In an electronic mail despatched out to affiliate buyers on March twenty fourth, founder Jeff Jeffries has revealed Treasure Island will stop onboarding new buyers on Could 1st, 2025.
Jeffries’ electronic mail was despatched out inside 48 hours of BehindMLM outing him as Jeff Dyck, a convicted tax fraudster sentenced to a few years in jail in 2017.
As per Jeffries’ electronic mail, following the February 2024 launch of Treasure Island’s 150% ROI unregistered funding scheme, it was anticipated a endless parade of gullible saps would join.
As a lot of you realize, on February 4th, we launched a brand new technique … we rapidly grew to over 5,000 members!
We anticipated to succeed in 14,000 members by now, but we presently stand at round 5,500.
Somewhat than verifiable securities fraud and himself being a convicted tax fraudster, Jeffries attributes Treasure Island stalling to “misinformation”.
With speedy progress usually comes undesirable consideration. Sadly, we’ve not too long ago encountered some negativity on-line.
Since this misinformation started circulating, we’ve observed a slowdown in our progress.
Jeffries doesn’t disclose what “misinformation” he’s speaking about. As an alternative, Treasure Island affiliate buyers are informed the corporate will simply “shift focus”.
Whereas crowdfunding has been one path we’ve pursued, it’s not our just one. We’ve been working diligently behind the scenes on further avenues to safe the capital wanted to convey Season 1 to life.
That’s why, transferring ahead, we’ve determined to shift our focus towards finishing our Season 1 merchandise and pursuing different revenue-generating alternatives.
To be clear, we are going to not be actively advertising the crowdfund alternative.
It’s possible you’ll proceed constructing your community totally free via Could 1st, 2025, at 11:59 PM PST. After that point, all referral hyperlinks can be deactivated, and no new companions can be a part of.
No cause for Treasure Island cancelling its MLM alternative is supplied.
The “misinformation” ruse is senseless. Why cancel recruitment as a substitute of permitting it to proceed alongside purported “different revenue-generating alternatives”?
“Hey, recruitment of latest buyers has slowed down! How am I alleged to lambo with no one investing?!
I do know, let’s repair it by stopping recruitment altogether!“
Alternatively, I can see how a convicted tax fraudster could be sweating bullets over being despatched again to jail for securities fraud.
Properly, form of. Whereas new suckers gained’t be capable of join, Jeffries intends to proceed milking current buyers.
It’s possible you’ll proceed to mortgage funds to Treasure Island (minimal $100 USD, no most). Any loans made earlier than Could 1st, 2025, will earn free TiCoins at a price of $0.02 per greenback loaned.
This can be a continuation of the securities fraud Jeffries began with Treasure Island in February.
In additional violation of US securities legislation, Jeffries states that solely after $1 million is raised will he “publicly confirm the funds” (no matter which means).
Notice that in an effort to function legally within the US, Treasure Island needed to register its 150% ROI funding scheme with the SEC prior to soliciting funding.
That by no means occurred.
Like the whole lot else in Jeffries’ electronic mail this is senseless both, however Treasure Island is promising refunds to current buyers after $1 million has been raised.
For some cause $1 million is a magical quantity that, previous to reaching, prevents Jeffries from returning misappropriated investor funds.
Additionally just a few fast math; if the 5500 buyers signed up every solely invested $100, that’s nonetheless over a half 1,000,000 misappropriated. I can’t say for positive however odds are a million has already been misappropriated via Treasure Island.
If solely there have been some legally required audited monetary studies filed with the SEC we might use to verify.
Lastly, Jeffries introduced that weekly Treasure Island advertising webinars have additionally been cancelled.
In gentle of Jeffries’ prior “ChildRun” actuality present going nowhere, this all seems like the start of Treasure Island’s exit-scam to me.
Whereas this transition is disappointing, we stay extra motivated than ever to launch Season 1 and show the doubters improper.
Keep tuned…