Magellan International Closes Down – Members Receives Refund
Jef Welch, the acting CEO of Magellan International Alliances, (June 20 – Dec 15th) a brand of CGIPH Marketing Services, based in Manila, recently negotiated with the owners, to facilitate a complete international refunding process to all its entitled members.
Although Welch did so without salary, he took on the role of CEO, after being elevated to President, from Master Distributor, to protect the membership and the overall objective. Although Welch, assuming the role of acting CEO several months after the company was launched, to date he has never taken any commissions from any position in the company.
Jef Welch stated:
“I joined CGI/Magellan to study the possibilities of solutions for cryptocurrency companies in the MLM space. I saw so many people in the industry being burned and my objective was to find the solutions.
I have zero respect for company owners who scam their investors with empty promises and pipe dreams and then run off with the monies. In the end their members lose their investment and usually don’t have access to their cryptocurrency once it crashes before their eyes.
I negotiated with the owners to take several actions to protect the approximate 35,000 members to assure Magellan was not one of those companies who left people burned, knowing this would cost the owners a tremendous amount of funds.
An agency in Irvine, California has been retained by the owners of CGI/Magellan to facilitate an audit and the distribution of refunding to all eligible members.
The Cryptocurrency coin associated with CGI/Magellan is to be gifted to all the members based on their package(s) purchased. Blockchain wallets have been established and made available to all members to facilitate peer-to-peer transactions on the blockchain.
This is a major win in the MLM/Cryptocurrency niche. Everyone who is deemed eligible by the liquidator receives their refund, and they get their cryptocurrency.
This can only be done if the investors are willing to spend a lot of funds to accomplish this. Although I was not shocked that the owner would step up and agree to this, I certainly appreciate his willingness to listen to my negotiations and to make everyone whole.
The Magellan business model, supported by the 3rd party mining operations was deemed unsustainable once the BTC value dropped below $6,000.
Most cryptocurrency businesses during the year of 2018 experienced major downturns as well, which the niche went into a crypto-winter.
In March 2018 I explained in detail to the owners why I believed the Power365 bonus was not sustainable due to compounding, and higher than expected risk of a deep dive of the BTC value which was being published by crypto-experts. At the time BTC was still much higher than the threshold of viability at $6K USD value of which their business model was based upon.
In June 2018 the owner asked that I take on the role of CEO. (The former CEO was experiencing health issues.) He made it very clear that he wanted me to take the role because he understood my concerns and asked me to help correct the issues.
October 1, I announced that November 27th would be the end of all sales of packages. At that time, the overall business expenses of the company, was moving deep into the negative as the BTC prices stayed way below the $6K benchmark.
Although the owners were willing to continue to self-fund the company until the crypto-winter passed, I expressed once again that the business model was a broken business model, and it should be liquidated and all qualifying members be refunded if due.
The owners, contacted the CFO and accounting team located in the Philippines to facilitate all funding for payout of commissions and also the collecting of funds and BTC from members. Since I have never had access to the accounting or any control of the funds, the CFO is now working directly with the liquidation trust to handle all future refunds.
Again, my role as CEO was merely for the brand Magellan and not the corporation of CGIPH.