Company Name: Banners Broker
Price: Varies per package (Ranging from $25-$4000)
Owners: Christopher George Smith and Rajiv Dixit
What was the purpose of Banners Broker?
Banners Broker, a Canadian company, presented themselves as an online advertising platform. The company claimed to give business owners “the tools to help you meet your financial and lifestyle goals.” Their website would claim to help business owners receive these tools through placing banners and advertisements on websites as a source of income towards their business. Sounds good, right? It would have been extremely helpful, had it been a legitimate company. Unfortunately, similarly to my article about Zeek Rewards, Banners Broker was a pyramid scheme. Yes, ANOTHER pyramid scheme (also known as a Ponzi scheme). Banners Broker is a SCAM.
Business owners invested hundreds to thousands of dollars into this illegitimate company, but ultimately ended up worse off than when they started. The package options ranged from Starter to Ultimate. Although these businesses would have income coming in from their packages, the commission that business owners were making from the advertisements would be halted without warning. Just as the company name suggests, this scam made them ‘broker’, literally.
Banners Broker EXPOSED:
–Business owners made a small profit from Banners Broker
–Advertisements increased business exposure
–Members were ripped off from their money
–Misleading representation to new investors
–Chris Smith and Rajiv Dixit netted over 90 MILLION USD
–The owners were arrested in 2015 and sentenced in 2017
–Banners Broker is CLOSED
Although the exposure of businesses was expanded, the overall effect of the Banners Broker company did more harm than good. PayPal and Mastercard refused to allow merchant use on these advertisements because they saw through their scheme and viewed them as spam, which is a HUGE red flag! They did not want to be associated with the bad publicity surrounding Banners Broker. PayPal is the best way to purchase products and services because it keeps you from having to put your credit card information directly on a website. If they chose to avoid Banners Broker- things were obviously bad! Not to mention it escalated to the need of the government coming in to shut everything down.
In 2013, The Ontario Securities Commission (OSC) started to investigate Banners Broker as an alleged pyramid scheme. In the previous year of 2012, Rajiv attempted to change the name of Banners Broker to Stellar Point. He claimed it was created to handle the heavy lifting of marketing, training, and support for Banners Broker. They terminated their relationship with “Stellar Point” in 2013, the same year as the investigation. In 2014, the government shut down the Banners Broker website and the company went into liquidation.
My Final Review For Banners Broker:
The OSC and several other Canadian agencies froze 6 million dollars and seized their books, files, hard dicks, and documents. Chris and Rajiv were arrested in 2015. In 2017, they were sentenced to two years and a $50,000 fine. You read that right- only two years and despite the millions of dollars members lost to Banners Broker, they only owe a $50,000 fine. That’s the downfall to the system; penalties are not as drastic as you would expect for pyramid schemes.
The bad clearly outweighs the good for the Banners Broker scam. Although Chris Smith and Raijv were arrested and charged, this company fooled a lot of hard working business owners and merchants. Pyramid schemes are illegal and everyone that fell victim to this one are now in the clear from losing more money. Banners Broker is officially CLOSED!
Other than that, if you want to read more about multi-level marketing scams, and companies that aren’t legit, when you have the time, please check out some of my other post like:
Are you tired of being scammed? Click here To Read My # 1 Recommendation!
Do you have something to say about Banners Broker? Maybe Something to add? If you do, please take the time and leave your comment at the bottom. I would love to hear it! Thanks for reading my post, and good luck with your success!