Funky Shark Closed Down!

Funky Shark Closed Down

Funky Shark will no longer be!

Quite the surprise I had this morning when reading my emails and finding one from my upline saying that Funky Shark will no longer be.

Funky Shark was aiming to launch a penny auction website with its own Multi Level Marketing compensation plan. We have seen many of these penny auctions come up lately and this one had one of the best looking websites (design) and a nice compensation plan.

So Funky Shark is gone and the first thing to know is that they will refund everyone their Administrative Fee. You just need to login to your account and click on add me to the refund list.

Funky Shark is gone and will be issuing refunds.

The reason for Funky Shark closing down is the same as usual. They were advised by their Lawyers that their Loyalty program was breaking the securities laws established by the SEC in the United States of America.

After this means they claim to not feel confidence enough to launch the program.

Below you can read the official update they sent out to everyone in the program

Funky Shark – Oct. 30th Newsletter
Funky Shark Launch has been cancelled

Please read this communication in it’s entirety as it contains important information crucial to your business with Funky Shark.

Today marks a sad day for us all here at Funky Shark.
I’m sorry to report that we’ll be cancelling the launch of Funky Shark.
We’re sorry to those of you that were excited about the launch. We want to ensure everyone that we will be providing refunds for everyone, making them completely whole.

Funky Shark is a unique twist on the idea of being able to qualify for commissions resulting from penny auction profits and bid sales.
But based on advice from our legal counsel, we have recently discovered that the way we executed our Founder program may violate certain securities laws in the United States.

While this news has come as an extreme shock to us, our immediate response was to ensure that all Crown Members be made whole.
The goal is to restore all members to their original situation before starting the program. This means the following:

Any Crown Member who paid the $1,000 and has not received any commissions from the Founder program will be refunded their entire $1,000 payment.

Any Crown Member who has received commissions from the Founder program will have the difference between commissions collected and the $1,000 Crown Member fee reimbursed to them.
The sum of our reimbursement and collected commissions will total $1,000; thus, rendering the member whole.

As for the Crown Members who have received more than $1,000 in commissions from the Founder program, they’re not due any additional funds.
The sum of collected commissions have exceeded the $1,000 fee paid; therefore, they’ve gained from the program, not lost.

Regarding the administrative fees collected when you joined, those funds will also be refunded in similar fashion.

Due to these actions that we’re taking to remedy this error, in conjunction with our business model, our confidence in the future success of Funky Shark as a penny auction is greatly reduced.
We really cannot in good conscience move forward with the penny auctions. In order for the penny auction to be profitable, there needs to be a lot of activity with the auctions. We lack confidence in this regard.

The Business Manager web site will remain live so that you can receive future updates from Funky Shark and it will remain live until all members have been refunded.

We ask that you please remain patient and give us the opportunity to work with our legal counsel and payment processors to devise a plan to get everyone accommodated.
Our commitment to you is that we will work quickly and diligently around the clock to resolve this matter.

Please log into the Business Manager (Back office) for refund instructions and details.

We will keep you well informed of our efforts and progress.

Sincerely,
Funky Shark

Funky Shark Scam

Any comments use the section below!

Kind Regards
Dirson E. Jimenez Santana
Skype : strosdegoz

5 thoughts on “Funky Shark Closed Down!

  1. do you think ADitNetwork will have any problems with USA regulatory laws?

    • Only if it gets too big.
      See Banners Broker is a proven Ponzi Scheme and they don’t have any problems and that’s because they are simply not big enough.

      If by any chance this or any other program becomes too big, too many people and too much money in they can run into problems with the USA regulators.

      In this case ADITnetwork is far from having any problems with the USA regulatory agencies.

  2. apirak ngsriwongse says:

    I already know from the beginning Funky Shark will go down plus many passive income sites owing all of them are ponzi and the closing down might not have anything to do with the compliance and the SEC plus FED. Just check out how many members really get any refund. Yagooft is possibly another site which will go down the drain same as Elmino/Falkito/Bizoppers and Globalone or Ultimatepowerprofit as if there is not enough traffic then how can these sites survive?? I believe better how on to our funds as “a bird in your hand is worth a dozens in the bushes”. When you give you money out then it is at the mercy of the site whether they will pay or change TOS according to their wish plus will find every tactics to restrict the payouts to their members so it is like hyips investment whereby if you are lucky then you happen to join the sites early enough that will become a successs then you take all the creme and left all the muds to the late comers i.e. Club Asteria should be a good example.

  3. […] Funky Shark Closed – Update 10/31/2012 […]

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