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Is Eaconomy a Scam? Full Review

The forex market is no stranger to schemes, and Eaconomy raises suspicions with its way of operation and a background filled with lawsuits and fraudulent activities. The very essence of Eaconomy has been shaped by fraudulent activities carried out by individuals who are connected to several scams, including the SilverStarLive forex fraud scheme.

Eaconomy’s financial management, regulatory compliance, and business model resembles a pyramid scheme. The promises of high profits through automated trading services are not supported by clear, proven evidence. Eaconomy is a risky company in terms of its operations, and your money may not be safe with them.

Is Eaconomy Safe? General Concerns

  • The history of the economy is full of scams and lawsuits. The personnel linked to the economy have been involved in several fraudulent activities, especially those associated with SilverStar Live.
  • The schemes and scams related to Eaconomy are frightening. Some people are involved in several Ponzi schemes and have been found guilty.
  • The history of the company is no clean sheet either. Eaconomy along with its founder Hassan Mahmoud has been the subject of a cease and desist orders and fines.
  • The business structure of Eaconomy is a Multi Level Marketing system that requires constant flow of customers. This is called ponzi and the system fails when the company can’t recruit new clients. 
  • The SEC anti-fraud provisions within the Securities Act of 1933 and the Securities Exchange Act of 1934 dictates promising constant returns without a risk disclaimer is illegal. I’ve explained further in this article that both SilverStar Live and Eaconomy have marketed their services as a way to get constant profits. 
  • Eaconomy’s operations, compensation plan, and financial transactions lack transparency.
  • High-pressure selling tactics is a known phenomenon. It has been reported that Eaconomy affiliates push for investments and larger deposits.
  • When you look at the customer reviews and reports, you can see that users are losing money with their trading bots and tools. Which proves that there isn’t a legit product.
  • Users have faced problems withdrawing funds, and solving disputes.
  • They frequently change their business practices, names, and strategies without transparent communication are signs of scam operations.
  • Eaconomy operated in the US without a valid license and registration. 

What is Eaconomy?

Eaconomy is a company that offers forex and crypto trading signals with constant profits. The company was launched in 2019 by Candance Ross Mahmoud and David Wayne Mayer, and has gained a bad reputation due to the scams it has been involved in. Eaconomy has been the subject of with various controversies and allegations of fraudulent activities. Before Eaconomy, there was the SilverStarLive forex fraud scheme, and Eaconomy appears to be no different. If you examine SilverStarLive’s history closely, you can see related personnel and structures similar to Eaconomy’s operations.

Eaconomy Ali Saleh Case

Ali Saleh case is the most recent instance in Eaconomy’s controversies. A New Jersey man filed a lawsuit against Eaconomy and Hassan Mahmoud for his unpaid commissions. He mentioned a special contract he had signed in 2022. Ali Sleh stated that the contract entitled him to 65% of the revenue generated by his crypto team. Things escalated when Ali Saleh informed Eaconomy executives Candess Mahmoud Ross and Michael Talento about the stolen assets by the founder Hassan Mahmoud.

hassan mahmoud and ali saleh lawsuit

Following this dramatic event, Hassan Mahmoud stepped down as CEO, Mahmoud disclosed his reason to step down as terminal illness, but reality was different than that. Candance Ross revealed that Hassan Mahmoud stepped down as CEO due to an agreement with two alleged individuals that he borrowed $100.000 and $250.000 in exchange of part ownerships from Eaconomy. Subsequently, Candace Ross started leaking confidential contract details, including Saleh’s hidden agreements, which upset the other partners.

In May 2023, Saleh was presented with a choice: either to take the allegations back or give up on his special deal. Saleh did not back down and stated that this response violates his special agreement. Eaconomy did not back down either and accused Saleh of inappropriate behavior with female affiliates. After his departure, Saleh sued Eaconomy for the money they owed him.

