Penney Ooi is a member of the President Council of the infamous multi-level marketing scheme known as the World Financial Group (WFG).
In addition to that, she works with Transamerica Financial Advisors, Inc. as an Investment Advisor Representative.
She also holds the position of Executive Chairperson for the World Financial Group.
Penney Ooi has been working for the multi-level marketing company for close to three decades now. In 1990, she received a bachelor of science degree in finance from Southern Illinois University in Carbondale.
There are thousands of people who have been affected by Penney Ooi’s WFG, and the company has received a significant number of complaints. I will explain how she pulls off this con in the following review, as well as the reasons why you should do everything in your power to stay away from it.
After all, the company that J. C. Penney runs has experienced significant expansion over the past few years. In 2019, they had more than 40,000 associates working for them. In addition, the corporation distributed around 790 million dollars in payments to its associates in 2018.
Undoubtedly, it seems like a potentially fascinating opportunity. However, things are rather different in practice.
About World Financial Group
Penney Ooi’s World Financial Group is a multi-level marketing organization that operates out of the state of Georgia. Distributors in the United States, Puerto Rico, and Canada are responsible for the sale of financial and insurance goods on behalf of the company.
They can be reached at the following address: 11315 Johns Creek Parkway, Johns Creek, Georgia 30097-1517.
It is owned by Aegon NV and AEGON Asset Management Services Inc., both of which are its parent organizations.
WFG Reinsurance Limited, WFG Properties Holdings LLC, and WFG China Holdings, Inc. are all examples of its subsidiaries.
This multi-level marketing organization began experiencing significant growth in the early 21st century in 2001.
Is the World Financial Group Legit? Or, is Penney Ooi Running a Scam?
On paper, there does not appear to be anything wrong with the multi-level marketing organization run by Penney Ooi. The manner in which it conducts business, on the other hand, is very immoral and places both its staff and its consumers in precarious positions.
You will be hired by the company as an associate because it is a multi-level marketing business, and you will be expected to find new associates.
They highly recommend that you get off to a “fast start,” in which you must sign up three new members and attend three training sales during the first month of your employment with the company.
Simply using this strategy is a significant warning sign. It puts a lot of pressure on recruits to begin actively marketing the company as soon as they join the firm.
You will receive a percentage of the commissions for any purchases or sales made by your associates, regardless of the product. At the WFG, this is the only method that will reliably result in financial gain.
Penney Ooi’s organization is a straightforward multi-level marketing operation, and this type of business model is fraught with serious problems. Scams involving multi-level marketing are highly frequent, and research shows that 90 percent of those who participate in one end up losing money.
For instance, Boyd Parker is an MLM con artist headquartered in the UK who has been the subject of a large number of complaints for defrauding recent college graduates.
Why You Should Not Become a World Financial Group Associate:
Even if you discount the fact that this is a multi-level marketing (MLM) organization, the business still exhibits red flags that point to it being a scam in other ways.
If you examine their contract levels, you will be able to determine the number of commissions you are eligible to receive for any individual product.
For instance, if your contract level is 100%, you will receive 100% of the first year’s commissions in addition to whatever compensation structure you have in place.
People who work for legal businesses receive 80% contract levels, which have the potential to increase to 140% or higher after a year or two. On the other side, Penney Ooi’s business only pays its employees 36% of their gross income.
Also, a WFG Marketing Director makes 51% of what a Senior Marketing Director makes, which is 64%.
You may now realize how horrible their payout is, despite the fact that these data may have altered slightly since they were published.
As a WFG associate, the only way for you to make money is through the commissions earned from your own sales as well as those of the people you recruit. The majority of your initial revenue will come from the things that you sell to the colleagues that you have just recruited.
In addition, Penney Ooi and her team put a significant amount of pressure on new employees to chase sales in a proactive manner.
As a result, you may want to start asking your close friends and family members to start purchasing from you. As a consequence of this, your connections with them may get strained as a result.
It is more difficult to regard the goods offered by World Financial Group as a decent approach to making money because the commission percentages are so low.
On top of that, the majority of the returns on your investment of time and effort will, instead, find their way into the pockets of Penney Ooi and the upper management of the company.
Additional Red Flags of Working For Penney Ooi
Penney Ooi is doing a multi-level marketing fraud. As a participant in a scheme structured like a pyramid, you will be required to make deceptive sales pitches. After that, your attention will be focused on hiring further people and you will request that they also recruit additional associates.
The selling point for each pyramid scam is fundamentally the same. You will recruit between three and five people and earn money from the sales they make. The new recruits will then be responsible for bringing in between three and five new members each and earning commissions from them.
The sales pitch suggests that you would become wealthy as a result of the commissions that you make from each of them.
However, it is incredibly challenging to sell these deceptive pitches to a person who is not already familiar with you. As a result, the majority of people involved in MLM have a tendency to market these schemes to their loved ones, friends, and coworkers.
This tarnishes their reputation and drives a wedge between them and other people.
In addition, WFG is in the business of selling financial products but relies on individuals who do not have the appropriate qualifications to advertise those goods. If you do business with Penney Ooi’s company, you will be subject to a significantly higher level of risk than you would be with any other legal provider of financial services.
In addition to this, rising through the ranks of a multi-level marketing (MLM) chain is not an easy task. The fact that the company’s clients are also its employees is evidence of how deeply faulty the company’s overall approach to conducting business is.
Having said that, there’s more.
The numerous World Financial Group reviews that I discovered online are presented in the following portion of this article. You will gain an understanding of the reasons why you should not place your trust in Penney Ooi and her company if you proceed in this manner:
What People Say on Penney Ooi and the World Financial Group
When I did some digging online, I found a ton of content exposing how Penney Ooi and WFG prey on others.
According to the tons of World Financial Group reviews online, the company is a scam. It is a pyramid scheme whose job interviews involve attending a promotional meeting of the company.
I’m not the one saying all this.
The following reviews of Penney Ooi and the WFG explain the company perfectly:
Here, a Reddit user has shared a post Penney Ooi had posted on social media. In this post, she is saying that being skeptical is worse than getting scammed. Certainly, it’s not a good comparison.
However, when they asked about the job description, the recruiter highlighted that they will need to recruit others and sell insurance.
Luckily, that person didn’t sign up.
Another user highlights that taking advice from Penney Ooi about scams is equal to taking advice from a scammer on the topic.
After doing some research on the internet, I came across a wealth of information that demonstrates how Penney Ooi and WFG exploit vulnerable people.
Many of the World Financial Group reviews that can be found on the internet indicate that the company is a fraud. It is a pyramid scheme, and one of the requirements for getting a job there is going to an event where the company promotes itself.
It’s not me who’s making all of these statements.
The following testimonials about Penney Ooi and the WFG provide an excellent summary of the company: