owners with worthless websites and distributed as part of any limited recovery.
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
29,701
104,283
3,751
Fountain Hills, AZ
It's suggested that with ponzi schemes they claw back profits from early people to pay later people who have lost al of their money.
Oh boy, this will really screw those early adopters who said this was the greatest thing since sliced bread. Now imagine the SEC coming after you and asking for $56,000 you received over the last 3 years.
 

MakMac

New Contributor
Jun 19, 2019
17
13
14
Oh boy, this will really screw those early adopters who said this was the greatest thing since sliced bread. Now imagine the SEC coming after you and asking for $56,000 you received over the last 3 years.
They are not going to claw back every single payment ever made. While they might have the power, the time and money to recover everything is NOT A WISE investment given the FACTS of where the case is today. While they also might have the power to y of ensure everyone gets 12 cents on the dollar or whatever, the time and money to ensure exact fairness in loss is NOT A WISE investment too.

Think in terms of representative cases / classes of relative degrees of losses:

Class 1: You got a winner site because you were part of the sham...any of those are on the table for complete claw backs. Example....a sales person.

Class 2: You got a winner site because you were in early when they actually did what they said they were doing. IF you recovered 90% of your investment, a case could be made to simple let that rest. If you recovered 150%, then perhaps a case could be made some portion of your win should be clawed back for sharing. OR much more likely, your site is sold for benefit of everyone.

Class 3: You never got a site or got a loser site but got a portion of minimum payments. You fall into the biggest representative class and share on equal terms with any limited recoveries of that class.

Class 4: You never recovered anything. You might fall in a class that recovers a slightly higher percentage than the main class.

You try to nudge the classes closer together.

It was a Ponzi scheme. No one is going to be whole. And everything is not going to be even steven too. Try to get a reasonable plan that gives some recognition to unequal treatment and tries to get MORE equal treatment...while recognizing that the best that can be done in this loser situations...is rough justice among the losers.

Ponzi is loser...everyone a loser...everyone a little recovery...recognizing reality of your position...but not equalizing any position. It just can't be better than that. If you are still grieving....complete that process...and reread.

Good luck!
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
New Course! Upwork Client Psychology I #UdemyApproved! Upwork Client Psychology I is...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Welcome to 2020, I wanted to add in a quick note about gratitude for the new year...


Don't like ads? Remove them while supporting the forum. Subscribe to become an INSIDER.

The 2020 Fastlane Summit

This event SOLD OUT in October. For authorized resale tickets, please check ticket resales or contact the forum directly.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom