SmashFund Review– Is Smash Fund a Scam?

SmashFund claimed you can make $64,000 per month. This gets everyone excited and is hot stuff right now. Is Smash Fund a scam or real? For now, we can't tell as the launch date is early July 2016. But there are signs showing in that direction. From my research on Rob Towles, the founder, and CEO of SmashFund, his involvement in his previous companies shows negative feedbacks. Whether this will be similar for SmashFund has yet to be seen. But if you are still keen to give SmashFund a try, go ahead. Until the launch date, it is free to sign up and you can cancel anytime you like. Whatever is your decision, you must read my SmashFund review.

Note: This article was originally published at startingnewonline.blogspot.com


smash fund review


UPDATE #1: On 2nd June 2016 at 1.05am (my local time), I received an email from SmashFund (sent to all members) that "new features are coming soon". They don't say when. I suspect with all the negative feedbacks, they decided something must be done to patch-up the pot-holes!

UPDATE #2  (June 7, 2016) If you visit SmashFund website now, you will see a completely new front page and a new logo, shown here on the right.


About SmashFund

rob towles ceo smash fund
Rob Towles of Smash Fund

Product Type:
A crowdfunding platform operating as a social network

Price: Free to join until launch date in early July 2016. After the launch, membership is $149 per month.

Owner: Rob Towles

Who is it for? If it is legit, for people who want to make money online. Problem is, whether it is legit, yet to be verified.

Website: SmashFund

Overall Ranking: ?/10 (will update this as we approach the launch date and if there are any other adverse reviews)

Watch this video where SmashFund's CEO Rob Towles explains how it all started.


What is SmashFund? - An Overview


You have heard of affiliate marketing, network marketing, multi-level marketing, but have you heard of crowdfunding marketing? In case you have not, crowdfunding marketing is a method of raising fund by asking the public or crowd (usually through the internet) to participate or contribute.

SmashFund works on this premise but is an invite-only social crowdfunding network. It uses the social media platform to raise funds and will share 80% of all its revenue with its members. SmashFund claimed to be the first Social Crowdfunding Network.

It will be launched in July 2016 and whether it delivers what it promises, has yet to be seen.

Until it is fully operational, one way to check the credibility of the company is to look at the shareholder's background.

Who is Rob Towles? - Can He Be Trusted?


Rob Towles, the CEO, and founder of SmashFund was in the financial industry and is a network entrepreneur. He was listed in his LinkedIn profile as the Chief Executive Officer & shareholder of Efusjon, Inc. from 2008 until 2010.

Efusjon sells efusjon’s energy drinks to distributors as a multi-level marketing program. It claimed:

With Efusjon, anyone can establish financial freedom

This is almost the same tagline for SmashFund, but with a better copywriting:
SmashFund is the first crowdfunding company operating as a social network. This is for the dreamer who dares to dream, the entrepreneur who eats obstacles for lunch and a place where passions, people, and life collide. Everyone has something that ignites their passion... let us help fund yours!

Was He in a Company Allegedly Involved in a Pyramid Scheme?


Members at Efusjon claimed that it is NOT a multi-level marketing program but in reality, a pyramid scheme. This was how it worked:
  • Member invests in the product and recruits a new member into the scheme.

  • Member has to buy the product to continuously meet their membership obligation of accruing retail sales.

  • Membership was $170 per month, by buying the product from efusjon.

  • Otherwise, they cannot stay in the program and be compensated under the scheme.

  • But in reality, Efusjon members do not sell the energy drink product to any consumers.

  • Members make money by recruiting new members who WILL buy the product.

  • They will then recruit other new members, who HAVE to buy the product.

  • These are the bonuses to members who are higher up in the system.
You cannot get more information on Efusjon as its website is no longer accessible.

On top of that, a class action lawsuit was filed against the company by Laurel Cook (on her behalf and those similarly situated), in the Superior Court of the State of California County of San Diego, on November 20, 2009. The defendants listed were Robert Towles, Keith Dillon, R. S. Edwards, Aaron Callahan; Kenny Gilmore, Kathy Humphreys, Ken Vander Kamp, and Marc Sharpe.

