Just got word (though I got a heads up from someone who was intimately involved with Bidify) that Bidify has abandoned its comp plan. Bidify was a very close clone of now dead Ponzi scheme called ZeekRewards.
http://behindmlm.com/companies/bidify/bidify-scrap-ponzi-points-compensation-plan/
According to the “About Us” page of bidify.com ( http://www.bidify.com/index.php?page=about ) Frode Jørgensen (who is apparently now released from prison) is running the scheme together with an Icelandic former carpenter and vacuum cleaner seller, called Larus Palmi Magnusson.
ReplyDeleteFrode Jørgensen was founder, part owner and CEO of the pyramid/ponzi scam Plexpay Network, which was raided and shut down by Norwegian police on 20th September 2005.
In December 2007 the local court in Trondheim, Norway sentenced Frode Jørgensen to 2 1/2 years prison and confiscation of certain assets, for establishing and operating an illegal pyramid scheme.
On 15th December 2009, after appeals, the Norwegian Supreme Court confirmed the prison sentence (1 year was made a suspended sentence) against Frode Jørgensen, as well as the asset confiscations.
For those who can read a Scandinavian language, a summary of the ruling can be found at:
http://www.domstol.no/DAtemplates/Article____21792.aspx?epslanguage=NO
The complete Supreme Court ruling can be found at:
http://www.domstol.no/upload/HRET/Avgjørelser/2009/saknr2009-1255_anonymisert_.pdf
Members were recruited into PlexPay in the traditional pyramid scheme fashion. Those members who paid the highest entry fee, 800 $ for ‘Gold’ membership, were ‘allowed’ to invest in the Global Profit System (GPS), a Ponzi scam which offered profits of up to 3% per day.
There was also a shares fraud element: High-paying members were offered to buy shares in the PlexPay company Evolve Trading SA, a mailbox company registered in the money laundering haven St. Kitts and the Grenadines, which officially ran GPS. However, the money paid for these shares went straight into the pockets of Frode Jørgensen and the other owners. As the company has no real income and was only building ever-increasing debt from the Ponzi activity, these shares weere a guaranteed loss.
Before Plexpay, Frode Jørgensen was involved in the pyramid and Ponzi schemes “The 5 percent Community”, World Games Incorporated (WGI) and PIPS.
After Plexpay, Frode Jørgensen has operated the pyramid and ponzi schemes AmityFunds, YouGo, and now Bidify.
According to the online presentation of bidify.com, the official “product” of the scheme appears to be an online auction site.
However, most of the presentation focuses on “affiliates”, pyramid selling of memberships in the scheme, and related bonuses.
So this is obviously a pyramid scheme camouflaged as an internet auction site.
To put money into any financial scheme operated by Frode Jørgensen, is utter idiocy!