Ponzi scheme targeting crew - Beware - do not become a victim.
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It is very clear this is a ponzi scheme. Picking a large airline like EK was a good place, crew talk alot and according to friends in EK this thing is spreading like wildfire. Pilots buying up to 15 accounts, cc taking out 40K USD loads to fund 2 accounts, madness. Its easy to get caught up in this, everyone talking about how much extra they are making, in the case of cc with 2 accounts that can be more than they probably take home in a month. Everyone wants to get in on it. Well paid pilots can afford to loose 20, 40K its the CC i feel sorry for if this goes belly up.
The claim that they are backed by S&S Brokerage house, who are legit, is untrue, they are merely the introducing broker, they have no other liability.
Very hard to tell someone to leave it now and a year later its still going but make no mistake this thing will eventually collapse. This tread was only started at the end of June and already a journalist is sniffing around, be careful this could fold very soon.
If you still want in and have a spare 20K, know this is just another ponzi scheme, the forex trading is just a front. My advise if you do have a spare 20K head to Vegas for a long weekend and blow it or make it there, at least you'll have fun doing it!
For those thinking of taking out loans to invest in this, I'm just nobody on the world wide web and you dont need to listen to me but for your own sanity dont do it.
For those still in it, your choice, I cant say it will collapse tomorrow, next month or even next year, all I know it will collapse and your money will be gone.
You tube ponzi schemes, if you're still are not convinced
The claim that they are backed by S&S Brokerage house, who are legit, is untrue, they are merely the introducing broker, they have no other liability.
Very hard to tell someone to leave it now and a year later its still going but make no mistake this thing will eventually collapse. This tread was only started at the end of June and already a journalist is sniffing around, be careful this could fold very soon.
If you still want in and have a spare 20K, know this is just another ponzi scheme, the forex trading is just a front. My advise if you do have a spare 20K head to Vegas for a long weekend and blow it or make it there, at least you'll have fun doing it!
For those thinking of taking out loans to invest in this, I'm just nobody on the world wide web and you dont need to listen to me but for your own sanity dont do it.
For those still in it, your choice, I cant say it will collapse tomorrow, next month or even next year, all I know it will collapse and your money will be gone.
You tube ponzi schemes, if you're still are not convinced
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Problems withdrawing funds
UPDATE:
Clients reporting problems withdrawing funds. Are too many people trying to get out before it is too late?
Excuses given in Sept:
Payments delayed due to the fact that they were closed 23-26 due to Eid Holidays.
Current excuses for delays in October:
Email sent out explaining the reason for delay in withdrawals:
"...Further to a prior communication last week in regards to the delay in withdrawals, due to a daily transfer limitation set by our respective local bank which is beyond our control. Keeping in mind the rapid growth of the company this issue has been resolved by partnering with Westpac Bank Australia, not only as an alternative but as a long term solution which is more conducive to the nature of our business and has no hindrance to the transfer limitation.
In a process of resolving the first issue, we have encountered another, as our account was registered as a SME (Small Medium Enterprise) therefore we have no limitations on the volume but have a daily limit on the number of transactions, we are already in a process to increase the same.
Further, unfamiliarity to the rules and regulation in the Australian banking system and being our first time, we request clients for their cooperation and patience until we solve the issue, wherein Exential is putting all their efforts to resolve the same ASAP..."
Why would a so called "regulated" and "audited" FX company in the UAE have to open and use a SME bank account in Australia of all places?
If you are having trouble getting your money back do what this investor did:
"The second account closure took a great deal longer then the 20 days to be returned to me. I sent emails daily to ask where the money was, which I got either vague responses or no response at all. In the end after closer to 35 working days I declared I would have to engage the local authorities to investigate the non return of my capital. Within 5 minutes I had a response and the same day the capital was returned to me."
There might still be time.
Clients reporting problems withdrawing funds. Are too many people trying to get out before it is too late?
Excuses given in Sept:
Payments delayed due to the fact that they were closed 23-26 due to Eid Holidays.
