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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 28th Jun 2015, 23:01
  #1 (permalink)  
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Join Date: Jun 2015
Location: Sandpit
Posts: 28
Ponzi scheme targeting crew - Beware - do not become a victim.



I am in shock the amount of crew (both cockpit and cabin) that have „invested” & taken out loans to double their money in 24 months. Please try to withdraw your money, even if only in part, before it is lost. „A small hurt now, is better than a huge hurt later”.

Tad***l / Ex*****l or whatever they will change their name to once new account openings drop has a brilliant marketing strategy targeting airline employees based in DXB. We are prone to take risks, gullible and a large target market that talks and trusts each other. The amount of recommendations and mouth-to-mouth marketing regarding this FX scheme onboard is horrifying. A get rich quick scheme is everyone's dream of a perfect exit strategy and a way to retire early and live well. Get real!

May I suggest Tad***l / Ex*****l also opens offices in Qatar and Abu Dhabi ASAP to profit on the airline employees located there.

I have been in the sandpit for a while, and have seen these schemes come and go, but more importantly their devastating effects – crew losing their savings, having to flea DXB as loans taken could not be repaid etc. Many might recall from 2007-2012 we had an SFS, let's call him Ricky Martin (to protect his identity) promoting an identical FX scheme with 8-9% returns in managed FX accounts: forex4crew

In Ricky's defense, but like many crew today he truly believed that his money was invested in FX and that he was investing and making money. He was charismatic, believed in the scheme and had the power to influence others. Soon he had convinced hundreds of crew to sign up. And these crew relayed news of their huge “paper” profits to others onboard...........

Many South Asian crew were involved in a similar scam named MMA, which also collapsed around 2012.

These scams usually have a life cycle of 4-5 years. Tad***l / Ex*****l is nearing the end of theirs. Get out before it is too late!

Please heed this warning – this is a scam – Ponzi scheme.

What I am appalled at most is the crew that realise this is a Ponzi scheme, but, nevertheless invest/gamble and then promote it. For 12 months they defend and encourage others to take the risk so as to protect their initial investment.

If you like to gamble, great; but not at others expense.

Go to a casino, choose black or red and spin the wheel, you can double your money in a minute rather then waiting 24 months and sucking in others.

Making money from this Ponzi scheme, means committing an offense and stealing money from your colleagues. Any profits made can legally and should be redistributed to victims that will shortly lose their initial $20000.

The company is paying its monthly 9% profits from new investor funds, as insufficient returns are being generated since Jan this year. Classic Ponzi scheme - do not be the next victim.

Beware
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Old 29th Jun 2015, 05:50
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Join Date: Nov 1998
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On my last flight one of the Grade 1's asked if we had invested in this yet. Both of us replied-never heard of it. The more she spoke the more I had a sense of deja vu. Then she told me about one Captain who has bought 25 shares in this pie-to be honest it scares me that someone who exercises such poor judgement is allowed in a cockpit-let alone as captain. We all generally get bitten once or twice in our lives, but to go down that hard given relatively recent history is unbelievable. On the bright side, at least the Gr1 acknowledged that she considered it a gamble.....
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Old 29th Jun 2015, 06:23
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To the believers, and the guys who recently put their bonuses into the scheme. Get your money out now. Do not let them scam us again. History has a way of repeating itself. The facts:
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Old 29th Jun 2015, 07:09
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Join Date: Mar 2003
Location: Dubai
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Yep, first heard about this a couple of months ago, said straight away that it was a Ponzi, crew looked at me like I had two heads and had no idea what I was talking about.
Would love to be wrong for their sakes
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Old 29th Jun 2015, 07:51
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Join Date: Jun 2006
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Flew with a guy recently that had two accounts already and was about to open a third. Purser comes to FD to claim he already had 3 himself.

Their logic was,take a loan and invest...you will make your money back in no time to repay the bank and have a nice addition to your salary.

If it smells like sh×t,it probably is shit.
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Old 29th Jun 2015, 07:55
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Join Date: Oct 2007
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Originally Posted by ruserious View Post
Yep, first heard about this a couple of months ago, said straight away that it was a Ponzi, crew looked at me like I had two heads and had no idea what I was talking about.
Would love to be wrong for their sakes
Is this the "invest 20,000 USD in Forex and we'll guarantee you'll make an extra 1500 USD per month" scheme?

