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NOTABLE! Income Store Shut down by SEC, How to Whistleblow Scams

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JasonR

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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.
 

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RazorCut

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




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.
Yes I read the other thread with interest. Good call Jason.
 

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There goes the guaranteed returns..
 

MJ DeMarco

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Add @JasonR to the list, another person with experience in eCommerce and business who called it as BS.
 

CareCPA

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Arent "Guaranteed" returns always a scam?
It just depends on how outrageous the guarantee is. I can guarantee you 0.5% return on your investment - would you consider that a scam?
The threshold is going to be different for everyone. 10% may raise red flags for some people and not others. Apparently, there were a bunch of people for whom 15% did not raise red flags, as evidenced by the number of people who invested in IS.
 

Jon L

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It just depends on how outrageous the guarantee is. I can guarantee you 0.5% return on your investment - would you consider that a scam?
The threshold is going to be different for everyone. 10% may raise red flags for some people and not others. Apparently, there were a bunch of people for whom 15% did not raise red flags, as evidenced by the number of people who invested in IS.
I was thinking the same thing. I can guarantee 1.5% if you give me your money for 10 years.
 

MJ DeMarco

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The official SEC release...


As expected, a F*cking Ponzi.

But yea, at leas Ken's kids got to go to private school.

Of note, I wonder if someone HERE will get paid a Whistleblower fee since the SEC was first informed of this when this thread gained traction here.

29897


And turns out the SEC pays really well for whistleblowers.


I think I should become one and get myself a new job. I spot these scams regularly.
 

PapaGang

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The official SEC release...


As expected, a F*cking Ponzi.

But yea, at leas Ken's kids got to go to private school.

Of note, I wonder if someone HERE will get paid a Whistleblower fee since the SEC was first informed of this when this thread gained traction here.

View attachment 29897


And turns out the SEC pays really well for whistleblowers.


I think I should become one and get myself a new job. I spot these scams regularly.
This is so stupid. If you have the talent available to set up Shopify sites that convert, why the hell don't you just launch them, grow them, and then sell them off to these investors as a cash flow producing asset? And at the same time run a service-based agency that does this sort of thing for paying clients? Shopify skills are in demand right now.

Takes too much time I guess. He wanted the quick money! His "guarantee" was the trap door that did him in.
 

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PapaGang

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It just depends on how outrageous the guarantee is. I can guarantee you 0.5% return on your investment - would you consider that a scam?
The threshold is going to be different for everyone. 10% may raise red flags for some people and not others. Apparently, there were a bunch of people for whom 15% did not raise red flags, as evidenced by the number of people who invested in IS.
True. This is something that Northwestern Mutual does all the time right? Banks too.
 

PapaGang

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Arent "Guaranteed" returns always a scam?
I have a high yield checking account, which guarantees me 2.5%. They do carefully word the offer though that they can change those terms anytime depending on their return.

Also, banks are different than a business that offers alternative investments.

I'm in over my head. I don't have a background in finance and it shows.
 

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Can you actually get a whistleblower windfall by just reporting or submitting a tip to the SEC?

Or does it have to be an insider type of deal with giving credible testimony with insider details?

:oops:
 

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This is so stupid. If you have the talent available to set up Shopify sites that convert, why the hell don't you just launch them, grow them, and then sell them off to these investors as a cash flow producing asset?
They didn't have the talent, that was the problem.
 

PapaGang

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They didn't have the talent, that was the problem.
:rofl:

I thought I had read somewhere that they actually had some legit developers and staff, and that some of the sites were actually making cash. Obviously not enough.
 

MJ DeMarco

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Can you actually get a whistleblower windfall by just reporting or submitting a tip to the SEC?
I think so.

I'm actually pissed I didn't report Income Store to the SEC when I first discovered it.

The windfalls can be pretty substantial. $5.5M average payout ...

29913
 

socaldude

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Finally got around to reading the formal complaint. It was unsealed earlier this month. Best thing to read to get all the facts.

These people would actually guarantee returns in perpetuity and you would get a higher return the more you invested. The highest tier being $500k with a guaranteed rate of return of 20%.

They only made 9 million by selling "third party items" and from advertising. But paying out arounf 30 million around that time.

His bank even closed his original bank account when he applied for an increase in line of credit to pay for investor returns.

The complaint breaks down the scam mathematically with all the revenues, loans, investor payouts and new investor funds.

Study and copy the math and securities laws in complaint to be a whistleblower and to get an idea of how to submit a tip. My guess is the more you use their language and math the more they will take your tip seriously. :rofl:
https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.sec.gov/litigation/complaints/2020/comp-pr2020-10.pdf&ved=2ahUKEwijra3ioaDnAhXiNX0KHVu-BuUQFjAAegQIBRAB&usg=AOvVaw3yC2B5k8b_NEa81t3f4VQE
 
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MJ DeMarco

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Marked Notable and thread title changed, perhaps next time I won't sit on my a$$ when I come across another scammy sounding "passive income" scheme.
 

Kid

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to continue for 60 years
IS offered 60 years payout at 17%.
Internet is itself 31 y.o.

Its like telling "This model of a car will be profitable for next 260 years, so invest in it!"
 

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