|Join Nairaland / LOGIN! / Trending / Recent / New|
Stats: 2,693,197 members, 6,346,965 topics. Date: Saturday, 19 June 2021 at 04:09 PM
|Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 12:55pm On Oct 22, 2019|
Ponzi schemes fronting forex trading as their line of business/investment.
We have been following the investment section of this forum, even though we had to control ourselves from commenting our views on various topics. Its has come to our notice that so many ponzi schemes are fronting the name forex as their line of business in this forum, and some go as far as offering training in the same forex which is still part of the plan to make you believe that they are not running a ponzi scheme. We have done a lot to educate members/investors of this forum on the different ways of detecting a scam/fraudulent investment platform especially in this forex line of business/investment.
In an era where there is the PAMM, MAM, LAMM, structure of managing investors funds in the forex market, people still decide to pay money into someone's personal account in the name of investing in forex. How gullible will investors continue to be in this forum/country. Even if the ponzi/investment promoters claims to have an office in all the states in Nigeria, including offices in Dubai, UK, Singapore, USA etc, how much does it takes to rent an office space, compared to the billion of investors money that there will run away with? After being defrauded of your billions, assuming they at least, leave the office furniture for you, and you are to share the office furniture among yourselves to recover your money, how much of your money will you recover?
We will always sound it out that an office is good, but does not secures your capital, and even if you are to meet the CEO of the company face to face takes its pictures, record his videos, it does not secures your money. If the CEO get a Visa, jets out of this country, do you know where he is travelling to? He can even live in this country without a trace. Some of them have even upgraded to performing plastic surgeries to change their face and other identity, after executing their scam, how then will you get them?
If you should know, EFCC has been trying to arrest and deport corrupt politicians, but to no avail. Don't they have their pictures. We can't blame you, it is just that you have allowed greed to control your senses, so as to throw caution to the wind and be making payments to someone's personal account, while waiting to receive payouts from these ponzi schemes who are taking money from new investors to pay you.
Somebody will say, "but they are registered with the Cooperate Affairs Commission (CAC)". CAC registration is a business registration. There is a big difference between CAC registration and Government regulation. CAC does not have the power to monitor, regulate the businesses, they do not have the power to audit the financial transactions/books of the investment company to know if the company is doing the business that they are claiming to do, to know if a scam/ fraud is being perpetuated. Investing in a Forex using a PAMM, MAM, or LAMM trading structure through a government regulated forex brokerage company is the way to go, if you really care so much about your investment/capital. A government regulated forex brokerage company is subjected to periodic ( quarterly, semi-annually, etc) monitoring and auditing by the regulatory body. Have you cared to ask if this investment platforms shut down their websites, close their offices and run away, who will you report to? The CAC? Sorry, the CAC has no power over such eventualities. My friend, by investing in a government regulated forex brokerage company, you have a government body that is doing periodic monitoring and audit of the company's financial books, and you can report to, in case of any eventualities, you will recover your money.
Do you know that these government regulatory bodies requires that traders/investors fund be kept segregated (I.e kept separate) from the forex brokers day to day funds used in running the brokerage company? It means the broker can not run away with your money, and even if the forex broker, due to mismanagement of it's funds go bankrupt, it cannot use traders/investors funds to pay it's creditors. Be wise.
"But I ask them, they told me that they are regulated by the Central Bank of Nigeria (CBN)". My friend, you have been deceived. The CBN only issue license to banks and only regulates the banks.
"I was told in their office that they are regulated and license by the Economic and Financial Crime Commission (EFCC)" Can you see how gullible you are? If we talk now, you will say that you went to Harvard and begin to list the number of master degrees that you have. Maybe you need a Master Degree in common sense, and your investment with them will be counted as your tuition fee, when they finally close shop. When was EFCC made an investment license issuing body or a forex investment regulatory body? They could be a genuine trading company, but why are they setting up such loose investment structure (I.e only if they are genuine), do you know that someone can wake up one day with investors deposits running to billions, with a Visa and flight ticket, shuts down their website, close their offices, do plastic surgery and travels out to a very quiet and serene country, away from being tracked down, knowing fully well that with all the billions, they are made for live.
Do your know that inside each of us is an angel and a devil, and it depends on who you listen to? What if they had decided to listen to the devil from day one and decided to setup such loose investment structure? It think if these forex investment platforms have genuine intentions, if they are not running ponzi schemes, it is not too late for them to restructure their investment platform to secure investors capital before the devil begins to wisper to them.
