How To Avoid Business Scam? A Lesson From Emerald Passport (EPI)
Brief information about Emerald Passport Incc
Emerald Passport was registered in Panama as a network marketing business. In the US, it was a legitimate company. Emerald Passport declared that traditional education alone is not sufficient to assist you to become successful and compete in this century. They have educational merchandise to teach you for long-term financial and personal success.
However, in Australia, The Federal Court shut down Emerald Passport. . Australian Competition and Consumer Commission (ACCC) stated: “Emerald Passport is an international scam that was created by a company in Panama. It promoted self-help products such as internet-based audio visual presentations with promising titles such as ‘Mastering Money’ and ‘Wealth Fundamentals’. “Success depends on the number of people they can recruit, and in turn on the number those below them can recruit. Ultimately pyramid schemes must fail as it becomes harder and harder for participants down the chain to recruit people. Inevitably people will lose their money”. Emerald was closed almost at the same time in the US.
My point is in the future how to prevent this type of tragedy from happening. It was claimed by Emerald Passport that the brutal worldwide economic recession is the reason for the business shutdown. Some top distributors of this business concluded it to be the poor administration. Well, if you have a thorough look back at this business, you would find it was just a cash pyramid scheme, a business scam! At the very beginning it was NOT a real business opportunity! The followings are my study:
1. Emerald Passport’s product cost did not match with its value
Product price and value have to match in order for a business to grow healthily and last very long time. Unfortunately, I do not see this point from Emerald Passport.
a. Emerald Passport’s preliminary sign up fee is $1295. You would be able to have access to their teaching system (merchandise) after enrollment. In addition to that, two upper lever conferences that cost $8000 and $13,000 were required to attend. These conferences were kept a secret (you have to pay first before you know the details), and was claimed for self-development. Emerald Passport always held the conferences in Panama, which I doubt the reason. Traveling to Panama might only be just an plea on the massive charges that people must pay for some under-the-table reasons without proving the real value that the conferences may bring to people.
b. One indication that represents the value of a product in a network marketing company is the proportion of people who purchased the merchandise as regular individuals (other than distributors of this corporation) within the total clients. While I do not know that percentage in Emerald Passport, I have never heard anyone who paid $1295 enrolling fee, and paid extra $8000 and $13,000 to travel to Panama only for the so called great training on self-growth, not want to make money from that process. I did not say nobody, but one fact is sure: the proportion of people that did that is very small, if it is not zero. This leads us to the conclusion that the value of Emerald Passport’s “self-improving educational product ” was over-estimated. Emerald Passport successfully convinced those people that they can make a lot of money from that process. That is the reason why people still buy those products. Bear in mind this most important point: making a lot of money, not from the result after learning their “self-improving educational product”, but FROM THAT PROCESS. How? It is through the Compensation Plane of this Emerald Passport.
2. The product is just the cover for pyramid scheme
All the testimonials as to the success of putting these “educational materials” to use I heard of were from those reselling the merchandise and making $1000 on a $1295 product. The people who got “success” in Emerald Passport are making money from those recruiting process, rather than the result of those expensive self-improving and real estate training.
3. Conclusion:
After reading this article, after looking back at Emerald Passport, you are supposed to find out that Emerald Passport was NOT a real business opportunity. At least it was not built on a solid foundation. I hope this review would help you to avoid this type of scam companies in the future.
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