Background

New Fraud Case on Rocky Shi? (2024)

Article arrow_drop_down
Rocky Shi

A great deal of harsh press has been directed toward Rocky Shi in recent times, and the reasons for this are not appropriate. His reputation as a con artist was cemented as a result of Rocky Shi’s key role in the Wild Financial Group scam. His fabrications are going to be debunked and the lies that lie beneath his persona as a public figure are going to be exposed on this page. 

Review of Rocky Shi- World Financial Group: An extensive array of financial services 

A few weeks back, an email from a reader requested a WealthWave review. The firm that greeted me when I went to WealthWave’s website was anonymous. Not a single product, service, or even business plan that is immediately identifiable… Did this company even operate as an MLM? 

Stock photos are horrible. And what precisely is a “HowMoneyWorks company”? 

On WealthWave’s website, there is a section titled “team,” but using it requires a password. This appears to be a fraudulent scheme, given that the World Financial Group’s staff and other details are not available to the general public. 

As I was about to respond to the reader and request verification that I was working with the right company, I saw this in the WealthWave website footer;

The financial services marketing company WealthWave is connected to World Financial Group, Inc.

Though at the time I was not aware of it, I was going to travel deep down the Wealth Financial Group black hole. 

Rocky Shi: Briefing management 

It seems like you’re delving into the complexities of World Financial Group (WFG), WealthWave, and “How Money Works.” Here’s a breakdown of the information you’ve provided and an analysis:

World Financial Group (WFG) Background:

  • WFG originated as the World Marketing Alliance (WMA) before rebranding in 2001.
  • Founded by former Primerica distributor Hubert Humphrey in 1991.
  • WFG is described as a “Transamerica company.”
  • Transamerica Corporation, owned by Aegon, is a holding company for various life insurance companies and investment firms.

Leadership:

  • Thomas Dempsey (Tom Dempsey) serves as the President and CEO of World Financial Group.
  • Dempsey joined Transamerica in 2008 and became WFG’s President and CEO in 2018.
  • Not much information is available about other executives.

The “How Money Works” and WealthWave:

  • Both appear to be WFG-related marketing organizations.
  • There are doubts regarding the intent and clarity of these firms’ messaging, raising the possibility that they are little more than marketing tricks rather than serious companies.

Based on the available data, it seems that WFG is a player in the financial services sector, specializing in investment and insurance goods. One could consider WealthWave and “How Money Works” to be more marketing initiatives by WFG. However, there are legitimate questions regarding WFG’s activities and validity due to the opaque nature of their messaging and the regulatory challenges surrounding them. When assessing such companies, careful due diligence and consideration of many viewpoints are important.

Rocky Shi: Products offered by World Financial Group 

World Financial Group markets the following “solutions”:

  • budgeting and insurance protection
  • retirement schemes
  • strategies for financing college
  • Business Strategies-Protecting Assets

In summary, a range of financial services. In addition to its parent company Transamerica, World Financial Group partners with a range of US and Canadian third-party merchant services providers. The logos of these suppliers can be seen on the World Financial Group website.

Details are not given because the services being supplied are customized. This is not a reflection on World Financial Group; rather, it is an issue that many multilevel marketing companies in the insurance industry deal with.

Rocky Shi: World Financial Group’s Compensation Scheme 

A copy of the World Financial Group’s compensation plan is not available on its website.

Finding a copy of the official compensation documentation from a third party allowed one to locate the compensation plan.

Despite being from 2015, this document aligns with the World Financial Group website extracts that were utilized instead of actual remuneration documentation.

Sadly, the paper is unclear and lacks a lot of sections, especially when it comes to the use of company-specific terms.

The World Financial Group’s compensation structure is outlined in the following summary. 

