Is Pennywise Wealth Management Fake or Real?
Why Is Pennywise Wealth Management Fake?
Pennywise Wealth Management is an investment website which claims to provide daily returns between 2% to 3.5% with a minimum investment of $100. The upper limit is mentioned as 3% on the home page, but it is given as 3.5% on the Portfolio page. 0.5% is a significant amount for a daily return and it is odd that Pennywise Wealth Management has got it wrong on the home page. Clients are required to pay an additional $50 as an ‘investment management fee’, which makes the minimum amount to get started $150.
A domain name lookup of the website shows that it was registered on 23rd July 2018. No information about the registrant such as name or location is available, as it has been blocked for privacy. The traffic data of the website shows that the website has only been active since June 2019.
The content of the website is quite poor and does not inspire confidence in Pennywise Wealth Management as a professional firm. There are grammatical errors all over the place and not even the company’s name is written consistently. Is it ‘Pennywise’, ‘Penny-wise’ or ‘Penny Wise’? No self-respecting brand would let such oversights happen. The website has been active for more than a year and they have had enough time to fix these errors.
There is also a video embedded on the home page which has very low production value. It uses stock videos overlaid with copy-pasted text from the website, complete with the same mistakes. It even features a creepy clown resembling Pennywise from IT, which is an odd creative choice for an investment firm.
Their investment portfolio seems to be quite wide as they claim to invest in all kinds of things. They also say that it is impossible to incur a loss if you invest with Pennywise Wealth Management, which is a tall claim to make at a time when the global economy is significantly slowed down by the pandemic.
The Contact page of the website only has a form through which they can be contacted. However, bits and pieces of information are spread out throughout the website. I was able to located an address and an email ID two separate locations. The email was is likely to be fake as the mailserver exists, but the actual ID is unreachable.
Pennywise Wealth Management claims to be a registered investment advisory incorporated as Pennywise Wealth Management LLC, with the reference number given as ZC18. The closest match found for the reference number ZC18 is registered as Standard Chartered Bank and uses the same address provided by Pennywise Wealth Management. This implies that the registration ID provided by Pennywise is fake.
The Pennywise Wealth Management website has social media links for LinkedIn, Twitter and Instagram. A Facebook page could also be found upon searching the platform directly. The LinkedIn page does not exist any longer and their most active profile is the Instagram one. This is extremely odd for an investment firm. The Facebook page has not been updated since November 2019. The name of this page is PennyWise Wealth Management while all the other profiles are named Pennywise Wealth Management, which once again brings up the point about the company not even being able to get its own name right.
The Facebook page also contains a phone number with the country code of Nigeria. According to TrueCaller, the number belongs to a certain Prince Samuel in Nigeria. It is unknown whether this individual is associated with Pennywise Wealth Management in an official capacity.
There is a small possibility that the Facebook page was created by a third-party posing as Pennywise due to how their referral system operates. Pennywise Wealth Management has a flat $50 bonus for every referral who invests with the company, as well as large bonuses for investors who bring in the maximum referrals.
There are only a few user reviews available for Pennywise Wealth Management on Scamadviser and TrustPilot. Almost all the reviews are positive, but they cannot be considered credible as most of them seem to be soliciting referrals. Keep in mind that investors of the company are incentivized to maintain a good image of it in order to maximise their referral benefits. The reviews seem to be written mostly by Nigerians.
It seems to be highly likely that Pennywise Wealth Management is a scam. There is nothing which suggests that it is a legitimate firm. Daily profits of 2% to 3.5% mean annual profits of 730% to 1277.5%, which is quite unrealistic and more so due to the current economic slowdown. They also claim that you cannot make a loss on their platform, which is something no real investment company will promise.
The company isn’t even professional enough to mention the daily return rate properly, as it has mentioned 3% on the home page and 3.5% on the Portfolio page. Not to mention, they can’t even get their own right.
Pennywise Wealth Management claims to have trading desks all over the world, but there are no addresses provided. The only address given on the website seems to be fake. The claim that the company is a registered investment advisory could not be substantiated. Not even a single phone number is given on the website. The email ID also seems to be fake.
All the signs suggest that Pennywise Wealth Management is a scam and possibly a pyramid scheme. It would be advisable to avoid investing with this company, as it does not seem to be genuine.
Remember: If something seems too good to be true, it probably is.
If you have been a victim of an investment scam, you can take the following steps:
- File a complaint with the payment portal. However, investment scammers mostly use methods such as Bitcoin, Western Union, MoneyGram and other untraceable methods which make refunds impossible.
- File a formal police complaint with the Cybercrime department.
- Leave a negative review on review portals such as Scamadviser and TrustPilot
- Report the website to Google using the Suspicious Site Reporter extension for Chrome
- Give a low rating to the website on Web of Trust. You can also install their extension for the same.
- If the company has a listing on Google My Business or Google Maps, file a complaint using the Business Redressal Complaint Form. Also, leave a negative review explaining what kind of experience you had.
Disclaimer: The views expressed in this article are presented as an educated opinion based on facts and evidence. There is no malicious intent or attempt to defame any individual/s or organization/s. If you are a website owner and would like to provide clarifications regarding your business and/or website, please get in touch using the Contact Form.