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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 25th Nov 2015, 10:20
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Oblaaspop

Passionate from the perspective of warning others not to give money to a Company you don't even know the owner of. It's not an investment, it's a gamble to get rich quick and these scammers play on ignorance and greed. It's a fools game and history has, and will again show, that some people will just never learn. As for contacting the authorities, I'll leave that for the victims when the time comes.

If I was a gambling man, I'd even go so far as to say you might have a small dog in this race Oblaaspop, no?

Harry
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Old 25th Nov 2015, 16:35
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Court upholds 'giant Ponzi scheme' architect's 10-year sentence - Citywire Money
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Old 26th Nov 2015, 08:26
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Only 20%!! "Our" Ponzi guys will make you 100%++....
It may collapse today, tomorrow or in 5 year. Its all depends on the influx of willing "investors"....
I burned my hands in Jamaica so No Thanks for me. I went in because of greed. I now realize the symptoms and stay away from these kind of people.
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Old 27th Nov 2015, 17:17
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Good evening everyone

Thought the link I am posting is relevant considering people are starting to rave about UT markets and the returns they are showing.

Check the link out and make your own minds up.


http://www.fca.org.uk/news/warnings/united-trading-markets

Kind regards

YR




Originally Posted by Payscale
Only 20%!! "Our" Ponzi guys will make you 100%++....
It may collapse today, tomorrow or in 5 year. Its all depends on the influx of willing "investors"....
I burned my hands in Jamaica so No Thanks for me. I went in because of greed. I now realize the symptoms and stay away from these kind of people.
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Old 28th Nov 2015, 03:00
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Been with UTMarkets for a few months now. No complaints. Returns exact as advertised...
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Old 28th Nov 2015, 04:05
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Dear VFR

I am not trying too debunk UT Markets, however when the UK FCA are warning people about this company its certainly not a sterling endorsement.

As for you collecting returns good luck too you, I was just posting a link so people could weigh up the risk/return.
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Old 28th Nov 2015, 09:55
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VFR

That's the way these schemes work.....but people like yourself just don't get it. Actually, you probably do, early into the scam and one of the lucky ones who take the carrot only for those following behind to get the donkey's arse!

UT is being run by the same gang controlling the current ponzi.

Harry
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Old 28th Nov 2015, 11:37
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Harry

To be fair VFR is risking his or her Monies. They really cannot be admonished. The only difference between me you and him is that he has a vested position.

Yes you can say that any percentage return away from any standard financial instrument paying more than 2 per cent per year is Farsicle.

I will say tho forex is one such investment where pie in the sky returns each month can be achieved.

Clearly an office in Bulgaria has too raise flags from the out set. Putting aside the 10 plus per cent returns a month they claim.

Everyone has a choice where to park their cash. Some of us choose the ice box others choose banks and some of us choose Igor in Sofia Bulgaria.

Fellas I don't have any financial prowess but I do have a chook that lays golden nuggets. I am taking early adopter investors. Any one interested please send cash first and then we can talk.

Peace too all

Originally Posted by harry the cod
VFR

That's the way these schemes work.....but people like yourself just don't get it. Actually, you probably do, early into the scam and one of the lucky ones who take the carrot only for those following behind to get the donkey's arse!

UT is being run by the same gang controlling the current ponzi.

Harry
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Old 7th Jan 2016, 03:48
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Article in the National Newspaper Today

Probably too late to get your money out if you were one with a „no risk no reward” attitude. You can try to recoup something before the authorities close it down, or they vanish with your money.

Good Luck


Investors warned over ‘double your cash’ scams in Dubai
Nick Webster
January 6, 2016

DUBAI // Amateur investors are being targeted by financial conmen offering to double their money in foreign currency exchange trading.

In fact, financial experts say the “forex” funds don’t exist: they are Ponzi schemes, in which new investors’ cash is used to pay returns to existing investors, and could collapse at any moment.

“I could probably find 40 in a couple of hours, just in Dubai,” said Sam Instone, chief executive of AES International financial advisers. “If they are allowed to get away with it, these kind of get-rich-quick scams will thrive.

“To the poorly informed, they look genuine. It catches out a lot of people. I hear heartbreaking stories from people like teachers who are often targeted.”

One fund company, with offices in Dubai Media City, promises a return of 110 per cent on an investment of as little as US$20,000, less than Dh75,000.

“Airline cabin crew and teachers are attracted because they can double their salaries by opening two or three accounts. It is built on greed,” said one Lebanese investor who withdrew his money from the fund when he realised it was a scam.