Eaconomy’s history is no stranger to schemes and allegations. Candace Ross was blacklisted by merchant providers, and there were allegations that Sal Leto and his team stole the software and started a new company for themselves. Eaconomy’s regulatory profile is no better either. They have been engaged in activities that can be classified as securities fraud, as they were selling their subscriptions without complying with any geographical restrictions. The company no longer functions in the US due to its troublesome profile.

With its dirty history, Eaconomy doesn’t paint a very reliable picture for its users. These red flags about the businesses and individuals the company is attached to are enough to raise the suspicion of Eaconomy being a scam. Let’s learn more about Eaconomy’s founder.

Who is Hassan Mahmoud?

Have you ever heard the term ‘omnipreneur’? Well, that’s what he calls himself, an individual involved in multiple entrepreneurial pursuits. Hassan Mahmoud has gone through significant transformations. There was even a time when he was homeless and living in his car while pursuing the dream of becoming a Hollywood star.

hassan-mahmoud-forex

His omnipreneur phase began when he was introduced to network marketing. The company was selling water purification systems, and his success in pyramid schemes led him to the forex market. Mahmoud’s involvement in forex trading opened a way to build a substantial network of like-minded people.

Mahmoud, along with his wife Candace, founded Eaconomy, a company that claims to focus on forex education and a pyramid-like structure for its affiliates. Eaconomy offers training and opportunities for its members to earn through referrals.

Eaconomy’s Services

Eaconomy offers a variety of financial technology services and products specific to forex and cryptocurrency trading.

Eminus is somewhat like a copytrader of Exness; you’ll see predictions and receive personal advice from expert traders through an analyzed picture. They claim to connect beginner traders with pros and allow them to exchange strategies. They also claim that the experts will send you extensive messages with all the reasoning and chart drawings.

eaconomy services, eaconomy manara

Eaconomy Manara

Manara might be their biggest product. This AI software automates trading for your chosen currency pair, timeframe, and technical analysis patterns. They advocate that emotions are the enemy of a good trader. While this is true, the solution is to learn how to manage your emotions, not to invest all your money in an unregulated platform that offers something too good to be true. Because when something seems too good to be true, it generally isn’t true. They claim that Eaconomy’s Manara can adapt to every market fluctuation, work with any trading style, and scan the market instantly.

Another service they offer is Hercules, which is different from forex but not entirely different from Eaconomy’s Manara. It’s basically Manara for cryptocurrencies. Eaconomy’s Hercules allows you to purchase Bitcoin, Ethereum, or Ripple when they are most profitable.

Eaconomy introduces itself as a community focused on personal growth, development, and achieving financial goals. They claim that they have a global presence with affiliates in more than 50 countries and identify themselves as a direct marketing company.

Eaconomy can seem harmless since they just claim to be an educational platform, but is it enough to trust them with your savings? You should weigh the potential profit along with the associated risks. When you look at the company’s history, there are more than enough reasons to be skeptical.

Is Eaconomy a Ponzi Scam?

Eaconomy’s connection to Ponzi schemes goes back, particularly to the collapsing of SilverStarLive securities fraud scheme. SilverStarLive ended with a Commodity Futures Trading Commission fraud lawsuit, along with the individuals involved in these fraudulent activities, such as OneCoin and iPro Network.

Eaconomy is a forex trading bot, and its business model is quite similar to the SilverStarLive’s. Only difference is that SilverStarLive was focused on CFTC while Eaconomy is focused on forex trading. Even though the branding is different, the bots used in Eaconomy had been previously employed in other schemes. Believe it or not, this is a common practice in forex scams; if something works, why fix it, right?

Internal conflicts and accusations were also prevalent, which is typical of these kinds of structures. As mentioned earlier, there was an instance with Leto stealing the software and starting another business. They also had an agreement with Blue Edge Financial, which provided software assistance for trading platforms. This agreement was essentially for trading-related services and products, including Forex and crypto trading education, trading tools like Titan X, and various other resources. It backfired with mixed reviews, some users reported losing money with their bots, which also tarnished Blue Edge Financial’s reputation.

how eaconomy ponzi scam works

How Eaconomy’s Ponzi Scheme Works

  • Eaconomy promises significant profits through it’s automated trading services.
  • Ponzi begins when a few investors come. The company, in this case Eaconomy offers high returns with low risks.
  • Since there are no actual profits, initial investors live a high life with the money of new comers.
  • These initial investors become success stories for the company and they’ll start bringing new victims to the scheme.
  • As long as there’s a steady stream of new investors, the scheme can survive.

