Banners Broker Scam Cancelled Contract With Ireland Representative Paul McCarthy - Essay Example

There are news again from the Banners Broker Ponzi Scheme which appears to be one of the biggest online scams at this time. A new report of the Irish Examiner says that Banners Broker has cancelled the contract between the scam and its Ireland representative Paul McCarthy from one day to another.According to the newspaper, around 10 – 15k people from Ireland have been investing money into the Banners Broker scheme and are now struggling to get it back, as Banners Broker stopped paying for almost a year now. Banners Broker claimed to use the invested money in the field of online advertising in order to generate profits for everyone. According to Banners Broker it is impossible not to make any money with it. Today we know: It is definitely possible, it is even possible to loose it all, just like in every Ponzi pyramid scheme.

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According to the Irish Examiner, Paul McCarthy has lost a good amount of money with his company Maconne Online Marketing and the involvement with the scheme. He had a 5 year rental contract for the office he used for his Banners Broker “business”, and at times he employeed up to 15 people. Now the phones don’t stop ringing for Paul McCarthy, as angry investors of the scheme try to get information or their money back. According to McCarthy all he can do is to forward the information he has directly from Banners Broker, as he does not know anything.

Paul McCarthy

Banners Broker started out a few years ago as a “Cycler / Doubler”, and then decided to put up a nice story about being an advertising company with the innovative way of making people profiting from ads without having to own a website actually. People were able to buy so-called “Panel” and apply traffic to them which they were able to buy in separate packages, which in return would double the invested money without any additional work. The scheeme required to spend more and more funds in order to keep earning, the perfect example of a pyramid scheme. Sind late 2012, Banners Broker stopped paying the majority of it’s affiliates, yet Chris Smith and Rajiv Dixit, operators of the scheme, claim that all is fine.

Chris Smith (black guy)

Rajiv Dixit