“$20,000 for an investment fund like this is particularly low, that is the attraction. Usually the minimum deposit is nearer $100,000, and pays just 7 per cent a year.
“Offering 110 per cent a year is phenomenal. It is too good to be true, so I got out quickly.”

Even then, he had his deposit returned only after he threatened to contact regulators. “The fund managers were fine at first and paid back my first account,” he said. “But on my second, the communication broke down.”
“I heard nothing and after 35 days I was getting worried,” the investor said.
“I sent them an email and told them I would contact the authorities at Dubai Multi Commodities Centre and within five minutes I had an email and the money was returned the same day. 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.
“Because the money is held in BVI, it is easy to freeze and transfer to anywhere in the world,” she said. “This is not regulated and it is not a reliable investment.”

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.
“Many are not financially educated, all they see is their friends making money and they want to join in.”

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.
“As soon as you have opened an account and deposited the money, customer services are very difficult to get hold of,” she said.

Brett, an investor from New Zealand, closed his accounts because he had doubts about the legitimacy of the company.
“I asked key questions like how to view live trades and why it took so long to get the money back once accounts were closed,” he said. “They didn’t answer these basic questions, so I closed my accounts.
“It was too risky. 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.
“This could all disappear tomorrow. No one even knows where their money is going,” he said.

“It is not a case of if they will collapse, but when. Some people know the risks but are still happy to invest. It is dangerous. 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 2013. The company’s chief executive, the Pakistani businessman *Malik Awan, was jailed for two years for fraud.

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.

___________
How to invest safely and avoid high-risk bogus schemes, from AES International.
• Legitimate financial advisers should be able to answer any queries about the financial plan or asset fund, and make it clear what fees will be charged.
• Some countries have no regulation regarding who can provide financial advice. Advisers should be upfront and specific about their experience, knowledge and qualifications, as well as the regulatory framework in which they operate.
• Financial advice should be independent and tailored to your needs, trusted planners would never profess to being investment experts as well. There are many ways of accessing investments without paying for advice and a good company will be able to help you get started.
• A first meeting is all about you and the adviser getting to know each other. It’s an opportunity for you to ask questions. 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.
[email protected]

Link> Savers warned to avoid high-risk ponzi schemes in Dubai | The National
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Old 11th Jan 2016, 14:36
  #170 (permalink)  
 
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...One fund company, with offices in Dubai Media City, promises a return of 110 per cent on an investment of as little as US$20,000, less than Dh75,000.
...
Airline cabin crew and teachers are attracted because they can double their salaries by opening two or three accounts. It is built on greed,” said one Lebanese investor who withdrew his money from the fund when he realised it was a scam.

$20,000 for an investment fund like this is particularly low, that is the attraction. Usually the minimum deposit is nearer $100,000, and pays just 7 per cent a year.
“Offering 110 per cent a year is phenomenal. It is too good to be true, so I got out quickly.”
...
Alina, a former cabin crew member ... 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.
Pretty clearly this is the same crowd we've been discussing.
Any doubters still want to argue it's not a Ponzi scheme?
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Old 20th Mar 2016, 05:56
  #171 (permalink)  
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Dubai ‘ponzi scheme’ payouts dry up

Hope most of you had time to get out.

If we get a bonus this year, do yourself a favour and buy the wife a ring, or yourself a new car. At least you will be able to offload it down the line.


Investors tell of worry as bogus Dubai ‘ponzi scheme’ payouts dry up
The National, March 19, 2016


DUBAI // The net is tightening around rogue investment schemes in Dubai that have been milking hundreds of thousands of dirhams out of low-income workers who were duped with promises of big returns.

Investors who have pumped tens of thousands of US dollars into such “Ponzi" schemes claimed they were facing financial ruin and have reported matters to Dubai courts.

Financial advisers aired concerns in an article in The National in January following a growing demand for investments in foreign exchange funds they said were offering profits that were too good to be true.

That is proving to be the case, with investors claiming that they are owed thousands and that have not been paid since November.

Bogus traders lured investors with the promise of 110 per cent returns on foreign exchange markets, but are suspected of simply redistributing funds from new investors – a Ponzi scheme.

Jennifer, a 26-year-old Filipina who works for a cleaning company in Dubai, invested US$50,000 (Dh183,647) - almost 20 times her monthly wage.

With three of her friends, they invested $25,000 each with one investment group in Dubai in May last year, while she alone invested another $25,000 elsewhere. “For the first five months, they paid out after 15 working days and were never late," she said.

“After November, things slowed down and we stopped getting paid. We had a relationship manager who said a problem with international banking was causing delays.

“I invested my savings and, like my friends, I’ve taken a bank loan to invest this money."

Net profits each month would range from between $1,700 and $2,100 and were achieved by trading in foreign currencies, according to the relationship managers.

Investors could not view live trading information, but were given retrospective access to trading performance.

One investor said: “I started my investment with my broker in Media City in April last year. Money was good and trades and profits were conservative until December and January.

“They have a policy in our written agreement that states that when you initiate your withdrawal on the first of the month, you will receive the transfer after 15 working days.

“For two months in a row, they failed to fulfil this policy, and I have started to doubt their credibility. They said the delay would either be the holidays either here in UAE and where their bank is in Australia, or because of banking limitations."

Financial advisers said that the scams have been widespread for years in Dubai and that investors risked losing everything should the funding for the schemes collapse.

Those found breaking the law can be hit with a three-year jail term and fines of up to Dh30,000.

One company advertising services as a foreign currency trader does supply documents to interested investors and a Department of Economic Development licence is clearly displayed on its literature. This allows it to trade in investment in commercial enterprises and management, but the company has no licence to perform as a trader.

Other documents showed phone numbers that were either out of service or went unanswered.

The UAE bans anyone from opening companies without a licence, but rogue operators continue to break the law, according to Yousef Al Bahar, a lawyer from Al Bahar and Associates who said investors were targeted on social media.

“Customers have to ask about the company with authorities to double-check their licence and what activities they are authorised to carry out.

“Customers who are scammed must report these companies to police and submit evidence."

Dubai Police said that such complaints should be addressed to the anti-economic crimes department on 800 800243, or email [email protected].


Source:
Investors tell of worry as ponzi scheme payouts dry up | The National
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Old 23rd Mar 2016, 08:00
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Originally Posted by Oblaaspop
If any of you have HARD factual evidence that Exential is a DEFINATELY a ponzi, please share.
I have 37 years experience in banking, insurance and investments. I hold primary and masters degrees in financial disciplines from reputable universities. I am a member in good standing of an insurance institute and a banking institute. Oh, and I have nothing to sell any of you!


The hard factual evidence is right in front of you, but you have to know it to see it.


If the promoters of this scheme could really deliver the rates of return that they promise then they would themselves be billionaires, sitting in the corner offices of a Wall Street investment bank. Instead, they in dusty Dubai selling financial fairy tales to people who, though they may be making good money, are not (like 99% of the population) financially literate.
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Old 26th Mar 2016, 18:17
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Exential latest.

A quick heads up for those still 'invested'. Have been told that this 'Company' is now looking for a further 25% injection of your hard earned money to increase the returns. Sadly, there will be some that will fall for this too!

Please, do yourselves a huge favour and exit while you still have a chance of recovering something.

Harry
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Old 15th Jul 2016, 21:09
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Hi, couldn't agree more! Especially the current situation is very frustrating. Any new news about the current situation? No payouts since month! :/



Originally Posted by Stjuk
Very gods news that someone is looking into this. I see a lot of potential victims in this type of environment.

I have nothing to do with it, and won't be of any help.

But it would be greatly appreciated if you could let us know when you publish something.

Good luck
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Old 16th Jul 2016, 09:55
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Any new news about the current situation?
Yes,

The news is a fool and his money are soon parted.
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Old 16th Jul 2016, 16:01
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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.
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Old 16th Jul 2016, 19:13
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Has anyone had experience with Pacific Tycoon, a company that sells and leases containers in Hong Kong.... promising huge returns paid monthly on your investment of $4000 USD per container which they then lease out. Is this another "too good to be true" fairy tale?
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Old 16th Jul 2016, 19:57
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Go for it High 6. Sounds like a great deal.
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Old 18th Jul 2016, 16:30
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Today Exe***** Offices officially closed and sealed by Dubai Department of Economic Development!




Everyone now realising UT Markets is headed down the same path. Recent technical problems paying out profits...and the "UNAVOIDABLE DELAYS" emails when you try and close your account.

Ex***** at least had an office and claimed only 100% return a year.
UT operates through whats up and claims 200%+ pa. Plus min $US500 commission on each new client you suck into the ponzi - Did you really think they would be around for more than a year..........shame on anyone involved!
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Old 18th Jul 2016, 20:10
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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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