Is Eaconomy a Pyramid Scheme?

Eaconomy has been issued with a securities fraud by Quebec’s Autorite des Marches Financiers before. The legitimacy of the company has always been doubtful, but it was always hard to find reliable resources on their operataions. Eaconomy makes specials deals like which they have been sued before, They need a constant cash flow in order the turn the wheel and how can they get new customer regularly? A pyramid scheme. They offer special agreements to high-performing affiliates to facilitate the user flow for the system. They showcase the so called success of the high performing affiliates and bring more, with each affiliate they get payments.

Eaconomy: A Company with a History of Scams

It’s imperative to understand the saga of scams Hassan Mahmoud has been involved in to grasp the full context of Eaconomy’s operations.

Silverstar Live has led to many accusations of scams with its operational structure and shared experiences of related personnel.

Silverstar Live was founded by none other than the Eaconomy founder Hassan Mahmoud along with his wife Candance Ross Mahmoud and David Wayne Mayer. They quickly spread the word about its operation, and by operation, I mean a pyramid scheme.

Hassan Mahmoud and Candance Ross are familiar with the pyramid scheme as they experienced it from the lowest level. Before Silverstar Live, Candance and Hassan were working for Enagic, a water purification pyramid scheme. Being a part of a classic pyramid scheme motivated Hassan and Candance Mahmoud to structure a new, more advanced one with Silverstar Live. David Mayer introduced them to forex, the most volatile financial market. Now this could be a match made in hell.

David Mayer introduced himself as one of the most accurate and consistent traders on the planet with an alleged 300% ROI annually.

Silverstar Live, just like Eaconomy, was a forex trading bot. The marketing structure was very similar to Eaconomy’s. The entry price for entering the pyramid scheme was $199 along with a monthly $145 payment. The pyramid has 12 steps where you can advance in ranks and eventually get more from the pie.

David Mayer did not reveal his name at first. The reason for Mayer’s secrecy is that he’s been convicted of multiple felonies. One that caught my eye is that he’s been found guilty of credit card violation. This does not sound like someone who profits 300% annually.

You wouldn’t believe the marketing they’ve done for Mayer. Silverstar Live was introduced as the world’s first AI and the product of the world’s 93rd highest IQ, a convicted felon, David Mayer.

Apart from David Mayer, Silverstar Live is not innocent either. The company promoted risk-free returns for its services. Securities and Investment Fraud clearly dictates that keeping the risk involved a secret in trading is illegal.

Silverstar Live started its life in the US and operating without a SEC license is illegal in the US. Was it registered? NO, SilverStar Live was operating without a proper license.

I also want to mention Global Forex at this stage. Global Forex was a 1-to-1 clone of SilverStar Live. After the founding of Silverstar Live, a new name stepped into the area, Global Forex.

This wide false marketing caught the attention of not only traders but also the eyes of the CFTC. CFTC accused Silverstar Live of violating the rules of securities fraud. Rather than defending themselves, Hassan Mahmoud and Candance Ross settled for $75,000. CFTC also ordered a cease and desist for Hassan Mahmoud and Candance Mahmoud. This is shortly after the launch of Eaconomy.

Presumably concerned about David Mayer’s legal issues, Hassan Mahmoud founded a new scheme, Eaconomy. Eaconomy was launched approximately a month before the collapse of Global Forex. Notably, Hassan Mahmoud did not include his wife as a manager in this new venture at first. While the reason behind this remains unclear, it could be speculated that there may have been some personal issues.

Another prominent figure in Eaconomy’s management was Sal Leto, known for his involvement in the OneCoin ponzi scheme. After OneCoin’s failure, Leto moved on to another scam, iPro Network.

