Harry: I have realised people are adverse to sound advice and warnings – they only learn from their own mistakes.
Wizofoz : Indeed, a fool and his money are soon parted. Sooner than some expect.
MJDXB : In classic Ponzi style, when too many people want to close accounts: the scheme collapses.
Clients of Ex**** have apparently not received money since the end of 2015.
Earlier this year they requested that all clients sign a new contract that does not specify a max. time frame for returning their initial principal/$20000 account. Previously they had 20 days to contractually return your money after an account closure.
If you did not sign the NEW contract you were warned you would receive no new profits etc. Some lawsuits were filed by clients for breach of contract – cases still pending in DXB courts.
Those who trusted and signed the NEW contract in the hope to continue receiving so called ' profits' from the Golden Goose have been sourly disappointed and now have limited contractual rights to pursue legal recourse.
Any profits are just being rolled over and the clients balances are increasing only on paper, your 20k account is now 25k. No transfers to bank accounts. No money.
If you attempted to close your account you had been informed would take a minimum 9 months – during which time your are not entitled to the so called monthly (now quarterly) profit.
Current account closures are now asked to wait a minimum of 12 months for their money. Most realise they will never see anymore money – EVER
Many collective cases in the courts at the moment to attempt and get at least some money back.
Everything points to insolvency. Interestingly the office is still functioning – only taking complaints though.
The smart ones have now chalked it up as a learning experience. Others have senselessly taken loans to open with UT markets to recoup losses. Unbelievable! Unfortunately they seem to have doubled down and will now lose even more.
Fool us once, shame on you; fool us twice, shame on us.
The new kid on the block: UT Markets appeared late 2015. They promised 100% return in 6months. Despite warnings from the FCA, it caught on, but thankfully not to the scale of Ex*********
The early few would have now luckily received their original money back through monthly profits. No loss if they did not reinvest. The original principal is still tied up in account numbers received by whats up message. UT clients transferred their hard earned money to various Banks across Eastern Europe. Predictably, greed has led many to pour even more money into this Ponzi instead of banking any 'profits' – this is exactly how these schemes operate.
UT has skimmed all it can, although monthly profits still being paid to some, currently withdrawal of principal or closure of an account is impossible due to them stating "UNAVOIDABLE DELAYS".
Same thing happened at our last Ponzi scheme and it was the start of the end.
Many crew finally opening their eyes and fear is now overtaking greed.
Ex***** investors now openly talking about losing their money and warning others.
Safar article: warning from EK security department etc..
People actually researching and using google prior to joining
UT is on the ropes and only some will get out unscathed.
Good luck to you all. You were warned – several times actually.
Hopefully this will be the end of these Forex Scams in our community – at least for some time.......
Fool us once, shame on you; fool us twice, shame on us.