My Journey as a Seller with New Seataoo Corporation: A Detailed Account

 

The Beginning

In March 2023, I embarked on a new venture by creating a seller account with New Seataoo Corporation, commonly known as Seataoo. Inspired by videos of early adopters and a renowned financial coach’s endorsement, I was curious but hesitant due to a lack of understanding of the platform and its operations. It wasn’t until March that I took the plunge and set up my account.

Initial Struggles

The first few months were incredibly stressful. Orders began to come in, but I was completely in the dark about the order processing system. Days turned into weeks and then months, and my frustration grew. On June 9, 2023, out of sheer desperation, I reached out to customer service, expressing my fear and suspicion about the platform’s legitimacy due to their unresponsiveness. To my surprise, they responded promptly, assuring me that someone would call to explain the process.

Turning Point with Customer Service

Soon after, I received a call from Jeremy, my new account specialist. She advised me to create a new account and ignore the initial one I had set up. By the next day, June 10, I had a new account and even received my first order at 6:00 am. However, without the necessary funds to process the order, I had to wait. During this time, I requested a visit to the Seataoo office for further clarification, which Jeremy facilitated.

 

Understanding the Process

At the Seataoo office, Jeremy explained the entire process:

1. Account Creation: Set up a seller account on Seataoo, complete the necessary details, including proof of identity and withdrawal information, and wait for approval.
2. Order Processing: Once approved and orders start coming in, recharge your store wallet with the necessary funds to process these orders.
3. Order Fulfillment: Purchase the items from suppliers. Seataoo will then pick up the orders from suppliers or manufacturers and deliver them to customers.
4. Payment and Profit: After the order is delivered, you receive the money spent along with the profit earned. This process typically takes 17 to 20 days.

 

Due Diligence Visit

On June 29, 2023, I visited the Seataoo office for a thorough due diligence check. I met with Mr. Joseph Ty, Jeremy, and Atty. Benjamin Magadia. We discussed the company’s plans, registration legality, business model, and their numerous daily orders compared to established platforms like Amazon. Mr. Ty explained that their model was similar to Alibaba’s, with partnerships with various logistics companies for global order fulfillment. The expansion plans in regions like Bicol and Naga City were also highlighted.

During the meeting, I questioned the sudden resignation of their former financial coach and his replacement by MJ Lopez. Mr. Ty clarified that the change was due to the former ambassador’s resignation and that MJ Lopez was chosen for his enthusiasm and willingness to promote the business. Despite my concerns about the company’s shifting image from a traditional e-commerce platform to something resembling a networking business, I was reassured about the legitimacy and potential of Seataoo’s operations.

Affiliate Program Clarifications

I learned more about the affiliate program and its 3% commission structure:

• The 3% commission is a reward from Seataoo for introducing new sellers, not deducted from the affiliate’s earnings.
• If an affiliate deposits money into their wallet but doesn’t process orders, no commission is earned.
• Affiliates can withdraw their funds at any time if they decide not to process orders.
• The commission is awarded when the affiliate processes orders, with the full profit going to the affiliate, and Seataoo rewarding the root seller.

Challenges and Setbacks

While the overall experience had its positive moments, we encountered several issues, including occasional website errors. These were typically resolved quickly. However, on June 10, 2024, the Securities and Exchange Commission (SEC) issued a Revocation Order against New Seataoo Corporation. The SEC accused Seataoo of soliciting investments in a Ponzi-like scheme, misrepresenting their activities, and operating outside their Articles of Incorporation.

The Aftermath

The Revocation Order led to a chain reaction: logistics partners, suppliers, and banks withdrew their support, severely impacting Seataoo’s operations. Consequently, Seataoo decided to cease operations.

Seeking Legal Recourse

In light of these developments, we, the affected sellers, are pursuing legal action against New Seataoo Corporation to recover our funds still pending on the platform. We have organized a signature campaign and are prepared to provide proof of our claims, including a Certificate of Non-Forum Shopping, to support our case.

[Recipient’s Name]
[Recipient’s Position]
[Company/Organization’s Name]
[Company/Organization’s Address]
[City, State, ZIP Code]

Subject: Certificate of Non-Forum Shopping

Dear [Recipient’s Name],

I, [Your Name], of legal age, [civil status], and a resident of [Your Address], after having been duly sworn in accordance with law, hereby depose and state that:

1. I am the complainant in the case to be filed against New Seataoo Corporation regarding the revocation of its business license and the subsequent impact on my financial interests and business operations.
2. To the best of my knowledge and belief, I certify that I have not commenced any action or proceeding involving the same issues in any other court, tribunal, or quasi-judicial agency and, to the best of my knowledge, no such action or proceeding is pending in any court, tribunal, or quasi-judicial agency.
3. Should I learn that a similar action or proceeding has been filed or is pending, I undertake to promptly inform this Honorable Office of such fact within five (5) days from notice thereof.
4. I understand that failure to comply with the foregoing requirements shall be a cause for the dismissal of my complaint.

I am executing this Certificate of Non-Forum Shopping to attest to the truth of the foregoing and for the purposes of complying with the requirements of the law.

IN WITNESS WHEREOF, I have hereunto set my hand this [day] day of [month], [year] at [location].

Sincerely,

---

[Your Name]
Complainant

Subscribed and sworn to before me this [day] day of [month], [year], at [location], affiant exhibiting to me his/her [valid ID, e.g., Passport, Driver’s License] issued on [date] at [place of issuance].

---

[Notary Public]
[Notary Public’s Address]
[Notary Public’s Commission Number]
[Notary Public’s Commission Expiry Date]

Doc. No. ____
Page No. ____
Book No. ____
Series of ____

ANNEX “A” : Signature Campaign – https://docs.google.com/forms/d/e/1FAIpQLScDOPHysj3e-Q6vFftZ-Y3VZ5jlmwxV30Lu9ewQ-jFguwtIZg/viewform

ANNEX “B” Screenshot of our Uncollected Money.
ANNEX “C” Incorporators
ANNEX “D” Officers/ Management