In our part of the world, the flow of financial information is limited and this can be attributed to the limited knowledge of investors. Many young people due to greed and jealousy are investing with ghost firms. In this write up, we give you a brief about a new scheme on the market which is making young people go crazy. PatronPay !
A brief about PatronPay
“PetronPay is a USA based Company that has been in business of OIL, PETROL AND GAS since March 2010. They were operating privately (Only Private Investors). 0n 01 December 2019, they decided to go international by breaking down their Investment packages so that you and I can also invest with our small capital and grow it.” PetronPay pays 1.5%- 2.5 % daily returns.
Before we get started, you might be wondering if this business is worth your money or not. The conclusion is that PatronPay is a Ponzi scheme. Mike Bahno Mudesi concluded on these points when he reviewed the company in November 2020.
- They use a false address
- The company is unregulated
- CEO is most likely fake
- Pyramid Scheme (Company does not have any retail products to sell)
- The company is committing securities fraud
I think this is enough reason to let you know you are not an investor, and you definitely might lose your money in the process just like others.
It should be noted that PetronPay is an unregulated company and we all know that all unregulated companies are not trustworthy. Do not wait for SEC to issue a communique on this firms before you start working out how you want to gain back your money. Just stop doing business with them now.
Now let’s do a little digging into what has been discovered on PetronPay.
When the company started operating in 2019, they mentioned that they were based in Germany, later it change to Dubai and most recently, in USA. ‘All na lie’. A follow up on the addresses stated revealed that there is no such company at these locations hence you probably might be dealing with a ghost company.
The company works on a multilevel marketing and has no product to sell. More is that, the only way to purchase the packages is by using Bitcoin. Honestly, Bitcoin had been predicted to be the future of money, so doing business with a firm that is not regulated and asks you to join using Bitcoin means you are storing up wealth for its owners.
The company said it was founded in 2010. The truth is this company was founded in 2019, and also their website petronpay.com was registered in December 2019. I’m sure you are getting what we mean?
With this multilevel network marketing, the only way you will make money is by recruiting, thus getting other people on board. By three (3) months’ time you will get your capital, but when you recruit people you get your capital back fast. That’s how all online investments work. The only people who make money are at the top, while the rest are losing money. It is a matter of time until the structure crashes.
Please stay away from the company otherwise you might lose your money. The company is still relatively new, but it can crash at any time; from one day to another.
These Ponzi schemes always collapse once there is no one to join the company. There are certainly better places on how to learn how to make money and you don’t have to recruit anyone.
Anything that sounds too good to be true, is definitely too good to be trusted. Don’t be a victim. I know some people who have made so much money through this business already. But you may not be fortunate. Just like it happened for CHY, it certainly will happen for PatronPay. It should be noted that almost all online investments are not regulated. So they promise you high returns for the risk of losing your money.
Don’t be obsessed with making money. We all do need money. But not quick money. Focus on building wealth through investing rather than gambling.
If you want to make it in online investments,
-Be an early bird 🕊️
-Get a network of high risk takers so that you people will do multiple accounts creation and the group can make money fast. If you want to be alone, you may not get your returns fast before the collapse of the business (Refuge).
Credit: The Finance Focus Student Analyst Team.