Tuesday, 17 February 2015

Is Europe catching up to the US in MLM/Pyramid schemes?


Today I am happy to host a prominent figure in the anti-pyramid scheme movement, Rogier Fentener van Vlissingen. In the text which follows, Rogier gives both a novice introduction as well as a deeper understanding of the most recent developments in the area, pointing the way forward for legislation on the subject. Obviously, any opinions expressed are the sole responsibility of the author.

Clearly, the world needed a refresher on Ponzi-schemes, and it got Bernard Madoff. The question will be if the SEC, the USA, or the world, learned anything. Certainly, Harry Markopolos' book, No One Would Listen: A True Financial Thriller, highlighted the risks of regulatory capture. Madoff was smooth and seemingly respectable, and the SEC was not equipped to be looking for an operation like his, even though in retrospect the red flags were all over. So the problem becomes that the regulators protect the crooks from the public, and not the other way around, as Markopolos observes so succinctly. That is the problem of regulatory capture in a nutshell. The practical point, from the standpoint of law enforcement is to see that the appearance of respectability is no guarantee of anything, and a good fraudster will always try to create an aura of respectability. Madoff mastered the art, it was all smoke and mirrors.


Pyramid schemes are somewhat akin to Ponzi-schemes from an economic point of view. In a Ponzi, the underlying business is either non-existent or dysfunctional, and cannot produce the returns on capital raised, so that older investors are being pacified with good returns poached from the funds of new investors, not business profits, and the venture ultimately hits the wall, when at some point withdrawals overwhelm the rate of new investment. Recruiting may or may not play a role, as in the case of the feeder funds for Madoff, but most business tends to come from referrals. The argument for regulation stems from the predictability of the bad outcome, so that intervention by law-enforcement could limit losses. 


In pyramid schemes the business is recruiting for a venture that is either yet to be launched, or non-viable, or simply a hoax, and the payments for recruiting are merely a way of syphoning money from money hungry prospects to the pockets of the organizers. Classic cases include Galaxy foods, Koscot, Omnitrition, Holiday Magic, and recently Fortune High Tech Marketing and BurnLounge. Until the fateful Amway '79 decision, the courts were very clear on the nature of a pyramid scheme, and why they were illegal. With the Amway '79 case the lines began to blur.


In Amway '79, instead of dealing with the finding of fact - pyramid scheme or not - the court allowed itself to get drawn into a negotiation of conditions what would presumably make Amway not a pyramid scheme, without even noticing that the conditions it agreed to were utterly unenforceable, and nobody had the intention of ever enforcing them. It was pure make believe. If a burglar or a rapist were to negotiate with the court over how many free passes they should get before they could be convicted for burglary or rape, the public would be outraged at the stupidity of the judge, but in the Amway '79 case the commercial equivalent of that negotiation succeeded. Then FTC Chair Robert Pitofsky, and Commissioner Elizabeth Dole, accepted the ruling as law.


The MLM-"industry" took flight from then on, and Herbalife became the first most memorable child-prodigy offspring from that illicit liaison of courts and criminals, in the form of the judicial error of the Amway'79 court. The culmination of that hubris came when Herbalife was taken private after that death of its founder, Mark Hughes, from a multiple drug overdose, for a short time (think legitimizing a scam) its interim CEO was one Frank Tirelli, now Chairman and CEO of Deloitte Italy. He held the operation together with an agreement (the "Tirelli agreement") with top distributors that is very likely illegal, but at least highly problematic, and was the basis for the company subsequently going public, with Michael O. Johnson as their CEO, and the new pied piper, showing that in America, crime does pay, and very handsomely. The secret to a successful crime, is to do it in plain view, right in front of the cops.


Most succinctly, in economic terms, the problem of MLM is that unlimited recruiting is substituted for sales by dint of the fact that recruiting incentives are greater than sales incentives in MLM marketing/compensation programs. The resulting behavior predictably is that people will recruit, not sell, and only conscripted consumption ("personal volume" required to qualify for commissions) will ensure a minimum of cash flow to keep up appearances for the sake of the regulators. The befuddled participants who even try to sell, will soon find that if they don't recruit their customers as distributors, that somebody else will, for the money is in recruiting not selling. Very soon therefore, retail margins will tend to collapse to zero, and ultimately product will even be given away as free samples in order to recruit the next prospect, and the wholesale cost of the product becomes another tax-deduction, and tax-deductions are the major product of an industry that produces 99% loss rates among participants.


When the Albanian economy tanked in 1996/1997 because of pyramid schemes, the IMF did some very helpful work in warning the rest of the world about the obvious dangers of pyramid schemes, only to see their work filed away for reference, and ignored in practice. After all, "we" don't have a pyramid problem. That was just those dumb Albanians who did not know any better. They just escaped communism, and they mistook pyramid schemes for capitalism. And the world went back to sleep.


Then, in December 2012, there was a wake-up call, in the form of a short position initiated by Pershing Square Capital Management, against Herbalife (HLF), and made very public with a 300+ Power Point presentation at the Sohn investment conference. PSCM even created two websites to document their thesis, Facts about Herbalife, and  Herbalife Pyramid Scheme. At the time when I read it, my first thought was: "It's a dirty job, but somebody had to do it," and I felt sort of grateful that the public listing of Herbalife and the opportunity to short the stock provided the market incentive to get the ball rolling. What happened next defies the imagination. In obvious reliance on the idea that Herbalife was actually a real business, actually an exchange-listed company, with ostenstibly $5bn in sales, Carl Icahn took the opposing view, and that is when I took notice, and in my first article on this spectacle on Seeking Alpha (free registration), here, I promptly assumed that Carl Icahn, would soon be facing substantial losses on the position, and I compared his position to Wil E. Coyote hanging over the ravine, and realizing he had no ground under foot. Little did I realize how long it would take for this episode to play out. I thought at the time my first article on the matter would be my last, but we're now at thirty and counting. I know now that my last article won't be my last, for when Herbalife finally collapses or gets shut down, a post mortem will be in order.  