Had a FO talk to me about it, and several CC.

I mean, seriously - you give 20,000 USD to someone in Saudi and they guarantee you a 1500 USD perm month return?

Would you give 20,000 USD to someone you've never met in your home country? What is it about this place that makes people do such stupid things?
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Old 29th Jun 2015, 08:26
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If it sounds too good to be true, it usually is.
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Old 29th Jun 2015, 12:15
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Join Date: May 2008
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I flew with a lot of guys especially CC members who put some money in this scam and as one of you said when I said it was a Ponzi scheme they looked at me as I was a freak and didn't know what i was talking about.

Two weeks ago a male purser was explaining and trying to convince other CC in the front galley. I told him he was acting as a commercial for them and all this scam works this way. As long as people put some money in it, it will not collapse. Or until those scammers find they have enough money and run away.

With our bonus and the amount of idiots believing in this. I suspect this will happen soon.

I am amazed that some pilots who are generaly educated and a careful type of investor do invest in this scam. Even sometimes knowing it's a scam ! What a gamble...

My wife who is working for PriceWaterhouseCoopers in the Financial audit had a good laugh with her colleagues when I showed her their website.

-We are based in the British Virgin Islands (BVI) and Seychelles with a Rep office in Dubai, UAE.
Based in 2 virtually unregulated jurisdictions.
- Not registered with UAE Central Bank
- Not registered with Dubai FSA (Financial Security Authority)
- "The results audited by a third party. Each month our results are confirmed by a third party auditor before they are published." - Thank you but by who ?
- etc....

I am sure that soon some representative of this company will post on this thread and try to defend his scam...

Please take your money out now.
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Old 29th Jun 2015, 17:56
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This scam is obviously becoming more and more popular after the bonus was paid as in the last few weeks it's been mentioned in the flightdeck at least a couple of times...

As SOPS says if it sounds too good to be true then it probably is.

AvroRider, I must admit I never really had pilots as been careful type of investors, isn't the saying: "if you need some financial advise, ask a pilot and whatever he tells you, do the opposite"? ;-)
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Old 29th Jun 2015, 19:16
  #10 (permalink)  
 
Join Date: Aug 2000
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In FZ there are seemingly numerous folk signed-up to one particular Forex ponzi scheme... and they typically all look at you askance when you state that you're not 'invested' into it and that you have no intention of being so.

They usually then proceed to tell you that they've not been burnt by it (at least not yet) and are seemingly making a fortune - which one might interpret as them getting their (and others) 'investment' paid back to them.

The suggestion that there's some 'forex' aspect to it, is just to provide a ruse that their's an air of legitimacy about it, but which in fact there isn't.

The bottom line of it all is that one should never forget that "where there's a scheme (scam), there's a schemer (scammer) !"
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Old 30th Jun 2015, 00:40
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The number of pilots and cc in this scam is amazing.
One thing I was wondering was why, a forex investment company would ask you to invest by lots of 20k$ rather than anything you want.
Reading about a ponzi a few days ago though I understood.
The basic principle of a principle of a ponzi requires new "investors" to double the first bet.
So if your first account is 20k, any additional contribution has to be 20 as well.
Or you need a new investor to bring the same amount.

I too felt like I was an alien when trying to explain to people that this could not be real. I failed on most occasions but there is no doubt in my mind or the mind of knowledgeable people that this is nothing more than a scam.
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Old 30th Jun 2015, 01:38
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Alien is an understatement. We are the enemy. I just feel it is our responsibility to protect / save these people. They just do not listen. My daughter springs to mind



Maybe facts will help?
Econ101 is offline  
Old 30th Jun 2015, 01:46
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Why is it that all investors instead of heeding warnings, are always asking for proof that it is a Ponzi. Rather than asking the Scheme owner to prove it is not.


Some are finally understanding the danger their money is in, and trying to withdraw. Do not be caught with your pants down this time around. You have been warned.


To give all the investors/gamblers and anyone still considering this scam, clarity on the way you are being scammed, I will try and keep this as easy to understand as I can:


There is a FX part to this Ponzi. Beware it is only a tiny part of it - to give it the air of legitimacy.


Only $50000 (plus $ to cover huge loss in Dec14-Jan15) has ever been invested in FX by this scheme, a drop in the ocean from all the funds investors have given them. - but scary in itself.


You are given access to the myFxbook stats – ANALYSE THEM!. There is 1, and only 1 account with an average investment of $50 000 ( = 2.5 investor/accounts), it is symbolic in nature. Your actual money is never invested in FX.


They claim this account, the “Master”, represents yours. They claim it is “mirrored” and therefore is a representation of your account. Your account is similar to this, but you do not see it, and cannot access it - TRUST US they claim.


The reality is, out of all their customer funds (Millions of $ according to them – probably true) ONLY 1 FX trading ACCOUNT of $50000 exists – the one you have access to and see online. The “Master”


It is like one individual 'show home' at a property marketing event – there is only 1! - but they promise yours also exists and is identical “mirrored”(to use their exact marketing phrases).


The reality is that money deposited by the investors is not used on the FX market, instead it is taken to pay profits to existing members and the rest is taken by the owner, you only see fictitious profit statements in the system. Your money is not invested in FX, only a symbolic $50000 has ever been invested.


They do not even try hard to cover up the facts from people who actually believe a mirrored account exists and believe their money is invested in FX .


Check the Profits on their website vs Myfxbook stats!


FACT: Not enough profit/gain is made even in the “Show home/Master account” to cover your monthly profit of 9%. (myfxbook stats from 2015).


Where are your profits coming from? You guessed it. New members: Classic Ponzi 101


Get out if you still can!


A huge loss was incurred in Dec -Jan - 65% loss. Reason CHF devaluation. Did your profits incur a loss - of course not. 9% as usual..


They recapitalized the “Show Home” - symbolic “Master” account, to cover the loss- and all looks rosy again.


Did they ask you to recapitalize (put additional $ in to cover the loss, as they did in the “Master account) – course not, did your balance drop? - course not. Your money was never invested in FX anyway.



Demand your money back before you lose it all - there might still be time.


Others are already clambering for the door. Time is up for this Ponzi.

Last edited by Econ101; 1st Jul 2015 at 19:37.
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Old 30th Jun 2015, 04:02
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Join Date: Jul 2001
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I've had fellow pilots try to sell it to me. I said it smelled like a Ponzi scheme straight away.
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Old 30th Jun 2015, 05:00
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Join Date: Jun 2007
Location: sand box
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Some people have short memories and want something for nothing. Interesting times coming up the property market here is going into free fall with prices falling to the levels during the credit crisis now forecast by some.
The same Ponzi/pyramid selling were around in 2008 and I have zero sympathy for anyone signed up to one!

Last edited by emratty; 30th Jun 2015 at 05:01. Reason: Spelling
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Old 30th Jun 2015, 07:42
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Join Date: Jun 2002
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Anyone care to post a website or link. Not interested or able to invest, just morbid curiosity. After all I do have a spare second today :-)
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Old 30th Jun 2015, 08:02
  #17 (permalink)  
 
Join Date: Dec 1999
Location: Land of everlasting thirst
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Ahhh yes. Bit like the Sky Bizz scheme that did it's rounds in the EK circles about 15 years ago.
The guys who got in first bought Ferrari's, the late comers had to sell their family station wagon to pay the bills.

Be careful out there..
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Old 30th Jun 2015, 09:55
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Join Date: Jul 2013
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Where is your average 9% profit coming from? Definitely not from FX trades
Presumably the 4-6% monthly gain on your chart is based on the master trading account balance circ. 57k. USD not 20k. You'd need to select profit on the drop down menu to get the figures on their website.
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Old 30th Jun 2015, 10:00
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Join Date: May 2008
Location: Bruxellae, Belgica
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I just can't stop laughing when they say they can guarantee you an average return of more than 100% on a yearly basis !

And look at their "About us". The first thing is "How to transfer money"...

Anyway forewarned is forearmed.
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Old 30th Jun 2015, 10:27
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Join Date: Jun 2006
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A fool and their money are easily parted. Had the hard sell from a certain Egyptian purser recently, I just asked him if he knew what a Ponzi scheme was, when he started to talk about forex etc etc, I told him to go try and sell some ice to Eskimos instead.
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