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Business ProfileforJMD Finance LLC
Current Alerts For This Business
BBB files contain a report
from a consumer that alleged JMD Finance, operating as Overnight Wealth Pros”
took money for advertising packages that were supposed to pay commission fees
but no fees were received and the business shut down.
On March 14, 2023, BBB
completed an investigation into this business. The investigation determined JMD Finance may also have operated as “Secret
Wealth Abundance” and is currently operating as “Total Wealth Abundance.”
On March 14, 2023, BBB sent
correspondence to JMD Finance requesting their voluntary cooperation in
providing additional information about the business. We are awaiting their response.
BBB will continue to monitor and update the company's report as needed.
BBB tips regarding business
investment opportunities:
In the most basic version of
business investment opportunities, the scammer convinces you to “invest” in a project,
company, loan, or other initiative. You may even receive regular reports that
the project is producing great returns. But when you try to withdraw your
money, it turns out the investment never existed.
Another common investment opportunity is a pyramid scheme or Ponzi scheme. You buy into a company where the profit
doesn’t depend on the sale of the product, but on bringing in new investors.
It’s mathematically impossible for these set-ups to continue indefinitely.
Eventually the pyramid collapses.
Tips to Spot Scams:
• Be very wary of buzz words. Certain phrases should raise a
red flag for an investment opportunity. Don’t believe anything that is
“guaranteed” to do well, or that offers low or no risk with a high return.
Pyramid schemes (even if they are not called that) require you to bring in
other investors in order to recoup your initial investment.
• The investment industry is highly regulated. Be wary if
investments are unregistered with the SEC or other investment industry
regulators. Also, check licensing for the sellers.
• High-pressure sales tactics are also a big warning sign.
Many risky investments are sold at “opportunity meetings” or other
high-pressure situations. A similar tactic is the use of a “shill,” a decoy who
offers a fictional success story but is really being paid by the promoter of the
plan. Some pitches leverage a shared connection such as the same ethnicity,
church, profession, etc. Be on the lookout for attempts to prey on an affinity.
• How do you make money? If you find that the reward for
recruiting new distributors and selling them products and training materials is
more than the reward for selling products, you may be dealing with a pyramid
scheme.
• Chain letters are also illegal. A chain letter may seem
like harmless fun. Is sending $5 (or a book or small gift) with the hope of
receiving the same from other participants that big a risk? It may not seem
like a big deal, but any chain letter that has you sending money or other items
of value through the mail with a promise of a return on this “investment” is
illegal in the United States and Canada. Also, if you participate in email
chain letters, you could be spreading a virus or other malware to all the
people you are emailing.
• Research any business or investment opportunity thoroughly
before investing. BBB.org and other internet sites are a good place to
start. Be sure you completely understand
how the business/investment works.
• Don’t invest money you cannot afford to lose. Legitimate business and investment opportunities carry with them certain risks, including the loss of your investment.
At-a-glance
Related Categories
Business Details
- Location of This Business
- 9314 Forest Hill Blvd. #305, West Palm Beach, FL 33411
- BBB File Opened:
- 2/24/2023
- Business Incorporated:
- 1/25/2022
- Type of Entity:
- Limited Liability Company (LLC)
- Alternate Business Name
- Overnight Wealth Pros
- Total Wealth Abundance
- Secret Wealth Abundance
- Business Management
- John M David Jr., Authorized Member
- Contact Information
Principal
- John M David Jr., Authorized Member
Customer Contact
- John M David Jr., Authorized Member
Customer Complaints
1 Customer Complaints
Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews
File a ComplaintMost Recent Customer Complaint
02/27/2023
- Complaint Type:
- Product Issues
- Status:
- Unanswered
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