MOBE Finally Shut Down by FTC: Learn the Truth About It!
MOBE stands for My Online Business Education. It was a company that offered high-ticket training courses, and it had been running for years. People joined in it to earn high commissions by promoting the training courses. I am using past tense because MOBE is no longer in operation.
MOBE was shutdown by the FTC (Federal Trade Commission) by filing a lawsuit. The lawsuit is ongoing, but it looks like that the defendants are going to settle.
Matt Lloyd founded this company in 2011. It is very surprising that MOBE got shut down recently because their business model has been the same since they were founded. In simple words, it should have been shut down a lot sooner. It is better late than never as FTC seems to have taken the right step.
This article is all about why MOBE got into this legal trouble and the truth behind it. You should read this article entirely because it will give you important signs that you should look out for when buying training courses that promise high commissions.
How did MOBE Work?
It is important to understand how this company operated to know what was wrong with their business model. MOBE offered several products like MTTB. MTTB stood for My Top Tier Business, and it was a 21-step program that taught you about succeeding online.
MTTB encouraged people to buy higher levels of memberships. The main aim behind this 21-step program was to get people to spend more money.
You had to buy a higher membership level to make commissions. The program tried to get people to buy higher membership levels by convincing them that they would earn a lot of money by doing so. The commissions were indeed really high, but the membership levels didn’t have enough training and tools to justify their high prices.
The program also had coaches who were supposed to help you in succeeding online. However, the real purpose of the coaches was to get you to buy higher level memberships. There are a lot of complaints of people that claim that the coaches weren’t interested in teaching them marketing, but they wanted them to upgrade.
The coaches even tried to convince people to get loans or borrow money from friends and family. This is unethical as the coaches tried to get people in debt even after knowing that there were very low chances of getting their money back.
Some people have allegedly lost around $60,000 by believing the dream that was sold by these coaches.
More Information About MOBE
People thought that they would make money after upgrading, but they needed traffic to make money. The free traffic route required a lot of patience and that is why many people took the paid traffic route. Unfortunately, paid traffic is very risky and hard to master. Ultimately, they ended up losing a lot more money by trying to earn a profit.
MOBE also had its name changed multiple times. Some of the names of MOBE are My Online Business Education, My Online Business Empire and My Own Business Education.
I think that there might be other names that we don’t know about. This is yet another sign that MOBE was far from ethical because an ethical business would never change its name so often.
The way that the affiliates of MOBE promoted it also made it clear that MOBE was not ethical. The affiliates promoted this program under different names. They created websites by different names and made these crazy income claims. Their websites finally redirected people to MOBE.
What Were the Different Membership Levels and How Much Did They Cost?
The cost of joining in MOBE was $49 and a monthly fee of $19.95. This was the cost of MTTB. Following are the core training programs that were offered by this program.
Silver Masterclass: $2,497
Gold Masterclass: $4,997
Titanium Masterclass: $9,997
Platinum Masterclass: $16,667
Diamond Masterclass: $29,997
As you can see, the prices were really high and you could end up spending more than $60,000 by buying everything. The prices are unacceptable when the contents of the memberships are taken into account.
Why is MOBE a Scam or Pyramid Scheme?
First of all, it is important to understand the meaning of a pyramid scheme. Pyramid scheme is a business model where people join for the right to recruit others and not for the products or the services that are offered by such scheme.
A pyramid scheme is not required to have any products, but they include products or services to seem legit.
People joined this program so that they could promote it to others and earn money. The main reason for joining was promoting this program instead of the products or tools that this program offered.
If people joined for the products or the tools and the main source of their income was not recruitment, then it would have been a different story.
So, MOBE is a pyramid scheme or a scam because the main source of earnings is recruitment. If you find a company or a program where the main source of earning is recruitment, then you need to stay away from it. Sooner or later the FTC may close that company or program, and you may lose everything.
Did Anyone Make a Lot of Money from MOBE?
The owners and the top affiliates made a lot of money. The average person lost a lot of money and that is why MOBE had to be shut down.
You can go online and look at the complaints of people who have lost their hard-earned money to this scam.
Are there Any Complaints?
Yes, I have listed some complaints below.
“I find it to be a waste of time.”
“From my short encounters with their team, I would say that it was all about the money and not the person in front of them.”
“Do not waste your time and most of all your money. This is a scam.”
MOBE is a scam as FTC doesn’t close any business without having a lot of evidence against it. I found through my research that the owners are likely to settle.
It is clear that the owners know that this program is not legit. People have paid over $125 million to the people behind this scam, and this is a really large amount.
I think that the FTC has a really strong case, and MOBE will serve as an example to all those scams that are yet to be caught. You have to be more careful as these scams don’t look like scams at first. It is always good to watch out for unrealistic income claims and easy money-making promises.
I hope you stay safe from scams.