The Just One Dime $30m Amazon FBA Automation SCAM
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- Опубликовано: 26 авг 2024
- Since last week's video discussing the Kevin David Amazon FBA automation scam, the world has moved on and ANOTHER Amazon FBA automation scam has hit the headlines. This time from Seth Kniep / Just One Dime.
Seth Kniep ran Just One Dime for a number of years, offering just one product - an Amazon FBA course. Around 2020, he then released a 'Done For You' service, which promised investors a fully functioning Amazon FBA business with a 200%+ ROI, and 15-20% margins in the first few months.... all for a one time fee of $30,000 + a share of revenues.
However, investors' Amazon stores (or the bulk of them) never came to fruition, despite Just One Dime taking over $30,000,000 from investors. The whole service turned into a huge scam, with some people handing over $10-20k as recently as October, despite Just One Dime filing for bankruptcy just a few weeks later.
In this video, I discuss with Alex from @honest-fba a number of topics, including what Amazon FBA automation is, how Just One Dime scammed people, and whether other people that promoted Just One Dime's products, such as Dan Rogers, should be held accountable.
1:27 What is Amazon FBA Automation / Just One Dime Done For You?
3:16 Why Amazon FBA Automation doesn't work
6:15 Who Are Just One Dime
7:45 About Just One Dime's Done For You Service & Their Bankruptcy
9:30 Breakdown of how Just One Dime scammed investors out of $30m
24:00 Dan Rogers & his relationship with Just One Dime
30:43 Should You Do Amazon FBA Automation?
33:59 Spooky final words from Seth Kniep....
VIDEOS / SITES MENTIONED:
Alex's video on the topic: • Just One Dime SCAM $30...
Renae's summary of her experience: • Video
Facebook support group: / 177049056422848
Your apology is accepted 😊. It did feel awful to have people think Seth’s victims were “lazy”…because most of the people I’ve met through this scam nightmare have more than one job, while others are retired and wanted to leave something more for their grandkids. We simply believed the risk to be the same as hands-off stock market investing. Could your store lose money? Yes, but no one believed Seth would take the 30k and not build you a brand. But that’s exactly what happened to most. And this scam wasn’t just targeted toward wealthy people. There was a live call Seth did where he encouraged all to cash out their retirement accounts because they could see huge returns much faster. Many people took his advice. Hopefully, Seth is put behind bars for scamming 30-50 million with nothing to show. Thanks for calling these guys out, it helps bring awareness.
Great comment. Alex definitely appreciates how the scheme was originally pitched / sold now that you’ve explained, so thanks for your input :).
We understand because there was so much that went wrong. I needed JOD to help get me started with some extra cash flow and then later try to use some of the profits to take courses to learn. Nobody has time when money is tight because time is money. They also had no Brand skills. Random Names, Logos nobody could spell or remember? Strange unrelated products? I was offered a Bakers Rack, Filing Cabinet (probably because they looked at my Amazon Search History), Mountain Climbing gear, Wine Suit Case. How do those products form a Brand? How many people are going buy/use Wine Suit Cases and Mountain Climbing when they got Covid Lockdowns?
We are NOT Investors; we are Customers because we have NO Equity Ownership in the company and Seth Owes us a Debt. While Seth holds most of the blame, his 4 Brand Builders have huge responsibilities and conflicts of interest. Seth allowed them to keep selling, which would be ok if they had spent time building profitable stores for their customers. Perhaps when Brand Builders found a really hot selling product, they took it for their own stores and when sales started running out, they transferred orders to the Chinese Factory to some poor investor's store. They should have been managing and training their staff in Philippines better, but perhaps they also saw them as potential competition as well. If the Brand Builders were overloaded, they could have trained their staff better. $30k is enough to hire 1 person in the USA to build 4 stores. They could have hired 250 people to build stores because store owners were still going to pay JOD revenue share PLUS $10k per product batch! What they did to preserve their money at the end was also a Scam as they didn't tell anyone the information they needed to make the correct decision.
Who has $30-$50k sitting around to start an online business unless he scammed mainly retired people who had that type of money in a retirement account. He got what he deserved.
Wonderful video. I hope you follow the case. It would ve interesting to see this play out
My "Brand Builder" Danillo Varriale took my $30K and my Amazon Store never launched anything after 18 months of excuses. 🤦🏻♀️💩
Same
Wow, thanks for sharing this Janson and Alex. Luckily, I don't have that sort of money to invest, but I was taken in by Seth's story and often followed him and watched his videos, and I really liked his honesty!!! Like you say....his production of his videos were very good! Unfortunately, I feel there are a number of Amazon Gurus out there who are getting greedy and selling their courses and knowledge to too many people, and then not giving the support that had been promised, and it's making the whole Amazon thing extremely competitive now. I'm with Janson now, but had previously invested in another training academy, and I soon came to learn that as soon as I signed up with them, they were then trying to upsell you other money making schemes. There are many greedy and scamming people out there now, who were otherwise honest before their success!
I knew this will happened. It's just the beginning more will come because I did loss and also earn profit from amazon business. I blame 40% to people who's buy this program because they going to build business without knowing anything about Amazon ecosystem. I blame 60% to just one dime because they knew the success rate in amazon private label is only 10 to 20 percent.
It failed because he didn’t build the stores at all, so how can non existing stores affect your business ??
What about his other schemes, where he offered training courses ranging from $1,000 to $3,500 and then charged $150 if you had a question? He did request my testimony, to which I replied, "Hell no." I hope to see you in court soon.