The lawsuit alleged the company was operating an illegal pyramid scheme. You can read the full text of the lawsuit here: Laurel Cook vs Efusjon

But before this was filed, Rob Towles had earlier posted this message in August 2009:

It is with the greatest reluctance that we are forced to remove the “grandfathered” compensation plan. It has been brought to our attention that a large number of individuals on the “grandfathered” compensation plan have not only been discussing their income but have been showing photocopied checks and downlines to recruit individuals who will never be able to earn at this level. This is not only unlawful; it is also considered income projection and is strictly prohibited by our Policies and Procedures. These activities have led to a pressing legal scenario that must be resolved quickly.

So, what do you think?

Smash Fund Potentially a Scam?


Rob Towles was listed as Founder of SmashFund Inc. from January 2015 – March 2016 (why until March 2016?) and Member of Full Card Interactive, LLC from 2010 – Present (6 years). Full Card Interactive is a social game investment firm.

Prior to being the CEO of Efusjon, Rob Towles was the Mortgage Specialist at Ditech/GMAC (2004-2008) that specializes in Home Loans, Refinance, and Mortgage. Ditech, unfortunately, has hundreds of complaints from its customers.

Hmm, sounds familiar?

But please bear in mind that 'Past Performance Does Not Guarantee Future Results'.

What I am saying is, SmashFund may not be in the same league as Efusjon. Can it be better?

Still Interested in Smash Fund?


Despite the above negative review, you still want to be in the game? (since the action is about to roar). Then read on for more information on SmashFund.

How to Make Money with SmashFund?


SmashFund will share 80% of its revenue with its member. So you have to invite people to join before you can earn the revenue. You can earn more, after the July launch date, by creating campaigns. Until then, you can only invite people.

How? By writing blogs and sharing your unique Invite Link, or through email messages, Twitter, Facebook, and LinkedIn. For your convenience, these social share icons are listed in the website's footer area.

SmashFund is an invite-only network and members have to key in the invite code before they can be accepted. When you sign up for the program, you too will be given your invite code.

The poster on their website says you can earn $50 every month when you invite people to join the network. 

To be honest, I am not sure how this works. My simple arithmetic is 80% of $149 equals $119.20. What happens to the other $69.20?

I must have missed something!


Why I Joined?


Well, to start off, because I need more information in order to write this review. 

Second reason - they say they will not bill your credit card and if they do, sufficient notice will be sent out. The drawback is how to stop my credit card billing as there's nothing on their website that allows you do any 'Account Changes'. (UPDATE: As of late June 2016, SmashFund had introduced a new addition to member's dashboard). What I have done was to cancel that credit card and asked my bank to re-issue with a new card (charges apply, but a lot cheaper than to waste my money here).


What's Next for You?

You have read my review, so the choice is yours.


22 comments:

  1. This thing is all over the internet now! I personally believe that it's a scam. $149 a month is kinda a lot. I don't think there's gonna be many people willing to pay...

    I'm a blogger myself, and I think that I'm going to write a negative review of it :)

    ReplyDelete
  2. I really like what you have going on here. You have three or more angles on promoting WA, while at the same time making a great effort at being personable. The disclaimer page is really good.

    All that said, it's my opinion (only an opinion, you know how those are!) that while you do an excellent job of spacing your verbiage, facilitating a good readership, that the site is too verbose on each page--too much for me. I have a short attention span like many. I like scanning a page and seeing the highlights (pictures and headlines) so I can sum up whether or not I want to spend time on that page.

    I'd consider shortening the pages. Maybe by breaking up the content into chapters or whatever you'd like to call them. Part 1 and Part 2, etc.

    Again, only my opinion. You have excellent work here.

    Steve

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  3. Sounds exactly like a pyramid scheme to me. So many of the MLM marketing companies turn out to be pyramid schemes because they only benefit those at the top and the people on the bottom suffer the most.

    Not a good business model. I appreciate you doing an honest review of this company as it will not be a good one.

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  4. Hi Julius. yes, SmashFund is the flavor of the month now and everyone is raving about it. Some reviewers even claimed to have made money already. This is hard to believe 'cos when I joined, SF didn't debit my credit card (I think!) so how can any 'upline' make money?It is good to know that you will be writing on this topic.More people will be aware of its potential danger.

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  5. Hi, Alec. Yes it does sounds similar to what happened at Efusjon. Although the company claimed it was not a Pyramid scheme, a lot of members think otherwise. And this may repeat here at SmashFund. Thanks for dropping by an dsharing your opinion.

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  6. H. Steve. Thanks for this feedback on the overall website layout and presentation. Will take note of your comment and see what I can do to make it better. Cheers and have a good day.