For those who are interested, Seeking Alpha has, for better or for worse, become the locus of some of the best research and analysis on the issue outside of the astounding material produced by Pershing Square on the two websites listed above, and by Christine Richard (who did much of the original research leading up to the Pershing Square short), explained in part in her own articles on Seeking Alpha, here, and here.  It should be noted that a short position is a difficult investment decision, unless you have a very clear trigger mechanism that you can identify. Government action is not one of those. And, to a degree, Bill Ackman counted on such action, based in part on his MBIA short (and it should be noted that Christine Richard wrote the book, Confidence Game: How Hedge Fund Manager Bill Ackman Called Wall Street's Bluff). Other important contributors on Seeking Alpha regarding the Herbalife developments include:


  • Matt Stewart, Quoth the Raven and Matthew Handley, all of whom have short positions, and collectively they have produced an astounding body of research and analysis, highlighting both legal issues and financial analysis.
  • On the legal front there have been contributions from attorney Douglas Brooks (of Omnitirition fame), and former Wisconsin Assistant Attorney General Bruce Craig, who notable won a case against Amway in 1980, just after the fateful Amway '79 decision that would cripple the FTC for the next 35 years. In the discovery phase Bruce Craig found that of 20,000 Amway distributors in Wisconsin at that time, the top 200 lost $900 per year.
  • As far as business and economic analysis, as well as some of the more in-depth aspects of the cult-like appeal of pyramid schemes, there have been important contributions from Bill Keep, Dean of the College of New Jersey, and Robert FitzPatrick, who runs Pyramid Scheme Alert, as well as some connecting commentary from myself.
  • On the tax front, there is the fascinating research of Dave Ritchie, here, who confirms the tax research of Jon M. Taylor from IRS records. Loss rates are typically close to 99%. Tax deductions is the major product of the industry.
  • As an additional angle to both the cult aspect of MLM, and its apparent business/investment promises, there was Kay Herbert, an MIT-educated mechanical engineer, who drew a statistical analogy between MLMs and the propagation of epidemics, to explain the "pop and drop" behavior when opening new markets or introducing new products, that even Herbalife management acknowledges in their public filings.    
There have certainly been other contributions, but the above are probably the main ones. Outside of Seeking Alpha, a few of the sources that should be mentioned include the following:
  • Blog by investor Tom Salvatore, which has shown very astute analysis and profound comprehension of the legal, business, and criminological elements that have made up the story of MLM/pyramid schemes.
  • Blog by British MLM-critic David Brear, whose own family was torn apart by the Amway cult, and who has put forth the most comprehensive body of historical analysis of thought control with fake "opportunity," going all the way back to beguiling misrepresentations and advance fee fraud of Hitler in his Volkswagen program, basing himself firmly on the razor sharp insights of George Orwell.
  • The classic sources include Jon M. Taylor's site www.mlm-thetruth.com which includes such gems as his analysis of the tax losses of MLM-participants, as well as his documentation of regulatory capture of the FTC, that are masterpieces in themselves. Taylor has researched over 500 MLM companies, and found the structure to be always the same in effectively syphoning moneys from a multitude of losers to a few at the top. Robert FitzPatrick's sites are www.pyramidschemealert.org and www.falseprofits.com. A newer voice is that of E. Robert Smith, author of the book Downline... an intolerable potential to deceive, with his website www.amway79challenged.com. The title of his book was a statement of Paul Rand Dixon, a former FTC commissioner, which he made in one of his own MLM-rulings. The author's own conclusion, after five years of 6-figure earnings in MLM was that he had become a professional liar. He did not like it, and he chose to write the book instead.
  • The mainstream press has mostly missed the story, or failed to cover more than the headlines, but some highly competent coverage should be mentioned, including a five article series on Al Jazeera, which included some powerful commentary by William K. Black, he of S&L fame (The Best Way To Rob A Bank Is To Own One), excellent coverage in Rolling Stone of MLM-company Vemma, and somewhat older but very worthwhile coverage in a four-part series in The Nation, here (part 4, and you'll find the links to parts 1, 2, and 3 referenced at the start of the article). The Nation does a very good job on the regulatory capture and political corruption aspects of the issue, including how the GWB-administration put the fox in charge of the hen house in the form of making Amway-lawyer Timothy Muris head of the FTC, promptly stopping all MLM-prosecutions, and starting an FTC tradition of obfuscation in their public policy statements, that misled the public into thinking there is such a thing as a 'legitimate MLM.'
  • Finally, there is the incomparable Salty Droid, whose material provides rich documentation of various scams, including extensive material on MLM in general and Herbalife in particular.
One of the issues that has gone nearly unnoticed is this matter of regulatory capture, although it has been well documented. Rationally, it is the first and most obvious problem in dealing with crime. Only the latest example is the Dodd-Frank Act in the US, and its offspring, the Consumer Financial Protection Bureau (CFPB). Effectively, it was a way of blaming the banks for the political corruption of vote-getting with the lure of 'low income' home ownership under the Clinton administration, but with plenty of Republican believers as well. This issue was recently documented by Peter J. Wallison in a new book, Hidden In Plain Sight. Personally, I tend to think that the abolition of Glass-Steagal was the beginning of the problem, but the cynical view of the whole matter is that the CFPB today is a captive regulator from the outset, to justify why the root causes of the sub prime scandal were never dealt with. As William Black put it, Financial Frauds Had A Friend In Eric Holder, and instead of thousands of criminal prosecutions, as we saw in the S&L scandal, nobody went to jail. The USA laughed in the 90's about Japan's inability to deal with the financial engineering by its biggest corporations, and its failure to deal with the bad banks in a forthright manner. The US has now officially taken that title. Japan bought itself two lost decades, sofar. The US has set itself up for two lost centuries. As author Gore Vidal, the unofficial biographer of the USA, put it so succinctly, the US has become a country not of laws, but of lawyers.


The SEC and the FTC have been asleep at the wheel in relation to MLM/Pyramid schemes, taking only occasional action, by culling some minnows from the oceans of fraud, but it is a travesty that pension money should be invested in a complete scam like Herbalife, or that it should be allowed to be publicly listed in the first place. This 'industry' has now grown into an international $150 billion dollar fraud. The FTC has only intermittently pursued a few smaller operations, such as Fortune High Tech Marketing. In the case of Fortune High Tech case ran  for 10 years and had at least 200,000 victims before it was stopped. Herbalife makes 2 million victims a year, and some of the stories are heart-rending, such as one I learned of recently of a 72-year old woman who operated Herbalife 'nutrition clubs,' which are a pyramid within a pyramid, and losing $150,000 doing it.


One of the interesting side stories is how the DSA, the Direct Selling Association, was taken over from the inside by MLM companies, displacing the original Direct Selling companies, and so to complete the disguise of MLM, as a direct sales company. (This would make a good definition of MLM: MLM is a pyramid scheme disguised as a direct sales company.) The DSA was instrumental in corrupting the political process and the regulators in the US, and internationally the same has taken place. I received a response to an inquiry to the Dutch Ministry of Justice, in which they maintained that protecting the citizens from fraud was not their business, for limiting the freedom of contract was a priority concern, and the citizens should sort out for themselves which companies were fraudulent. In short this is the police protecting the right of the crooks to defraud the public. This view is only possible if it is assumed that MLM is ever a legitimate business model, but of course any business method that produces 99% losses for its practitioners, is not a business mehtod, but a fraud.


More recently, back in the USA, both Tupperware and Avon have quite publicly quit the DSA, making it clear that they were concerned it was overrun by pyramid schemes. However, neither company has (yet?) taken the next step to seriously reform their business models, and Avon in particular exhibits a deterioration in its financial results that seems strongly correlated to its adoption of an MLM model in 2005, which has predictably cannibalized the traditional sales business of the Avon lady, with the recruiting madness of MLM. Economically it is clear, that if recruiting drives the bus, retail sales is thrown under the bus.


It should be noted that a proliferation of public satire about MLM/pyramid scams is indicative of the fact that the public is getting tired of the scams, so that even if the regulators continue to be slow in acting, the population is so scam weary that enthusiasm of these programs is waning. I am personally involved in some public education in my area, including presentations in the Police precinct council meeting of my precinct in the Bronx, for with fraud, two pennies of crime prevention is certainly worth more than a pound of cure (never mind a dollar's worth) of cure.


Possible Remedies

Clearly, in the US the FTC is supposed to protect consumers, but the only means it currently has to fight MLM is under section 5 of the FTC act, "Unfair and deceptive business acts and practices" (UDAP), which works only to a point, as the FHTM case showed. It makes no sense that these companies should have the opportunity to run, as in the FHTM case for 10 years, and make 200,000 victims, before they can be stopped. In the Herbalife case the total run time up to the present is 35 years, and the victims are in the multiple millions.


Presumably the SEC would know enough not to let a Ponzi scheme become publicly listed, but there is a long list of publicly listed MLM companies, or MLM companies owned by publicly listed companies, including Warren Buffett's Berkshire-Hathaway. This means pension funds also own these illegal rackets directly or indirectly.

The good news is that there still is a strong foundation in US law to pursue these companies, and in a very interesting development AARP just filed an amicus brief for a class-action RICO lawsuit against Ignite/Stream, which is a private MLM/pyramid company in the de-regulated retail energy industry. The company had sought to appeal both the RICO and class-action status of the lawsuit, and AARP is supporting the class-action status. It should be noted that the RICO dimension in a private lawsuit opens the door for triple damage claims. The first use of the RICO laws against MLM was by Prof. Robert Blakey in Amway's case with Procter and Gamble, and the current case against Ignite/Stream will make for an interesting development. He originally drafted the RICO statute to fight the mafia, and the similarities with how the MLM industry operates are eerie. The AARP brief is a masterful summary of the current legal framework in the US, which still provides ample grounds to pursue these frauds. The material would be equally applicable to Herbalife in its entirety.  
Rogier Fentener van Vlissingen lives in Bronx, NY, and is active as a consultant in renewable energy retrofits, and an author on finance, energy, and spirituality. His website is www.vliscony.com.

69 comments:

  1. Strong work Mr. van Vlissingen! I would add that the opportunity costs entailed in MLM distributors' vain pursuit of "the dream" essentially double the tax-base deficit incurred as the result of their MLM-induced unwittingly false claims of deductible business expenses-many of which flow directly up the distributor chain to the MLMs themselves.

