Income Store, Legit? NO, A SCAM AS WE PREDICTED.

[MohitT]

I have been helping people invest in websites for almost 8 years now. And the Income Store fiasco will definitely hurt the whole industry in general. It's not easy to sell people on money-making websites, and with this, people are gonna be more skeptical. That's the reason I only prefer to work with people who know about this asset class and are comfortable with the risks involved. To others, I just say no.

In short, here is how we go about it:

• We require a minimum investment of $50k from investors and once we have a commitment, my team and I go out scouring suitable deals for them. We do have our in house deal flow as well as I have made friends with a lot of people who actively buy and sell sites.
• We do not give any income guarantee. But what I have seen is that we are able to give a 20-25% annual ROI to our investors, and that's after our management fee.
• You as the investor, own the asset and we are just a management company.
• We have an in house team of 10 full-time people, ranging from editors, writers, SEOs, tech people and general managers. We solely do content sites. No SaaS, no e-com.
• What I have typically seen over the last 7-8 years is that the investors who have invested with us, end up buying more and more sites and building up their portfolio as they get more comfortable with the business model. I think no one (except maybe 1 or 2) has just one site in their portfolio.

If anyone has any questions, feel free to DM me or reply here. Happy to help

 

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[GuestUser4aMPs1]

What I'm curious to see over the next few weeks is how the current assets will be distributed. Is there a legitimate chance of a firesale and we should line up to acquire Income Store's underperforming assets with some potential? Quote from here:

"The Receiver is presently operating TGC’s business with a minimal staff of IT personnel to preserve the websites and other digital assets. The Receiver will propose a hybrid claims process that permits investors to make a claim for the domain(s)/website(s) “assigned” to them in the Consulting Performance Agreement in exchange for releasing any claim against the Receivership Estate under certain parameters and those investors who do not want their site could participate in a later distribution process from a pool of liquidated assets and recovered funds. The Receiver will make such proposal by separate motion on or before February 28, 2020. This expedited process will permit the Receiver to transfer and/or liquidate the remaining domains/websites in the next 90 to 120 days, preserving the Receivership assets required to maintain the domains and websites."

...And a full list of ALL their domains and active websites (Over 3000 in this case!):

http://incomestorereceivership.com/Receiver's%20Initial%20Report%20ECF%2045%201-30-20_ExhibitC.pdf

 

[MJ DeMarco]

To wit again, math never lies.

The Income Store owner arrested on fraud charges for allegedly operating $75 million Ponzi scheme

Income Store owner Kenneth Courtright was arrested Wednesday and charged with fraud for allegedly operating a Ponzi scheme that raised $75 million from more than 500 investors

www.chicagotribune.com

 

[100k]

View: https://www.youtube.com/watch?v=85FkR17NzaI

 

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[MJ DeMarco]

I'm bumping this because.. well, maybe you can figure it out.

 

[AllenCrawley]

7.5 years

 

[MJ DeMarco]

7.5 years

That's not why I bumped it (it relates to a similar type of "investment" that was posted here recently that sounds like the Income Store rebooted).

But yea, 7.5 years works too.

Complete with the swarmy smile to guarantee your returns.

Income Store owner sentenced to 7 ½ years in prison for website development fraud that cost investors $92 million

The southwest suburban owner of The Income Store was sentenced to 7 ½ years in federal prison Thursday for a website development fraud scheme that prosecutors say caused hundreds of investors to lose more than $92 million collectively. Kenneth Courtright, 53, who operated the business out of his...

finance.yahoo.com

 

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[Bekit]

Ok you made me curious.

I read through the titles of all the posts from the last week, and I bet it's this one.

OFF-TOPIC - Launchvector

Hello everyone! Has anyone heard of launchvector.com? Is the company legit. Here is their business model: They seek capital partners who can invest 100k or 200k to purchase an undervalued Shopify stores. The company launchvector does all the work of acquisition + scaling and marketing on...

www.thefastlaneforum.com

@Tau Ceti - your scam sniffing skills are on point.