In February 2020, two years after Eaconomy’s founding, VPO Sal Lelto and CTO Bill Wynne resigned from the company. Candace Mahmoud and Hassan Mahmoud claimed that both individuals stole company assets and fled. However, the legitimacy of this statement is questionable. At the time, Eaconomy considered as a failed Ponzi scheme.

Auvoria Prime Scam

Auvoria Prime is the third attempt by executive Sal Leto to sell a trading bot after the failures of Eaconomy and Silverstar Live. This third attempt utilizes a pyramid scheme to sell a bot that is nowhere near being a legit technology.

Hassan Mahmoud and his company, Eaconomy, were not pleased with the founding of Auvoria Prime. Despite Eaconomy’s own struggles, they were still operating. Eaconomy took advantage of the situation and sued Auvoria for using their bot.

Leto, like Hassan Mahmoud, has a history of involvement in such schemes. His previous company, Ipro, was recently sued by the SEC for a $26 million pyramid scheme.

Another Eaconomy recruit, Van de Langenberg, has also been involved in an MLM scheme. In 2015, Van de Langenberg operated Star Signals, another forex bot. Star Signals faced a $180,000 lawsuit and was ultimately shut down in 2016.

Hassan Mahmoud did not follow the case until the end and dismissed it. It’s not irrational when you consider that both companies operate similarly and not legally. I believe that Hassan Mahmoud’s side was concerned about the counter accusations that might arise and agreed upon a private settlement with Auvoria’s side.

On November 27th, 2020, the CFTC accused Mayer’s SilverStar Live of fraudulent activities. Ironically, Mayer defended himself by claiming that he never had a forex trading account and had never traded forex. Now, Mayer, our genius, who allegedly achieves a 300% ROI annually, admits in court that he has never traded forex. It’s no wonder Hassan Mahmoud dropped him.

Project Lantern is another scam related to the economy. How? Project Lantern was an old-school pyramid scheme run by Michael Faust, Chris Thomson, and Azli Noor. Faust, a veteran in Ponzi schemes, has been involved in USI Tech, Ormeus Global, and Wenyard. Faust also promoted SilverStar Live. Prior to the downfall of SilverStar Live, Faust threatened Business For Home for accusing SilverStar Live of fraud. Despite the efforts of Mayer and Faust, the SilverStar Live scam concluded by the end of 2021 with a $15.6 million fine by the CFTC.

While SilverStar Live is long gone, Hassan Mahmoud was attempting to expand Eaconomy’s operations outside the US, where regulations are more forgiving and victims are ignorant about Hassan Mahmoud’s history.

Mahmoud decided to partner with the company Beyond Wealth and changed its services to subscription plans. This partnership was announced with a Zoom webinar. Eaconomy customers in the US were provided with Athena, and Eaconomy customers outside the US were provided with Achilles. Hassan Mahmoud built this structure to avoid regulatory issues and stated that “The problem is securities aren’t just regulated in the US.”

Hassan Mahmoud also came up with the idea of VPS, a long-standing practice in the forex market. Thanks to VPS, US citizens will be able to fully utilize Eaconomy.

Beyond Wealth, just like Eaconomy, is no stranger to these schemes. Jeremy Reynolds, prior to Beyond Wealth, was involved in the Onyx Lifestyle Ponzi scheme.

At this point, the market was filled with scammers who had tasted the profits from the SilverStar Live scam and wanted to continue. Manifest Fx was an attempt in between from one of the affiliates of SilverStar Live, but a more remarkable example would be Incomation. What Incomation wanted was to become the greatest all-in-one platform ever. What a lie. The founder of Incomation was not clearly listed, but the main website was connected to the social media profile of Jamie Divie, another promoter of Eaconomy.