    As an American, I am profoundly ashamed that our lack of vigilance vis a vis MLM has enabled this terribly pernicious fraud to expand internationally.

    ReplyDelete
    Replies
    1. You are so hell bent on avenging the stupidity of your partner that you will go to the ends of the earth. So be it, and no matter how many comments you have deleted, it will not change the fact that your partner needed help.

      Delete
    2. HOW I GET A LOAN HELP @ 2% INTEREST RATE

      I was not sure of getting a legit loan lender online But when i could not face my Debt any more, my son was on hospital bed for surgery that involve huge money and i also needed some money to refinance and get a good home then i have to seeks for Assistance from friends and when there was no hope any more i decide to go online to seek a loan and i find VICTORIA LAWSON Trust Loan Firm (marianlawson@outlook.com) with 2% interest Rate and applied immediately with my details as directed. Within seven Days of my application She wired my loan amount with No hidden charges and i could take care of my son medical bills, Renew my rent bill and pay off my debt. I will advice every loan seeker to contact VICTORIA LAWSON LOAN Company with marianlawson@outlook.com For easy and safe Transaction

      *Full Name:_________

      *Address:_________

      *Tell:_________

      *loan amount:_________

      *Loan duration:_________

      *Country:_________

      *Purpose of loan:_________

      *Monthly Income:__________

      *Occupation__________

      *Next of kins :_________

      *Email :_________

      Delete
    3. TESTIMONEY OF TRANSFORMATION WITH THE HELP OF LEXIELOANCOMPANY@YAHOO.COM
      I am writing this Testimony because am really grateful for what MARTINEZ LEXIE did for me and my family when I thought there was no hope he came and make my family feel alive again by lending us loan at a very low interest rate of 2%, well I have been searching for a loan to settle my debts and bills for the past months all I met scammed and took my money total 6,500usd until I finally met a God sent Lender. I never thought that there are still genuine lenders on the internet but to my greatest surprise i got my loan form this great company without wasting much time, so if you are out there looking for a loan of any kind for business or other purposes i would advise you to email Mr MARTINEZ LEXIE via: ( Lexieloancompany@yahoo.com ) OR text: +18168926958 and be free of internet scams. thanks… Jenny Hills Alcott Resident: Los Angeles California, United State

      Delete
    4. FUNDING CIRCLE INC(Fundingcircleplc@yahoo.com)

      Hello am Nathan Davidson a businessman who was able to revive his dying business through the help of a Godsent lender known as Jason Raymond the CEO of FUNDING CIRCLE INC. Am resident at 1542 Main St, Buffalo, NY.. Well are you trying to start a business, settle your debt, expand your existing one, need money to purchase supplies. Have you been having problem trying to secure a Good Credit Facility, I want you to know that FUNDING CIRCLE INC. is the right place for you to resolve all your financial problem because am a living testimony and i can't just keep this to myself when others are looking for a way to be financially lifted.. I want you all to contact this Godsent lender using the details as stated in other to be a partaker of this great opportunity Email: Fundingcircleplc@yahoo.com OR Call/Text +14067326622


      Delete
  2. Wasting your of time and talents Rogier Van Vlissingen. Your other ventures might prove to be better. Herbalife is an awesome company!!! Your biased along with Dave Ritchie is a waste of your time and talents. Pursue your other ventures - check some great Herbalife RESULTS http://iamherbalife.com/

    ReplyDelete
  3. There have been various pyramid schemes in the UK, which always collapse as expected. The law here in the UK seems to be clearer than in the US but all things are relative.

    Reason is always the first victim when meeting up with desire for wealth, need, desperation or just plain greed. Sadly this applies to investment 'professionals' as well as the public. Just look at the number of professionals who were caught up in the Madoff debacle.

    ReplyDelete
    Replies
    1. 'There have been various pyramid schemes in the UK, which always collapse as expected. The law here in the UK seems to be clearer than in the US but all things are relative.'

      ---------------------------------------------------------------------------------------------------------------

      One has to ask Fran H. : What exactly is this clear law in the UK? (and please don't tell me you mean the Trading Schemes Act); for if you truly believe that British citizens have been protected from closed-market swindlers by legislators and law enforcement agents (of a high moral and intellectual calibre), then you must be almost as deluded as the adherents of dissimulated organized crime groups like 'Amway' , 'Herbalife', 'Forever Living Products,' etc., all of which have operated in the UK right under the noses of UK legislators and law enforcement agents and sometimes with the enthusiastic participation of UK legislators and law enforcement agents.

      Numerous US-based Income opportunity rackets have run riot in the UK since 'Amway' arrived in the early 1970s. 'Amway' alone churned approximately one million UK and Irish citizens between 1973 and 2006. When the UK government's Companies Investigation Branch finally tried to close 'Amway UK Ltd.' in 2007-2008 (at my instigation), its agents failed, because their investigation/prosecution was civil (not crimina)l, and because 'Amway UK Ltd.' had temporarily employed (amongst others) Peter Kiernan, a former Deputy Director of the UK Serious Fraud Office.

      UK government investigators / prosecutors dicovered that between 1973 and 2006, around $ one billion was removed from Britain by the 'Amway' racketeers alone. The majority of this cash derived from a parallel labyrinth of (apparently independent) corporate structures which had been used to peddle publications, recordings, tickets to meetings, etc. to the constantly churning insolvent adherents of 'Amway' on the pretext that these materials contained secrets vital to achieving success in the 'Amway income opportunity.' Mysteriously, none of this key information was mentioned during the failed prosecution of 'Amway UK Ltd.'

