Fuel For Forex 5 hours ago. I'm fairly new here and have lost quite a considerable amount of money here on forex but with your graphs I was able to get some back. Doc , In this range 1. Add Chart to Comment. Catherine Tai Edited by Sara Ledwith. How would you best describe yourself?
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Dissolved and dormant firms in EuroFX mystery
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Ashok Kumar 17 hours ago. This comment has already been saved in your Saved Items. Ahmed Ers Sep 13, I believe sell Around 1. Sep 13, Sanjay KrJain Sep 12, Anjani Yadav Sep 12, Sep 12, Amit Naik Sep 12, Sanjay KrJain Sep 11, Buy Eruo USD 1.
Sep 11, Amit Naik Sep 10, Sep 08, Amit Naik Sep 07, Big advice trade small keep patience n ull win one day. Sep 07, No regulator stopped them. By Engen Tham and Carolyn Cohn. But the venture was not regulated in the UK. It was a scam that flourished in the gaps between national systems. Byrne, 52, is a British businessman who sells investment products. But Tang Hongde, the man watching as Byrne lingered over his meal, wanted to talk about an earlier venture which the Briton had said he headed.
That operation, called EuroFX, had also promised fat returns on foreign exchange. Chinese law enforcement authorities now say it was a pyramid scheme, which used cash from new investors to pay older ones.
Police did not respond to requests for more information. Some investors say those complaints are just the tip of the iceberg. Reuters spoke to 35 of them, and their stories reveal a trail of pain. But it stands out because it played on Britishness. He told Reuters in May that he was not actually in charge. Reuters was unable to locate the Australian for comment.
EuroFX marketed itself from addresses in London. But as long as it advertised to investors abroad, British authorities considered it beyond their jurisdiction. In China, police responded only in provinces where many victims complained.
He has been sued by others for unpaid debts after investing on their behalf. EuroFX blocked her account in and the money disappeared. Lenders came after her. Last August, she took her own life. Reuters could not independently confirm if EuroFX played a role in her death.
In a meeting filmed by investors, Byrne described himself as acting as CEO of EuroFX, which claimed to have special techniques to trade foreign exchange. The money trail is too blurred to see who profited.
The amounts they paid in would show up on their online EuroFX account, where the balance of funds would go up every day, supposedly reflecting profit from foreign exchange trading. To withdraw profit, investors including Zhang said, they opened accounts at banks nominated by EuroFX. Early investors were able to make withdrawals from these. But in July , EuroFX told investors it was suspending foreign exchange trading. After that, investors could not access any money.
Each investor started to lodge complaints against those who had recommended they invest. Many have fled the country. Two of the companies that investors paid into were dissolved in ; their Indian directors could not be reached.
Hong Kong police did not respond. It was only when Byrne was spotted in China in April that the Shanghai investors asked police to question him.
A group of them spent all night coordinating. They called the police to try to get him arrested. Local police, who declined to comment, visited the hotel, then left again.
The following morning, Tang was in the lobby, keeping watch. Another investor staked out the airport. Eventually, police brought him in for questioning. They are now preparing evidence to submit to the prosecution, the Chinese official said. A spokesman for the British consulate in Shanghai said it was assisting a British national.
Chinese investors say they first heard of EuroFX in June It printed full-colour Chinese brochures, seen by Reuters, which predicted fat returns. Asked who was his boss at Euro Forex Investment Ltd, he said:
Investing in the Forex Market The foreign exchange (forex) market offers a way for investors to purchase euros with leverage that's not available in standard foreign bank accounts. With a deposit as low as $, investors can purchase currencies with margin levels that range from to more than 10, Sep 03, · EUROFX / FXCAP is one of the largest international pyramid fraud in recent decades. The scheme claimed to have more than 50, investors around the world from more than countries. 5 Dec Euro Forex Investment Ltd says an issue of preference shares has increased its share capital to 10,, pounds. Oct Byrne's position at Euro Forex Investment Ltd is terminated, according to Companies House.