Rocky Shi: Affiliate Ranks for the World Financial Group 

Yes, below is a summary table of World Financial Group affiliate tiers and requirements for each:

Affiliate TierQualification Standards
Associate– Either generate 20,000 PV over a rolling period of three months or recruit three affiliates over a rolling period of thirty days and attend three field training sessions for each of the three choices. 
Marketing Director-Ensure that you have three affiliates that you have directly recruited. Your downline should consist of five affiliates who have been granted life licenses. The goal is to produce 40,000 GV for three months that are rolling.
Senior Marketing Director– I recruited three affiliates, including a Marketing Director. – Minimum six life-licensed affiliates in your downline (ten total). – Make 75,000 GV in three months or 225,000 in 12 months. 
Executive Marketing Director– Recruit and keep three Senior Marketing Directors. Over six months or 12 months, generate 500,000 or 750,000 GV. 
CEO Marketing Director-Recruit and keep six Senior Marketing Directors. Generate $1,000,000 GV in six months or $1,500,000 in twelve months.
Executive Vice Chairman-Recruit and keep nine Senior Marketing Directors. Generate 1,500,000 GV rolling six months or 2,250,000 rolling 12 months.
Chairman’s CircleThere was no information given.
President’s CircleNothing is known about the President’s Circle.

*It is important to remember that at least fifty percent of the time, an affiliate’s value (PV) or any one of their downline legs can be counted for the sake of qualification. 

Rocky Shi- Direct Commissions

Commissions are paid to World Financial Group affiliates from sales of their products. 

Here’s a revised version of the data that was given:

  • Sales commissions to training associates range from 25% to 30%.
  • Commissions for associates are paid out in the range of 35% to 45%.
  • Commissions paid to marketing professionals range from fifty percent to sixty-two percent.
  • Senior marketing directors are paid between 65% and 80% in commissions.

Because different World Financial Group products have different commission rates, the commission percentages fluctuate within these ranges. The pay paperwork refers to a “100% table” and “fixed: WRL” without providing any additional information or background.

Rocky Shi: Remaining Commissions 

World Financial Group uses a unilevel compensation structure to pay residual commissions.

An affiliate is positioned at the head of a unilevel team in a unilevel pay system, with each affiliate they individually recruit being positioned directly under them (level 1):

At level 2, new affiliates brought on by any level 1 affiliate are integrated into the unilevel team of the original affiliate.

A level 2 affiliate is promoted to level 3 and so on down an indefinite number of levels if any of their level 2 affiliates bring on new affiliates.

The World Financial Group has set a maximum payment unilevel team level of six.

Residual commissions are allocated as a percentage throughout these six tiers as follows:

  • 10% to 17% for Level 1 and 5% to 8% for Level 2.
  • Level 3: 3 to 5 percent
  • Stage 4: 3% to 5%
  • 2% to 3% at Level 4.
  • Level-5: between 1% and 2%
  • Stage 6: 0.5% to 1%

The percentage range is the outcome of the fact that some World Financial Group products pay higher commissions than others.

Once again, World Financial Group’s remuneration information is vague and mentions “fixed: WRL” and a “100% table” without providing any context.

Rocky Shi-Commissions for Business Supervision 

Overrides are referred to as the Business Supervision Commissions inside the World Financial Group. Affiliates at the top of the upline structure receive these commissions based on the sales of their downline.

Commissions for business supervision are divided into three levels:

  • Managers of branch offices are paid 1.25%.
  • Branch office managers get paid 5%.
  • OSI Managers receive a 1% salary.

There are no further specifics given on these higher-ranking posts.

Bonus Pools

The World Financial Group pays three incentive pools that add up to 5.75% to 9% of the generated sales volume for the entire organization.

  • Recipients who rank in the top 300 qualify for a bonus pool that is capped at 40% of the volume generated by senior marketing directors and above.
  • Subject to the volume of their level one unilevel team, Executive Marketing Directors and above are eligible for a 30% Super Base Bonus Pool.
  • Executive Marketing Directors and higher are also eligible for a Super Team Bonus Pool, which is made up of 30% of the unilevel team volume produced at levels one through six.

Affiliates must fulfill additional requirements to be eligible for each of these bonus pools.

Base Shop Bonus Pool requirements are as follows: produce 10,000 PV and keep three affiliates that you recruited; produce 15,000 PV with three downlines but at least three affiliates you recruited; or produce 15,000 GV with lower than three downlines.

Specifically, within level 1 of the unilevel team, generate 15,000 PV and 100,000 GV for the Super Base Bonus Pool (Chairman’s Circle and President’s Circle levels are excluded from this requirement).

100 000 GV at the first level of the unilevel team and 500,000 GV over the first six levels will go toward the Super Team Bonus Pool.

