An investigation into Dubli reveals that it is at best a faltering multi-level marketing firm on the verge of bankruptcy and, at worst, a bona fide pyramid scheme. Officially, there have been no fraud or other related charges filed against the company, yet a look at their history uncovers many irregularities.Continue Reading
Dubli was founded in 2003 by Michael Hansen as a reverse auction shopping portal with a business opportunity attached for prospective Dubli Business Network Associates. Then, they became a gift card seller, then a shopping platform, and after that, an entertainment community. Today Dubli operates as an e-commerce firm offering paid subscribers cash back on good and services purchased through their online shopping.
In 2009, Dubli merged with Medianet Technology Group, a company that appears to have had financial issues, according to Bloomberg News, and then marketed themselves as the “new Dubli.” In 2014 when Dustin Mitchell, a former Senior Vice President of Dubli, filed a restraining order against the company's founder and ex-CEO Michael Hansen for stalking and harassing him. The former employee also accused Dubli of stealing $12,000 from him. In May of 2015, they attempted to reinvent themselves once again and move away from their questionable reputation by renaming the company Ominto, Inc.
Dubli's most recent income statement, as disclosed in their 10-Q filing dated August 14, 2015, the company reported a net loss of $4.35 million for the nine months ending on June 30, 2015, and has never made a profit in any fiscal year since its inception.Learn more about Corporations