What’s left of the Richard Smith’s Tranzact Card to FinMore grift has collapsed.

In an email sent out a few hours ago, frontman Peter Rancie “announc[ed] the complete and immediate shutdown of TranzactCard and FinMore”.

While Rancie (right) “doesn’t blame” newly launched NeloLife for TranzactCard’s and FinMore’s “mistakes”, he does state the its launch is the reason TranzactCard and FinMore were unable “to achieve their respective missions”.

Rancie attributes previous TranzactCard and FinMore blunders, which given Richard Smith’s history should have and were obvious, to “federal and state regulatory issues beyond our control”.

Rancie also cites “the incessant noise that surrounds the direct sales industry”, which as it pertains to TranzactCard and FinMore largely revolved around said “federal and state regulatory issues”.

BehindMLM covered TranzactCard and FinMore exhaustively, beginning with our June 2023 TranzactCard review.

Bottom line? I’m not 100% on TranzactCard committing securities fraud but I’m smelling smoke. And that smoke is thick given Smith’s past brushes with securities fraud.

Smith, who has a criminal securities fraud conviction, solicited $495 payments from thousands of “Digital Branch Office” affiliates.

The solicitation was based on numerous misrepresentations, including at one point the
involvement of Donald Trump, Barack Obama, the RNC, DNC and LeBron James
.

Following due-diligence into Smith,
TranzactCard’s planned US banking services were terminated
in September 2023. This marked the end of the business, however solicitation of $495 DBO’s continued on promises of new banking channels.

TranzactCard and FinMore named Bangor Bank as a replacement towards the end of 2023, however this was promptly
denied by the bank
.

The deception continued through the announcement of
FinMore
, a reboot in name only. Richard Smith
still owned parent company TZT Holdings LLC
.

As happens often, BehindMLM received criticism for covering TranzactCard and FinMore. Notably, MLM veteran Randy Schroeder
had a meltdown
over our reporting in September 2023.

Characterizing BehindMLM as a “dog chasing a train”, Schroeder falsely claimed BehindMLM had been paid to report on TranzactCard and FinMore.

Schroeder was very public in spreading misinformation with respect to BehindMLM’s reporting. To the best of my knowledge Schroeder has never publicly acknowledged this or taken responsibility.

Instead, as TranzactCard and FinMore collapsed around him, Schroeder went on a “delete the evidence” spree and began promoting Nelo Life.

From the perspective of FinMore and TranzactCard corporate, Here’s Peter Rancie on Nelo Life;

The ability of TranzactCard and Finmore to achieve their respective missions have been eroded irreconcilably, by the launch of a competitive operation.

As a result of this last factor, most digital communications channels have been polluted with a social media civil war that is still escalating.

Rather than investig

🤖 Quick Answer

What led to FinMore's shutdown?
FinMore ceased operations due to multiple factors, including the launch of NeloLife creating a significant distraction from business objectives, unspecified federal and state regulatory challenges, and negative industry scrutiny surrounding direct sales practices. Company leadership attributed these combined pressures to their inability to achieve organizational missions.

Who announced FinMore's closure?
Peter Rancie, frontman of the organization, announced the complete and immediate shutdown of both TranzactCard and FinMore via email correspondence. Rancie acknowledged NeloLife's launch as a contributing factor to operational difficulties.

What regulatory obstacles did FinMore face?
FinMore management attributed previous operational failures to federal and state regulatory issues beyond their control, though specific regulatory violations or compliance failures were not detailed in the announcement.

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