20/06/2011. Interview with the admin of OnlineWealthFund

Beware! OnlineWealthFund has stopped paying and has been moved to Problem status on MNO! Do not invest!

Hi everyone! Hope you’re all keeping well after the weekend and are looking forward to another busy week of investments on the net. I have a couple of articles lined up for the next couple of days but the one I want to start with concerns OnlineWealthFund. If you don’t know them yet then there’s a reason – they’re quite new and they’re also quite low key. I have no doubt that you’re going to be hearing a lot about them over the Summer months however because they’re also very professionally organized. And I do believe we are dealing with an admin who can take this program a very long way indeed. His name is Gene and I must say he has some interesting and insightful things to say about his program and the HYIP industry in general from an admin’s perspective, so I hope you enjoy this as much as I did.

But while the build-up of OnlineWealthFund has been slow it’s also been deliberate and well planned, two words that pretty much sum up what the program is all about. And as we have already entered what’s traditionally been a much quieter season for the HYIP industry in general the emergence of OnlineWealthFund couldn’t have come at a better time, so it should be a welcome boost for those investors not shall we say “flying north” for the summer and taking a couple of months away from the business.

For further information on OnlineWealthFund I would suggest you start with my review of the program published here. However before we go any further there is something very important about the program that you need to be aware of:
Since OnlineWealthFund was first reviewed and after I received the following reply from Gene he has decided to make some adjustments to the plans. Basically all he’s done is replace on-expiry payments with daily payments. The end result is that they are now just very very slightly less profitable than the original version he describes below, but to be honest the decrease is negligible and so close as makes no difference. And for what it’s worth I think it’s a fair trade off in view of the fact that Gene’s workload now increases while you now get daily payments.

I’ll give you a proper update on that in the news section tomorrow, but for now let’s hear from the admin of OnlineWealthFund, whose new terms include 1.9% daily for 14 days, 2,3% daily for 21 days, and 2.9% daily for 42 days, all of which return your principal on expiry.

“1. Hi Gene, please introduce yourself to the readers of MNO and give us a little background information on yourself and your experience in managing a business and handling other peoples money. How much experience do you have with the online HYIP industry?

My name is Gene Adkins and I am the administrator of OnlineWealthFund. Our team has been engaged in trading Forex, Commodities, ETF’s and other high yielding investments for several years. We have several dozen investors that we handle a portfolio for. In regards to the HYIP industry I have to say only two of us have participated as investors and merely as a novelty. Realizing that there could be a huge potential here, we decided to create OWF.

2. Can you share some facts about the OnlineWealthFund business with us? How long have you been in operation? If as you say on your website you are a public company, why can’t I find you listed on any stock exchange list?

We have been together as a team starting in 2006. Regarding being public, that is in-correct, we are a privately held financial services company.

3. Assuming someone is coming into the online investments industry for the first time, can you explain the process of joining OnlineWealthFund and what they need to do afterwards?

It really is a pretty simple process. Members will need an e-currency account with one of our accepted processors. Then follow these instructions.

You need to fill the details on the joining form
Wait for a verification email
Click on the link in the email.
The account is confirmed
You may now login

Then go to the ‘Deposit’ link and select a plan. You will be taken to your processor account via the automated processing interface and allowed to ‘fund’ your account and the plan you have chosen.

4. What are you offering investor in terms of plans and profits? What is the minimum and maximum amount you can invest? What have been the most popular choices at this early stage?

We have 3 plans to choose from. The basic, and at this early stage obviously the most popular, is a daily interest plan that pays 1.9% daily.

The next plan is a ‘payment on expiration’ plan that pays 150% at the end of 21 days.

The highest interest opportunity pays 225% after 42 days.

5. I know from experience that the longer “on expiry” payment plans run for, the less like regular HYIP players are to trust them. Don’t you agree that you’d get substantially more members (and money) to the 42 day plan if only you made daily payments instead of on expiry ones? Especially as people know they can get similar returns elsewhere, only with the “safety net” daily payments.

You know Paul, you are not the first to suggest this and perhaps a re-evaluation is necessary. The reality is that the more opportunity we are given to utilize the funds the more profit that can be derived. But there is a good chance we could adjust the profit to accommodate a daily payment.

6. What payment processors are OnlineWealthFund currently dealing with? What have been the most popular choices so far, both in terms of the number of individual investors and in terms of the amount of money deposited?

