Duepoint Pyramid scheme.

[rietrot]

So I got contacted by these guys.

Looks like this is their website.

DuePoint – The home of financial opportunity

www.duepoint.net

There's some talk about assets but in 5 min I could not figure out what it was.
So it appears to me like a straight up Pyramid scam not even pretending to do something real.

 

[Snyper564]

Duepoint

Hi, Has anyone heard of them or using any of their products? we have a few guys at work who are "subscribed" to some of their products and according to them its awesome and all of them are making money (possibly trying to sell?) . Apparently its not a pyramid scheme and they work in conjunction...

mybroadband.co.za

 

[Pegging]

This is your chance to get in early.

 

[Snyper564]

If these places were making money they wouldnt need more ppl to make money

 

[acidrain]

They are registered with FCSA. The "Wealth Engineer" programme doesn't give enough info but I'm guessing its some sort of reseller system.

Category Description	Advice Automated	Advice Non-automated	Intermediary Scripted	Intermediary Other
CATEGORY I
Long-Term Insurance subcategory A			X	X
Short-Term Insurance Personal Lines			X	X
Long-Term Insurance subcategory B1			X	X
Long-term insurance subcategory B2			X	X
Long-term Insurance subcategory B2-A			X	X
Long-term Insurance subcategory B1-A			X	X
Short-term Insurance Personal Lines A1			X	X
Crypto Assets			X	X
Long-Term Insurance subcategory C			X	X
Participatory interests in a collective investment scheme			X	X

 

[rietrot]

I got contacted on WhatsApp again by someone who is one of their "wealth engineers" and when searching I found my own thread which I forgot about.

So this time I got a bit more information.
For 300 a month they are supposedly investing some portion in a TFSA some portion goes to accident cover (really stupid combo of things to bundle together) and some portion goes to the "wealth engineer" on the Pyramid above you.

Still trying to get a proper fact sheet that show any returns or details. Until I see that my conclusion is still scam rather than just a really bad, but legit "investment"

 

[Cray]

Gotta love the term "wealth engineer"

 

[rietrot]

Gotta love the term "wealth engineer"

It gets better. The guy is completely financially illiterate. He doesn't understand what returns are or a fact sheet, he repeated they have assets and products but can't explain what those are. He just sends me their YouTube videos.

And now said he will send me the code of conduct because apparently that will explain how the investment works.

 

[Cray]

It gets better. The guy is completely financially illiterate. He doesn't understand what return are or a fact sheet, he repeated they have assets and products but can't explain what those are. He just sends me their YouTube videos.

And how now said he will send me the code of conduct because apparently that will explain how the investment works.

There is a certain amount of joy to be had when you know the guys are full of it and just sit and watch as they tie themselves in knots.

 

[RedViking]

As jy Stupid is moet jy voel.
However I believe you need to go to jail if you were the cause of others losing their money as well. Lifelong imprisonment if someone lost their pension.

 

[Hemi300c]

Look in the Mirror

 

[rietrot]

There is a certain amount of joy to be had when you know the guys are full of it and just sit and watch as they tie themselves in knots.

I suspect I got a low level true believer. It's sad. White guy in his 50s named Pieter.

 

[rietrot]

Okay so I watched the stupid video.
Access wealth review. On their YouTube


On R350 only R100 goes to your "investment" managed TFSA which I doubt because the returns listed.

R249 is for the accident death cover of R125000 This is actually a really bad life insurance for only if you die accidentally.


My general/normal R1m momentum life cover cost me R200 a month for comparison.


Then the returns. They are only forecasting that they are going to give you the investment portion of your own money back after 10 years, no growth. R100 x 12 x 10 =R12000 this is fraudulently low. This is not wealth creation by any meaningful understanding of the word.

My conclusion bundling these products together like this is a scam aimed to catch stupid people. Put the R100 under your mattress and save R250

 

[rietrot]

Participation in the Pyramid is a free add on it is not explained.

 

[rietrot]

This explains the Pyramid

R179 or more goes back into feeding the Pyramid. Good if you are interested in trying to make money of a useless Pyramid scheme. But it explains why the real financial products are so shít.

 

[Nerfherder]

I got contacted on WhatsApp again by someone who is one of their "wealth engineers" and when searching I found my own thread which I forgot about.

So this time I got a bit more information.
For 300 a month they are supposedly investing some portion in a TFSA some portion goes to accident cover (really stupid combo of things to bundle together) and some portion goes to the "wealth engineer" on the Pyramid above you.

Still trying to get a proper fact sheet that show any returns or details. Until I see that my conclusion is still scam rather than just a really bad, but legit "investment"

"Wealth Engineer" is probably the biggest red flag I have heard in a while....

 

[rietrot]

Amazing that these schemes get around FAIS regulations. Each person selling financial products should be FAIS accredited as a representative of the company.

But other insurance companies also circumvent it, it is a stupid law.

 

[Zophos]

I also enjoy this visual representation of a pyramid scheme.

For any idividual to make any money, you would have to be in Tier 1/2/3 and then have at least 1 million people recruited...oi vey.

If we eliminate intelligent, unemployed, and underage people from the recruitment pool, we'll understand why these plans fail so quickly...

 

[rietrot]

I also enjoy this visual representation of a pyramid scheme.

For any idividual to make any money, you would have to be in Tier 1/2/3 and then have at least 1 million people recruited...oi vey.

If we eliminate intelligent, unemployed, and underage people from the recruitment pool, we'll understand why these plans fail so quickly...


View attachment 1838324

This one is actually really sound financially I don't expect it to collapse if it is run they way they say they are( it is very likely that the top guys get gready and ruin it.). What they are promising people is really shít. There's no big payouts promised that is not accounted for.

Top levels probably make a few R100k which is excellent.
Mid level guys probably make a few R1000 a month as a side hussel.
Bottom rank people live on hope and dreams.