60% Tracked Block of Business is a minimum requirement for each bonus pool, albeit it is unclear exactly what this means.

Rocky Shi- Joining World Financial Group

Although World Financial Group (WFG) doesn’t list the affiliate fees on its website, several sources indicate that membership is available for $100.

WFG affiliates frequently have to purchase numerous licenses, which incur additional fees.

People with firsthand knowledge of WFG claim that the business functions similarly to a pyramid scam. Although they refuse to be considered a pyramid scheme, they operate similarly by enlisting people to sell exorbitant life insurance. A pyramid-like structure is created in the hierarchy as individuals at the top receive commissions from sales made by others they have recruited.

WFG’s emphasis on financial literacy is criticized for being deceptive because it serves primarily to market pricey universal life insurance plans with subpar investment returns.

According to reports, WFG downplays internet studies by asserting that people who are successful in life are the ones who buy their products while characterizing people who have doubts about their business methods as belonging to the majority of people who are struggling financially.

Essentially, detractors claim that WFG’s business strategy is centered around finding people to sell expensive insurance plans, which has led to claims that the company functions as a legitimate pyramid scheme and offers false financial advice.

Rocky Shi: What is a Ponzi scheme that uses pyramids?

 

The workings of a Ponzi scheme differ slightly from those of a pyramid scheme. The way this strategy is set up, the person who came up with the original plan has to find more investors, who have to find other investors, and so on.

The wealthiest people are usually found at the top of the pyramid. They might also convince more people to join as they are wealthier. More money from new investors enters the pyramid as more people sign up, and it is dispersed to those further up. But those at the bottom suffer, especially if they can’t persuade others to join.

Occasionally, an incentive—like the ability to sell a certain product or multilevel marketing—may be offered as an investment opportunity (MLM). For the opportunity to sell these goods, each investor pays the recruiter. The proceeds will then need to be divided by the recipient with those in higher positions within the pyramid structure. 

Rocky Shi: How was the fraud carried out by World Financial Group? 

Pyramid schemes are a common form of financial fraud, such as the scam carried out by World Financial Group. They may present themselves as financial opportunities to convey credibility. Pyramid schemes sometimes present themselves as a passive income stream with large promised returns on minimal initial inputs. 

People must purchase goods or services or pay an admission charge to take part. After that, these people are urged to enlist more people in the program. The individuals at the top, who also receive the highest compensation, receive a portion of the money that recruits donate. Those at the bottom of the pyramid make little to nothing when no new employees are employed. 

Conclusion

In conclusion, the World Financial Group (WFG) is a financial services MLM, but its marketing and lack of transparency have alarmed critics and clients. Despite being in business for nearly two decades, WFG’s recruitment and training practices are archaic, relying on personal networks and pushy sales.

The organization has been accused of running a legal pyramid scheme since it prioritizes affiliate recruitment over retail sales and consumer pleasure. WFG professes to teach financial literacy, but critics say it sells expensive life insurance with poor investment returns.

Critics say the company’s marketing handbook emphasizes warm market prospecting and discourages product or service questions. WFG’s lack of retail sales and client acquisition reinforces its image as an MLM opportunity rather than a financial services provider.

The tragic story of Rocky Shi highlights the risks of working in financial services, especially with MLM systems. As customers demand more transparency and accountability, companies like WFG must rethink their processes and emphasize consumer protection and education.

Given these concerns, WFG must change its marketing strategy, starting with its website and continuing through consumer disclosures and best practices. Only through such steps can the corporation reclaim industry trust and safeguard consumers from financial scams and frauds.

About the author

James Assali
trending_flat
James Assali was Charged for Transnational Mortgage Modification Fraud?

