This was just released. PAS is also in the process of introducing a product to legitimize itself. Whether this will be effective in diffusing the SEC investigation reamins to be seen. Here's the release: "From Bloomberg News September 28, 2006 The Securities and Exchange Commission is seeking to shut down a network of 25,000 websites, accusing operators of running a $15-million pyramid scheme that promises to shower participants with easy cash. Prosperity Automated System, which bills itself as a marketing network, "is destined to collapse and leave the vast majority of investors with substantial losses," the SEC said Wednesday. The complaint targets the network and its creator, William M. Osterhout of Citrus Heights, Calif. The websites, with such names as lazyandrich.net and profits4doingnothing.com typically offer testimonies from people claiming to make thousands of dollars by buying into the group, the SEC said. One site says the network "Showers You with Hands-Free Cash!" Visitors to the sites fill out forms and are later called by representatives selling memberships for as much as $3,895, the SEC said. New members are issued their own websites and eventually can receive a share of the money when more people buy memberships via their sites, according to the allegations. "Websites that come with the memberships do nothing but sell more memberships," said Stephen Donahue, an SEC enforcement official in Atlanta. Though some websites offer links to products or services, "those were attempts to cloak what is a fraudulent pyramid scheme, giving it the appearance of multilevel marketing," Donahue said. The defendants' attorney, D.J. Poyfair, could not be reached for comment."
I have lost thousands of dollars in buying adpacks & leads...........I did not even get a call back request. I am still not qualified after 8 months. Praveen
PAS SEC Investigation|Prosperity Automated System SEC| This program may or may not survive this shakeup. The strength and integrity of the leadership at PAS will be tested here. Many people believe PAS will be around for a long time, and I have no wish to see it perish, mostly because so many have not made a dime with it. Still its clear that the type of "do nothing" marketing was misleading and created a situation that was ripe for some opportunitic promoters to sell PAS systems to people based upon greed and laziness. The PAS SEC Investigation is causing a lot of folks to jump ship or stop promoting out of integrity.
Quoting: wealthonlineI am still not qualified after 8 months. Even if it's called automated system, I would strongly suggest you doing some online marketing and try to make your site more visible on the net... I would take the PAS SEC Investigation very calmly. Happy marketing !
Quoting: malibumentorThe PAS SEC Investigation is causing a lot of folks to jump ship or stop promoting out of integrity. I don't think that most people are jumping ship at all, but I do see people changing up what they are promoting until the new changes are in place... For those of us for which PAS was our source of income, what else are we to do? Sit on our hands and just wait out the storm? For me, I was happy that I had decided to diversify when I did (about 6 weeks ago)- at least I immediately had something to fall back on which would still generate a decent income for me... For those that wish to know what is going on with Corporate, I am pasting the latest update as well as the link to the recent call pertaining to the SEC investigation and the cnages to come. Here is the latest on PAS! First, I want to thank so many of you who have sent supportive messages to me concerning the direction we are taking to support PAS members and their businesses. I very much appreciate your positive comments! And you are right... we are moving to a whole new level with our business! Here is one of many comments from members: "With the enhancements of PAS come new opportunities; a door is opening and a red carpet is being rolled out. We all need to respond optimistically to the potentials of this incredible business. The new PAS business model is superb. It is taking us all to a whole new level. Of course, in any aspect of life there are unexpected developments. The focus of PAS is on sustainable, long-term strategies and they are being implemented. PAS is bearing a new kind of fruit in our global community, one that we will all be proud to be a part of. " Well said! NOW, THE LATEST NEWS.... We have temporarily brought the PAS sites down. Due to the SEC order, we cannot continue selling PAS as we have in the past. Their main issue is that we do everything for you, the site owner. Therefore, they, as regulators of securities, consider that we have been selling a security, not a business. Isn't that amazing? Well, we are responding just as the SEC is requesting and this has put us in good stead with the authorities. We expect this matter will be all be wrapped up within 3 weeks. At that time we expect MegaWealth to finalize the purchase of the PAS business and they will be ready to roll out the newly renamed extension of the PAS business that contains all the enhancements mentioned on our all-company meeting this past Thursday... what an awesome opportunity! IN THE MEANTIME... When someone lands on your site or your doorway page at PAS, they will see a form to fill out. This form will post them in your back office as a prospect. Due to bringing down the marketing sites for a bit, we have cancelled all adpak automated subscriptions so you will not be billed until you reactivate your adpaks. We have also put a hold on all adpak traffic for obvious reasons. The guarantee for those who purchased prior to May 1 is still in effect. The guarantor will remain the Prosperity Network. TO RECAP... We expect this SEC issue to be resolved and behind us within 3 weeks! We expect MegaWealth to introduce the NEW redesign of PAS in 3 weeks! This redesign will be an extension of PAS, but will carry a new name. Adpaks are on hold and the prior to May 1 guarantees remain in place. We are doing everything we can to effect as smooth a transfer to our NEW processes and products as possible, with a focus on how we can maintain momentum for the benefit of each of our site owners. Come back regularly to your PAS back office to learn the latest developments concerning taking your PAS business to the next level! Sincerely, Bill Osterhout Link to call: http://meetings.pasbackoffice.com/members/meetings/prosperity530pm0928 06.mp3
This is very dissapointed as most of the "Work from Home " available and the fastest way to earn money is based on a pyramid scheme model. Well I almost joined up PAS and luckily i didn't as it is so expensive. I joined SSS instead through WealthyWAHM PAS site. I still haven't receive any reply from my sponsor and SSS backsupport office. Here I am wondering if this is another Scam or will it close down just like PAS.