Eaconomy Affiliates

Eaconomy affiliate program is designed to keep the system running. As long as there is a constant cash flow through new customers, system works itself in a constant and increasing debt since there is no actual profit.

eaconomy affiliates
  1. Joining the Affiliate Program: To become an affiliate with Eaconomy, you need to register and pay a fee. Initially, there’s a $29 activation fee, which then reduces to $15 per month. This fee provides access to a replicated website, back-office, funnel marketing system, Affiliate Academy, and weekly live webinar trainings.
  2. Earning Commissions: Affiliates earn commissions by selling Eaconomy’s trading tools on a subscription basis. The tools include a crypto bot, trade signals, and an AI-powered trading robot. Commissions are earned as long as customers continue subscribing to these tools.
  3. Training and Support: As an affiliate, you will receive training and insights on marketing, sales, trading, and customer support.
  4. Compensation Plan: The compensation plan includes various ways to earn money, such as fast start bonuses, binary team commissions, and lifestyle bonuses. Fast start bonuses are a one-time $50 bonus for each customer package enrolled by the affiliate. Binary team commissions are based on the affiliate’s business organization, paying up to 85% on the organization. Affiliates can potentially earn from $100 to $1,000,000 monthly based on rank and sales volume.
  5. Rank Advancement: The ranks range from Apprentice to Legend, with specific requirements for volume, total students enrolled, and personal volume. To advance in rank, affiliates need to maintain a certain number of enrolled students.
  6. Customer Referrals: Affiliates can earn a free membership by referring three active customers. The membership remains free as long as the referred customers remain active.

Eaconomy Forex VPS

Eaconomy offers an AI-based trading bot called Aithena, which is designed to operate without the need for a Forex Virtual Private Server (VPS). Unlike many other trading bots that requires a VPS or continuous running of a trading platform like MT4 or MT5, Aithena functions independently on its own server. This setup reduces the need for technical expertise from the user and minimizes the risk of interruptions due to computer updates, power outages, or internet issues.

The Aithena trading bot uses artificial intelligence to trade in the financial markets, automatically executing trades based on predefined conditions and a variety of data inputs. This AI-driven approach is positioned to potentially create advantages for traders by analyzing and responding to market conditions more efficiently than manual methods.

To use Aithena, users need to connect their brokerage account to the AI trading bot through Eaconomy, after which the bot operates autonomously. The system is designed to be user-friendly, requiring minimal technical skills or trading knowledge for setup and operation. Aithena trades in various forex markets, including pairs like AUDUSD, USDCAD, and EURCAD.

Eaconomy offers a low-risk approach while using Aithena. High-risk settings can lead to significant losses, so it’s advised to start with lower risk levels to understand the bot’s performance and trading style.

As a part of Eaconomy’s offerings, Aithena is included in their suite of tools that aim to provide accessible AI trading technologies to a broader audience.

Deposit and Withdrawals with Eaconomy

Eaconomy’s processes for deposits, withdrawals, and their refund policy are structured as follows:

  1. Refund Policy: Eaconomy offers a seven-day, 100% money-back satisfaction guarantee to all members. This policy allows members to request a full refund of all membership fees paid within the first seven days from the date of initial product or service enrollment or payment. After this seven-day period, members can still cancel their membership at any time as per the terms of the Membership Agreement, but they will not be eligible for a refund of fees paid. Refunds are issued to the original payment method and are processed in US dollars​​.
  2. Eaconomy Pricing and Payment Methods: The cost for Eaconomy’s services, including setup fees, is $149 for the first month and $99 for each subsequent month. Payments can be made via credit card and other methods like online banking. Eaconomy operates without a subscription model or contractual obligations, allowing clients the flexibility to discontinue the services at any time. Additionally, clients who recruit new members can get Eaconomy’s products for free and have the opportunity to earn additional money​​.
  3. Product and Services Overview: Eaconomy provides training, signals, and automated trading systems for Forex Trading. The company relies on Multi-Level Marketing (MLM) to recruit new customers, with an emphasis on group dynamics and member satisfaction to encourage the recruitment of new members. The company’s main product is an automated trading software.