      At the moment, the fastest spreading 'MLM income opportunity' racket in the UK, is 'Forever Living Products' which is an 'Amway' copy-cat based in Arizona and which has been passing huge quantities of (stolen) cash to the 'Mormon Church.' Approximately 20 000 UK citizens are currently being churned annually by the 'FLP' racketeers, and a significant percentage of these persons have been UK police officers and former police officers. Yet there still is effectively no agency of law enforcement in the UK to complain to, whilst anti-racketeering legislation does not exist in Britain.

      Delete
  4. I am deeply in love with every single piece of information you post here. Will be back often to read more updates!
    mlm

    ReplyDelete
  5. Ha, As an American, I am deeply concerned about the fact that our short of vigilance has enabled this horrible fraud to expand internationally

    ReplyDelete
  6. HOW I GET A LOAN HELP @ 2% INTEREST RATE

    I was not sure of getting a legit loan lender online But when i could not face my Debt any more, my son was on hospital bed for surgery that involve huge money and i also needed some money to refinance and get a good home then i have to seeks for Assistance from friends and when there was no hope any more i decide to go online to seek a loan and i find VICTORIA LAWSON Trust Loan Firm (marianlawson@outlook.com) with 2% interest Rate and applied immediately with my details as directed. Within seven Days of my application She wired my loan amount with No hidden charges and i could take care of my son medical bills, Renew my rent bill and pay off my debt. I will advice every loan seeker to contact VICTORIA LAWSON LOAN Company with marianlawson@outlook.com For easy and safe Transaction

    *Full Name:_________

    *Address:_________

    *Tell:_________

    *loan amount:_________

    *Loan duration:_________

    *Country:_________

    *Purpose of loan:_________

    *Monthly Income:__________

    *Occupation__________

    *Next of kins :_________

    *Email :_________

    ReplyDelete
  7. deeply concerned about the fact that short of vigilance.

    ReplyDelete
  8. TESTIMONEY OF TRANSFORMATION WITH THE HELP OF LEXIELOANCOMPANY@YAHOO.COM
    I am writing this Testimony because am really grateful for what MARTINEZ LEXIE did for me and my family when I thought there was no hope he came and make my family feel alive again by lending us loan at a very low interest rate of 2%, well I have been searching for a loan to settle my debts and bills for the past months all I met scammed and took my money total 6,500usd until I finally met a God sent Lender. I never thought that there are still genuine lenders on the internet but to my greatest surprise i got my loan form this great company without wasting much time, so if you are out there looking for a loan of any kind for business or other purposes i would advise you to email Mr MARTINEZ LEXIE via: ( Lexieloancompany@yahoo.com ) OR text: +18168926958 and be free of internet scams. thanks… Jenny Hills Alcott Resident: Los Angeles California, United State

    ReplyDelete
  9. Gabriel Snowden6 June 2017 at 15:27

    NEED A LOAN NOW
    VICTIM OF SCAMS BUT NOW A VICTOR THROUGH FRANCISCO LOANS.
    EMAIL: Franciscoloansinvestment@gmail.com

    Gabriel Snowden is my name from 1731 Hilltop Haven Drive, Red Bank, NJ 07701 USA. It lifts my heart to actually use this medium to save innocent people who would have fallen into the wrong hands in quest to obtain an online loan. With all humility I want to personally warn all online loan seekers to be very careful while trying to get a loan, because it is no news that scammers are rampant everywhere all over the internet claiming to offer loan. I was a victim before now and I solemnly hope that you are a victor if you care to take my word of advise. Few months ago I was financially strained, and due to my desperation I was scammed by several online lenders. All hope was nearly lost until a co-employee suggested 'FRANCISCO LOANS INVESTMENT ' an online reliable and trustworthy lender for me, as I was almost at the edge of taking my life considering a loss of about $83,000; As God would have it, I applied for a loan from 'FRANCISCO LOANS INVESTMENT ' under Cynthia's (co-employee) recommendation and WOW in less than 72 working hours I got a credit alert confirming that my account has been credited with the loan fund of $220,000.00 which i originally requested. If after loosing much God has shown me light with the help of 'FRANCISCO LOANS INVESTMENT ', you too without doubt can as well obtain a loan from this reputable lending institution. IN ALL, if you, your relation or any closed person desperately need a loan, DO CONTACT or help that soul to communicate with FRANCISCO LOANS INVESTMENT via email on (franciscoloansinvestment@gmail.com)

    A WORD IS ENOUGH FOR THE WISE..
    thanks.

    ReplyDelete
  10. FUNDING CIRCLE INC(Fundingcircleplc@yahoo.com)

    Hello am Nathan Davidson a businessman who was able to revive his dying business through the help of a Godsent lender known as Jason Raymond the CEO of FUNDING CIRCLE INC. Am resident at 1542 Main St, Buffalo, NY.. Well are you trying to start a business, settle your debt, expand your existing one, need money to purchase supplies. Have you been having problem trying to secure a Good Credit Facility, I want you to know that FUNDING CIRCLE INC. is the right place for you to resolve all your financial problem because am a living testimony and i can't just keep this to myself when others are looking for a way to be financially lifted.. I want you all to contact this Godsent lender using the details as stated in other to be a partaker of this great opportunity Email: Fundingcircleplc@yahoo.com OR Call/Text +14067326622


    ReplyDelete
  11. Like United states, Europe is also developing and compete with the activities of US. So think this content also shows that kind of competition.

