“Better Business Bureau is warning Washington consumers of a new work-at-home, multi-level marketing opportunity called Regenesis 2X2. Since May 2009, BBB has received numerous inquiries and complaints about this Kirkland, WA–based company’s business practices.
Complainants allege that the Regenesis System lures in prospects with guaranteed leads and promises of individuals or “recruits” working beneath them. Regenesis 2X2 also advertises high income potential as part of its promotions; on www.regenesis2x2.com, this company refers to itself as a “proven money making machine.” However, after collecting an initial payment of $325 from potential participants, the company has left many frustrated as they wait for promises to be fulfilled.
Due to concerns with the nature of business, Regenesis 2X2 holds an “F” rating.”
8/7/2009 Update:
I hope you pay special attention to what Lynn Edgington from Eagle Research Associates just posted about the fact that his organization Eagle Research Associates provided information to the Secret Service from late May regarding Regenesis2×2.
Why? Because as he stated the Secret Service acted on this information when they raided the home of one of the principals of Regenesis2x2, searched a P.O. Box, a car and the business office of Regenesis2×2 on July 17.
The Secret Service said Regenesis2×2 was the classic Ponzi scheme.
Eagle Research Associates has really made a difference in saving many people from being scammed – who knows…they may have saved your mom, sister, or children from unnecessary losses.
I encourage you to click here to read more about Eagle Research Associates and how they are helping fight scammers to keep you and your wallet safe.
Interesting and informative. But will you write about this one more?
Eagle Research Associates was providing information to the Secret Service from late May regarding Regenesis2x2. Acting on this information, the Secret Service raided the home of one of the principal’s, searched a P.O. Box, a car and the business office of Regenesis2x2 on July 17. While no charges have yet to be filed, the investigation is ongoing. The Secret Service said Regenesis2x2 was the classic Ponzi scheme.
Agents had watched operators of Regenesis2x2 toss complaint letters and other documents in trash bins. They also found personal information/records of those who had joined Regenesis2x2 tossed into dumpsters for anyone to take.
We are glad we were able to provide the information the culmunated in this raid, and look forward to the completion of the investigation resulting in convictions of those involved.
i join regenesis june 09 now i no i was burn with is company let me no what will happen to this company now that i lost my money
At this point it is unclear as to what all will take place. There is no doubt charges will be filed against the two major principal’s of Regenesis2x2. It remains to be seen if other people will be charged as well in this Ponzi.
Depending on how much money was recovered (meaning they had not spent it yet), if there were any major asset purchases (cars, boats, homes, etc.) that have to be liquidated, will determine how much money is available to be returned to each “true” victim of Regenesis2x2. This is a long way from taking place. First they have to file charges, and then determine if a receiver (one who will be responsible for selling any assets, finding out who were the “true” victims of this Ponzi) will be appointed, or if it will be handled solely by the Secret Service/U.S. Treasury Dept. Still too early to know which way they will go with this. DO NOT EXPECT TO GET 100% OF YOUR MONEY BACK WHEN DISTRIBUTION IS MADE.
Hopefully this will help. Due to the seriousness of personal information of the members being dumped into public dumpsters, law enforcement had to do the raid. Otherwise many members could have become victims of identity theft. In fact, I would highly recommend all members of Regenesis2x2 to contact their credit card companies and issue a fraud alert on their card. This will save them hundreds of hours of trying to undo getting your identity back.
As to the timeline. It is unclear at this time. No charges have been filed, but they will be coming. A decision will have to be made if this will be handled by the Secret Service and the Treasury Department, or the court will appoint a receiver. Since the Secret Service was the one who did the raid in conjunction with the local police, my guess is the Treasury Department will be the one who is responsible for refunding money to the ‘true’ victims. But his will be a long process, and here’s why:
Hopefully the raid took place quickly enough there is still a lot of money that has not been spent. They have to determine if any “assets” were purhcased (houses, cars, boats, personal itesm, etc.) that have to be liquidated and the money received is added to the cash seized. Once all of that has been accomplished, they also will be checking to see who were the ones who were the “winners” in this Ponzi, and who were the “true” victims. Once that is determined, and if they go after those who made money making them it give it back, plus interest, plus fines, this will be added to the pot to pay back those who were truly victims of this Ponzi. They will have to determine how much each “true” victim paid into Regenesis2x2, and then divide that number into the money in the pool. That will determine just who gets what and at what percentage.
DO NOT EXPECT TO GET ALL YOUR MONEY BACK. It could happen, but I seriously doubt it. It is far too early to make any predictions as to what percentage anyone will get back of their initial investment into Regenesis2x2. It will also take a lot of time to sort this all out, so don’t expect anything before the end of this year, and you will be lucky if it is finished by this time next year.
It is still unclear who all will be charged, and what they will be charged with. Hope this information was of help.
I too was burned by this program and I am reporting to whatever agency I can about this program. If you have heard of the ReGenesis2x2 copycat “Trading Places 2×2 (TP)” under the direction of Myno Tayloe who hosted some of the conference calls in ReGenesis, you would be wise not to associate yourself with TP either. If any of you have taken further action that you feel is or will be effective against ReGenesis besides reporting them to BBB, let me know. Thx.
Billy
regenesisincome@gmail.com
Billy:
Once charges have been filed, and the Secret Service is confident that all assets have been seized, they will begin the process of doing an audit and making an accounting of all assets available to be returned to the true victims. At some point, all the people who were in Regenesis will be given a person to contact, and what documents they will need to prove your claim for a return of funds. HOWEVER, this will not happen until after all the peole inside Regenesis have been charged. The bigger issue was to shut down the company before any of the members had their identities stolen from Regenesis jus tossing the members personal information in a public dumpster.
You will be seeing and hearing a lot more about Regenesis once charges have been filed. Depending on how good the records were, will depend on whether the authorities contact you, or they make a public request for victims to contact them. Only time will tell, and this is a long way from having charges filed. Hope this helped.
Thanks, Lynn