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SoBuy promoters stated the firm went bankrupt just a fortnight ago.

Janice Giesinger, a SoBuy promoter, provided the following testimony in a video she published to her “Internet Marketing Nomad” channel on March 17th:

“I want you to know that I’m reaching out to you with this video out of embarrassment and humility.

This is definitely the most heinous thing that has occurred in my marketing career thus far. This is not something I’m proud of.

I am very sorry for falling for the SoBuy fraud, thinking it to be a genuine article, and promoting it. Because I genuinely felt it was true.

Even if I had supported one individual, it would have been one too many. And I get the sensation of being a sack of… I am unable to utter the term on YouTube. I feel like a large sack of feces. Okay?

It’s had a significant emotional impact on me. Many people lost money”.

Giesinger’s apology seems honest, but it resonates hollow when compared to her channel’s video history.

In any case, former SoBuy affiliates say that the crooks responsible for it have created PerRank:

Instead of discussing SoBuy, we’ll discuss PerRank.

PerRank’s website is devoid of leadership or corporate ownership information.

In an apparent allusion to SoBuy’s use of an app to attract investors, PerRank’s website renders on a fake mobile phone:

The domain name (“perrank.com”) for PerRank’s website was registered on February 15th, 2022.

An incomplete address in China is supplied, implying that whoever is running the business is based in or has links to China.

The fact that PerRank’s domain was registered in mid-February indicates that the proprietors anticipated SoBuy’s demise weeks before they took the website offline.

PerRank’s Products

PerRank does not sell items or services to the general public.

Affiliates are only permitted to promote the PerRank affiliate membership.

PerRank’s Compensation Plan 

PerRank entices investors with the prospect of earning promised returns:

  • Free Member — there is no fee to join, and you will get $4 every day for two days;
  • Trial Member – make a $30 investment and collect $1.5 daily for five days;
  • SVIP1 – make a $100 investment and earn $150 a month for 180 days;
  • SVIP2 – make a $300 investment and earn $450 a month for 180 days;
  • SVIP3 – invest $900 and earn a monthly income of $1350 for 180 days;
  • SVIP4 – invest $2000 and gain a monthly income of $3000 for 180 days;
  • SVIP5 – invest $5100 and earn a monthly income of $7650 for 180 days.

After 180 days, VIP investment tiers require reinvestment to continue earning.

PerRank’s MLM component pays commissions from returns paid to recruited affiliates.

Affiliate Ranks 

PerRank’s compensation structure has four affiliate ranks.

They are as follows, along with their respective qualification criteria:

  • Affiliate – create an account with PerRank and invest;
  • Captain – recruit fifteen affiliates;
  • Supervisor – recruit five Captains;
  • Manager – recruit five Supervisors.

Commissions for Referrals

PerRank compensates referrals on invested cash at three levels of recruiting (uni-level):

  • 6% for level 1 (personally recruited affiliates);
  • 4% for level 2;
  • 2% for level 3.

Matching Bonus

PerRank provides a return on investment (ROI) match on all returns paid down three tiers of recruitment:

  • 3% on level 1;
  • 2% on level 2;
  • 1% on level 3.

Rank Achievement Bonus

PerRank offers the following Rank Achievement Bonuses to affiliates that qualify for Captain and higher:

  • Qualify at Captain and get AUD 2000 every month in addition to a one-year free SVIP1 investment position;
  • Qualify as a Supervisor and get AUD 8000 each month in addition to a one-year free SVIP2 investment position;
  • Qualify as Manager and get AUD 20,000 per month in addition to a year’s worth of free SVIP3 investment positions;
  • Qualify as a Regional Manager and earn AUD 80,000 per month plus a year’s worth of free SVIP4 investment positions.

Take note that a single free SVIP investment position is improved when higher rankings are eligible.

Joining PerRank

PerRank affiliate membership is contingent upon a minimum investment of $30 to $5100.

After two or five days, affiliates on the Free and Trial tiers must upgrade to the SVIP tier.

Conclusion 

PerRank is a cryptocurrency-based version of the classic “do a useless task” Ponzi scheme.

The absurdity that underpins SoBuy and PerRank’s Ponzi schemes is the concept of “virtual orders”:

“The Sobuy platform’s primary business is to assist merchants on the four major e-commerce platforms in increasing their product sales.

The e-commerce platform communicates product sales orders to the Sobuy platform’s headquarters.

The product will be sent to the platform’s task center via the Sobuy platform.

On the Sobuy platform, VIP members assist in the completion of goods transactions.

Sobuy will allocate a portion of the commission to VIP members who assist with the completion of the sales job.

Virtual orders are used to assist products on the four major platforms in increasing sales and awareness; no product is sent, and no money is required.

The cost of the product will be covered by the SOBUY platform and will not be borne by you.

This amounts to clicking buttons and collecting a monthly interest payment on a daily basis”.

PerRank’s Ponzi scheme collapses when a few points are considered. Creating virtual orders adds no value to an e-commerce platform; it is not a revenue-generating activity in and of itself. Why would an e-commerce platform pay for virtual orders if external income is created via e-commerce platforms, and why do SoBuy/PerReve affiliates need to invest?

SoBuy marketed itself as an Australian company, claiming to partner with major Australian retailers:

In reality, none of these firms are affiliated with SoBuy or PerRev.

Feel free to contact these businesses and verify for yourself.

Basic math explains why SoBuy only lasted a few months and why most investors lost money.

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