Wealth Systems Or FTC - What Is The Real Scam? ripoff, FTC what a joke Phoenix Arizona
I am a former employee of Wealth Systems, Inc. and although they may not have done everything by the book they did follow certain steps to alleviate problems such as the FTC shutting them down on Feb 3, 2005. The real fraud is the FTC as they are grossly negligent in the handling of the entire case and the CPA firm that handled the receivership while it was in the matters of the Government.
I was present when the United States Federal Marshalls, Phoenix Police Department, CPA firm and Attorneys for the FTC raided Wealth Systems, Inc and E-Commerce Network located on the 22nd floor of the Garden Hilton Inn at 4000 N. Central Ave. We were lied to from day one from the FTC and the real victims are the employees of WSI and E-Commerce Network.
The big bad bully FTC and the CPA firm representing them point blank rounded us all up like criminals and would not allow us to leave until they have forced us to sign an affidavit and take our ID to check for warrants, etc. Whatever happened to innocent until proven guilty?
The CPA and FTC blatantly lied to us and misrepresented from day one and I am seeking an attorney that will file a class action lawsuit against the FTC and CPA firm to collect unpaid wages. In their exact words, "We don't know exactly what is going on and it will take us the next 16 days to decide on how this business is run but until then it will be business as usual and we are your new boss."
The next question was by an employee knowing that we would be paid the next day wanting to know about our paychecks. CPA and FTC's response was, "Paychecks WILL be issued as usual as it is business as usual until we can sort out exactly what this business does and how it operates and make a decision from there." The CPA and FTC had absolutely NO intent of ever seeing that the employees would be paid as they are just "SOL".
I received a voice mail on my cell phone later that night that operations was ceased and that no paychecks would be issued and to stay tuned for the website for further information.
I checked on the website the next few days and it was not up. Finally the website was up and it said stay tuned for an interim claim form for payroll. To this date there has NEVER been a interim claim form on the website because they could care less which is in violation of Arizona Labor Laws.
Martin Wilson and Shane Roach then requested that they have access to $100,000 for retainer of attorney to defend themselves. The FTC requested that it be denied showing accounting records that their was $460,000 in reserve accounts in which $420,000 was earmarked for payroll and accounts payable. Notice that they said it was earmarked for payroll but did they have any intent of paying payroll? Absolutely NOT.
Finally it was heard in court and dismissed with the receivership being dissolved. In the dissolution of the receivership the CPA firm requested to be paid $100,000 for their work and was awarded it by the court in the settlement. What a JOKE as they were awarded $100,000 for a few days worth of work while former employees were evicted from their residences, scrapping by for food and unable to pay their bills. I personally have never been the same since the bullies of the FTC and the CPA firm shut down wealth systems as this was a gross misjustice and negligence on their part.
Latest word is that WSI and E-Commerce Network are filing for bankruptcy protection so that none of the employees will see a dime of their wages. What another gross misuse of power.
Another mistake the FTC made is that they only expected WSI and E-Commerce Network to have 10 employees or so not realizing that they had over 100 employees there.
If any attorney would be willing to represent the former employees of WSI and E-Commerce Network in a class action lawsuit against FTC, the CPA firm and/or WSI please feel free to contact me as I know I can round up all the former employees because we have discussed this in detail.
Thanks!
Richard
Phoenix, Arizona
U.S.A.
6 Updates & Rebuttals
Timothy
Fort Worth,Texas,
U.S.A.
Richard - stop it. Call your credit card companies
#7Consumer Suggestion
Sat, June 11, 2005
Alan,
Call your credit card companies and ask for a charge back due to non-delivery of goods and non-performance.
Richard,
You can't sell nothing for $8,000 no matter how stupid you think the rest of the country is.
A cookie cutter website with a mere change of name should not cost what WSI charged, and advertising for the websites were blatantly sold yet never inactuated. You used extrememely high pressure techniques to decieve your "clients." Telling Alan that he can't start a business and do nothing and expect money to roll in, proves that you think paying $8,000 for your advertising is crap, and that Alan should have purchased his own advertising.
Alan, I'm glad you didn't buy your own effective advertising. That would mean people would have actually gone to your site and been screwed by these creaps.
Richard, get a real job. Or, eat sh** and die for all I care. You scum of the earth idiot. Why don't you go kidnap some children and render them for soap, you criminal.
Alan
Edgewood,New Mexico,
U.S.A.
Well Richard I am not saying that you shouldn't get reimbursed
#7Consumer Comment
Sat, June 04, 2005
I am not saying that you shouldn't get reimbursed money you lost if in fact it wasn't used for where it should have been used but if you advertised and you spent money for advertising and they advertised like they charged you for then it is your own fault.
Richard Richard Richard
Gee Richard My fault for buying advertisement that indeed supported your company and your wages
The fact is I bought 100,000 Guaranteed Traffic Hits the website today has just over 3,000 hits so THATS my fault. No thats Wealthsystems Fault for Ripping people Off. See they Failed to live up to there agreement or should I say a Worthless Guarantee.. Thats why your out of a JOB. Rippoffs is going to post those worthless papers from your company. This will show why there was someone who Filed a Class Action Lawsuit against Wealthsystems.. See your company wasnt the only company siezed by the Feds. Its just to bad that there are so many worthless Companys stealing money from people who want to do the right thing and spend there hard earned money to find out that they end up getting Shafted. YES its TRUE Wealthsystems was Stealing money and they got there just Reward. So Richard in fact I do have the Facts to back it up..Wealthsystems Sold Worthless Advertisement.......
