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Ponzi scheme targeting crew - Beware - do not become a victim.

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Ponzi scheme targeting crew - Beware - do not become a victim.

Old 18th Jul 2016, 20:10
  #181 (permalink)  
Join Date: Oct 2004
Location: Dubai
Posts: 323
Where is Michigan777flyer in all this now? A year ago he was waxing lyrical about the scheme he was in being completely genuine..and about how much money he was making.

So what's your take on this now Michigan? Do you sleep well at night with your Porsche parked in the garage knowing you've destroyed the lives of some of the people you convinced to join these "amazing investments"? Man you're a piece of work.
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Old 20th Jul 2016, 00:22
  #182 (permalink)  
Thread Starter
Join Date: Jun 2015
Location: Sandpit
Posts: 28
Our Forex Millionaires - thanks to 9crew

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Old 21st Jul 2016, 07:53
  #183 (permalink)  
Join Date: Mar 2008
Location: Not at EK :)
Posts: 522
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Old 21st Jul 2016, 09:58
  #184 (permalink)  
Thread Starter
Join Date: Jun 2015
Location: Sandpit
Posts: 28

Full article: Financial regulators shut down currency scheme in Dubai | The National
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Old 21st Jul 2016, 10:04
  #185 (permalink)  
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Join Date: Jun 2015
Location: Sandpit
Posts: 28
Exential investors tell of how losses have affected their life plans

The National staff July 20, 2016

DUBAI // Many investors feared it was too good to be true but were happy to spin the wheel of fortune on foreign exchange currency schemes promising 120 per cent annual returns.

Airline cabin crew were one of the key groups targeted in Dubai by other investors to encourage more people to open up accounts with Exential.

Federico Tarragona, 35, a Dubai-based cabin crew member for eight years, was hoping profits would pay for his wedding, but those plans are now on hold.

Earning an average Dh10,000 a month, he borrowed Dh250,000 to invest in three accounts.

“It has affected my life, and the lives of so many others," he said.

“We’ve been told it is a civil case and there is nothing the police can do to help.

“When I opened the account, the agreement said if I wanted to close the account, they must pay in 20 working days.

“I have waited two months and had nothing. Now I’m being told I must wait even longer, and even then it is not guaranteed.

“I was investing to move forward in life. That is why I took such a risk. I wanted to get married and start a family. It has been a game changer, it has changed my life.

“Like many others, I have a big loan, so my income has halved because I’m paying back the loan."

Simon, who also works for a Dubai airline and earns Dh15,000 a month, invested Dh150,000.

“So many colleagues have done the same thing. From what I understand, they have more than 7,000 clients."

Another cabin crew member, Kadir Gures, 33, from Turkey, earns Dh18,000 a month and has lost Dh147,000.

“There are lots of young cabin crew and, as soon as we get to know each other, Exential becomes the topic of conversation," he said.

“People ask how many accounts they have and how much money they have made."

He added that “they were buying houses and doing amazing things with their money, so I thought I would try.

“So many borrowed money, it will leave them with a burden and if they can’t repay the loans they will have to leave."

Full article: Exential investors tell of how losses have affected their life plans | The National
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Old 21st Jul 2016, 10:49
  #186 (permalink)  
short flights long nights
Join Date: Aug 1999
Posts: 3,088
" if they can't repay the loans they will have to leave".....that could be somewhat problematic.
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Old 21st Jul 2016, 13:41
  #187 (permalink)  
Join Date: Apr 1999
Location: South of North
Posts: 656
Yup, if they are smart they will skip town and go home. But there are SO many from EK involved that it will certainly have an effect on the company.
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Old 21st Jul 2016, 15:13
  #188 (permalink)  
Join Date: Aug 2015
Location: Escaped the sandpit 53° 32′ 9.19″ N, 9° 50′ 13.29″ E
Posts: 596
10 K salary and 250 K borrowed...... Run Forrest run...
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Old 21st Jul 2016, 16:21
  #189 (permalink)  
Join Date: May 1999
Location: Runcorn,Cheshire,England
Posts: 72
Will they even let you out of DXB say to go on holiday, if you have a large loan to repay?
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Old 21st Jul 2016, 20:14
  #190 (permalink)  
Join Date: Aug 2015
Location: Escaped the sandpit 53° 32′ 9.19″ N, 9° 50′ 13.29″ E
Posts: 596
As long as you pay the monthly installments yes. If you miss a payment, things could get difficult. Don't know the actual policy, a couple of years ago they took the passport.
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Old 24th Jul 2016, 20:29
  #191 (permalink)  
Join Date: Apr 2016
Location: earth
Posts: 39
Look, with all due respect to all involved...

