Your Web Book Matrix, an Australian online venture, registered its domain 'yourwbm.com' on November 10, 2011, under 'The Edwards Family Trust.' The company claims members can turn $3 a week into over $2,000 weekly, yet official searches reveal no clear business registration or verifiable ownership.
The domain registration lists a post office box in North Sydney, New South Wales. Your Web Book Matrix describes itself as a "reputable Australian business." However, an Australian Business Number (ABN) search yielded no results for the company name. A search for "The Digital Web Book Matrix SA BN05394521," also referenced in the company's Terms and Conditions, similarly failed to produce any records. An ABN search for 'The Edwards Family Trust' returned over 2,000 results, making direct verification of ownership inconclusive.
The company's Terms and Conditions cite South Australian law as governing its operations. This suggests a primary base of activity in South Australia, despite the New South Wales post office box listed in the domain registration. Such discrepancies raise questions about the true operational center.
Members receive monthly "ebook credits" for the company's "web book" store. But no actual products or services are available for retail sale. Members primarily sell company memberships.
Your Web Book Matrix pays 90% of all membership fees back to members. This happens through a 3x8 matrix structure. An affiliate sits at the top, recruiting three direct members on the first level. These three then recruit their own members, expanding the matrix down eight levels.
Members earn 20% of the weekly membership fee from each person they personally recruit. An additional 10% of weekly fees is paid down eight levels for members recruited by their downline. Members must recruit three new individuals to qualify for commissions.
The business model, with its focus on recruitment over retail sales, aligns with the Federal Trade Commission's warnings against pyramid schemes.