If an investment company claims to be regulated by the Security and Exchange Commission (SEC), CBN, EFCC, etc, (already EFCC and CBN do not regulate investment companies), why have they refuse to put it openly on their website? They know that they would be inviting more trouble for themselves. And even if it should be mentioned in their press release or during an interview with a journalist as we have been opportune to see, they could easily deny it and give a defense that they were quoted out of context. This is computer age, anybody can just use a graphic designer and design any certificate for themselves and show to you. Why are they not putting those certificates in their websites. They know that they will be inviting more trouble for themselves.
Now let's talk about track records. Any serious and genuine forex trading/investment company knows that to be taken serious by any serious investor, they must not only provide a track record of successful trading performance, but that track record must be from a third party company/website like www.fxblue.com, www.myfxbook.com, www.fxstats.com, etc, to enable potential investors verify that they not only have a trading performance track records, but that the track record shows updated consistent monthly trading performance. Without verified track records from these third party websites/companies, genuine investors will have every reason to believe that you are running a ponzi scheme, of which you are. If that forex investment program is not running a ponzi scheme, let them prove you wrong by providing a third party verified trading performance track record from any of this website; www.fxblue.com, www.myfxbook.com, www.fxstats.com etc.
For those who were not opportune to see this link that educates investors on investment scam/fraud guide, you can visit these link https://www.nairaland.com/3925379/investments-anti-scam-fraud-guide
33 Likes 5 Shares
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by abdullkabar(m): 2:44pm On Oct 22, 2019|
how does your own trading investment goes?
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Richardjcooper(m): 3:46pm On Oct 22, 2019|
OmegaPro and the likes. Nigerians use your head. Before they were investing in Oil and Gas now Forex
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 8:11am On Oct 23, 2019|
Say no to ponzi schemes, hiding under popular businesses/investment.
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Wande22(m): 11:49am On Oct 23, 2019|
Good day Oga FXManager
I am curious to know more about the FX-Market before I stumbled on your post.
Please, I want to ask:
a. Should I register solo/One Man MOPOL "if eventually, I want to be investing in FX-Market"
b. Are you telling me that I ONLY have to register with a LIcensed Brokerage before I conduct my business online
Your answers would shed more light to your write-up
PS: for the sake of those who are not "Numerate Inclined" please always include illustrations/case-scenarios
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by oohrhiifx(m): 2:40pm On Oct 23, 2019|
Don't mind this guy ...
Whats the name of your own broker that is running the PAMM account.
Forex trading is not yet regulated in Nigeria. All these other brokers parading themselves with representative offices in Nigeria are not Regulated. Foreign regulations like Cysec, FSA etc doesnt cover third world countries. Their regulations doesnt cover us. The foreign brokers knows this thats why they are running around here. If they decide to run away with your money.. there is nothing you can do. The only true Nigerian broker i know of is ACM Brokers.
CBN SEC are those that ate supposed to regulate the business and they are not interested for now.
Segregation is just a word. Their word. You dont know if its true. AFX (STO) was regulated in 6 countries including FSA CYSEC ASIP etc... yet their CEO ran away with over $400M this August. No where to be found.
The fx manager talking... what guarantee do you have that your broker wont run away with peoples money. You are just a trader.. one of so many to them.
Lets talk about what we know abeg. Advertise your trading if you want to. Dont say what you dont know.
By the way... we have not seen your own trading statement. You should practice what you preach.
23 Likes 3 Shares
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 3:04pm On Oct 23, 2019|
Wande22:A) You can choose to open a personal account/one man mopol account ( according to you), a joint account ( for couples/partners), or a cooperate/company account with the our recommended government licensed and regulated forex broker. It depends on what is best for you. You need to know that everything ( documents, bank/payment accounts needs to be in your name. For a cooperate/company accounts, everything (documents and bank/payment accounts need to be in the company's name (not even the CEO's name) while making sure the documents of the formation of the company is also ready to be submited to the broker as requested.
B)The internet has made the world a global village, offering opportunities that was never been available for the past generations. It is very easy to sit at home and do business or make investments in any country of the world. The question has always been, is my investment/capital protected or secured. Apart from that, forex trading is a field of investment that involves huge capital flows, in fact from the recent report release, over 6 trillion dollars are traded daily. Because of the huge amount of funds traded in the market and the movement of all this trillion dollar funds across countries through forex brokers, the government came to realise that this markets needs to be regulated, Brokers in their jurisdictions needs to be licensed and regulated, first due to the fact that there is a possibility of people using the brokers to launder money, fund terrorist operations, etc, that might put their country's citizen in danger or affect the country's image. Secondly, the government also saw the need to protect its citizens from being defrauded by any broker who might want to setup their brokerage company in their jurisdiction/country, and also protect foreign investors who might want to invest in the forex market through the brokers in their jurisdiction/country, as the defrauding of the foreign investors will tarnished the image of the country.