Current excuses for delays in October:
Email sent out explaining the reason for delay in withdrawals:
"...Further to a prior communication last week in regards to the delay in withdrawals, due to a daily transfer limitation set by our respective local bank which is beyond our control. Keeping in mind the rapid growth of the company this issue has been resolved by partnering with Westpac Bank Australia, not only as an alternative but as a long term solution which is more conducive to the nature of our business and has no hindrance to the transfer limitation.
In a process of resolving the first issue, we have encountered another, as our account was registered as a SME (Small Medium Enterprise) therefore we have no limitations on the volume but have a daily limit on the number of transactions, we are already in a process to increase the same.
Further, unfamiliarity to the rules and regulation in the Australian banking system and being our first time, we request clients for their cooperation and patience until we solve the issue, wherein Exential is putting all their efforts to resolve the same ASAP..."
Why would a so called "regulated" and "audited" FX company in the UAE have to open and use a SME bank account in Australia of all places?
If you are having trouble getting your money back do what this investor did:
"The second account closure took a great deal longer then the 20 days to be returned to me. I sent emails daily to ask where the money was, which I got either vague responses or no response at all. In the end after closer to 35 working days I declared I would have to engage the local authorities to investigate the non return of my capital. Within 5 minutes I had a response and the same day the capital was returned to me."
There might still be time.
I told you so!!
The case I am involved in is still gathering evidence,not sure where the head man is who started it and then folded .This is exactly the same ....You were warned ,several times!!Good luck!!!!
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Having seen their website and read the terms and conditions, it is without doubt another scam. The legal terms referred to could have been written by a 15 year old, poor grammar, incorrect terminology and general statements that mean absolutely nothing. And surprise, surprise, another Company based in the Seychelles.
Still, for those that have lost or are about to lose their coats on the current ponzi scheme, they can always get in early this time!
Harry
Still, for those that have lost or are about to lose their coats on the current ponzi scheme, they can always get in early this time!
Harry
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so funny harry, a friend of mine opened a bank in they seychelles a few years ago, he is very well off now but not my friend anymore cos he tried to drag me into it
There was a post here from an investor saying he was still getting paid.
He seems to have deleted it.
THAT might tell you something!!
He seems to have deleted it.
THAT might tell you something!!
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Speaking to a former EK colleague of mine over a beer recently, it would seem that amongst his crew several eastern Mediterranean males were not their usual target fixated selves due to a serious lack of cash from one of these investment schemes. When pressed for further info he also mentioned that the FO had money tied up and was no longer able to access it. We toasted to their collective greed and stupidity and rejoiced in the knowledge that in less than a minute there'd be another one born.
short flights long nights
I just hope that those who borrowed money to get in, got out before it was too late.
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I ran the numbers on a compound profit calculator using the typical monthly profit report of Exential and these were my results:
If someone found a FOREX algorithm that made 10% profit a month (thats 120% a year) and reinvested his earnings into the system each month, with an initial investment of 1million, this person would become a billionaire after only 6 years, and get this, that same person would become THE RICHEST PERSON IN THE WORLD, with a net worth of over 92 billion dollars in only 10 years just from using this FOREX trading this algorithm. This monthly percentage profit is what Exential is promising their future customers. (Sources for these calculations are bellow)
Seeing these numbers made me realize how ridiculous their profit promise is.
To follow on someone's comment, if you found a way to become the richest person in the world in 10 years, would you go to the trouble of sharing it with other people and hiring staff, and setting up an office and promoting and finding clients? hell no you wouldn't! you would just use your system and become the richest man in the world, simple.
If anyone wants to know about all the other irregularities I experienced during my time with Exential, please let me know, I thought Id just talk numbers on this post.
