TranzactCard Review: Richard Smith returns with new card opp

TranzactCard operates in the banking and cashback MLM niches.

On its website, TranzactCard identifies its Founder and Chairman as Richard Smith.

On the corporate side of things;

TranzactCard LLC is a wholly owned subsidiary of TZT Holdings LLC. TZT Holdings owns the brand “TranzactCard” and the TranzactCard Financial Ecosystem.

On LinkedIn Smith cites himself as TZT Holdings’ Executive Chairman.

Long story short, Richard Smith owns and operates TranzactCard.

TranzactCard operates from two primary website domains; “tranzactcard.com” and “mytzt.com” – both first registered in April 2021, with private registrations last updated on April 29th, 2023.

Although we didn’t know it at the time, BehindMLM first came across Richard Smith’s MLM work with
Divvee
in mid 2016.

Instead of the fronting the company he was a co-founder of, Smith initially hid behind CEO Allen Davis.

Divvee’s original concept flopped and it was rebooted as
Divvee Rank and Share
in November 2016. Sometime after Smith and co-founder Troy Muhlestein became the face of the company.

By July 2017 it was apparent Divvee Rank and Share had also flopped. This prompted a
pivot to forex trading securities and commodities fraud
.

Update 7th November 2023 – 
Back in 2010 Smith was was 
criminally charged with securities fraud
in Utah.

The charges pertained to Ascendus and FFCF, two Ponzi schemes that
defrauded consumers out of around $10.9 million dollars
.

In November 2012 a court-appointed FFCF Receiver secured a $3.2 million default judgment against Smith.

In January 2017 Smith pled guilty to one count of Pattern of Unlawful Conduct, a second degree felony.

Smith was sentenced to pay $200,000 in restitution of which he has paid $100,000 with the remaining $100,000 to be paid in monthly installments of $1,667 for the next five years, which is the period of his probation, plus 250 hours of community service.

Smith’s sentencing was recorded on page 3 of a meeting minutes filing from the Utah Division of Securities Commission. 
/end update

After Divvee we had
Nui
– a continuation of the aforementioned securities and commodities fraud.

Nui devolved into a
bunch of crypto schemes
led by Darren Olayan. The mess culminated in Texas issuing a
securities fraud cease and desist
in July 2018.

The Texas State Securities Board would go on to
fine Nui $25,000
in February 2019.

I don’t know exactly when Richard Smith left Nui but he
resurfaced with The Digital Vault and RevvCard
in March 2019.

The Digital Vault and RevvCard were supposed to bring fiat banking services to Nui’s crypto fraud.

In April 2019 The Digital Vault relaunched as
R Network
. RevvCard still hadn’t launched and wasn’t due to launch for another eight months.

By mid 2020 the original concept for RevvCard had been scrapped. Smith began
offering stock ownership in R Network
, despite neither himself or the company being registered with the SEC.

What was left of R Network quietly died off after

🤖 Quick Answer

Who is Richard Smith and what is his role at TranzactCard?

What are TranzactCard's primary business sectors?
TranzactCard operates within the banking and cashback MLM (Multi-Level Marketing) niches, combining financial services with direct selling business model characteristics across multiple platforms and revenue streams.

Which website domains does TranzactCard use?
TranzactCard operates primarily through two website domains: tranzactcard.com and mytzt.com, both initially registered in April 2021 with private registrations last updated on April 29th, 2

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