So investing in forex through a government licensed and regulated forex brokerage company is the way to go, as they are subjected to periodic monitoring and financial audit, so as to secure investors funds, and prevent money laundering, terrorist financing,etc. So that you will have a government body of which the broker is responsible to, to report to in case of any issues with the broker. Note you ( and your fund manager) need to do everything possible to solved whatever problems you have with the broker, before contacting the regulatory body as the last resort.
2 Likes 3 Shares
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Wande22(m): 4:10pm On Oct 23, 2019|
sorry for my kweshun
I went for a seminar in Lagos (company identity protected). They were into FX trading and they showed us some goody-lines in their presentation
After the presentation, we're asked to pay some amount of money to sign-up to their platform....... I didn't because i was a practical "LAZY NIGERIAN YOUTH" then
ma kweshun is: Are you also into the PAY BEFORE SUBSCRIBING
Come and join me
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 5:10pm On Oct 23, 2019|
Wande22:First of all, we have regional representatives of brokers, going around holding seminars to attract clients to their brokers, which should be free. If you were asked to pay to sign up to their platforms, it could be their way of billing you for the seminar, assuming the cost of the seminar was not paid for by the brokers they are representing, or their way of getting additional money from you, even when the cost of the seminar was covered by the forex broker they are representing.
Secondly, we also have forex training companies, who go about offering forex training, they are not brokers. They are offering forex training, maybe you were told to sign up for their forex training program, it depends on how reliable their training program is. It could even be one of this forex companies offering forex training program using Multi Level Marketing structure, and you were require to sign up for it.
We are not into "pay before subscribing"
We took out time to visualize ourselves enjoying your food, even though we were satisfied, as a result of the fact that the food was tasty, we need to cast out and bind the spirit of Oliver Twist from pushing us to ask for more.
5 Likes 1 Share
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Wande22(m): 7:30pm On Oct 23, 2019|
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 11:46pm On Oct 23, 2019|
oohrhiifx:You are very wrong to say that all brokers parading themselvse with representative offices are not regulated. For your information, you cannot have an account with any of this brokers, without the brokers fixing you under any of their government regulatory bodies. If a broker is regulated by the FSA, and you open an account with the broker, automatically your account is under the FSA regulation, no matter the country that you are opening the account from, and that FSA regulation covers you. The broker does not need to be regulated in every country that they have their regional representatives. So your statement that the regulation does not covers us is not the truth.
The brokers, having regional representatives around here is a way of spreading their services and getting close to their clients, there are not running away from any regulatory oversight, as you are trying to insinuate. Have you tried to withdraw from a regulated broker before? Have you reported them to their regulators in other to recover your money, and you don't get your money, for you to conclude that a government licensed and regulated broker will run away with your money, and there is nothing that you can do?
ACM Brokers might be a Nigerian broker, nothing stops him from having its presence in a country that regulates forex brokers, gets the regulation and use that regulation to get clients in Nigeria. ACM Brokers is not regulated, whether on purpose, as a result of ulterior motive to defraud clients or not, we wouldn't wish even our enemy to have anything to do with an unregulated broker, as you will not have anybody to report to, if any thing goes wrong, and you will not have any where of getting your money back in case your are scammed/defrauded.
CBN and SEC are those that suppose to regulate the forex market, Nigeria is a developing country, must we wait for them before taking advantage of making money from investments that comes to us due to developments? As we have already said, as far the broker that we are trading/investing with is regulated in its area of jurisdiction, no cause for alarm.
Segregation is not a word, pray that you are not caught by the regulatory body mingling clients funds with your funds as a forex broker, you will certainly loss your license.
you said that AFX (STO) was regulated in 6 countries including FSA, CYSEC, etc, yet their CEO ran away with over $400m, nowhere to be found. Where did you see the CEO running away with over $400m? Where did you even get the figure $400m? please be easy with the lies, as a government licensed and regulated forex broker is not like this ponzi schemes and unregulated brokers like your so called ACM Broker, that might close their offices today and run away with clients funds without a trace.
AFX (STO) forex broker's license has been suspended by the CYSEC . It has also been taken over by the FSA, there is a provision for clients to get their money back. That cannot happen with all this ponzi schemes and unregulated brokers. AFX (STO) is responsible for safekeeping of approximately 7.5 million pounds of clients money, and not $400m as claimed by you. The links below will give the details, and also exposed you to the power of government regulatory bodies, over brokers that are regulated by them, when it comes to recovering clients money if there is an issue with the broker. https://www.fca.org.uk/news/news-stories/information-customers-afx-markets-limited https://www.cysec.gov.cy/en-GB/public-info/decisions/84119/
No reasonable forex broker prays to have issues like this with their regulators, even if the issues are resolves, the records in the public domain can affect your brokerage business.
