- Report: #1529107
Complaint Review: Online Academy LLC - Richmond VA
Reported By:
Steve Hoover -
Vestal, NY, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Online Academy LLC
2307 WESTWOOD AVE Richmond, 23227 VA, United States
Phone:
804-220-8721
Web:
onlineacademy.com
Categories:
Business Rating:
(1)
Tell us has your experience with this business or person been good?
Online Academy LLC Onlineacademy.com Online Academy LLC Online Blueprint Matt Graham Shut down operations before investments in their scheme could be recouped Richmond VA
Online Academy LLC offered a business plan based on their ability to deploy any additional available funds they could muster up to generate great profit returns for their clients. Online Academy claims to be incredibly adept at online advertising for their clients and can use my money each month to make sales for their clients, a profit for OA, and a return for me. Looking back, it seems much more like an imploded ponzi scheme now.
Hundreds of people like me put up $12K to join the program, then we buy 4 weeks of ad placement credit for $4K every 4 weeks. When the 4 weeks is up, they return $4K-$10K back to me. Or that is what they claimed, even adding that it would probably average around $6.5-$7K.
In reality, I started in Sept 2022 and got the low end of this range until they had to shut down in late August 2023. I was using every penny of my profits to payoff the 18 month interest free loan that was offered to me by OA for this purpase through a third party to fund the $12K + first $4K block = $16K loan.
The first month I had a $2K profit and then I had roughly $1K profit per 4 week run every month until around May 2023 when it dropped to a $1K profit for a couple months, then $500, then $400. Finally, in late August 2023 we all received an email from OA saying they had to halt operations and would let us all know by Sept 5th what was going on. That was the last any of us have heard from this company.
Since there was a 10 day waiting period after each 4 week block ended and the payout received, I had kept the machine in full speed mode by paying for a new $4K block before the current running ended. That way I was cranking this business model every day without delays caused by the 10 day payout period. As a result of this aggressive approach to getting my money back as fast as possible, I was able to get the loan paid down to only about $3.5K balance. However, I currently have paid for TWO $4K blocks and neither of them has paid out. I made the second $4K payment just days before getting the email that this ship was sinking.
So, Matt Graham and Online Academy currently owes me about $11.5K and I still owe roughly $3.5K on my loan. Compare this to last May when I still thought I would have broken even by now and I would be starting to pocket around $500 to $1000 per month indefinitely. It seemed like a good idea at the time. :-)
