A recently filed RICO class-action lawsuit alleges Premier Financial Alliance is a "particularly egregious classic pyramid scheme". Oops! Premier Financial Alliance believes in empowering people to start their own businesses, think for themselves, and regain their sense of independence that can so often be lost when one is chasing money for security. This is my experience and I hope you got some thing out of it! Honolulu, HI 96819-1826. Save my name, email, and website in this browser for the next time I comment. In this case, Premier Financial Alliance clearly comes with tons of red flags that cant be simply ignored. The most damning allegations in the new 2019 lawsuit are the targeting of Asian immigrants, and claim that 95% of sales within Premier Financial Alliance are affiliate purchases. Will it really provide a good source of income? }; PFA agents or the PFA don't make money on $125 fee. Financial Calculators. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. The plaintiffs were given permission to file an amended complaint by August 2nd. The motion sough to relate the 2018 and 2019 cases, and was granted on March 26th. PFAis leading the way in the cause to educate Americans about the Living Benefits story. About us. Read More. Lawsuits after lawsuits, allegations about it being a pyramid scheme, and their website supporting it, I dont see any reason why you wont see this as a scam. I also love to write; when not working as a content writer, I create blogs about skincare, makeup, motherhood, and digital marketing. Jack has had an extensive and successful career in the financial services industry spanning 20 years and counting. Premier Financial Credit Union. If so, seeing how it sounds like he was still alive, he might have sold the insurance (at a large loss), using the remaining money for his urgent bills, and now have no insurance any more. Internet Explorer 11 is outdated. There are lawsuit against PFA, but they are all denied. On December 19th, PFAs Motion for Reconsideration was also denied. Premier Financial Alliance affiliates who qualify for the class-action include any who signed up from June 25th, 2014 and paid more to the scheme than the amount of money they received from PFA. Looking at the case docket, Premier Financial Alliance have thus far failed to respond to the lawsuit. We have upgraded PTRAC with new features and technology to enhance your online experience. Many people are not comfortable with recruiting and being recruited and see the opportunity as an upfront scam. However, we do know that the plaintiff's lawyer and the judge in the lawsuit are confident the case is worthy of prosecution. If you have fallen for a scam, you can post your experience here to warn others. To sumarize, Premier Financial Alliance is facing two separate lawsuits that accuse it of being a pyramid scheme. Premier Financial Alliance Compensation Plan. This means that the same Californian Judge will hear both cases. Notify me of followup comments via e-mail. 1300 Peachtree Industrial Blvd Ste 4210, Suwanee. In a constantly changing industry you as an agent need the tools and resources to separate yourself from the rest. The most damning allegations in the new 2019 lawsuit are the targeting of Asian immigrants, and claim that 95% of sales within Premier Financial Alliance are affiliate purchases. http://www.slideshare.net/MSchafers/why-robert-kiyosaki-and-donald-trump. That's not really a success story. No compensation plan. They are obviously doing something right. On January 22nd, 2019, the court denied both motions. Legal First Name * According to government-issued identification documentation. Need Assistance? Sadly, the more I googled up searches for PFA the more I see that almost every page mentioning it is linked with a pyramid scheme, a class action lawsuit, and it being a MLM. It is been in news a lot especially in Nepali and Bhutanese immigrant forums. Recruitment is a part of their system; however, if the attention is put heavily on this, it becomes a red flag. PFA has collaborated with the nation's largest insurance . Let me explain to you and answer your question. January 12, 2022. Premier Financial Alliance instructed Plaintiffs and continues to instruct other associates to peddle this policy to other people who, in turn, are instructed to sign up more associates, and so on and so on, ad infinitum. Premier Financial Alliance sells financial products, such as life and annuity insurance. In response to Plaintiffs Rui Chens and Wenjian Gozales pyramid scheme lawsuit, Premier Financial Alliance attempted to compel arbitration. In short , agents sold their trust to get rich on expense of new immigrants. To the person who said they borrow against the insurance to pay for the cancer treatment. Products sold are not displayed on the website and the opportunity offered is vague. To earn any commissions or financial rewards in PFA, one has to recruit and cause to be signed up, six persons, and obtain a license to sell insurance under applicable State Law. Our product and platform create an opportunity for financial services professionals to grow their own business with very little startup costs. It has access to the following tools and support, such as: Thank you for reading our Premier Financial Alliance review. Applications must be postmarked by March 1, 2023. they never personally agreed to PFAs AMA. Post your questions here and have them answered by people who are knowledgeable about all types of scams. in many downlines, there is a sad litany of downline reports reflecting that persons have made their initial payment to Defendants, and premium payments on the applicable insurancepolicies, only to discontinue payments upon realizing the business is impossible. This is a help forum - bad advice will get you banned, and we do not consider "just joking" to be a defense of advice that would be harmful if followed. And obviously you won't get any results that way will you? The same day the cases were consolidated, Girard Sharp LLP was appointed Interim Class Counsel. Anyways, I don't see any evidence of why the company is bad but just opinions or lack of hard work. Confirm Email *. What is described in the lawsuit of PFA business model is that of your typical autoship recruitment scheme. On May 6th an initial case management conference for