But you have to be an absolute idiot to borrow 25X your salary to invest in something that promises to yield 120% a year. Why isn't HH investing his billions with these guys then?.. Kinda begs the question, right? All normal investment funds yield like 5%..

Then you also have to be an absolute a**hole to lend 250K just like that to someone without even asking the person what he\she want to invest in!.. The banks really don't care, they just want to give out loans! On one side it's good for experienced investors, but then you will have these stories of rookies who are scr*wed for the rest of their life!

UAE is all about speculation and no real wealth creation.. So all these behaviors really fit into UAE culture. People get mind-drunk with all the fancy cars, flashy parties, condos and everyone wants to get rich. And they want to get rich fast. So these stories will keep happening forever, there is no way to stop this.

My personal advice to the 250K guy, pack your stuff and disappear!
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Old 11th Aug 2016, 16:43
  #192 (permalink)  
Join Date: Aug 2016
Location: Desertland
Posts: 3
It were so obvious weeks ago when UT ran out of new joiners, hence they promoted a 7% bonus on every new account to keep the Ponzi scheme running as much as possible !!! It is collapsed now and they trading in their fake software showing thousands of dollars loss till they will dry all the accounts. Now officially account termination takes at least 2-3 months just a new Exential and the thing is the UT markets is also undercover is the new company called FX-Expert [/color][/b]
[b][color=#0000ff]They share the same IP address and location in Bulgaria & most UT clients received a call from them.
Here is how it were promoted by the UT Facebook groups admins days before they collapse

Great offer: for limited time only
- 7% bonus when opening new account!
Example: you open 20k account u receive 21.4k credit in your account.
- 100% commission back for 20k+ 50% back for 10k account
- 5% bonus on accounts upgrades
*you top up 10k you receive 500$ bonus as credit in your account = 10.5k,
*you top up 40k you receiver 2 k bonus as credit in your account = 42k
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Old 12th Aug 2016, 02:31
  #193 (permalink)  
Thread Starter
Join Date: Jun 2015
Location: Sandpit
Posts: 28
Another one bites the dust....

I was wondering why nobody has been flashing around their "Magic FX APP" in the cockpit for the past week!

It used to show big green numbers and arrows pointing upward. Come join they said.

Turns out, all it shows now is, RED

UT have stopped paying any "profits" - banking delays. Sound familiar.

UT refuse any account terminations/closures - banking limitations. Sound familiar.

UT ask for patience give them 3-6 months ....pretty please.

WHEN WILL EVERYONE FINALLY LEARN. Stay away from Ponzi schemes.

Letter sent out today in an attempt to quell the panic:

Dear Customer,

We apologize for a slow reply.

Due to an overwhelming amount of Whatsapp messages and emails (over 1000 messages and emails per agent) and phone constantly ringing we just cannot keep up physically with replying. Please read the below, we wish to cover all the points and questions our clients have and put their mind at ease that we are not ignoring anybody and working here to keep UTM going.

Important note - please save our number in your Whatsapp - if we send too many messages to numbers that do not have our number saved it will block our Whatsapp for four hours - we do not need any extra delays at the moment - please save the number.

Are you waiting for a withdrawal or commission for more than seven working days?

It is highly likely the money has bounced back due to our daily limits. We are in the process of checking all bounce backs and will re-wire the funds to the same account. Please check with your bank too in case there is a pending transfer. We will only contact a client if the bounce back is due to an error on their part such as bank details - all other bounce backs we will take care of but will not be sending any confirmation out - please work with us - the funds will arrive.

Have you made a withdrawal request and the funds have not been removed from your trading account within the last 24 hours?

Due to the daily limits and the long line of bounce backs we will only begin a withdrawal when we can fit it within the daily limit.

