Originally Syndicated on June 4, 2024 @ 9:00 am
Fundwise does not disclose any details regarding ownership or executive leadership on its site.
The domain for Fundwise (“fundwise.com”) was initially registered in 2004, with its most recent private registration update occurring on January 10, 2024.
According to a recent review by BehindMLM’s Smart Desktop AI, it has been revealed that Corey Price is the individual who operates Fundwise.
According to his LinkedIn profile, Price is based out of Utah in the US.
Prior to launching Smart Desktop AI Price was promoting Local City Places and TranzactCard.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
FundWise’s Products
Fundwise markets loans, solar services and and commissions on getting self-employed taxpayers to apply for the Self-Employed Tax Credit (SETC).
Fundwise promotes loans, solar services, and earns commissions from assisting self-employed taxpayers in applying for the Self-Employed Tax Credit (SETC).
The website for Fundwise does not disclose any pricing or information about the third parties involved. Additionally, Corey Price’s other multi-level marketing venture, Smart Desktop AI, is also advertised through Fundwise, but it does not have a retail offering.
Compensation Structure of Fundwise
Fundwise generates commissions when affiliates enroll customers in any of the third-party services they offer. However, the website lacks detailed information on this aspect.
Marketing materials provide approximations for the compensation associated with Fundwise’s solar energy program.
What we do know specifically is if Fundwise affiliates pay a fee, they qualify for double commissions on signed up solar energy customers.
Smart Desktop AI is offered through Fundwise. As per BehindMLM’s published Smart Desktop AI review, the company operates as an MLM pyramid scheme.
Joining Fundwise
igning up for Fundwise comes at no cost. The pricing for double commissions on solar energy customer signups remains undisclosed. Currently, access to Smart Desktop AI is available for $27 per month.
Fundwise Conclusion
Initially focused on business loans, Fundwise has evolved as an MLM company, effectively serving as a gateway to Smart Desktop AI.
Smart Desktop AI is concerning because it functions similarly to an MLM pyramid scheme.
While it isn’t strictly an MLM, other aspects of Fundwise are problematic from a regulatory standpoint. For instance, Fundwise fails to reveal information about its company ownership and executive team.
Additionally, it does not offer consumers a transparent overview of the third-party retail products and services it provides, including their pricing.
Furthermore, there is a lack of clear compensation information related to its third-party services, such as Smart Desktop AI.
These issues could potentially breach the FTC Act regarding disclosure requirements.
Fundwise’s marketing practices may also constitute a breach of the FTC Act due to potentially false, misleading, or deceptive claims.
They promote their loan services by stating that customers can receive “360K in funding you don’t have to pay back.”
Fundwise promoting this as attainable for the general public is clearly absurd. Nevertheless, the company asserts that “this is effective for everyone.”
An FTC inquiry into this marketing claim would lead the regulator to seek details on how many $360,000 loans Fundwise secured for clients that did not require repayment.
Unless the percentage of inquiries approaches 100%—terms like “everyone” and “worldwide”—Fundwise risks a breach of the FTC Act.
Fundwise initially launched its loan program several years ago, suggesting that ample data exists for the FTC to evaluate whether its marketing claims are misleading. The absence of this data on Fundwise’s website is significant.
Four years after the onset of the COVID-19 pandemic, recruiting individuals for tax credits seems outdated. While it’s not entirely improbable, it’s unlikely to find anyone eligible who hasn’t already applied, as many companies vie to enroll people in COVID-19 tax credits for a fee.
Fundwise originally started off with its loan scheme some years ago. This means there’d be plenty of data for the FTC to determine whether Fundwise’s marketing claims are deceptive or not with.
The solar energy sector is similarly competitive; therefore, while Fundwise’s inclusion of this service might be supplementary, it likely won’t yield a reliable income stream.
Additionally, the practice of offering double commissions to affiliates could potentially infringe upon the FTC Act concerning “pay to play.” The cost associated with any income opportunity shouldn’t dictate commission levels.
This leads us to Corey Price, who appears to be joining the AI trend with the rollout of Smart Desktop AI earlier this year.
As reiterated, Smart Desktop AI functions as a pyramid scheme, clearly violating the FTC Act. Aside from the fees associated with dual solar service commissions and Smart Desktop AI access, engaging with Fundwise is unlikely to cost more than just your time.
However, when you consider the investment required for Smart Desktop AI, the reality that most individuals involved in pyramid schemes lose money comes into focus.
Referring back to Fundwise’s marketing, I’ll briefly discuss Skool—a third-party platform allowing users to create various group types for communication, akin to the “groups” section of Facebook but in a standalone format.
Typically, we don’t discuss social media platforms that facilitate scam communication, but Skool stands out. As of August 2024, Skool’s homepage features the Digital Growth Community group, which is linked to the Legacy Builders gifting scheme.
The emergence of two dubious MLM companies utilizing Skool as a communication tool isn’t necessarily indicative of a trend; however, I’ll start monitoring Skool for signs of illegal MLM operations if this continues.
If Skool is willing to promote a fraudulent gifting scheme on its homepage, it suggests a lack of thorough vetting regarding its users.
IReturning to Fundwise, a clear consumer litmus test would involve taking the company’s claim of a $360,000 loan offer at face value.
Regardless of one’s identity (“everyone”) or location (“available worldwide”), if Fundwise fails to deliver on its promise of $360,000 in funding that “doesn’t require repayment” (“works for everyone”), individuals should halt all communication and report to the FTC for false advertising
