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Nugen Coin’s website has no information on who owns or runs the company.
On November 1st, 2021, Nugen Coin’s website domain (“nugencoin.com”) was privately registered.
The Nugen Coin came to my attention after a reader requested that it be linked to Free Mart.
With a little study, I was able to corroborate this: Free Mart was reviewed in 2016. David Crookston and John Austin co-founded the company (left and right, respectively). Free Mart was essentially a pyramid scheme that didn’t distinguish between affiliates and retail customers. There were strange products attached to the MLM opportunity. Illegal medical claims were ascribed to Free Mart. I discovered Free Mart is now known as “ShopFreeMart” after not researching the company since 2016.
ShopFreeMart operates from the domain “shopfreemart.com,” which has no information about the company’s ownership or executives. NugenCoin is also not mentioned.
The fact that ShopFreeMart refuses to accept Nugen Coin ownership and hides this information from customers is a red signal. Another example is the failure to disclose ShopFreeMart’s ownership and corporate information.
Both failures to disclose are possible FTC Act violations. Based on the screenshot from the Nugen Coin marketing video above, we can confirm that John Austin is still the CEO of ShopFreeMart.
In mid-2016, David Crookston left the organization on ill terms. Austin was prompted to air his dirty laundry about him in public.
As always, if an MLM firm isn’t transparent about who runs or controls it, think twice about joining and/or giving over money.
Products by Nugen Coin:
Nugen Coin does not sell any goods or services. Affiliates may only market Nugen Coin affiliate membership.
Compensation Plan for Nugen Co.:
Affiliates invest in Nugen Coin because of the stated return on investment. Free Mart is now offering Nugen Coins for 32.7 cents each to their affiliates. The minimum investment in Nugen Coin is $50. ShopFreeMart holds Nugen Coins for 18 months after they are purchased. This is based on the promise of a 202-day return on investment of 200 percent. While your coins are staked with NuGen, you will receive additional coins at a rate of 0.35 percent four times per day, for a total return of 0.357 percent per day. At that compounding rate, in 202 days, the quantity of coins in your account will have doubled. In 202-day cycles, 18 months equals 547 days, corresponding to a 2.7 percent ROI.
A 10% commission is paid on Nugen Coins purchased by directly recruited affiliates. This is in addition to any ShopFreeMart MLM commissions.
On their website, ShopFreeMart does not disclose any compensation information. As a result, I can’t tell you if the compensation plan has been revised since 2016.
Membership in Nugen Coin: Affiliate membership with Nugen Coin appears to be free. A $50 investment in Nugen Coin is required to fully participate in the linked income opportunity.
Nugen Coin Summary:
ShopFreeMart’s website has no visitors. As an MLM company, ShopFreeMart is effectively gone. Nugen Coin appears to be a desperate attempt to keep earning affiliate commissions by luring them into cryptocurrency fraud.
“Our flagship coin, NuGen Coin (symbol NUGEN), is available for purchase straight from us. Nugen Coin is not covered by ShopFreeMart’s technical information. Which is strange, given that Nugen Coin bills itself as “the new standard of banking and business.” Nugen Coin is also advertised on ShopFreeMart with the usual “we’re going to be the next Bitcoin” rubbish. Take, for example, what occurred with Bitcoin. It was first listed and sold at 5 cents each, and it is currently worth well over $41,000. It’s now your turn.”
This is a bogus marketing promise intended solely to entice investors to invest in Nugen Coin. This is based on the promise of a daily return on investment (ROI) that affiliates can earn passively for 18 months.
The Nugen Coin offered by ShopFreeMart is unquestionably a security offering. This necessitates the filing of audited financial reports and registration with financial regulators.
In their End-User License Agreement, Nugen Coin has a company location in the state of Florida. The agreement with Nugen Coin also states that this Agreement and your use of the Application will be governed by the laws of the United States, except its conflicts of law provisions.
The Securities and Exchange Commission (SEC) regulates securities in the United States. ShopFreeMart, Free Mart, Nugen Coin, and John Austin are not registered to offer securities in the United States, according to the SEC’s Edgar database.
This suggests Nugen Coin and ShopFreeMart are committing securities fraud at the very least. ShopFreeMart affiliates were quick to jump on board at 9.6 cents a coin, roughly a third of what Nugen Coin is currently being sold for.
They’ll be the first to reach the 18-month maturity term, allowing them to withdraw the dollars they’ve invested. Although 10% commissions aren’t MLM, I’ve included Nugen Coin because of its ties to ShopFreeMart. Naturally, those who bring in the most Nugen Coin investors will get the most commissions.
Withdrawals will be made through the Nugen Coin internal exchange.
“We are in the midst of establishing our own NUGEN EXCHANGE, where you can purchase, sell, or hold for future price increases. NUGEN will be listed among other major coins such as Bitcoin and others on the exchange. Other exchanges, such as Binance, will also list NUGEN.”
Nugen Coin is still openly tradeable, despite the fact that its website domain was registered seven months ago.
John Austin is most likely saving public trading for the inevitable departure scheme. When ShopFreeMart can’t or won’t pay withdrawal requests any longer, Nugen Coin will be dumped on shady public exchanges.
As a result of the panic selling, the public trading value of Nugen Coin has dropped to zero, and I apologize for your loss.
