• Report: #713211

Complaint Review: M-Tack Inc.

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  • Submitted: Sun, April 03, 2011
  • Updated: Sun, May 08, 2011

  • Reported By: Ex-Ceo — Israel
M-Tack Inc.
22 Ahashlag Street Internet United States of America

M-Tack Inc. Ronen Kainan Former CEO Haifa, Internet

*Consumer Comment: Typical pyramid scam!

*Author of original report: M-Tack Are you kidding me !!!

*UPDATE Employee: The Real M-tack

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On July 14, 2010 the company M-Tack Inc. registered in British Virgin Island by Mr Keinan. The concept of M-Tack is to be affiliate with big names on the internet like Amazon, E-Bay etc..
To get capital Mr Keinan create a Multi=Level marketing with the idea that people will sign-up as a lifetime members for 299.00 US$ and as a return for that membership members will recieve 50% of the total sales from the stores online inside the umbrela of M-Tack. He had hard time to convince invetors so he approached me and for a monthly salary of 6000 Israeli Mew Shekels (around 1750 US$) my job was to act as an owner of M-Tack and the CEO while Mr Keinan was the CFO. I was required to speak only English with those Israeli who came to hear about the wonderful investment. Over the next 3 months close to six hundred members signed up 95% where Israeli and the rest from US, China, India and Canada. During this time sales from the stores (44) where less than 20.00 US$. But Mr Keinan "fixed" the sales by showing 7000.00 - 10,000.00 a month. When I asked him how could it be his answer was six months. "that how you make people believe and buy more memberships". Needless to say I was worried for this kind of scam and slowly start pulling away. As of my actions he stopped paying my salary, remove any access I had to M-Tack. According to my calculation he pocketed 200,000 US$ while is payout to members where less then 15,000.00 so not bad pocketing 185,000.00 in six months.

This report was posted on Ripoff Report on 04/03/2011 04:55 AM and is a permanent record located here: http://www.ripoffreport.com/r/M-Tack-Inc/internet/M-Tack-Inc-Ronen-Kainan-Former-CEO-Haifa-Internet-713211. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Typical pyramid scam!

AUTHOR: US Investor - (United States of America)

I invested $300 in November 2010 in M-Tack and so far the return on my investment has been $14.21 total.  Take it from me, no one's heard of M-Tack, and no one ever will.  The company is set up to benefit the owner only - I pity the other people who fell for the scam.  I want my money back.  It's a typical pyramid scheme, sounds like a good idea in theory but what a crock of garbage.  Why would anyone buy from this site?  There are a million other reputable sites out there, I would recommend staying away from this - as a matter of fact I'd recommend running as fast as you can.  Total waste of time and money - they're crooks.
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#2 Author of original report

M-Tack Are you kidding me !!!

AUTHOR: Ex-Ceo - (Israel)

 Well the last person who praised M-Tack said he triple his investment via M-Tack. 


Lets crunch the numbers should we??
In the month of April M-Tack total sale from all the stores under M-Tack.com, and M-Tack.co.il were 463.00 US$.

For those of you who wondered there are 660 members who should get 50% of the total sales, so half of the 463.00 which is 231.50 will be divided among 660 members and each should be getting 0.35 US$ for an investment of 400.00 US$ membership.

So the investor who claim to triple his investment lies or paid only 0.12 US$ per his membership.

Good going Mr Keinan you are the master of deceiving those poor Israelis.

I wonder who will bail you out this time if the investors will demand their money back...

Will it be your folks like they did five years ago after another MLM scheme??

Or you will start another MLM scheme to pay off this scheme??
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#3 UPDATE Employee

The Real M-tack

AUTHOR: ?''???? - (United States of America)

I don't know the real reasons why Mr Elie Yogev is no more a part of M-Tack.
I do know that in the short time I have been involved I have tripled my investment and met some great people in this brilliantly innovative start up.
And everyone in M-tack is smiling!
In my estimation Ronen Keinan is an inspired genius with a revolutionary  idea.
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