[AUDIO BELOW] Since Friday, TLS has been inundated with inquiries regarding a ‘Tuition BOGO’ ad circulating.
This morning, Rabbi Yosef Posen released the following audio message.
UPDATE: Though people have been giving this organization thousands of dollars today, Askonim we spoke to say they do not have any information about this campaign, and could not comment on the legitimacy of this.
Residents are urged to do proper background research before donating.
[TLS-50]
Doesnt say straight out if this is a scam or a speculative offering that will leave some ppl rich and others holding an empty bag.
They have an office in the new plaza in Howell. It’s open now. People are lining up to give money.
I ask that all school directors please go there, and request that their school be removed from the list, since they aren’t participating in the campaign.
Always remember if it’s too good to be true….than chances are it isn’t. I would avoid. Whose guaranting that the money will be paid out? From the stores listed on the bottom. I wouldn’t imagine any of them would be giving a 75k donation.
This smells like a ponzi/scam. This model make absolutely zero business sense and is too good to be true. They are collecting money up front to be paid over the next 12 months in an apparent effort to fund their new venture. It’s essentially a loan. When they disappear all the people who paid in will be left holding the bag.
Is the money being held in escrow until the donors match it ? If not I wouldn’t touch this unless some big guns are behind it which as of now it doesn’t seem the case
Probably a ponzi based on the fact that it will be paid over 12 months… I’m sure they will have another one in 6 months to pay for the 2nd half
Sounds BOGUS to me
Considering they would need to hold back about $350k for September and October tuition plus overhead expenses, they would need to make about 200% return on investment just to cover the tuition. Fat chance that can happen!! I feel bad for all the people who have already donated on the site. Maybe they can get their credit card to reimburse somehow…or maybe they’re all fake names.
I reported this as fraud to YouCaring.com. Everyone who donated needs to report it to YouCaring if you want your money back.
Unless theres is a local askan who signs his name to this i say stay away
Those who already donated should probably call their credit card companies immediately to dispute the charge.
the local vendors signed on where for a different campaign run by the BOGO where people get points/reward money from tuition payments to use at those stores.
they are not involved or aware of this new campaign.
I don’t know about its store front but the site barely has donors maybe one a hour.
Please please ask your rav or lawer before you give money to a corporation or person you never met and even if you did meet them think before bec if it sounds to good to be true its not true . As of now there is no rav backing it or gaurenteeing it
i I know about this organization very little but the little I do know everyone I spoke said to stay far away from it n its not at all affilated or backed by the baal tzadaka fron florida that has the same name as the organuzer of this bogous idea
SOUNDS TOOOO GOOD TO BE TRUE
If any of the vendors whose names appear on the sign is reading this, can you please clear the air to all of us who are extremely confused? Thanks!
As listed the max payout is 1 million. Assuming this is evenly divided among ALL donors. It could be explained.
In the event that they hoped to raise 10-15 million. This could be a typical 12-15% payout on a loan.
Done all the time in business. Yet unknowen potential risk.