Eaconomy.best: New Era of The Scam

When I wrote this review, Eaconomy was continuing its services on the eaconomy.io domain. However, it has since changed, and Hassan Mahmoud and Eaconomy continue their scheme at a different address, eaconomy.best.

eaconomy.io

Even though the domain name has changed, the scam remains the same. Eaconomy relies on customer flow just to feed the people running the scam. It’s a classic Ponzi scheme. Please be aware, Forex is no stranger to brokers changing names.

eaconomy.best

Why did Eaconomy.io Change to Eaconomy.best?

  1. Evading Detection: By frequently changing domains, Eaconomy can attempt to stay ahead of regulatory action and avoid being easily tracked by authorities or by individuals looking to expose or take action against their activities.
  2. Reputation Management: The old domain has been associated with negative reviews and fraud accusations, moving to a new domain can be an attempt to reset their online presence and escape the bad reputation.
  3. Market Expansion: They might want to appeal to different regions or markets to lure new victims into their scam.
  4. Marketing Strategy: Eaconomy.best might be a part of a rebranding strategy to attract new investors or to give an impression of growth or change, which can be appealing to potential new members.
  5. Legal Loopholes: Changing domains and the business entity associated with them might be a tactic to exploit legal loopholes or to make it difficult for unsatisfied customers or law enforcement to pursue legal action.

Eaconomy’s scheme relies on the customer flow, the use of a new domain could be part of a strategy to maintain the facade of a legitimate business and to continue recruiting new investors to support the payouts to earlier participants. This is a typical practice in typical Ponzi and pyramid schemes.

Eaconomy Customer Reviews

Accusations of Scam and Fraud

  • Multiple reviewers label Eaconomy as a scam or fraudulent operation, there is a strong consensus of distrust.
  • Eaconomy’s customers are aware of the company structure that focuses on affiliate marketing, implying the business may prioritize recruitment over product quality or legitimate investment opportunities.
eaconomy-scam-review-1

Poor Customer Service

  • Customers report being charged for unknown reasons even after canceling memberships. When they tried to resolve their disputes, they say they faced dishonesty from the customer support team.
eaconomy-false-charges

Technical Issues

  • There are mentions of technical issues leading to significant financial losses. The lack of reliability and stability of their trading platform and systems proves that the main selling point is not the product itself but the hope that it promises.
  • The lack of timely and transparent communication from the company further increases customer frustrations.
eaconomy-no-customer-support

Affiliate Program Concerns

  • In Eaconomy’s pyramid scheme, affiliates and success stories are marketing tactics for attracting new customers, reviewers are also resambling Eaconomy’s marketing strategy to a pyramid scheme structure.
  • Reviewers have also noticed that positive reviews could be incentivized or falsified, which is a common tactic used by companies trying to maintain an illusion of success.
eaconomy-affiliates

Conclusion

In summary, Eaconomy is a ponzi scam where there is no reliable product but the product itself is the affiliate system that rewards its participants with a pyramid scheme structure. This structure is doomed to fail and when it happens you would not want to be on board.

Eaconomy’s focus is on its affiliate network rather than perfecting their product. Their product offers something that no one has ever done before. I’m sorry but nothing you can find online can make you easily and instantly rich. Maybe it’s just me but, I believe being truthful about the operations is more important than giving false hopes and trying to lure you into the mess in order to salvage what you’ve lost. Eaconomy is a ponzi scam fueled by its pyramid scheme, the more you stay in the game the more you’ll get hurt. 

In conclusion, Eaconomy is an unsustainable scam that will sooner or later collapse. The company’s reliance on a constant flow of new customers to sustain its operations is a classic characteristic of a Ponzi scheme. Eaconomy does not offer a reliable product. The cases Eaconomy and related personnel have been involved in is just a signifier of a fraudulent operation that will one day sink. Don’t believe the affiliates who promote the product and do not fall into their trap as they have been misleading desperate people for many years.

1 thought on “Is Eaconomy a Scam? Full Review”

  1. Hi,

    Thanks for this informative article. I was about to invest with this shit Ponzi scheme as my relatives invited me. Now I can say “don’t f*ck with me”

    Reply

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