Unfortunately people have a tendency to get into these things with $$$ on their eyeballs. Stories of certain folks making lots of dough effortlessly make it worse. Any professional internet marekter you speak with will either tell you it takes work or flat out lie to get your money. I tell people it takes work. With PAS being attacked as a pyramid scheme its clear that all of these programs need a real product. I have people joining Predator Marketing System under me at the top level... Why? because they want the real estate course? Pull-ease! They want to make a lot of money with intrernet marketing and they perceive the system and training as a viable way to accomplish that. The MOM training course "Make Money or Make Excuses" will shortly be avaliable as a stand-alone product, something PAS should have thought of a year ago. I never considered joining PAS ever. It had no product. I didn't see the value in it. I'm proficient enough in marketing that I would have probably made money with it, but the whole thing left me cold.
I almost joined PAS in early Aug. I didn't because I couldn't get a straight answer on how much could I realistically make if I spent a certain amount on Adpacks. My mentor told me it varies widely. After much prodding, I found out that she was over $8,000 in the red and had been working it hard for seven months. After much cajoling, I convinced her to cut her loses and quit. Her team leader was recommending another $3K of Adpacks. She did quit, and we have remained friends and in contact vowing to help each other find our perfect opportunity. She emailed this link to an article me yesterday ??“ http://www.universityofvictory.org/articles/9-minute-mastery-of-google -adwords-black-hat-seo-.html about how to rank high in Google and a primer on their Adwords program. I must admit that it was refreshing to read an article that had no hype and actually had real world useful information. I also noticed that some of the courseware is based on the teachings of Dan Kennedy. I have always been a big fan of Dan. He is head-and-shoulders over 95% of the other marketing gurus. Anybody know anything about universityofvictory.org? I've read all the articles and the forums but would like advice from anybody who has signed up. Jerry - Tired-of-hype
I'm sorry Jerry, but I absolutely see nothing to get excited about with University of victory. Victory Darwin has no credible name recognition on the net and the site is very underdevloped for something which costs over $1000- . It looks like Victory is looking for 77 founding members to give him $1000 plus each so he can actually get something going. As it is, I don't see much going on at all.
I think that the new " Prosperity Intenational" business from Megawealthy - based on the PAs business model - will be good to go in a couple of weeks. I also think that it is a very good opp. My sig will take you right there. Any comments on this? I am curious... Megawealthy was the best PAS promoter. The new business is totally SEC compliant - as far as we know - and - plus - people will receive about $6,000 worth of wealth creation products when they buy into the business ( besides the fact that their web sites will sell these products also, giving the visitor the opportunity to buy only one book or video, whatever...) What do you think about that?
Quoting: wendy27 joined SSS instead through WealthyWAHM PAS site. I still haven't receive any reply from my sponsor and SSS backsupport office. Here I am wondering if this is another Scam or will it close down just like PAS. I doubt SSS is a scam in the true sense of the word, they are a 2-up program and the call center closes sales as I understand it, here is something everyone needs to watch out for however, some states have specific amounts max that you can advertise for any biz op in some states IF you advertise anything over $500 investment for a biz op you must post a huge bond so be careful of what business opp you are advertising and the total of the investment for example SSS is $1295 isn't it?
PAS is a perfect example of a scam. Never and I mean never sign up with a business that will guarantee you anything!! Everything that is worth anything is worth working for! Regards, Mike
It's a good thing that PAS is getting shut down! And EDC Gold is becoming more like a gifting program. PUH - LEEZE!
