myEcon is a multi-level marketing scheme that was created by Ivey Stokes back in 2005. Being promoted as a personal financial success company, myEcon, which is short for My Economy, has resurfaced within the online financial industry and is being labeled a scam.
To learn the facts regarding myecon.net, we invite you to continue reading our unbiased review to gather all the intel you need to accurately determine whether myEcon is suitable for you.
myEcon MLM
If you are inexperienced to the volume of illegitimate opportunities available for you within the work-from-home industry then myEcon may come off as a legitimate-appearing offer.
While it is clear to us that myEcon is an ailing and poorly structured domain, the bold income assertions disclosed on their page make it difficult for first-time visitors to overlook – especially those who are unsuspecting or lack experience.
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So what is myEcon?
According to myecon.net, myEcon is a privately held corporation based out of Atlanta, USA that focuses to, “empower people to attain Personal Financial Success.” Rendering online earning opportunities that encompass a variety of unrelated niches, myEcon is structured as an underlying pyramid scheme embodying a MLM.
myEcon, Inc
The About Us page featured at myecon.net states that “myEcon, Inc. is a privately held, debt free company based in Gwinnett County, GA, a suburb of Atlanta. The company was founded by a small group of entrepreneurs in 2005. The company operates in the multi-billion dollar Direct Sales industry…”
To verify the legitimacy of the corporate information disclosed, the Better Business Bureau will go on to support that myEcon, Inc was incorporated on September 28th, 2005 in NV Corporation.
Location of myEcon, Inc.
3750 Hewatt Ct Ste E, Snellville, GA 30039-7026
Contact Information
Mr. Larry Gates, CEO
(678) 619-4929
lgates@myeconinc.com
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BBB Business Categories
- Online Shopping
- Multi-Level Sales
Products
Perhaps one of the most peculiar traits regarding myEcon would be how they promote a wide variety of consumer goods outside unrelating niches. To obtain a better understanding of the 9 different cutting-edge products and services available refer below:
ID Defender
- $14.95/month for family plan
- $8.99/month for individual plan
- Free & Discounted Legal Services
- Advanced Identity Monitoring + Alerts
Smart Credit System
- $99.95 one-time payment
- 26 Step Guide to Improve credit, eliminate debt and increase cash flow
CashFlow Manager
- $10.95/month after free 7 day trial
- Records, organize and stores all business & personal financial transactions
Book Travel
- URL re-direct to their affiliate Priceline landing page
- No compensation, no rewards… they earn commission on your purchases
Health & Nutrition
Daily Ultimate
- Body One Nutrition Daily Vitamin $36.95/bottle
MSM
- Body One Nutrition MSM Capsules $19.95/bottle
Coffees & Teas
Black Coffee
- 100% Arabica coffee, black coffee – $16.49/box
NuviaTrim
- Weightloss coffee – $19.99/box
CashBack Mall
- Online affiliate marketplace that provides cash back on purchases – $12.95/year
Road Assure Roadside Assistance
- Road Assure Roadside Assistance – $7.99/month
Credit Monitoring
- Credit monitoring software, score tracker, report creator and score
- $4 for 1-bureau report or $8 for 3-bureau report
Affiliate Tier
One of the main contributing reasons why myEcon has been heavily labeled as a Pyramid scheme across a multitude of review sites would be because more emphasis is placed upon recruiting new members to the organization than other income avenues.
As we just touched upon, myEcon offers 9 different products and services across various niches that all allow for income opportunities. No matter how uncharacteristically it may be for myEcon to support such an abundance of unrelated niches, the main incentive that is undeniably pursued at My Economy would be the importance of recruiting new members.
While the site’s promotional video will go on to verbally disclaim that recruiting new members is not of importance, there are also several assertions made within the pitch video alluding to the fundamental importance of recruiting new members and how it is the most lucrative way to earn with their corporation.
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Community Feedback
There isn’t much relevant feedback regarding myEcon to provide us with any clear answers as to whether or not their platform is legitimate. Consumer based review sites lack relative feedback while most online review portals categorized myEcon as a MLM scheme or Pyramid scheme.
Simple searches such as “is myEcon a scam, myecon.net review, is myecon.net a scam,” into any search engine will reveal the most relevant search criteria for you. The only place we found relative feedback would be at the Better Business Bureau under the Complaint section.