    ReplyDelete
  12. this is really nice and effective blog, i found lots of information in this blog and sites for commenting is best.Very nice I like a lot of these topics...
    Packers And Movers Chennai

    ReplyDelete
  13. QUICK LOAN CONTACT US
    We gives out both business and personal loans no collateral required. now term cash of all amounts You have come to the right place. We offer Cash at low interest rate of 2%. Interested people should please contact us on For immediate response to your application, process takes just 2/3 Days. contact us now
    housingfinance22@gmail.com
    Contact us on whatspp +447513195409
    Mr Osman Ibrahim

    ReplyDelete
  14. Excellent Post...I must thank you for this informative news....
    This is my first time go to see at here and i am really pleassant to read
    all at one place
    Packers And Movers Hyderabad

    ReplyDelete
  15. We Provide List Of Best And Affordable 100% Safe Packers And Movers Bangalore For Local Shifting. Professional, Trusted And Verified Movers And Packers With Price List.
    Packers And Movers Bangalore

    ReplyDelete
  16. We Provide Best Packers And Movers Noida List for Get Free Best Quotes, Compare Charges, Save Money And Time, Household Shifting Services @
    Packers And Movers Noida

    ReplyDelete
  17. Almost certainly, QuickBooks is extraordinary compared to other bookkeeping programming. Yet, some of the time, errors make it exceptionally baffling for clients, Quickbooks POS Error 1328 is one of them. This error can occur amid the repair procedure, and additionally when you endeavor to refreshing, repairing, introducing, or uninstalling QuickBooks.

    ReplyDelete
  18. Quickbooks Enterprise Support Phone Number 1888-557-6950. QuickBooks Enterprise rendition is truly outstanding and most valuable among three of them like that QuickBooks Pro,Premier and Enterprise. All they have more most recent highlights i.e stock, propelled cost, and propelled revealing, the bookkeeping instrument has been made gainful, commonplace, adaptable, comprehensive, and custom-made to your evolving needs.

    ReplyDelete
  19. Guidelines to Fix QuickBooks Error 224. The accompanying is a summary of researching dares to decide your QuickBooks Error Code C=224. These researching steps get sensibly more troublesome and dreary, so we unequivocally endorse trying them in climbing solicitation to keep up a vital separation from pointless time and effort.

    ReplyDelete
  20. Norton Antivirus Technical Support Number officials are made available around the clock and may Permit you to take advantage of within your antivirus Computer system software plan. They are sometimes extremely effortlessly attained by dialing Norton Antivirus Technical Support and will manual you download and produce Norton Antivirus, receive its Answer required, acquire or renew your support, scan and take absent a myriad of security warnings, and maintenance worries which can be hampering the effectiveness in the Norton Antivirus computer software system. Must you have any question dial Norton Antivirus Technical Support Phone Number allows you to unravel your check her inquiries? Visit Here: https://www.ihelplinenumber.com/Norton-Antivirus-Customer-Support/

    ReplyDelete
  21. You could potentially discover plenty of business distributors accessible in the market that may give specialized tips, possessing stated that, it's important that you merely appear upon a precise support and accredited experts of Intuit. They offer QuickBooks Tech Support Phone Number with each of the permitted experts of the accounting Laptop technique Laptop software program. They will give you recommendations regarding the way you update your plan, tackle queries and take advantage of the software proficiently. Go over with us, whenever and from where ever. When you have any dilemma dial Quickbooks customer support phone number make it more info easier to resolve your query. Visit Here: https://quickbookssupportphonenumbers.us/

    ReplyDelete
  22. Packers and Movers Bangalore as a Services providing company can make all the difference to your ###Home Relocation experience. Bangalore based Company which offers versatile solutions, Right team that easily reduce the stress associated with a ✔✔✔ Household Shifting, ***Vehicle Transportation. we help things run smoothly and reduce breakages and offer you seamless, Affordable, Reliable Shifting Services, Compare Shifting Charges @
    Packers And Movers Bangalore

    ReplyDelete
  23. Packers and Movers Chennai Give Safe and Reliable ***Household Shifting Services in Chennai with Reasonable ###Packers and Movers Price Quotation. We Provide Household Shifting, Office Relocation, ✔✔✔Local and Domestic Transportation Services, Affordable and Reliable Shifting Service Charges @
    Packers And Movers Chennai

    ReplyDelete
  24. Packers and Movers Gurgaon Provide Reliable, Safe and Certified Service Provider list, Get Free ***Best Price Quotaition and Compare Charges. ✔✔✔ Hassle free Household Shifting Services, High Quality packing Material, Office Relocation, Car Transportaion, ###Local and Domestic Shifting Service @
    Packers And Movers Gurgaon

    ReplyDelete
  25. Hire Best Packers And Movers Mumbai for hassle-free Household Shifting, ***Office Relocation, ###Car Transporation, Loading Unloading, packing Unpacking at affordable ✔✔✔ Price Quotation. Top Rated, Safe and Secure Service Providers who can help you with 24x7 and make sure a Untroubled Relocation Services at Cheapest/Lowest Rate
    Packers And Movers Mumbai

    ReplyDelete
  26. Packers and Movers Hyderabad Give Certified and Verified Service Providers, Cheap and Best ###Office Relocation Charges, ***Home Shifting, ✔ ✔ ✔ Goods Insurance worth Rs. 10,000, Assurance for Local and Domestic House Shifting. Safe and Reliable Household Shifting Services in Hyderabad with Reasonable Packers and Movers Price Quotation @
    Packers And Movers Hyderabad