Losing trades and open trades

Losing trades unfortunately cannot be avoided, and please do not be alarmed when you see an open trade in action - open trades change your equity constantly. - UTM will find the right time to close it. We keep a trade open, even if it is losing, because a small movement upwards could cancel out the loss and move it into positive.

In the client contract you will see that there is a risk disclosure meaning you have agreed for UTM to trade on your behalf and take risks in the market - we will of course try our best for clients.

During live trading (when a trade is open) we cannot facilitate withdrawals or terminations because the platform will not allow it.

Please note - we cannot close individual clients trades because we trade as a group.

Down grading an account

Current platform rules do not allow downgrades below your platform level. For example, if you have 45000 USD in your account, the maximum you can withdraw is 5000 USD. To withdraw more money, clients must make a full termination by completing a withdrawal as usual, but entering your full balance. However - please read the section below on terminations.

Termination (closing an account)

Currently, due to the high volume of terminations, and bank limits, terminations cannot be processed at the moment. We estimate it will take two to three months before we can do so.

Top up and new clients

For now, just as with outgoing money, we have a limit on incoming funds too. Please bear with us until we can accommodate these.

Payment providers

Please note that Moneynet and Wire2Pay are only payment providers for UTM. ALL queries MUST come only to UT Markets - please do not contact payment providers.

What to do now?

For now, we advise to keep your account trading, we will try our best to trade as best as we can to recover from the unfortunate losing trades recently - and are working hard to get things running perfectly at UTM again.

We kindly ask you to please work with us, let us focus on dealing with the high volume of bounce backs and messages we have to clear at the moment - we really want to keep communication lines open with clients but cannot keep up, hence this message to try and cover all points.

We urge you to please stay away from the Chinese whispers and rumors on social media websites such as Facebook. This message we hope has covered all points - clients with individual questions please feel to reach out to us - we will respond as fast as we can.

We will be sending regular updates like this to keep you informed.

Lastly, a kind request...we ask you to acknowledge that exceptions cannot be made - all UTM clients are treated equally and we will have to work with the current limits and rules for all clients.

Regards from the UT Markets team.


Guess what, no one is answering any queries, phones dead. Excuse: Staff all on leave.

In the words of Queen, it seems "Another one bites the dust...."
Econ101 is offline  
Old 12th Aug 2016, 10:38
  #194 (permalink)  
Join Date: Aug 2016
Location: Desertland
Posts: 3
Belive it or not many many still defending UT & they can not even get their profits nor the capitals.
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Old 12th Aug 2016, 14:21
  #195 (permalink)  
Join Date: Aug 2016
Location: Desertland
Posts: 3
The end for UT live now drying all the accounts to 0 soon.
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Old 13th Aug 2016, 13:38
  #196 (permalink)  
short flights long nights
Join Date: Aug 1999
Posts: 3,088
I don't understand those figures but I do know it's a ponzi.
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Old 14th Aug 2016, 08:03
  #197 (permalink)  
Join Date: Mar 2003
Location: Dubai
Posts: 13
Does this seem familiar EuroFX

How British firms built a pyramid scheme in China that lost millions
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Old 5th Sep 2016, 14:56
  #198 (permalink)  
Join Date: Sep 2013
Location: UK
Posts: 730
Amazing. We now have ads from these folks popping up on this very forum - bforex, promising $1500ish profit a week.
Aluminium shuffler is offline  
Old 6th Sep 2016, 14:57
  #199 (permalink)  
Join Date: Apr 1999
Location: is a point of view
Posts: 359
nothing to do with investment, GREED.. thats all it was and all players were in for it..
I had several types come to the FD to ask advice, explained to them the ponzi scheme principle.. still they could only talk about their friend buying an apartment with the 'profit'.. and they wanted it as well.. stupid
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Old 11th Sep 2020, 13:37
  #200 (permalink)  
Join Date: Apr 2008
Location: on the ground
Posts: 325
April 2018 principals sentenced to 500+ years.
June 2018, sentences to be appealed, wife insists scammers caused panic, causing run on money invested.
August 2020, some money may be recovered in BVI. Sydney Lemos and Ryan Fernandez remain in prison serving 513-year sentences. So far, they are the only convictions in what is known by investigators to be a complex global network of fraudsters.
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