Popularity
According to SimiliarWeb, myecon.net is growing in popularity and reflects a global rank of 83,127 with a US rank of 16,613 as of August 22nd, 2018. Nearly 19% of their traffic derives from referral based sources while an additional 12.65% stems from social media platforms.
Ivey Stokes and Alvin Curry Bankruptcy
Research will suggest that the founders behind MyEcon were Chairman Ivey Stokes and CEO Alvin Curry, who also happened to be the founders behind a MLM founded in 1998 known as Maxxis Group Inc.
Apparently Maxxis Group Inc provides a variety of marketing and intercommunication services along with a handful of Body One nutritional products where the company later filed for bankruptcy in 2003.
Fast-forward a few years to 2006 and Ivey Stokes and Alvin Curry were listed as defendants in litigation by the appointed Chapter 7 trustee in bankruptcy hearings relating to Maxxis Group Inc.
A court document reveals that the trustee had sued both Stokes and Curry for breaching their fiduciary duty, for corporate waste and deepening the insolvency of Maxxis. In lenience terms this simple means that neither Stokes or Curry acted with the best intentions of the company in mind.
Interesting enough, Larry Gates who is the disclosed CEO of myEcon, was also listed in the Maxxis Group Inc complaint. To add, an entity known as Dr. Naomi Kirkman-Bey was also once disclosed as the COO of myEcon but more importantly was also listed in the complaint as a creditor for Maxxis Communications.
myEcon Review Conclusion
Would you consider it wise to invest your hard-earned money with a shady multi-level marketing scheme such as myEcon? Founded by entities who were directly involved in the bankruptcy of another previously operated MLM that not only offered similar financial services but also placed more emphasis on member recruitment like a Pyramid scheme opposed to legitimate corporate growth through their other established income channels.
The answer is simple, it is a resounding no.
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It goes without question that there are too many unknown variables relating to myEcon.
The overall consensus amongst review sites illustrates a negative and untrustworthy investment opportunity. Our advice would be to avoid myEcon.net.
Outcome: myEcon is a Pyramid scheme!
Site: myecon.net
We invite you to share any experience, insight or feedback you may have by sharing a comment below!
myEcon is NOT a scam and unless you have actually joined something yourself and used its services you can not tell other people if it is a scam or not. myEcon has helped thousands of people including myself. They are not trying to take money from you. They provide us with legitimate information and help the regular guy to fix their own financial problems. Many people I know decided to refer people and are making $2000 or more a week with myEcon.
Guess What? Mother Theresa is a scam because the internet said so. Don’t believe me? Just google “Mother Theresa is a scam”.
I started with myEcon in February of 2016. I was skeptical at first. Although I didn’t care much for the MLM structure I did like their mission of providing Financial Education and Tools to common wage earners. Using the strategies taught by myEcon I was able to Payoff my car loan and my Credit cards. I was also able to build my Emergency Fund and open my investment account. I saved a ton of money on taxes by realizing additional tax deductions. I ended up cashflowing over $50k within my first 2 years just based on learning the Financial Education and following the strategies that are taught.
This was all accomplished without recruiting. I did sell the Cashflow Manager tool to a few people. But, I’m not a sales person or a recruiter. My goal with joining the company was not to sell a lot of products or recruit a lot of people.
It is true that you don’t need to recruit or sell products to be successful with myEcon. I’m not a millionaire at this point. But, I didn’t lose my investment by joining the company. The company claims to help you increase your cashflow by learning & applying financial knowledge & strategies. For me, the system works.
Even though I experienced good results for myself I’m still somewhat skiddish about recruiting or selling. What’s fortunate for me is that myEcon gives the option to sell or recruit. I found that I didn’t have to either for the company to work for me.
I don’t see which part of any of it is a scam.
myEcon provided me with quality products & services that worked well for me at a reasonable price. That’s not a scam. myEcon Works & lives up to its products and services.
Have you written anything positive about ANY MLM Company? Probably not. More then likely you don’t like the industry or promoting your deal.
Thank you for the 411, MyEcon had been suggested to me in my search for income possibilities. At the front it sounded good but now I know so much more.
you should never judge a book by its cover, I have been blessed to the point where I have cashflowed over $1,000,000 over the years , if myecon is a scam then so is the us goverment, the insurance industry the lending industry and the investment industry!!
Wow !!!! This was very enlightening! Thank you!!
Thank you
thank u