The owner of a Costa Mesa-based loan company, James Assali, is the target of aggressive legal action from law enforcement agencies. James Assali is charged with participating in dishonest practices about loan modification. The individual in charge of the Costa Mesa-based mortgage and escrow company's refinancing is the target of intense pursuit by law authorities. This man is charged with running a loan modification scheme that cheated and mistreated people in California and other states on purpose. The prosecution has demonstrated that victims have been caused by dishonest actions not just in California but also in Washington, Florida, Minnesota, and Maryland. The subject of the investigation, an Irvine native by the name of James Toufic Assali, is presently the target of numerous serious accusations. The defendant faces eighteen criminal counts with suspected grand theft and three more felonies specifically connected […]

trending_flat
Warning Against Phoenix Capital Group Holdings for Consumers

To clarify the crucial aspects of this organization, I have several grievances with Phoenix Capital Group Holdings. There are some favorable reviews as well, but since that's just how things work, we tend to focus on the bad ones. It is necessary to understand the background and history of Phoenix Capital Group Holdings before proceeding. Phoenix Capital Group Holdings, LLC: A Brief Overview A disputed oil and gas mineral rights acquisition and investment organization, Phoenix Capital Group Holdings, LLC was founded in 2019 and has its headquarters in Denver, Colorado. The company's operations mostly include mineral rights purchases.  Several locations, including Irvine, California, Casper, Wyoming, Dallas, Texas, and Fort Lauderdale, Florida, are included among its satellite offices.  The corporation, which is controlled by a family, directs its efforts toward aggressive capital deployment and asset management. It often gives priority to […]

Futurenet
trending_flat
Futurenet Scam Warning: All You Need to Know

In 2014, FutureNet emerged as a fraudulent operation disguised as a multi-level marketing platform offering huge profits via a matrix cycler technology. It entered the cryptocurrency space in 2017 with the introduction of FuturoCoin, which quickly crashed and caused investors to suffer large losses.  FutureNet, which was founded by Roman Ziemian and Stephan Morgenstern, scammed thousands of people worldwide before the co-founders were subject to legal action and international arrest orders. Roman Ziemian: A co-founder of FutureNet, was arrested in Italy and fled the scene Roman Ziemian, a co-founder of the infamous Ponzi scam FutureNet, was detained by Italian police, freed, and then left the nation. This arrest comes in response to a South Korean warrant alleging Ziemian engaged in a multimillion-dollar fraud. In 2014, Ziemian founded FutureNet with Stephan Morgenstern as a business partner. With the launch of FuturoCoin […]

trending_flat
Carl Koenemann: A Criminal Alcoholic? (2024)

Carl Koenemann claims to be a motivational speaker who stimulates future inventors through motivating lectures. As previously said, the global entrepreneurial scene changes, with visionary entrepreneur Carl Koenemann emerging as a source of inspiration and empowerment for future innovators. Carl Koenemann believes that his fascinating motivational presentations are rewriting the success story, driving individual growth, and inspiring ambitious entrepreneurs to build their own paths. Carl Koenemann states that his story is one of determination, honesty, and a strong desire to encourage innovation across technology, marketing, and business consultancy. Carl Koenemann, despite his self-absorbed nature, claims to have rapidly found his stride in the dynamic world of technology, beginning with a solid academic background in electronics and communications. Carl Koenemann boasts about his early experiences, stating that they created the framework for a meteoric rise inside a huge technology corporation, as […]

Related

James Assali
trending_flat
James Assali was Charged for Transnational Mortgage Modification Fraud?

The owner of a Costa Mesa-based loan company, James Assali, is the target of aggressive legal action from law enforcement agencies. James Assali is charged with participating in dishonest practices about loan modification. The individual in charge of the Costa Mesa-based mortgage and escrow company's refinancing is the target of intense pursuit by law authorities. This man is charged with running a loan modification scheme that cheated and mistreated people in California and other states on purpose. The prosecution has demonstrated that victims have been caused by dishonest actions not just in California but also in Washington, Florida, Minnesota, and Maryland. The subject of the investigation, an Irvine native by the name of James Toufic Assali, is presently the target of numerous serious accusations. The defendant faces eighteen criminal counts with suspected grand theft and three more felonies specifically connected […]

crook
trending_flat
Chris Rapczynski: A Fraudster? (2024)

Boston construction firm Sleeping Dog Properties and New England Construction Resources owner and president Chris Rapczynski has been charged with various workers' compensation fraud violations. Six workers' compensation fraud charges, one failure to produce insurance charge, and five theft charges over $250 are filed. Suffolk Superior Court will arraign Rapczynski after a Suffolk County grand jury indicted him. The State's Insurance Fraud Bureau investigated these charges. Attorney General Maura Healey spoke out against firms not having workers' compensation insurance, citing worker hazards and financial burdens. She committed to working with the IFB to punish personal fraudsters. Anthony M. DiPaolo, Chief of Investigations at the Insurance Fraud Bureau, stressed the IFB and Attorney General's commitment to fighting premium evasion and its harmful effects on the system and honest businesses. In 1997, Rapczynski founded Sleeping Dog Properties as co-owner and president. Investigators […]

lawsuits
trending_flat
Spencer Schneider: A Criminal?(2024)