    ReplyDelete
  27. Packers and Movers Pune Provide High Quality ***Household Shifting, Home/Office Relocation, Insurance, Packing, Loading, ###Car Transportation Service Pune and High experiences, Top Rated, Safe and Reliable, Best and Secure Packers and Movers Pune Team List. Get ✔✔✔ Affordable Rate Charts and Compare Quotation and Save Money and Time .
    Packers And Movers Pune

    ReplyDelete
  28. Packers and Movers Ahmedabad - We Provide ***Best Service Providers, Safe, Reliable, Affordable, Trusted ###Movers and Packers in Ahmedabad List, Household Shifting, Office Relocation: Choose Top Verified Packers and Movers Ahmedabad Compare ✔✔✔Shifting Service Chrages, Price Quotation, Rate List Charts and Save Money and Time
    Packers And Movers Ahmedabad Local

    ReplyDelete
  29. While working with your QuickBooks sometimes you can encounter an error which will display a Pop Up which states Crash: Com Error.QuickBooks Error Alert: "Crash: Com Error, when working in QuickBooks" Some QuickBooks 2014 users have reported that QuickBooks may suddenly close without reporting any error, or with a COM Error. The Maintenance Release 5 (Beta) version reportedly contains a fix for this problem,Fixing problems and errors are our first priority rather than other.Our integration expert can help you to integrate your QuickBooks Error with any application.We’re here to help So call our QuickBooks Crash Com Error and get instant support by our technical expert team.While searching for support services for your QuickBooks software.

    ReplyDelete
  30. Packers and Movers Bangalore as a Services providing company can make all the difference to your ###Home Relocation experience. Bangalore based Company which offers versatile solutions, Right team that easily reduce the stress associated with a ✔✔✔ Household Shifting, ***Vehicle Transportation. we help things run smoothly and reduce breakages and offer you seamless, Affordable, Reliable Shifting Services, Compare Shifting Charges @ Packers And Movers Bangalore

    ReplyDelete
  31. We've been all educated it to get machines or gadget, shopper conserves for a similar and aims an unbelievable present. Now envision if good after buying a handsome sum of money having an Instrument, it breaks. Click on this connection they do away with is inexpressible, and that is whichever substitute support. The suppliers are low-cost and get more info fast, the rationale remaining client simplicity at any quantity tag. The apple iphone support number which may beget a great deal more details retrieved what. Visit Here: https://www.4shared.com/web/preview/pdf/vxKCRE8mfi?

    ReplyDelete
  32. Packers And Movers Bangalore Local Household Shifting Service, Get Free Best Price Quotes Local Packers and Movers in Bangalore List , Compare Charges, Save Money And Time @ Packers And Movers in Bangalore

    ReplyDelete
  33. Get Shifting/Relocation Quotation from ###Packers and Movers Delhi. Packers and Movers Delhi 100% Affordable and Reliable ***Household Shifting Services. Compare Transportation Charges and Save Time, Verified and Trusted Packers and Movers in Delhi, Cheap and Safe Local, Domestic House Shifting @
    Packers and Movers Delhi

    ReplyDelete
  34. Looking for is the less exorbitant option as time goes on. Despite the fact that your home credit installment could initially be extra than you'd pay in rent, you'll use impressively less over the lifetime of the QUICKEN ADVANTAGES contract in the event that you buy. Does Amazon move the many Quicken program products? Truly that it sells huge numbers of the Quicken PC programming items with satisfactory value ranges and best quality. To Know More About This visit our site: http://www.mediafire.com/file/1k9vw6cnpjvchyc/27_business_1.pptx/file

    ReplyDelete
  35. Our Uttarakhand hill station Tour Packages also cater towards the Hindu pilgrims who request salvation in ‘Dev Bhoomi’. Our tastefully crafted Char Dham Yatra tour deals by highway and helicopter and also shorter do them and Uttarakhand Holiday Packages which might be all inclusive will take treatment of each of the requires in the pilgrims and enable them to journey into the four pious Hindu dreams of click here Yamunotri, Gangotri, Kedarnath and Badrinath to hunt salvation in the almighty. Visit Here: https://bit.ly/2FDoxY8

    ReplyDelete
  36. Get Shifting/Relocation Quotation from ###Packers and Movers Delhi. Packers and Movers Delhi 100% Affordable and Reliable ***Household Shifting Services. Compare Transportation Charges and Save Time, Verified and Trusted Packers and Movers in Delhi, Cheap and Safe Local, Domestic House Shifting @
    Packers and Movers Delhi

    ReplyDelete
  37. QUICK LOAN OFFER BUSINESS AND PERSONAL LOAN


    Are you in need of Urgent Loan Here no collateral required all problem regarding Loan is solve between a short period of time with a low interest rate of 2% and duration more than 20 years what are you waiting for apply now and solve your problem or start a business with Loan paying of various bills I think you have come to the right place I'll advise you can contact us via email at
    abdullahibrahimlender@gmail.com
    whatspp
    +917738214856
    Thanks
    Mr Abdullah

    ReplyDelete
  38. QUICK LOAN OFFER BUSINESS AND PERSONAL LOAN


    Are you in need of Urgent Loan Here no collateral required all problem regarding Loan is solve between a short period of time with a low interest rate of 2% and duration more than 20 years what are you waiting for apply now and solve your problem or start a business with Loan paying of various bills I think you have come to the right place I'll advise you can contact us via email at
    abdullahibrahimlender@gmail.com
    whatspp
    +917738214856
    Thanks
    Mr Abdullah

    ReplyDelete
  39. List of Top Packers and Movers Bangalore Near me in Bangalore - Hire 100% Verified and Expert Shifting Service Providers, Who can Help you With 24x7 and Safe, Secure Services at Lowest Price Quotes for Local and National Relocation of household. Compare Charges, Save Money And Time @ https://contact2me.in/

    ReplyDelete
  40. This comment has been removed by the author.

