NOSS123 - also known as TLC2003, Real Results Systems, Up To You Wealth, and True Wealth Today, has had more transformations than Michael Jackson (the latest website at the time of this writing is TLC2003.com).
One person who has had dealings with members of NOSS123 has traced the founder of the company to Haleiwa, Hawaii.
What do the Hawaiian authorities think about cash gifting programs?
Consider that a legitimate gift has no strings attached and is not an ‘investment.’ Avoid being misled into thinking a gifting club is legitimate because the ads say that members consider their payments and expect nothing in return. This is an attempt to make an illegal transaction look legal.
NOSS, of course, spouts the normal cash gifting scheme boiler plate:
The concept of private gifting is based upon the fact that both American and Canadian citizens have the Constitutional right to gift property, cash and other assets, and are subject to the rules and regulations established by the laws. The U.S. gifting rules are found in the IRS Tax Code, Title 26, Sections 2501-2504 and 2511.” One of their promoters (moneyfromphone.com) even goes so far as to claim, “OUR GROUP IS A CHARITABLE ORGANIZATION!”
To qualify as a charitable organization under the IRS Codes, NOSS123 would need a 501 (c) (3) license. Here’s how that works:
“To be tax-exempt under section 501(c)(3) of the Internal Revenue Code, an organization must be organized and operated exclusively for exempt purposes set forth in section 501(c)(3), and none of its earnings may inure to any private shareholder or individual… The organization must not be organized or operated for the benefit of private interests…”
Yet NOSS makes it abundantly clear that they are nothing if not private:
“There are no organized gatherings of any kind such as hotel or restaurant meetings, for the purpose of inviting participants. Such gatherings would violate the privacy of the activity and give the appearance of commerce or trade.”
Here’s the take from a UK resident who was invited to join NOSS in June of this year:
http://www.bizoppsuk.com/chain_gifting.php
Take a look at the NOSS thread from scam.com. Save time and learn what you need to by reading post #47.
The complaints about the operators of NOSS123 are nothing new. There were plenty of unhappy customers when the program was being called True Wealth Today and Up to You Wealth:
http://www.scam.com/showthread.php?t=1469
http://www.firsthandreviews.com/True_Wealth_Today_Gifitng_Program_Review.html
http://www.scamvictimsunited.com/phpBB2/viewtopic.php?f=9&t=1309
http://cash-gifting.ws/faq.html
There is also an ongoing discussion about the merits of NOSS at scam.com:
http://www.scam.com/showthread.php?t=30397
We’ll leave the last word on the merits of NOSS should go to one of its unhappier members:
Mon, Sep 15, 2008
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