SmashFund Review– Is Smash Fund a Scam?
SmashFund claimed you can make $64,000 per month. This gets everyone excited and is hot stuff right now. Is Smash Fund a scam or real? For now, we can’t tell as the launch date is early July 2016. But there are signs showing in that direction. From my research on Rob Towles, the founder, and CEO of SmashFund, his involvement in his previous companies shows negative feedbacks. Whether this will be similar for SmashFund has yet to be seen. But if you are still keen to give SmashFund a try, go ahead. Until the launch date, it is free to sign up and you can cancel anytime you like. Whatever is your decision, you must read my SmashFund review.
UPDATE #1: On 2nd June 2016 at 1.05am (my local time), I received an email from SmashFund (sent to all members) that “new features are coming soon”. They don’t say when. I suspect with all the negative feedbacks, they decided something must be done to patch-up the pot-holes!
UPDATE #2 (June 7, 2016) If you visit SmashFund website now, you will see a completely new front page and a new logo, shown here on the right.
Product Type: A crowdfunding platform operating as a social network
Price: Free to join until launch date in early July 2016. After the launch, membership is $149 per month.
Owner: Rob Towles
Who is it for? If it is legit, for people who wants to make money online. Problem is, whether it is legit, yet to be verified.
Overall Ranking: ?/10 (will update this as we approach the launch date and if there are any other adverse reviews)
Watch this video where SmashFund’s CEO Rob Towles explains how it all started
What is SmashFund? – An Overview
You have heard of affiliate marketing, network marketing, multi-level marketing, but have you heard of crowdfunding marketing? In case you have not, crowdfunding marketing is a method of raising fund by asking the public or crowd (usually through the internet) to participate or contribute.
SmashFund works on this premise but is an invite-only social crowdfunding network. It uses the social media platform to raise funds and will share 80% of all its revenue with its members. SmashFund claimed to be the first Social Crowdfunding Network.
It will be launched in July 2016 and whether it delivers what it promises, has yet to be seen.
Until it is fully operational, one way to check the credibility of the company is to look at the shareholder’s background.
Who is Rob Towles? – Can He Be Trusted?
Rob Towles, the CEO and founder of SmashFund, was in the financial industry and is a network entrepreneur. He was listed in his LinkedIn profile as the Chief Executive Officer & shareholder of Efusjon, Inc. from 2008 until 2010.
Efusjon sells efusjon’s energy drinks to distributors as a multi-level marketing program. It claimed:
With Efusjon, anyone can establish financial freedom
This is almost the same tagline for SmashFund, but with a better copywriting:
SmashFund is the first crowdfunding company operating as a social network. This is for the dreamer who dares to dream, the entrepreneur who eats obstacles for lunch and a place where passions, people, and life collide. Everyone has something that ignites their passion… let us help fund yours!
Was He in a Company Allegedly Involved in a Pyramid Scheme?
Members at Efusjon claimed that it is NOT a multi-level marketing program but in reality, a pyramid scheme. This was how it worked:
- Member invests in the product and recruits a new member into the scheme.
- Member has to buy the product to continuously meet their membership obligation of accruing retail sales.
- Membership was $170 per month, by buying the product from efusjon.
- Otherwise, they cannot stay in the program and be compensated under the scheme.
- But in reality, Efusjon members do not sell the energy drink product to any consumers.
- Members make money by recruiting new members who WILL buy the product.
- They will then recruit other new members, who HAVE to buy the product.
- These are the bonuses to members who are higher up in the system.
You cannot get more information on Efusjon as its website is no longer accessible.
On top of that, a class action lawsuit was filed against the company by Laurel Cook (on her behalf and those similarly situated), in the Superior Court of the State of California County of San Diego, on November 20, 2009. The defendants listed were Robert Towles, Keith Dillon, R. S. Edwards, Aaron Callahan; Kenny Gilmore, Kathy Humphreys, Ken Vander Kamp, and Marc Sharpe.
The lawsuit alleged the company was operating an illegal pyramid scheme. You can read the full text of the lawsuit here: Laurel Cook vs Efusjon
But before this was filed, Rob Towles had earlier posted this message on August 2009:
It is with the greatest reluctance that we are forced to remove the “grandfathered” compensation plan. It has been brought to our attention that a large number of individuals on the “grandfathered” compensation plan have not only been discussing their income but have been showing photocopied checks and downlines to recruit individuals who will never be able to earn at this level. This is not only unlawful; it is also considered income projection and is strictly prohibited by our Policies and Procedures. These activities have led to a pressing legal scenario that must be resolved quickly.
So, what do you think?
Smash Fund Potentially a Scam?
Rob Towles was listed as Founder of SmashFund Inc. from January 2015 – March 2016 (why until March 2016?) and Member of Full Card Interactive, LLC from 2010 – Present (6 years). Full Card Interactive is a social game investment firm.
Prior to being the CEO of Efusjon, Rob Towles was the Mortgage Specialist at Ditech/GMAC (2004-2008) that specializes in Home Loans, Refinance, and Mortgage. Ditech, unfortunately, has hundreds of complaints from its customers.
Hmm, sounds familiar?
But please bear in mind that ‘Past Performance Does Not Guarantee Future Results’.
What I am saying is, SmashFund may not be in the same league as Efusjon. Can it be better?
Still Interested in Smash Fund?
Despite the above negative review, you still want to be in the game? (since the action is about to roar). Then read on for more information on SmashFund.
How to Make Money with SmashFund?
SmashFund will share 80% of its revenue with its member. So you have to invite people to join before you can earn the revenue. You can earn more, after the July launch date, by creating campaigns. Until then, you can only invite people.
How? By writing blogs and sharing your unique Invite Link, or through email messages, Twitter, Facebook, and LinkedIn. For your convenience, these social share icons are listed in the website’s footer area.
SmashFund is an invite only network and members have to key in the invite code before they can be accepted. When you sign up for the program, you too will be given your invite code.
This poster on their website says you can earn $50 every month when you invite people to join the network.
To be honest, I am not sure how this works. My simple arithmetic is 80% of $149 equals $119.20. What happens to the other $69.20?
I must have missed something!
Why Did I Join Then?
Well, to start off, because I need more information in order to write this review.
Second reason – they say they will not bill your credit card and if they do, sufficient notice will be sent out. The drawback is how to stop my credit card billing as there’s nothing on their website that allows you do any ‘Account Changes’. (UPDATE: As of late June 2016, SmashFund had introduced new addition to member’s dashboard). What I have done was to cancel that credit card and asked my bank to re-issue with a new card (charges apply, but a lot cheaper than to waste my money here).
What’s Next for You?
You have read my review, so the choice is yours.
If you want something more stable that has been around for the last 10 years, then read my Review on Wealthy Affiliate. They don’t promise you $64,000 per month. But if you work hard on their affiliate program, you can get $10,000 per month.
They have tools to help you build your online business. There are courses and tutorials and most important of all, you get SUPPORT. You don’t get ALL these at SmashFund.
Go ahead and read my review. The best part is, you have FREE access to Wealthy Affiliate and you can continue to stay on this free starter membership. If you want access to more course modules, training, and support you pay $49 per month ($19 for the first month).
The choice is yours.
A year from now you may wish you had started today – Karen Lamb
https://startingnewonline.com/smashfund-review-is-smash-fund-a-scam/SmashFund Review– Is Smash Fund a Scam? https://startingnewonline.com/wp-content/uploads/2016/05/smashfund.jpghttps://startingnewonline.com/wp-content/uploads/2016/05/smashfund-150x150.jpgUncategorizedis smashfund a scam,smash fund a scam,smash fund review,smashfund a scam,smashfund reviewSmashFund claimed you can make $64,000 per month. This gets everyone excited and is hot stuff right now. Is Smash Fund a scam or real? For now, we can't tell as the launch date is early July 2016. But there are signs showing in that direction. From my research...MazlanMazlan email@example.comAdministratorAfter working for almost 38 years as a Civil Engineer, Mazlan decided to retire two years ago. But he soon got bored and re-joined the 9 to 5 regime. This sounds crazy, but he actually enjoys it. He also loves doing other crazy stuff like gardening, traveling, yoga, and now…ONLINE WRITING and has no intention of slowing down. To read more, click on the link below:Starting New Online