    ReplyDelete
  41. Through our official web portal we have covered a wide range of audience on a global scale and our website ensures maintenance of client privacy to the fullest. It is through our website, we have made our presence on an international level
    Escorts in Gurgaon
    Gurgaon Escorts

    ReplyDelete
  42. who have been selected not only due to their flawless beauty but also because of their intelligence, personality and quality of service rendered till date.directive of their profession because we understand the hectic chores of city life
    Female call Girls in Gurgaon
    Independent Female Escorts in Gurgaon

    ReplyDelete
  43. Book Best and Verified packers and movers in Pune, Expert in Home Relocation within or outside Pune. Compare 3 quotes from nearby packers and movers in Pune. Get 100% safe & affordable packing moving from Professional Packers and Movers.


    Packers and Movers Pune

    ReplyDelete
  44. Hiring packers and movers in Gurgaon is not too hard if you take help of the best moving professionals. Best movers and packers Gurgaon assist with their skilled and trained team to pack, load, unload and unpack your belongings.
    So be aware and hire the best mover packer to save your valuables.
    packers and movers Gurgaon
    packers and movers Gurgaon Charges

    ReplyDelete
  45. Our QuickBooks Support telephone number channel- We comprehend the complexity and need using this accounting software in day to day life. You can’t watch out for more or less time for it to get a fix of each and every single QB error. Therefore we have designed a especially dedicated team of certified professionals at QuickBooks Support contact number that are able to understanding your issues and errors in minimum time as well as in probably the most convenient way. Dial our QuickBooks Support Phone Number and avail the top solution you will need.
    QuickBooks Support Phone Number

    QuickBooks Support Number

    QuickBooks Tech Support Number

    QuickBooks Tech Support Phone Number

    Intuit QuickBooks Support

    Intuit QuickBooks Support Number

    QuickBooks Customer Service Number

    QuickBooks Customer Service

    QuickBooks Customer Service Phone Number

    QuickBooks Support

    QuickBooks Help Number

    QuickBooks Helpline Number

    Intuit QuickBooks Phone Number

    QuickBooks Technical Support Number

    QuickBooks Technical Support Phone Number

    QuickBooks Toll-free Support Number

    QuickBooks Toll-free Number

    QuickBooks Support

    QuickBooks Desktop Support Number

    QuickBooks Support Number USA

    QuickBooks Support USA

    QuickBooks Customer Support Number

    QuickBooks 24/ 7 Tech Support Number

    QuickBooks 24/ 7 Tech Support Phone Number

    QuickBooks USA Support Number

    QuickBooks USA Support Phone Number

    QuickBooks 2019 Support Number

    QuickBooks 247 Tech Support Number

    QuickBooks Support Phone Number 2019

    Support Number For QuickBooks

    ReplyDelete
  46. QuickBooks was created to meet your every accounting needs and requirement with a great ease. This software grows along with your business and perfectly adapts with changing business environment. Everbody knows there are always two sides to a coin and QuickBooks isn't any different. This software also throws some errors in the long run. Sometimes it becomes rather difficult to understand this is with this error code or message. If that's the case you should call our QuickBooks Support telephone number to own in touch with our technical experts in order to search for the fix of error instantly.
    QuickBooks Support Phone Number

    QuickBooks Support Number

    QuickBooks Tech Support Number

    QuickBooks Tech Support Phone Number

    Intuit QuickBooks Support

    Intuit QuickBooks Support Number

    QuickBooks Customer Service Number

    QuickBooks Customer Service

    QuickBooks Customer Service Phone Number

    QuickBooks Support

    QuickBooks Help Number

    QuickBooks Helpline Number

    Intuit QuickBooks Phone Number

    QuickBooks Technical Support Number

    QuickBooks Technical Support Phone Number

    QuickBooks Toll-free Support Number

    QuickBooks Toll-free Number

    QuickBooks Support

    QuickBooks Desktop Support Number

    QuickBooks Support Number USA

    QuickBooks Support USA

    QuickBooks Customer Support Number

    QuickBooks 24/ 7 Tech Support Number

    QuickBooks 24/ 7 Tech Support Phone Number

    QuickBooks USA Support Number

    QuickBooks USA Support Phone Number

    QuickBooks 2019 Support Number

    QuickBooks 247 Tech Support Number

    QuickBooks Support Phone Number 2019

    Support Number For QuickBooks

    ReplyDelete
  47. QuickBooks Payroll support can be availed by dialing QuickBooks payroll Technical support phone number +1-855-548-3394. QuickBooks Payroll support simplifies business and reduces customer’s efforts by giving away knowledgeable information or technical assistance via remote desktop support.
    QuickBooks payroll support Phone Number
    QuickBooks payroll support Number
    QuickBooks payroll tech support Number
    QuickBooks payroll support Phone Number
    QuickBooks payroll support Number
    QuickBooks payroll tech support Number

    ReplyDelete