I've been invited to join Pennywise Wealth Management by supposedly one of its affiliates, claiming to earn up to 3% daily interest. No, it can't happen. There's no such thing as a no-risk, high-return investment. I checked the site, went straight to the T&C page, and spotted fake information. It's a Ponzi scheme created out of a fictitious concept. The website may look pretty professional and what's being said may even sound credible to first-time visitors. But no, this is a scam. My Pennywise Wealth Management review will show you the red flags and explain what you should be careful of when you're invited to a scheme like this one.
Pennywise Wealth Management Review
Pennywise Wealth Management (PWM)
Pennywise Wealth Management (Fake company)
What Is Pennywise Wealth Management?
Pennywise Wealth Managemen (PWM) claims to be a cash investment company allowing you to earn 2-3% interest on your deposit daily. The minimum deposit requirement is $100, by Bitcoin, Perfect Money, or Payeer. It (falsely) offers three simple investment options;
- Premium (2% daily interest) for an investment of $100 - $30,000
- Gold (2.5% daily interest) for an investment of $30,000 - $60,000
- Platinum (3% daily interest) for an investment of $60,000 - $100,000.
It tells you that your deposit withdrawals may require account verification and may take up to 14 working days, while your return withdrawals (withdrawing earned interest only) may take up to 7 working days to complete. But what it doesn't clearly explain is how much you can withdraw. It says;
- Each account has a withdrawal limit based on account usage.
- As you increase your investment deposit, your withdrawal limit will increase and the withdrawal time frame will be reduced.
The photo of a teenage kid waving a bunch of cash tells us all - suggests as if anyone can put some money in without investment knowledge, do nothing and just watch it grow. That kind of thing never exists, and in fact, none of the content on this website sounds credible.
The Crazy Interest Rates
Well, first of all, a cash interest rate of 2-3% annum would be pretty decent in this climate. 2-3% daily? Impossible.
Imagine you simply deposit $100 now, it grows to $102 by this time tomorrow, $104.04 the day after (102 x 1.02)...and so on. In 30 days, your initial $100 would be;
- 100 x 1.02^30 = $181.
And in 365 days...
- 100 x 1.02^365 = $137,740.
You just deposit $100 today, do nothing and your $100 will turn into over $137,000. Would you really belive this in any way?
Remember, you wouldn't be the only customer. Let's say Penny Wealth Management has one hundred customers and all of them invest $100 for a year. This time next year, PWM will have to pay out;
- 100 x $100 x 1.02^365 = $13,774,083.
Can you imagine this company you've never heard before will be able to turn $10,000 into $13 million? Unless there was some revolutionary mechanism, that would be impossible. And the fake "investment portfolio" tells us all.
Fake Portfolio Strategy
PWM claims that its portfolio strategy is "based on Nobel Prize-winning research" but it doesn't explain anything about the research in detail. In the homepage, PWM says it generates wealth through "stock market, real estates, gold mining, currency exchanges, crude oil....company stock...and turn these assets into cash." Basically everything that one can think of.
Whereas in the portfolio page, this is all it explains; "Our investment spans chemicals & materials, aerospace & mechatronics, solar energy, finance, leisure & lifestyle, and construction."
Okay, when you make a cash-investment decision, you need to know which companies exactly your money is invested in. The actual names of the companies, not just "solar energy companies". And an agency like Penny Wealth Management should list up the portfolios - explain each company's recent performances, profits, and explain why they believe their decision to invest in that particular company is right.
It clearly aims to scam people who have no knowledge of cash investment, right?
The terms and conditions page says that Pennywise Wealth Management was "incorporated in England and Wales with limited liability by Royal Charter 1853, under reference no. ZC18 with its Principal Office at 1 Basinghall Avenue..."
This is so silly because any company with limited liability in England and Wales must be openly listed in Companies House with its registration number, which is usually 8-digit numerical. Also a company with limited liability must have "limited" or "Ltd." at the end of the company name.
The registration number "ZC18" is assigned to Chartered Bank. (It's not an 8-digit number because Chartered Bank is a very old, authority organization...treated differently, cut the story short.)
The address "1 Basinghall Avenue" is indeed where Chartered Bank is. I know the area very well as I used to work a few minutes' walk away from there for many years. It's not the kind of place an ordinary company can easily afford to rent, anyway.
Well clearly, the scammer simply copied the company detail from the bank's website.
I signed up to see what the dashboard looks like. You'll receive a free $10 as a signup bonus, and also $50 will be added to your account each time you refer a friend who funds. You never want to believe any of that, because as I've already explained, the site owner is unknown using a fake company name and address.
The menu is simple - Deposit, Returns, Withdrawals, (Referral) Commissions, and there's a menu called "Tax" but there's nothing under that section (not surprisingly).
It only accepts payments by Bitcoin, Perfect Money, or Payeer. Again, this is hardly a surprise because the site owner is not revealing the true identity, it cannot accept payment options that any legitimate company take, i.e. bank wire transfer, PayPal, credit card, etc.
Big Words That Tell You Nothing
"Independence and financial freedom is a sign up away" is such a scammy slogan, and it sounds like PWM simply offers a risk-free investment opportunity, but of course, the only way to invest your money without taking a risk is to save it in a bank account or a government bond, and you'll hardly earn any interest in the current climate.
Throughout the site, big words and expressions are used but don't actually mean anything. This is a technique that typically used by Pyramid/Ponzi schemes - they don't have a logical way of explaining the business, so they make up sentences that sound as if they own the world but don't actually make any sense. The expressions are all over the Pennywise Wealth Management site, for example;
- "We use real-world evidence and systematic decision-making to help increase the take-home value of our customers’ wealth."
- "We launched with an investing strategy based on advanced research in the modern investment theory. The result was a strategy composed with customizable risk management."
- "We strive never to be dogmatic in our approach, but rather focus on practical, evidence-backed ways of giving investment advice and building services."
This (fake) company offers a simple fake cash investment plan. What investment advice would anyone expect? And what kind of practical advice rather than dogmatic advice is available?
Many user testimonials ("client stories") are displayed in the Pennywise Wealth Management site and quite a few of them are photographic. The photos somewhat looked real to me, so I image-searched a few, and found out that the exact copy of the testimonials had been stolen from another legitimate investment site.
Bogus Investment Scam
The other "Pennywise" site is run by a real Australia company that provides retirement investment advice. On the homepage, it discreetly warns users not to be confused by Pennywise Wealth Management.
So it's clear that PWM is a counterfeit "Pennywise" site, created perhaps in an attempt to divert the real Pennywise's prospects for malicious purposes.
Pennywise Wealth Management Review - Stay Away!
The person who emailed me to invite me to sign up with PWM obviously had a fake name. He/she may be hoping to earn a referral commission, but it's clearly a waste of time. $50 would only be added to their account if I deposited $100 or more. And I'm clearly not going to. Even if they got the referral commission added to their account, they wouldn't be able to cash it.
So I can tell you two things here;
- A fake company offering a ridiculously high return. It's a scam. Never spend any money on it. If you don't know what investment portfolios are, then don't invest any money!
- Don't try to invite anyone into a bogus company's scheme or any scheme that you don't understand for a commission. You'll be extremely unlikely to make any money. Stop wasting time. 😇
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