We accept Liberty Reserve, Perfect Money and Global Digital Pay. The most popular choice is of course Liberty Reserve followed by Global Digital Pay.

7. If you are a financial services company as you state then how legal is it to deal with anonymous payment processors rather than licensed brokers? Don’t you have to safeguard against money laundering and if not be aware of where your customers got their money at least be aware of who they are?

We are a privately held company. In essence our online members here are simply participating via an investment pool. Our entities are safeguarded via an arms-length structure. We do not allow in-house exchanges in an effort to eliminate money laundering. As you and online investors are aware the HYIP industry does provide a level of discreet passive income acquisition far from the prying eyes of the global big-brothers. That is, in and of itself, highly desirable.

8. Staying on the subject of payment processors, I know you have some mixed feelings on some of them, most of which I would share (albeit for possibly different reasons). So
a) Can you explain what is preventing you from adding the likes of AlertPay and SolidTrustPay? And despite that don’t you think you’d be more popular if you did add them anyway?

AlertPay and SolidTrustPay are too overwhelmed by the pressures of governmental interference and as such have made the decision to either co-operate in these government endeavors to eliminate financial wealth opportunities for their consumers or, simply utilize the discretion this industry provides and confiscate funds for their own selfish issues. Either way, these are dangerous to the long term opportunities such as that which we are providing. We desire to profit from the HYIP industry in addition to providing profits for our members. Why take the chance or risk a problem that is un-necessary?

And
b) As an HYIP industry admin would you like to share your thoughts as to why AlertPay have acted the way they did towards certain other programs in the past? Do you see any ulterior motives there? Despite other admins not necessarily being responsible for many of the problems that land on their doorstep, I still believe they are responsible for fixing them, so any suggestions for others facing that situation?

Part of your question I have addressed previously. But I would like to address the second part. In our opinion, the HYIP industry has suffered greatly at the hands of payment processors and their exchange partners. Look back over the last several years and you see many payment processors who have simply disappeared. We feel we need to get back to the days of payment processor dependability. AP and STP are not dependable to online investing opportunities or their members. A program cannot survive fund seizure or excessive delays. Investing with the desire for high margin returns is about cash-flow and liquidity. When a payment processor, advertising instant payments, requires 3,4,5,6 days of delay, it simply is not instant and it certainly is not profitable.

9. I want to ask you now about withdrawals. You have stipulated that (and I quote):
“You may withdraw one (1) time each day for each e-currency account you have deposited from. This includes referral commissions as well if they are to be withdrawn.”
I was under the impression that that rule was to be abolished. I ask because I see it’s still in your FAQ, so can you clarify that for us? Also can you explain why it was introduced in the first place?

The rule was created in an effort to alleviate work. There simply is no need for members to make 3,4,5 withdraw requests per day. What is the point? Members should desire to do all they can do to reduce the amount of work involved anywhere and everywhere they can. This is a private/member only program. Members desiring to utilize this program to derive a passive income should realize that the more work involved the more potential for challenges or delays. One withdrawal per day is sufficient to acquire all the days’ interest or commissions.

But yes, we did abolish the rule, however we left the FAQ in an effort to reduce the load. Since you asked the question I have answered it, although I would have preferred to just leave the issue alone in hopes that the FAQ statement provided some relief.

10. Can you give us any other general statistics on the program, for example the number of active members, total deposits, total withdrawals, etc?

Since we are basically only a week old, I will answer the question, but as a rule we will keep the information you are requesting private. As of this writing we have almost 200 members with almost $6000.00 invested.

11. What would be the best and most efficient way of contacting you if I have any questions or problems? What about the Live Chat support? Do you do that yourself or do you have a consultant? Are you keeping up with the published schedule OK?

We have a full support staff handling the Live Support and Support Tickets. Anything that they cannot answer or requires administrative interference is handled by myself or Brian Martinez.

12. What have been the most common questions, problems, or other support related issues that you have had to deal with so far? Is there anything you would like to address here so that members can avoid having to contact you?

The most common question has been “Will you please add my monitor?” We get that one around 40 times per day. No is the answer. We have elected to utilize only a handful of prominent monitors for our program. Like we stated in the beginning, we will grow, but at our pace. We realize the competitive nature of this industry and that we need to prove ourselves over the next several months. We will do just that. We feel that MNO, and only a small handful of others, are more than sufficient to provide the catalyst for us to accomplish that goal and pace.

