Investor Alert > Today’s Growth Consultants DBA Income Store Fraud Investigation
Posted Feb 11, 2020
by Alan Rosca

Today’s Growth Consultants DBA Income Store Fraud Investigation

Misrepresentation

The Income Store, a component of Today’s Growth Consultants, has been accused of engaging in securities fraud by the Securities and Exchange Commission. Based in Minooka, Illinois, the company supposedly buys and builds websites with third party “Site Partners”. The Income Store allegedly first located an opportunity to build a revenue-generating website, and would then contact these third party “Site Partners”, who would invest in the company and fund the project. The Income Store would do all the work (building and continuing to manage the site), while these investors would gain a passive income. However, in December 2019, the Income Store purportedly notified some investors and stated that a temporary suspension of monthly payments would occur because of business issues. 

The Rosca Scarlato LLC attorneys are currently working with several investors and reviewing their records related to this Income Store case. The firm is also presently being contacted by new investors involved.

The lawyers at Rosca Scarlato LLC are in advanced stages of their investigation and have already identified a number of potential recovery options for investors who believe that they have experienced loss as a result of the Income Store’s alleged actions. They are exploring those potential recovery options to determine whether they may be able to assist Income Store investors.

The firm is continuing to work to collect any and all additional records to further investigate the case, as well as to further explore recovery options. Firm lawyers would like to talk with any investors who are willing to cooperate, or who have any questions about this Income Store case. Those with useful information or questions about their potential loss recovery options may contact attorney Alan Rosca or his colleagues Paul Scarlato and Chris Pfeiffer for a free, no-obligation discussion. Call 888-998-0530 or email arosca@rscounsel.law to learn more.

Today’s Growth Consultants DBA Income Store Ongoing Investigation 

The Income Store committed security fraud, which came to light when they allegedly stated they could not make their monthly payments to investors late last year, according to the Securities and Exchange Commission. The contract between the company and its investors appears to be an investment contract.

Income Store Investigation

An investment contract is a well-known type of security,” said attorney Alan Rosca, a partner at Rosca Scarlato and an adjunct professor of securities regulation. “When a company offers to investor an investment of money in a common enterprise with profits to be derived chiefly through the efforts of others, it typically engages in a securities offering,” said attorney Rosca. “Securities offerings are highly regulated events that must be either registered with the regulators or must qualify for an exemption,” said attorney Rosca. “Our investigation shows that the Income Store’s offering was neither registered nor exempt from registration,” said attorney Rosca.

In the United States, the law states that all securities need to be registered with the SEC, or they need to meet requirements to become exempt from registration. Today’s Growth Consultants DBA Income Store faces potential complications, as the company did not register securities with the SEC. These securities were also apparently not offered in a manner to where they didn’t need to be registered. Therefore, it appears that the Income Store needed these security registrations, yet didn’t possess them.

The Income Store also seems to not have been registered as a franchise or business opportunity. This registration may also have been required.

Because of this apparent lack of registrations, Today’s Growth Consultants DBA Income Store is alleged to have offered unregistered securities to unknowing investors. Similar to other cases of pyramid schemes, the Income Store supposedly offered investors a return on their investments and an ability for them to make a passive income, yet didn’t deliver.

Then, in December 2019, they purportedly announced a moratorium of payments. 

The Income Store’s website is currently offline and all business practices have come to a halt, as the SEC has filed a complaint against the company. In their filing, the SEC stated that the company allegedly ran a Ponzi like scheme for a long time.

Income Store case

Prior to this incident, the Income Store reportedly raised at least $75 million from investors, who were all guaranteed a result after investment. The company allegedly promised about 500 investors a 50% share of website revenue, yet were unable to meet this promise. The SEC states that their business model was unsuccessful, as the websites they created did not make the amount of revenue that they had initially anticipated. The company also seemingly promised investors investment returns monthly, though this ended up not succeeding.   

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.

Investment Attorneys Investigating Now

The Rosca Scarlato LLC investment fraud lawyers represent investors who lose money as a result of broker misconduct or fraud. Currently, our attorneys are investigating Today’s Growth Consultants DBA Income Store alleged case. The firm takes most cases of this kind on a contingency fee basis and advance the case costs; payments for their fees and costs only come out of money recovered for clients.

A securities lawyer and adjunct professor of securities regulation, attorney Alan Rosca has represented thousands of victimized investors, both in the United States and around the world, in cases ranging from arbitrations to class actions.

Investors who believe they may have experienced loss as a result of the Income Store’s actions may contact attorney Alan Rosca for a free, no-obligation evaluation of their recovery options. Investors can call 888-998-0530, email arosca@rscounsel.law, or use the contact form on this webpage to get in touch.

Contact us. All evaluations are free

DISCLAIMER

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.

If you believe you lost money as a result of investment-related fraud or misconduct, please contact our law firm for a free, no-obligation evaluation of your recovery options.

Contact us at 888‑998‑0530 or through the contact form on this page.
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