Forex ponzi scheme
Case against CT's alleged ponzi scheme mastermind postponed
January 6, Updated: January 6, It catches out a lot of people. I hear heartbreaking stories from people like teachers who are often targeted. It is built on greed," said one Lebanese investor who withdrew his money from the fund when he realised it was a scam.
Even then, he had his deposit returned only after he threatened to contact regulators. They try to hold on to cash for as long as possible.
Alina, a former cabin crew member, also invested with the fund, which told her its core business operated from the British Virgin Islands. She withdrew her investment after reading warnings about the company on an online chat forum for airline staff, but she said many of her colleagues had risked their life savings.
Alina was also concerned when the fund manager told her it would take up to a month for her to withdraw her cash if she wanted to close her account.
Brett, an investor from New Zealand, closed his accounts because he had doubts about the legitimacy of the company. I know someone who has three accounts and has borrowed money to invest.
If it collapses, he is in serious trouble. William Messruther, group manager at the Continental Group of financial advisers in Abu Dhabi, said some of his clients had asked him to withdraw regular savings to invest in what they believe are forex schemes.
Some people know the risks but are still happy to invest. The bottom line is people are greedy.
Investors lost millions when MMA Forex, a Ponzi-like investment scheme in Dubai, collapsed in the summer of To operate legally, fund managers must be licensed by the Emirates Security and Commodities Authority and the Central Bank.
Legitimate websites will clearly state the name of the regulator that oversees their work, and details of their commercial registration and trade licence.
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H ow to invest safely and avoid high-risk bogus schemes, from AES International. Advisers should be upfront and specific about their experience, knowledge and qualifications, as well as the regulatory framework in which they operate. There are many ways of accessing investments without paying for advice and a good company will be able to help you get started.
Be wary of anyone trying to sign you up to a plan or product at the first meeting. A decent advisory company will be able to provide more than one happy client referral. Edit Profile Sign Out. Courts Education Environment Government Heroes Health Heritage National Day Science Genes in Space Technology Tourism Louvre Abu Dhabi Transport.
Nick Webster Follow NickWebsterADM January 6, Updated: Related More than 40 arrested in Dh1. Dubai forex investors who have lost money being targeted by criminal gangs. Dubai authorities warn against internet and phone scams.
Forex Scams | Scam Detector
More than 40 arrested in Dh1. Add your comment View all comments.
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