Exential scheme legal case
 

Hi all,

If you're with the above forex 'investment' scheme then be advised that a legal case is in progress against them due to their continued failure to honour their contract with regards to withdrawals and account closure. If you wish to know more details then drop me a PM as I have the details, confidentiality assured!

Is this the one everyone was insisting was legit?

If this was the 11% a month promise, how did anyone think they were going to "homour" their contract?

You're wasting your time and money. All you'll achieve is adding stress to your life and removing what little spare cash, if any, from your depleted bank account as the lawyers milk what they can.

Walk away and put it down to 'experience'. Naivety, greed or a combination of both, those that swallowed the hype of these fraudsters and from their very own 'colleagues', have gained nothing other than a harsh lesson in how a Ponzi scheme works. That so many have been so gullible to this scam leaves me speechless.

Having said that, I'm also somewhat disappointed that their employer, who must have been aware of such a scheme, did nothing to warn those less educated. Doesn't a duty of care extend to financial guidance too or was it intentional on their part to ensure a few more years of hard labour to pay off the debts? Considering the constant updates and verbiage on the cabin crew portal, would it really have been unreasonable to mention something along the lines of;

"It's been brought to our attention that many crew are reportedly investing in a foreign exchange scheme, one that's offering extremely large rates of return. Whilst we neither endorse or discourage you from investing in such a Company, we would strongly advise you to seek independent financial advise before doing so!"

Really, how difficult would that have been? May have saved a lot of pain for the very people they claim to care for!

Disappointed with the employer? How can you be disappointed with them, when our bosses are 'vested' in the scam themselves..... As 'investors' I will add.

"A fool and their money are easily parted"

And, zeeeeeeero sympathy was felt.

Bymonek, unfortunately many of the independent financial advisors are also crooks. There are plenty of newspaper and financial publications articles about that subject. As for making a direct statement to employees, it is difficult politically, isn't it? I think there is plenty of information out there amongst the pilots to now it's a Ponzi scheme, so I don't pity them when they get caught out by their greed. But many naive new cabin crew are being persuaded by their seniors into joining because those seniors are trying to get a return. It's plain evil.

Had a cabin crew member telling me about the new scheme recently started. Cant remember what its called now. I tried to explain that it was the same as exential and was only going to end up hurting people. She looked me square in the face and said " I dont care if they are killing people. As long as I get my money." That was about as far as the conversation went.

J.

It's a similar, selfish attitude that's apparent in many who are involved in the ponzi scam. Hand on heart, they know it's not fully legitimate but they also know that without 'selling' it to their colleagues, they're screwed! That's why we've even heard of several Captains boasting about the number of accounts they hold and how much they're making. What a joke!

This latest addition will collapse much sooner as there have been simply too many people burnt from the last one with many of those having taken out loans to join. With no way of paying off the current loan, taking another is unlikely.

Funny how it's suddenly gone all quiet amongst the crew now.......

Harry

Are you telling me that someone has started another one of these ' schemes' and people are investing? :ugh::ugh:

As I understood Exential collapsed because people were withdrawing their money from Exential to "invest" in that other ponzi which offered a higher interest

The new one, also fueled by crew ( flight deck and CC ) is called UT Market.
Get this... The greedy ones were only returning 10% a month ( give or take ) with Extential ( ex Tadawul ) compared to ....... Nearly 20% monthly with UT Market. Alternatively UT is banned in the UK and any country with half decent financial laws but not in Bulgaria. I really wonder why ?

I look forward to hear about the next big thing offering a very realistic ( to the dim or simply dishonest ones ), 30%.

These people ( so called investors ) are meant to be professionals by the way. Looking after my safety, millions of dollars of assets etc...

The latest Safar has an article from group security caning these forex schemes. :ok:

Court case details
 

For those who are interested in pursuing legal action but don't want to share your details or PM via pprune, the details and contacts can be found on this link:

http://www.forexpeacearmy.com/community/threads/tadawulme-exential-group.35478/page-111

You may need to go back a few pages as the situation is fast moving. The legal firm is called MAD advocates.

Peace,

Flex/MCT

MAD advocates...I can't help but ask...is that a joke? :-)

As you can tell, I have zero sympathy for those who got involved in this. Where are the advocates from months ago who were saying this was all legit and they were making a fortune? Any input now? Are you happy you've made your money while conning your friends and colleagues out of their hard earned savings? I do hope you sleep well at night.

Does MAD specialize in getting blood out of stones?

Hahahahahah

Go and look at the forum posted above. Bunch of effing morons on there bleating on about how hard they have been done. Idiots.
Well when the money was coming in from the new recruits they convinced to join it was all roses and unicorns.
No sympathy.

J.

No sympathy from me either. If it looks too good to be true...

Great that they have put an article in Safar, but that is not read by many. A company wide email from Group Security or departmental managers would be useful to make sure the lesser educated/experienced staff are aware.

The type of people who actually believe obvious ponzi schemes are legitimate aren't going to be convinced by any email or article.

These are the types typical of the young cabin crew I wasted ten minutes in a forward galley trying to explain how it simply wasn't possible for an "investment" to make the sort of returns claimed without extraordinary risk. After patiently listening, she then said "Yes, well, if my sister and I can get loans to get the $20,000 we're going to do it".

Wonder how long it takes to repay that on an FG1 salary? Guess she's finding out.

I say let Darwin take over and thin the herd. It desperately needs some culling anyway.

Not just cabin crew. One Capt was also giving the hard sell for this.

Is this the scheme that was discussed here like a year ago?