Richard
Phoenix,Arizona,
U.S.A.
Alan get your facts straight. "Their claims are nothing but bull. I see their Employees crying about the Feds coming in and taking over the Company and not getting paid.
#7UPDATE EX-employee responds
Wed, June 01, 2005
I was a buyer of Wealth Systems and bought into there scam. They were selling Websites and Advertiseing for those sites, with claims of making alot of money. The website which is on the web if you want to see what they were selling is here www.wealthsystems.com/11898 this website has been on the internet 12-04 to
05-30-05 and has made 00.00 dollars. Their claims
are nothing but bull. I see there Employes crying about the Feds comming in and taking over the Company and not getting paid. Gee thats a crying shame, its funny how they worry about themselves and could care less about the people they Ripoff. Well if you are going to work for Scammers then you reap what you sow. I paid 8,000 dollars for them to advertise my website and all I got was a lighter wallet. Well its no wonder The Feds put you punks in Jail I wonder why they didnt keep you there. P.S I have all Paper work I will send them to Rip-off Report for them to Post it to this report..
Alan - Edgewood, New Mexico"
Alan,
I copied your words of wisdom here my friend. Get your facts straight before posting a rebuttal. NO ONE is in jail. And I was making an honest wage just like everyone else. I still see nothing wrong with what Wealth Systems was offering when there are tons of home based business opportunities and still lots of them open. Just like any business there are risks and if you do nothing with it then nothing will happen. I mean people will not just magically make money. Besides if you work hard for a company you should be paid for an honest wage. I mean do you think Enron employees knew what their company was doing before they got shut down? So you are telling me that if someone is associated with a company they shouldn't get paid because they are just as guilty. That is like saying one was riding in a vehicle and ran a red light yet as a passenger you deserve a ticket too.
Please come on use some common sense. I am not saying that you shouldn't get reimbursed money you lost if in fact it wasn't used for where it should have been used but if you advertised and you spent money for advertising and they advertised like they charged you for then it is your own fault.
Crying? Care less about people supposedly ripped off? Whoa buddy take a chill pill. It is not like we had insider information on who makes money and who doesn't. Not public record nor were we at liberty to see those records. Like I said if you were legitimately ripped off file a claim there is a claim form you can fill out just like everyone else. Too bad they are in Bankruptcy and no one will see the money ever.
Alan
Edgewood,New Mexico,
U.S.A.
Their claims are nothing but bull. I see their Employees crying about the Feds coming in and taking over the Company and not getting paid.
#7Consumer Comment
Mon, May 30, 2005
I was a buyer of Wealth Systems and bought into there scam. They were selling Websites and Advertiseing for those sites, with claims of making alot of money. The website which is on the web if you want to see what they were selling is here www.wealthsystems.com/11898 this website has been on the internet 12-04 to
05-30-05 and has made 00.00 dollars. Their claims
are nothing but bull. I see there Employes crying about the Feds comming in and taking over the Company and not getting paid. Gee thats a crying shame, its funny how they worry about themselves and could care less about the people they Ripoff. Well if you are going to work for Scammers then you reap what you sow. I paid 8,000 dollars for them to advertise my website and all I got was a lighter wallet. Well its no wonder The Feds put you punks in Jail I wonder why they didnt keep you there. P.S I have all Paper work I will send them to Rip-off Report for them to Post it to this report..
Richard
Phoenix,Arizona,
U.S.A.
I have also filed with the State Labor board but you see they like to drag their feet in these cases and they could care less.
#7Author of original report
Tue, April 19, 2005
Thanks Mike! I see your point but all of us were effected. Does it mean less because you lost more from e-commerce then the front end?
It was Feb 3, 2005 when the FTC raided the place and I have been in contact with attorneys for a class action lawsuit with no success as of yet because I was led by attorneys that don't know what they are doing and time was of the essence.
I have also filed with the State Labor board but you see they like to drag their feet in these cases and they could care less. The ones that made out on this case was Management and the CPA firm as everyone else is screwed, blued and tattoed.
I am sure you can see the point on this. The CPA and FTC were negligent in every way and should be held accountable for their actions just like Martin and Shane should be held accountable for their actions. No one wants to claim responsibility for their actions that is the whole problem.
I wouldn't considering crying when you are owed money for an honest days living just like you are owed money.
Mike
Phoenix,Arizona,
U.S.A.
THANKS RICHARD DEAN but u have had 3 months to file already??????????
#7UPDATE EX-employee responds
Tue, April 19, 2005
THANKS FOR THE BREAK DOWN OF ALL THE EVENTS RICHARD DEAN!!!
ARE U STILL CRYIN OVER LOST WAGES FRONT ENDERS WERE OWED A LOT LESS THAN ECOMMERCE EMPLOYEES .....THAT REALLY HURT!!BUT MARTIN WILSON ISNT GOING TO PAY ANY OF THE EX EMPLOYEES AND HES NOT HIRING ANY OF THEM BACK EITHER GOOD LUCK IN GETTING YOUR MONEY FROM HIM BETTER LUCK FINDING HIM AT A CLUB OR BAR AND ASKING IT FROM HIM PERSONALLY.
TO ALL CLIENTS WHO ARE OWED MONEY good luck in seeing it back Im sure most of it was spent by the management by now between jay, fred, don.. martin.. shane