Other than that there have been no real issues other than the occasional missing deposit. It appears we do not always receive the information via the API but we handle them as quickly as possible or as informed.

13. Can you tell us in detail about the security of OnlineWealthFund? Who is your hosting provider and how highly do you rate them as a service provider? What script are you running off? How well are you protected from hackers?

We are hosted on a dedicated server by the renowned Dragonara. Our entire site is covered by a Secure Socket Layer (SSL certificate) so all the information is encrypted. We employ various other techniques that should not be discussed in order to maintain a high level of security.

We are using a licensed Gold Coders Script which we feel is the accepted industry standard.

14. Can you talk a bit more on the other outside business and investment activities are you involved with? Can we see any independently verifiable proof of these activities?

We participate in the Forex, Commodities, ETF’s and other high yielding investment markets and as a ‘Private’ entity at arms-length from OWF. In the e-currency world these activities need to remain private. We have a long range goal of offering members, who stay with us for that long term and rally their funds to a serious level, the opportunity to join our parent company sometime in 2012. Additional structuring is required to accommodate that goal. Once that has been accomplished we will be in a position to better deliver, to those that desire, additional and independently verifiable proof.

15. Tell us more about the general advertising and promotional strategies being used by OnlineWealthFund. In a very competitive market what are you doing to bring the program to a wider investment audience?

In essence this has already been answered above. But as a recap we are simply biding our time. We are mainly working with MNO as we see that as sufficient. We will, over time, add additional ads, reviews, monitors, as well as other advertising techniques. But we don’t need them now. We are happy to crawl before we can walk and walk before we run.

16. Are there any plans to develop OnlineWealthFund further in the near future? Will there be any interesting changes made soon? How are you planning to keep the program competitive with so many other options open to investors?

Nothing will substantially change in the near future other than the more I am thinking about it the better I like the idea you pointed out above of changing the longer term plans to a daily payout. In the tortoise and the hare fable we learned as children that ‘slow and steady wins the race’. We don’t need to be overly competitive at this time. We have the ability to bide our time, allow the competition to fail, prove our value and succeed long term. We know how you feel as we read every issue you publish and have for some time. All programs are treated as if they are full of $#!% (crap) blah blah blah. So, we will do as we have stated, prove our ability by becoming a leader without all the excessive advertising expenditures that the “competition” employs. That is our strategy.

17. And finally, is there anything you feel that wasn’t covered in this interview that you think the readers of MNO should be aware of? Especially anything in my review that you felt was mistaken or would like to comment on?

Honestly, your interviews are always relatively complete and this is no exception.

Time will tell and we have time on our side. We can provide what we have offered. We can do it without spending tens of thousands of dollars on ads. We can do it for the long term as we have been doing it for several years already. Give us the chance and we will put our money where my mouth is (lol) and simply show you!

Thanks for the opportunity to provide these responses Paul.

We look forward to a long and prosperous relationship with MNO and its readers.”

The feeling is mutual, Gene! Thanks a lot to the admin for that, and for taking the time to explain everything in such detail. A few more like him and the industry would be a better place. Anyway, good luck to him with his plans for OnlineWealthFund as I’m really looking forward to seeing how he progresses during a season that I wouldn’t exactly describe as “dead” but can be a tricky time for some in the business. But as I said by the time the second and third plans mature (at the latest) there’s going to be a good buzz going around about this one. So best of luck also to the investore willing to take a gamble on them. That’s about it for today’s update guys, but make sure and check back tomorrow when I’ll have all the latest news stories from around the industry. See you all then!

P.S. A new short-term program has been added to Standard listing on MNO and will be reviewed soon – SecureReturn. The program offers two investment plans via LibertyReserve and PerfectMoney and depending on your investment you will be paid 117%-120% after 5 days or 140%-145% after 10 days. The payments are processed instantly and I already received the first one (ref comms) straight to my PerfectMoney account so I moved the program to Paying status on MNO already. SecureReturn features a good layout, is running off a licensed GoldCoders script and is DDoS protected by Dragonara on which dedicated server it’s hosted with SSL-encryption throughout the website. More about SecureReturn will be posted in the soon. Stay tuned for that, guys, and see you on MNO tomorrow!