both cases was held. PFA, Carroll, J. Wu, R. Wu, Hong, Zhang, AJW, by their authorization promote the pyramid scheme and make misleading claims of financial success. ? They can agree that this is the best company we have joined by far. Is Premier Financial Alliance A Pyramid Scheme/Ponzi Scheme? You don't know what you are talking about. Once you are license and trained, you make a sell to a client, thats when you and the company make money. It wasnt until I saw their recruitment strategy plan and their membership fee is when I started having my doubts raised. To learn more about Premier Financial Alliance and how they can better help you to reach your financial goals, be sure to follow the blog and check out the website. While insurance is essential and I strongly agree with having this, one of the most important things you have to take note of is the insurance company itself. Btw I also paid my friends $125 cause he didn't have it at the time. Stated aims of the class-action include establishing. Now I lost $125. This is our shared vision. Lawsuit After Lawsuit Calling It A Pyramid Scheme. I had a zoom call with one of the coaches and he had a super enthusiastic personality and had a great pitch. Under PFAs compensation plan, a victim only gains a rank by recruiting people into the business opportunity. Download the Mobile App. You can also subscribe without commenting. You're out $250 for the "product", and their site has no mention of any product except a business system. Their . Some even told me that they are also the success of how much their product works (a man had a serious accident and due to his insurance, he was able to use the money to pay off his medical Bill's and his other Bill's while he was off of work). Phone Number 888.867.6533. If you have fallen for a scam, you can post your experience here to warn others. PFA has not persuaded the Court that any other factorscosts of litigation, ease of access to sources of proof, availability of compulsory process as to former employees or associates, etc.would favor transfer to Georgia. Explore the opportunity to leverage your talents and abilities so you can begin building your own successful financial services business today. People from all walks of life, from all around the world, have experienced tremendous success and results from the solutions that Premier Financial Alliance provides. I joined Vasiliy as a writer for Best Lifetime Income blog. So I dont know if this is all just rival life insurance companies trying to tarnish the PFA name or whether the company itself is really just another MLM scam. The lack of retail sales clearly suggests that its a pyramid scheme. The business model described in the lawsuit is that of your typical no retail MLM pyramid scheme. Recruitment is wrong for many reasons. 5.2 miles away from Premier Financial Alliance. Living Life by Design Indexed Universal Life1 is customized specifically for and distributed exclusively by PFA. We know our agents put in the time and effort to help their clients and feel they should be compensated for it. Money is just by product. Premier Financial Alliance cap payable unilevel commissions at six, with commissions paid out as a percentage of sales volume generated by affiliates in the unilevel team. Thus, as explicitly stated in a training presentation that Defendant Lan Zhang delivered to Premier Financial Alliance associates, Recruiting is the game96% of sales derive from selling the Living IUL policy downline. The plaintiffs charge that Premier Financial Alliance is a pyramid scheme and an endless chain recruiting scam. Reddit and its partners use cookies and similar technologies to provide you with a better experience. with just one sale, based on the time value of money, $2,500,000 can be made by an Associate. For me, this is a red flag and I bet the Federal Trade Commission (FTC) will agree to that. Plaintiffs Gonzales and Chen are seeking to represent a class of similarly situated Premier Financial Alliance victims, of whom they estimate there are over 25,000. Welcome to Premier Financial Alliance. As for Premier Financial Alliance, while there are people who can attest to its legitimacy, the negative reviews outweigh the positive ones. For 2 of the years, I was trying to research and see what they are all about. Financial security and freedom is an idea that all seek. Perhaps that's my not being an American showing, but that's just how health and accident insurance work, in tandem with paid sick leave. Premier Financial Alliance is an innovative financial planning business that works to help clients and associates create and then actualize their financial goals. Chen joined Premier Financial Alliance in 2017 and Gonzales in late 2017 or early 2018. Everything about it sounded way too good to be true and I wasnt sure if this was legit. Living Life is a permanent life insurance product which combines pure insurance protection with cash value accumulation, issued by Life Insurance Company of the Southwest, a member company of National Life Group. HOME; JOIN PFA; P-TRAC LOG IN; PRIVACY POLICY; TERMS OF USE . Optional riders are available that allow you to access a portion of the death benefit while you're alive during qualifying health events. When a company earns most or all of its revenue from recruitment, by definition, it is a pyramid scheme. As one of their largest distribution partners, we continue to work hard to protect families and bring peace of mind to everyone we touch. 2017 or early 2018 heavily on this, it is a pyramid scheme the Federal Trade Commission FTC! Were consolidated, Girard Sharp LLP was appointed Interim Class Counsel to provide you with a better experience to! You make a sell to a client, thats when you and the opportunity as an need... In Nepali and Bhutanese immigrant forums and counting agent need the tools and,! 125 fee by PFA a scam, you can post your questions here and have them answered by people can... Retail MLM pyramid scheme lawsuit, Premier Financial Alliance is facing two separate lawsuits that accuse of. Successful Financial services business today as: Thank you for reading our Premier Financial Alliance, while there are against. Relate the 2018 and 2019 cases, and was granted on March 26th is that of your typical retail! 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