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  7. Hey Mazlan,
    Great review. I am a blogger myself and actually wrote a review about Smashfund yesterday.

    I am just worried the negative impact this will have on bloggers promoting Smashfund to earn money online.

    It takes time and effort to build trust with your readers and a misstep like promoting a scam [even if unknowingly] would destroy any credibility.

    I just hope others learn a lesson from this article and review and research products before they promote it to their audience.

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  8. Hi Mazlan,
    I have been reading reviews all week on Smashfund. With each review I have found myself teetering with the idea of joining. I don't like that there are no instructions how to cancel. However, I did read, that is the reason they are not billing yet. Smashfund is in the pre launch phase and don't have all the features active on their site. Therefore, they don't want to charge members, but they do want to allow them to establish their networks so they can start making money right after launch. I heard that Towles was the creator of the Candy Crush app, but I did not know about the other companies he was a part of. Thanks for sharing that information. I am all the more cautious thanks to your review.

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  9. Hi Josh.It's interesting that you mentioned Candy Crush 'cos it was embroiled in a controversy with another developer that claimed Candy Crush copied some of the game idea!Is this just coincidence that there are controversies wherever we find Rob Towles?Thanks for dropping by Josh.

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  10. Yes, it is troubling to find bloggers eager to earn an extra income without doing due diligence whenever they write product review. But I think this is only a handful. Thanks for sharing, Josh and hope to hear from you soon on how things are moving on with your SmashFund review.Cheers.

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  11. Hi Mazlan,

    It's like 5th or 6th review of the Smashfund I've seen in last few days. I think that it can be a Ponzi scheme. Why? Where is the reason to create crowdfunding website where you have to pay 150$ to be a member and then you can send more money to people who need it (I am talking about individuals who don't want to promote it)? Several crowdfunding websites are free, so I don't see huge success behind SF. We will see in future and in which direction admin will go.

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  12. They are asking for your credit card but they aren't giving you a way to stop payments? That sounds pretty nasty.

    Smashfund is already sounding a lot like a method of tricking money out of people. Its better that we don't join.It would be a waste of time, and money.

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  13. Yes, it sounds sleazy actually and I suspect SmashFund is aware of this shortcoming and last night I received an email from them (which they send to all members) that 'new features are on the way'.We just have to wait and see. Thanks Blame for chipping in.

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  14. Hey Simon. You are right. Before I decided to join SmashFund to get info (to write this review,) I too was bombarded with several SmashFund articles and all of them were very upbeat. I actually left comment on one of them but was denied, simply because my comment was negative towards SF!Thanks for dropping by.

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  15. This site is laid out very constructively and it is easy to read and image you have added to the website my be a little bit distracting and one is tend to loose concentration and need to read lines over just to pickup the story line.

    Professionally laid out and look good on the first glance

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  16. Hey Quinton, thanks for your feedback on my post layout. Will take note of your comment and do the necessary changes. Cheers.

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  17. My husband wanted to join this scheme but thank god we found this article. Thanks for doing all the checking and sharing it online.

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  18. Jane, thanks for dropping by and sharing this info. I am glad this article has helped you and your husband. Cheers.

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  19. So much can be said in regards to SmashFund. There are a considerable amount of pointers towards the trick way while still such a variety of towards an authentic impeccable arrangement. By and by, I think I wouldn't call it the SmashFund trick yet until I saw it working and doing in opposition to what it guaranteed.

    So for the time being, we can abandon it at that, and sit tight for it to dispatch and begin working. However, I would very propose that individuals don't go along with it until it is completely dispatched and has started working. This is on the grounds that you'll simply be putting your Visa in the danger of extortion if the organization neglects to dispatch.

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  20. Hi, Calton. From the time I wrote this article and now, SmashFund had introduced a lot more features to its member's site. Probably after the numerous negative reviews. I had my credit card charged for the initial membership fee. As I didn't intend to be a member, I wrote in requesting for refund. They replied the next day saying that it will be process immediately. I must admit I was impressed and hope they will do well.

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  21. Wow the membership is $149 per month - I have to be honest with you here, that slightly worries me because of the info availbale on the system so far!
    How long have you been a member there for - have you seen any sort of positive results or turnarounds with the platform at this point?

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  22. I joined Smash Fund to understand the system and write this review. I have since cancelled my membership before the 1st payment due date.Yup, it is expensive and its not worth the money.

    ReplyDelete