In the case, Schneider is charged with defamation for calling the group a cult that supports "Manhattan Cult Story: My Unbelievable True Story of Sex, Crimes, Chaos, and Survival" and using forced labor and human trafficking. First, we must understand Spencer Schneider. Who is Spencer Schneider?  Spencer Schneider, the ex-husband, has drawn a lot of attention to himself. He details the activities of the alleged cult in his book, which is chock full of horrible charges of racism, homophobia, physical and mental torture, and child abuse. Maybe a member of the cult once.  Schneider, who joined the group in 1989, tells how the cult's leader Gans ordered him to marry May straight away. Schneider's tale is given the cult's background. In "Manhattan Cult Story: My Unbelievable True Story of Sex, Crimes, Chaos, and Survival," he writes of the horrifying experiences […]

crook
trending_flat
Adam Vincent Gilmer: A Fraudster? (2024)

Originally from Johannesburg, South Africa, Adam Vincent Gilmer relocated to the United States in 1989. He asserts that he is an entrepreneur and that he was born there. According to Adam Vincent Gilmer, his companies produce and market certified organic consumer goods through major online retailers, retail and convenience stores like 7-Eleven, health food stores, and wholesale purchasing clubs like Costco. What he claims about his work life is that his companies create and market these products. Adam Vincent Gilmer asserts that he has acquired more than 34 years of experience in direct sales, which encompasses direct-to-consumer, convenience stores, Multi-Level Marketing (MLM), and Merchandising platforms. He is happy with his professional abilities and the work that he has accomplished. Adam is attempting to fulfill his desire to amass wealth. In his phony articles, Vincent Gilmer refers to the fact that […]

lawsuits
trending_flat
David Baker: A Criminal? (2024)

A spokesman for the clinic said that following a board of directors inquiry into a claim that David Baker-Hargrove had sexually abused a worker, the renowned psychologist and LGBT community member from Orlando will resume his role as president of the Two Spirit mental health clinic. Psychologist and seasoned mental health counsellor Dr. David Baker-Hargrove is located in Orlando, Florida. More than 25 years of service have been provided to the LGBTQ+ community, with an emphasis on transgender-specific mental health therapies. Dr. David Baker-Hargrove has been licensed as a mental health counsellor by the State of Florida. In 2002, she received her Ph.D. in counselling psychology from Barry University. In 1995, he started his professional career. But one of Both the 23-year-old employee Bobby Hermida and the 53-year-old psychotherapist David Baker-Hargrove acknowledged engaging in "inappropriate communication" in a statement provided […]

lawsuits
trending_flat
ALEX PODGURSKI California:  A Criminal? (2024)

It has been determined that two individuals, namely Alex Podgurski California and Savanna Farmer, have been arrested in Arizona on suspicion of engaging in money laundering activities from the state of California. Multiple charges have been brought against them, and they have been put into a jail in Maricopa County. Extradition hearings are now being held.  Alex Podgurski California was detained for money laundering:    Arizona officials arrested two defendants wanted in California for money laundering. On Tuesday, 33-year-old Alex Podgurski and 29-year-old Savanna Farmer were arrested in a rented home in Paradise Valley, Arizona. Paradise Valley police served a warrant at the suspects' home to arrest them. Law enforcement found a large cache of electronic and paper records at the scene during this warrant execution and seized them for further investigation. After their arrest and evidence seizure, Alex Podgurski and […]

Be the first to leave a comment

Leave a comment

Your email address will not be published. Required fields are marked *

Login to enjoy full advantages

Please login or subscribe to continue.

Go Premium!

Enjoy the full advantage of the premium access.

Stop following

Unfollow Cancel

Cancel subscription

Are you sure you want to cancel your subscription? You will lose your Premium access and stored playlists.

Go back Confirm cancellation