When they approached me on signing the NDA, I laughed. It was so obvious what he was trying to do. I never signed. Then they sent me the email about arbitrage, I shocked at the gaul these guys had. Needless to say, I didn't pony up the extra money for that as well. I'm really hoping there is a class action for this. He should be put in Jail, it was a total ponzi scheme.
Thanks for having me Señor Smith!
No worries Mr Toad
Per the Texas bankruptcy hearing in the December and the bankruptcy filing documents: Seth Kneip paid 67% of all initial $30K to brand builders which is non-refundable as they were third party companies. He paid himself approximately $210K annually. His son Josiah was paid $114K annually. He drew over $100K annually out of the company as a draw. There were 4 brand builders for nearly 1,000 people who signed up. Each brand builder who received 67% of our money had 250 accounts, which was far too many. Seth Kneip paid their money up front, not incremental as stores or private labels were developed. During the hearing he stated that he owned a warehouse in China, but couldn’t remember the first name of the person who was running the warehouse. He only recalled the last name “Wong.” Of the $49 million Seth made, he claims $15 million went to him for overhead, software, etc.
Seth Kneip advertised that we are INVESTORS, but our contracts read CLIENTS. His attorney was next to him and had him pump the brakes when questions targeted his personal money versus JOD money. The call was nearly 6 hours long. He also claimed that of the 985 people he took money from, 85 stores or were profitable. 150 of the 985 were not included in the bankruptcy.
Thanks that’s useful insight. How did he make $49m if 67% of the $30k went to his contractors? So those guys would be loaded!
@@JansonSmith, he bought real estate. They also transferred millions to DFY Espanol and other LLCs, which are not filling for bankruptcy. So, the scam goes on...
Seth I love you.. but GREED is always a downfall. Stay humble.. you gifted your tesla away.. you have a good heart.. do it again.. better and smaller :)
Are the investors getting their money back?
In essence, no one deserves to be scammed. On the other hand, if you want the easy way out, and willing to gamble all your money on others to create and manage your business, the changes of succeeding are bigger at the casino placing all your chips on RED.
Yes it was a high risk play, but you’d expect some sort of return / store setup ! Mad people didn’t even get that.
Hey Janson, hey Alex! Great video guys, thanks for sharing your views, insights and perspective on the matter. I also did some research, and it does become clear that Seth did not plan to genuinely build Amazon stores but rather deliver a poor job at best. I agree with you Alex about the fact that when you scale up this business, it becomes more complex and therefore need more resources, manpower, etc.....Although when Seth started JOD he provided good content, the whole thing went south when they 'setup' BFY.
The part I disagree with is about Dan Rodgers. Yes, JOD is far smaller than Nike (my analogy was a tad off ), but I disagree to hold him responsible for people losing +30k. If Dan is responsible, I would also argue, that investors should have also done their due diligence. Don't get me wrong, I do feel sorry for those who lost their money by investing in BFY, but shouldn't they have investigated more? especially for that kind of cash?
Back in 2018 when I looked at Amazon FBA, the first guy I came across was Kevin David. I even attended one of his seminars. I dug deeper and although my Amazon knowledge was zero at the time, there were too many red flags, so I decided against his program. Again, I don't blame BFY investors, I am just throwing the question out there, as it's a constructive discussion...
Hey man, as you probably will guess I still don't agree about Dan haha. I think you're being too kind by not holding him accountable in some way. It doesn't matter that he didn't specifically endorse that program, he endorsed JOD and at the end of the day they had 2 products, DFY and their normal course.
It's not as if JOD was a company with 40+ products and one of them happened to be DFY. You know that 100% of the people you send to JOD as an affiliate will also get exposed to the DFY program.
So in my opinion you should do your due diligence, at the very least he should have asked periodically how the results of the DFY program were... not just blindly referred thousands of people into their marketing funnel.
I'm not sure why people want to defend him because he makes nice content, it's a business at the end of the day.
Thanks for your input mate. Have a great Xmas.
It's absolutely heart-wrenching to witness the devastating effects of Seth's bankruptcy on the lives of so many who had put their trust in him. However, it's crucial to consider the possibility that he never had any intentions of running off with anyone's money. It's plausible that he believed wholeheartedly in his ability to help people and that unforeseeable circumstances led to the downfall of his investments. The immense pressure of facing 7 lawsuits and the prospect of owing millions of dollars is undoubtedly a daunting and stressful situation that no one should have to endure. It's understandable that he may have gone MIA to protect his mental health from the overwhelming stress and anxiety. Let's approach this situation with empathy and compassion, and strive towards a resolution that benefits everyone involved.
Is dimetyd a real company?
I guess the only thing with Dan Rogers is that all his past content promoting JOD, before the Kniep Automation scam was birthed, would still lead people to JOD. And he can’t very well delete ALL his content, and lose that, because JOD before kniepscam was actually good, as you said. And the course apparently was held in high esteem in the Amazon FBA world.
I reckon from the time he realised the scam was happening he could have stopped promoting JOD but people still watch much older content from pro seller / RUclipsrs when beginners are learning about Amazon.
I don’t think Dan could be held accountable.
Also he may already have had a general standing NDA the beginning of his working with JOD.
I think a tricky space he was in.
Dans a good guy be careful what you say
JUST ONE DIME. THEY TOOK 30K FROM ME. MY MY KIDS BREAD. I HOPE THEY GET AN ACCIDENT AND FOR THEM AND FOR THEIR KIDS AND FAMILLY
are you gonna get money back at all?
@@naskahzada no I can’t. There Leo scammers backed up by Biden administration
Massive biceps 💪
💪🏻👨🏻🦰