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The spammy site shot up to all the No.2-5 spots across hundreds of keyphrases within a month and held there most of the year. I pushed hard to pass them by increasing our backlink strength but how do you beat the backlink profile of a bank?!?! The number of university, trusted directory, newspaper and research facility inbounds was simply impossible to surpass.
So, despite how weak it made me feel, I snitched. I told the bank that they had lost the domain and within a few days the 301 was removed and the domain name ended up with a whois in Belize!
But, the website has not lost it's rankings ...
Is it possible that if you manage to fake an amazing Trustrank that even if you lose 95%+ of your backlinks in one shot - Google keeps you where you are? (The banklinks were pulled 4th November.)
If you're going to snitch, you'd probably be better to snitch to MC or Google someway. More likely that way for the site to get banned fast with a hand review, than waiting for the algo to figure things out.
Unfortunately this seems to happen quite often and does slip past the algo from time to time.
Two ways to do this:
1. Contact Google with a spam report, and well-document what is going on. Start off with the key important parts that really stuck out for me in your account of what has happened:
-Thin, affiliate website - no real value
-Artificially gaming SERPs
If the industry is large, and you stand to really lose out significantly with their movements, I would consider sending a polite email to all websites that link to them, and mention to them that it is a good idea that they 'clean up dead links' by removing the link to the previous bank site (explaining that the topic has changed and it is no longer a bank)
Remove the very reason they are ranking so well.