Wantage One claims to be operated by a Swedish Credit Union, a facade for a scheme managed by Wantage One AB, a subsidiary of Wellmont Capital Group N.V. This entity is linked to Antony Norman, a figure with a history of orchestrating pyramid and Ponzi schemes since at least 2014.
Norman’s first appearance on ScamTelegraph’s radar was as CEO of ViralAngels, a brief pyramid scheme with underlying securities fraud. By January 2017, the Angel Business Club Ponzi scheme surfaced, appearing as a successor to ViralAngels. While Norman did not publicly lead Angel Business Club, he is believed to have been involved through Angel Equity International, incorporated around the time ViralAngels collapsed. Angel Business Club, as a Ponzi scheme, also proved short-lived but continues today as part of Angel Equity International, now presented as a "private equity community" offering "free shares" in its company portfolio. Wantage One seems to be one of these purported companies, alongside others tied to Wellmont Capital such as Bakuhatsu and The Sprinkle Group.
Wantage One offers no genuine products or services for affiliates to market. The sole focus is on recruiting new members into the affiliate program itself. This structure is typical of investment scams where the only way to earn is by bringing in new investors.
The compensation plan centers on affiliates investing funds with promises of weekly returns ranging from 0.3% to 1.8%. Investment tiers are defined by the amount invested, with higher tiers supposedly yielding higher returns. An "Affiliate" investing $250 receives a 0.3% weekly return, while a "Blue Diamond" investing $10,000 to $50,000 is promised 1.8%. Crucially, Wantage One locks these investments for fifteen months, preventing early withdrawal. Payouts are split, with 60% delivered in bitcoin and the remaining 40% in "liquid equity tokens," a common tactic to obscure the true value and liquidity of funds.
Eleven affiliate ranks exist within Wantage One, each requiring a minimum investment and the recruitment of new members who also make investments. To achieve the lowest rank, "Affiliate," one must invest $250 and recruit two other affiliates, strategically placing one on each side of a binary team structure. Progressing through ranks like "Team Affiliate," "Ruby," "Emerald," "Diamond," and "Blue Diamond" demands increasing investment amounts and the recruitment of affiliates who have already achieved higher ranks. Higher ranks, such as "Crown Diamond" and "Ambassador," require recruiting individuals who have already reached the previous two elite tiers, creating a perpetual recruitment demand.
The company’s claims of operating as a Swedish Credit Union are unsubstantiated and appear to be a deliberate attempt to lend an air of legitimacy to a scheme with clear Ponzi characteristics. The reliance on recruitment, the promise of high, unrealistic returns, and the locked investment periods are all red flags for an investment fraud.