5Linx
 | A major contributor to this appears to have a close connection with its subject. (June 2014) |
 | |
| Company type | Private |
|---|---|
| Industry | Multi-level marketing |
| Founded | 2001 |
| Headquarters | New York, United States |
Area served | International |
Key people | Nelson Gerard (Chairman) and majority owner (5L Holdings, L.L.C.) |
| Products | Home and business services, nutritional supplements |
| Services | home security (through Protect America), identity theft protection, electric power, data storage, supplemental healthcare (not insurance)[1] |
| Website | 5linx |
5LINX Holdings, Inc. 5Linx is an American multi-level marketing company founded in 2016 and headquartered in Rochester, New York which markets numerous products and services.
Since the fall of 2016, 5LINX is owned by Nelson Gerard, its CEO/Chairman and its flagship product in the OXZGEN line of CBD Products.
5Linx is a multi-level marketing company. Representatives are rewarded for recruiting additional representatives in addition to products and services sold. Sales representatives are independent contractors, and the company does not make any claims about potential income.[2]
In 2016, 5LINX Holdings, Inc. bought the operating assets of the 5LINX Enterprises which was founded in 2001 and marketed utility and telecommunication services, health insurance, and business services. In September 2016, business entrepreneur Nelson Gerard bought the majority stock of 5L Holdings, LLC and became its Chairman. [1]
History
In the spring of 2016, 5L Holdings, LLC was formed to acquired the assets of 5Linx Enterprises (dissolved). In September 2016, business entrepreneur Nelson Gerard bought the majority stock of 5L Holdings, LLC and became its Chairman.
Since September 2016, 5LINX has undergone a complete operational, organizational and financial restructuring.
In September 2017, at its Nation Event in New Orleans, Louisiana, 5LINX introduced a full line of OXZGEN CBD products focused on health and wellness.
Litigation
In September 2015 the new management of the company sued Jerabeck, alleging that he breached his contract with the company by poaching 5LINX representatives for other network marketing companies.[3]
In September 2017, the three co-founders of 5LINX - Jerabeck, Tyler, and Guck - were indicted on multiple federal fraud charges, including wire fraud and money laundering.[4][5] The trio admitted to defrauding $2.3 million from investors, illegally depositing company revenues into personal accounts, and failing to pay hundreds of thousands of dollars in taxes. In December 2018, Tyler and Jerabeck were sentenced to a 14-month prison term for fraud and filing false tax returns and were ordered to pay back $2.3 million in restitution to investors, as well as $118,628 in unpaid taxes to the IRS.[6][7] In May 2019, Jason Guck was sentenced to a 7-month prison term.[8]
References
- ^ a b "5linx product portfolio". 5Linx. Retrieved 7 September 2015.
- ^ Cite error: The named reference
bga1was invoked but never defined (see the help page). - ^ Craig, Gary (January 16, 2016). "5Linx current, past leaders tangled up in lawsuit". Democrat & Chronicle. USA Today. Retrieved October 22, 2016.
- ^ Cleveland, Will. "Former 5LINX partners indicted on federal fraud charges". DemocratAndChronicle.com. USY Today. Retrieved 20 September 2017.
- ^ "5LINX defendants face fraud charges". RBJ.net. Rochester Business Journal. Retrieved 20 September 2017.
- ^ Craig, Gary (December 12, 2018). "Second 5Linx founder sentenced to 14 months for fraud, false tax returns". Rochester Democrat and Chronicle. Retrieved January 5, 2019.
- ^ "Former 5LINX president sentenced to federal prison for taking millions from investors". WHAM-TV. December 6, 2018. Retrieved January 5, 2019.
- ^ Craig, Gary. "5Linx co-founder sentenced to seven months in prison for his role in $2.3 million fraud". Rochester Democrat and Chronicle. Retrieved 2020-02-21.
https://www.royalaish.com/2020/02/network-marketing-company-in-india.html