As for our trading statement, we practiced what we preach, we are not like others, that go about trying to managed investors funds without the track records to back up or present to prove our competency/ability. We already explain our position in this forum in our latest updates through this link, if you had followed us, you will not be asking about our trading statement now. https://www.nairaland.com/5104286/pamm-currency-trading-journal-avg/1#83333102
Below is a screenshot conversation we had with an interested investor. We told the investor that we will be running a new trading journal to showcase our latest developed trading strategy in this forum soon. We told him to follow our performance and make an informed decision to invest with us. If you read down, you will see where we even told him that it will be unfair to him, for us to choose to manage his accounts like that without him seeing our performance first, so as to reach a decision to invest with us.
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by EkperemoEgbabi: 1:45am On Oct 24, 2019|
I smell scam
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 2:26pm On Oct 24, 2019|
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 2:27pm On Oct 24, 2019|
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Wolexyoshi(m): 7:10am On Oct 25, 2019|
Nice write up. Much sense in it. Please I'll like to contact you privately. Thanks
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by ejosh4(m): 10:31am On Oct 25, 2019|
FxManager u blew Ur investors acct during the course of this year.... Now u are back
Nice info up there though
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 11:50am On Oct 25, 2019|
ejosh4:We did not.
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by muwas2010: 4:43pm On Oct 25, 2019|
Good day fellow,
People look up “the best Forex trading tips” on google all the time, hoping to find some magic push-button strategy that will make them millions. Please understand — that will only get your account destroyed. But I do have a great answer that should be part of any Forex strategy. You need to get trained by real trader. If you want to take #Forex Trading as a career .
Please contact me or call me:08079791052 with money back Guarantee ...if we do not deliver as we promise
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by muwas2010: 5:48pm On Oct 25, 2019|
Re:I am curious to know more about the FX-Market before I stumbled on your post.
To give you short answer go and learn how to trader Forex market from real trader like me not seminar organizer with proofing Trading system that work with money back guarantee. for introductory into the market go to this https:///1bZn8Jy and https:///358tQZO
For enquiry call:08079791052
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 9:49am On Oct 26, 2019|
Wolexyoshi:Sorry for the late reply. You can contact us through our whatsapp number in our profile signature below.
I have followed you. Follow me back, to be able to send me a mail through our Nairaland profile.
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 7:37pm On Oct 26, 2019|
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by dextrino45(m): 9:49pm On Oct 26, 2019|
Scam ppl like ACM brokers those one ran away with my return
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 5:14pm On Oct 27, 2019|
dextrino45:Take heart, Brother. We wish you knew this earlier.
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 12:16pm On Oct 28, 2019|
One fastest way to detect ponzi schemes is through their referral programs
In our over 11years of online/investment experience including forex trading/investment, we have never seen any genuine investment and forex trading company that pays referrals/affiliates (referral bonus) a percentage of investors capital/deposits. If those investment programs are really making profits from the business/trading, there should be paying their referrals, a percentage of the company's profit made as a result of the investor's invested funds, and also doing so residually as every other genuine forex trading/investment company or any other genuine investment company. Visit the link below to know how a genuine profit generating investment company (forex or not) should be presenting it's referral/affiliate programs, especially in this online age.
So when an investment company says that they are paying their referrals or paying a referral bonus/commission of 10%, 8%, 5%, etc of every deposits/investment made by your referred investor, just know you have just found a scam/ponzi scheme.
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by foolbuster: 3:46pm On Oct 28, 2019|
@fxmanager thanks for this info. A quick question. You said that you guys or a regulated legit manager do not have access to investor funds and that investor funds are hadled separately by a government backed 3rd party so as to make sure investors funds are safe and that they get their money back incase of any eventuality. If that is the case how then do you acess the funds to trade? And if you can have access to investor funds to trade with, does that not automatically mean you are given the funds? If after all the brouhaha about securing investor funds and finally those same funds find their way to the hands of a forex trader/manager to enable him trade with does that not defeat the purpose of the government backed 3rd party tasked with holding investors funds separately?
Also are you implying that investor funds are 100% risk free since they are in a secured acount?
Finally how can we check the government forex regulatory agencies like FAC etc to know if really a broker is regulated by them?
|Re: Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business. by Fxmanager(m): 12:43pm On Oct 29, 2019|
foolbuster:We just saw your post. We will quote you to reply you soon. Thanks for your interests.
|Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health |
religion celebs tv-movies music-radio literature webmasters programming techmarket
Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 274