Compound profit source 1:
Forex Compounding Calculator - Forex21
Start Balance: 1,000,000
Percent per Month: 10%
Number of months: 120 (10 years x 12 months)
RESULT: 92,709,068,817
Compound profit source 2:
Compound Interest Calculator
initial investment: 1,000,000
Annual Addition: 0
Years to grow: 10
Interest rate: 120% per annum (10% per month)
Make additions at: End of each compounding period
FUTURE VALUE: 92,709,068,817
Comp
Ridiculous profit promise, obvious Ponzi scheme. DO NOT invest your money here, if you have, get it out NOW.
If someone found a FOREX algorithm that made 10% profit a month (thats 120% a year) and reinvested his earnings into the system each month, with an initial investment of 1million, this person would become a billionaire after only 6 years, and get this, that same person would become THE RICHEST PERSON IN THE WORLD, with a net worth of over 92 billion dollars in only 10 years just from using this FOREX trading this algorithm. This monthly percentage profit is what Exential is promising their future customers. (Sources for these calculations are bellow)
Seeing these numbers made me realize how ridiculous their profit promise is.
To follow on someone's comment, if you found a way to become the richest person in the world in 10 years, would you go to the trouble of sharing it with other people and hiring staff, and setting up an office and promoting and finding clients? hell no you wouldn't! you would just use your system and become the richest man in the world, simple.
If anyone wants to know about all the other irregularities I experienced during my time with Exential, please let me know, I thought Id just talk numbers on this post.
Compound profit source 1:
Forex Compounding Calculator - Forex21
Start Balance: 1,000,000
Percent per Month: 10%
Number of months: 120 (10 years x 12 months)
RESULT: 92,709,068,817
Compound profit source 2:
Compound Interest Calculator
initial investment: 1,000,000
Annual Addition: 0
Years to grow: 10
Interest rate: 120% per annum (10% per month)
Make additions at: End of each compounding period
FUTURE VALUE: 92,709,068,817
Comp
Ridiculous profit promise, obvious Ponzi scheme. DO NOT invest your money here, if you have, get it out NOW.
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I understand your point, but I think you may be missing the point!
It is my understanding that Exential 'promise' nothing. They have apparently achieved between 7-9% on average per month for the last few years.
Unlike other 'ponzi' schemes, Exential encourage you to withdraw your returns every month as there is no return paid on 'profit' only the contracts you have - this doesn't really fit with the classic ponzi model (such as F1) which encourages you to leave all money in the fund, thus ON PAPER you appear rich!
Clearly then your 'compound' calculation is not relevant in the case of Exential, although it may be true of other 'similar' schemes I'm hearing about!
Incidentally, I'm neither a promotor nor detractor of this scheme, but I do hear that guys HAVE got their returns this month despite a thread gloating to the contrary!
If any of you have HARD factual evidence that Exential is a DEFINATELY a ponzi, please share.
It is my understanding that Exential 'promise' nothing. They have apparently achieved between 7-9% on average per month for the last few years.
Unlike other 'ponzi' schemes, Exential encourage you to withdraw your returns every month as there is no return paid on 'profit' only the contracts you have - this doesn't really fit with the classic ponzi model (such as F1) which encourages you to leave all money in the fund, thus ON PAPER you appear rich!
Clearly then your 'compound' calculation is not relevant in the case of Exential, although it may be true of other 'similar' schemes I'm hearing about!
Incidentally, I'm neither a promotor nor detractor of this scheme, but I do hear that guys HAVE got their returns this month despite a thread gloating to the contrary!
If any of you have HARD factual evidence that Exential is a DEFINATELY a ponzi, please share.
Because this position is so common (in turn because most people actually want to get their money back one day), legitimate investments, even high risk high return ones, have various protections built in to demonstrate they are legitimate. Have you heard the term "Due diligence"?
Hence the general rule of thumb, that "if it looks like a ponzi and it smells like a ponzi, there's a very high chance that it is a ponzi", and the entirely reasonable onus upon investment schemes to demonstrate they are not ponzis.
But hey, if you feel there is some small chance that it isn't, feel free to borrow as much as you can and hand everything you can get your hands on over to them.
Unlike other 'ponzi' schemes, Exential encourage you to withdraw your returns every month as there is no return paid on 'profit' only the contracts you have - this doesn't really fit with the classic ponzi model (such as F1) which encourages you to leave all money in the fund, thus ON PAPER you appear rich!
You do understand that a ponzi does hand over returns for a while to suck in more victims?
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Can't argue with your points made no nonsense - for the record I was actually one of the fools suckered into F1 several years ago (fortunately for only a very small amount relative to many of our brethren), so I'm now fully aware of the need for due diligence.
The point is, none of us (and I suspect you are included) are professional accountants/forensic money trail analysts and all work off a 'hunch' be it positive or negative!
Several crew ask our opinion because they perceive that pilots are intelligent when it comes to money and investments - the sad reality is that none of us are or we'd have retired long ago!! I basically tell them that I don't know if it's a ponzi or not, but I DO tell them to NEVER borrow money to put into it, however if they have a spare $20k laying around, which if they lost it wouldn't cause them to top themselves, then the potential gain could outweigh the risk.
There are many who have done and continue to do well from this particular scheme for the last 5 years (I know several of them - not all pilots - and some VERY intelligent chaps).
What I do find disturbing is the 'glee' and excitement that some of you seem to pervey at the mere thought that it may collapse thus harming some people you work with just because they decided to take a risk (calculated or otherwise) to potentially better their lives and escape here a few years earlier.........Each to their own, live and let live etc etc
The point is, none of us (and I suspect you are included) are professional accountants/forensic money trail analysts and all work off a 'hunch' be it positive or negative!
Several crew ask our opinion because they perceive that pilots are intelligent when it comes to money and investments - the sad reality is that none of us are or we'd have retired long ago!! I basically tell them that I don't know if it's a ponzi or not, but I DO tell them to NEVER borrow money to put into it, however if they have a spare $20k laying around, which if they lost it wouldn't cause them to top themselves, then the potential gain could outweigh the risk.
There are many who have done and continue to do well from this particular scheme for the last 5 years (I know several of them - not all pilots - and some VERY intelligent chaps).
What I do find disturbing is the 'glee' and excitement that some of you seem to pervey at the mere thought that it may collapse thus harming some people you work with just because they decided to take a risk (calculated or otherwise) to potentially better their lives and escape here a few years earlier.........Each to their own, live and let live etc etc
Last edited by Oblaaspop; 25th Nov 2015 at 09:07.
short flights long nights
Obla, I think you are missing a ' not' between 'would' and 'cause'.
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What I find disturbing is the risk people take TO escape a few years early. I'm just stunned by the niavety and greed of so many that have absolutely no idea what they've got themselves involved with.
When people keep quoting the fact that much money has already been made by those involved early on seems to justify the fact that the system is legitimate. It's not. It's a scam, it's illegal and however people try to dress it up, it's straightforward fraud.
Harry
When people keep quoting the fact that much money has already been made by those involved early on seems to justify the fact that the system is legitimate. It's not. It's a scam, it's illegal and however people try to dress it up, it's straightforward fraud.
Harry
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You seem very passionate about this Harry old chap...
I fail to see how it directly affects you. Why someone investing in a high return 'investment' is deemed greedy I have no idea.
Like I said earlier, many of you have said it IS most definitely a scam, please provide evidence - not rhetoric or noise!
Harry, if you truly believe it is illegal, please tell the authorities - I would suggest you gather some factual evidence first though as there is DEFINITELY a law against defaming businesses and people in the UAE.
Good luck!
SOPs indeed, slip of the finger
I fail to see how it directly affects you. Why someone investing in a high return 'investment' is deemed greedy I have no idea.
Like I said earlier, many of you have said it IS most definitely a scam, please provide evidence - not rhetoric or noise!
Harry, if you truly believe it is illegal, please tell the authorities - I would suggest you gather some factual evidence first though as there is DEFINITELY a law against defaming businesses and people in the UAE.
Good luck!
SOPs indeed, slip of the finger
