Webarchive template wayback links. Are you sure that everything is on the up and up? This page was last edited on 10 July , at Lewalski , formerly of Gainesville, Fla. David Kane, a Houston oil industry technical support manager, says he found his way to Secure because he had stopped trusting bankers and brokers after the financial crisis. This will cause unsuspecting traders to do nothing more than gamble. The amounts that we have witnessed in these three examples may seem modest when compared to the Trevor Cook caper, but this lower-amount profile might be disguising a much broader phenomenon.
The Trevor Cook playbook for successful forex Ponzi schemes. The best “How To” book award for foreign exchange frauds is generally given to Trevor Cook, a self-proclaimed investment mogul who now sits behind bars, serving out a year sentence. He and his associates stole $ million from over a thousand investors.
‘Nothing I Saw’
Because Secure had no real headquarters and existed on the Internet only, an investigation would be challenging. David Kane, a Houston oil industry technical support manager, says he found his way to Secure because he had stopped trusting bankers and brokers after the financial crisis. In an interview on March 10, seven weeks before secureinvestment. Secure wired him his cash through a money-transfer company, Mayzus Financial Services Ltd. By May 13, two weeks after the website shut down and two months after his first interview with Bloomberg Markets, Kane had a different view.
What is most bothersome is the loss of the dream. Jaron Mark, a medical resident at a hospital in Tampa, Florida, says he spent nine months seeking a safe investment before he chose Secure. Two weeks later, the Secure website was gone. I feel like a fool. The man identified by Secure as its chief executive officer used the name Michael Sterling. It shows gray-bearded Sterling describing his excitement about Secure.
Sterling then addresses Secure employees at their modern office building, as meetings in glass-walled conference rooms are shown. He was asked what happened. We are sorry for the inconvenience. After some time, it should work fine. Dishonest bastards that don't know how to make money the honest way - work or investing wisely.
Too many of these "Ponzi" schemes exist: I found my two scams by a website promoting all of these, and there were other non-associated investment and business websites with reviews on each program, and how often and reliable their payment history is.
If you want a job done properly, you gotta do it yourself. People put too much faith in others, thinking "they know how to manage my money better", but in reality "they" are no smarter than you. In fact, chances are you are smarter than them because they often have to concoct some scam like this in order to make money, however, you are looking to earn money honestly - which takes brains.
Share it with friends: The alarm bells started ringing after Ngcobo splashed out an estimated R1 million for his 26th birthday party which was attended by celebrities including Khanyi Mbau, Dumisane Mbebe and Winnie Modise at the Coastlands Hotel in Durban. Although he was cleared of any wrongdoing then, some victims of his came forward again last year. I went to meet him at their offices in Randburg and I was asked to pay R10 for training to be able to learn how to trade and watch my money grow.
He gave me an FNB account number under the name of Knowledge-to-Trade for me to deposit the money for training. A trading school official that Chronicle interacted with over WhatsApp, Forex Trading School in Bulawayo, revealed the inner workings of the school. We have classes on Monday, Wednesday and Friday. Although he spends his days looking at currency graphs and charts that look undecipherable to the untrained eye, he claims to be fully aware of the risks that come with trading.
As it is largely unregulated, forex trading also poses a unique challenge to law enforcement agents who are at pains to make sure that citizens do not lose their cash to traders who promise a quick return on investment. It is well advertised and the colourful nectar that many want a taste of.
Short term economic s You can be assured that there are many more operating, perhaps, even in your own community. The amounts that we have witnessed in these three examples may seem modest when compared to the Trevor Cook caper, but this lower-amount profile might be disguising a much broader phenomenon. Authorities will be sorting through the rubble for decades before any reparations are made.
After fines and court costs, investors rarely see as much as 20 cents on the dollar, but hope does spring eternal. Ironically, you instantly become a defendant in a case where you had been victimized. Are you involved with a fund manager at present?
Are you sure that everything is on the up and up? How were you initially approached? Was it through a member of your family, a trusted friend, co-worker, or other intermediary in the community that you trust? Have you been promised outrageous returns at no risk to principal?
Remember to always be skeptical and that you are your first and last line of defense against fraud! April — Former Naval Pilot convicted of Ponzi fraud If a man of the cloth or of the law cannot be trusted, then what about an ex-serviceman? Concluding Remarks Ponzi schemes are alive and well in America, especially in the field of foreign exchange, and these examples are, perhaps, only a handful of the ones that have gone undetected. Ironically, you instantly become a defendant in a case where you had been victimized Are you involved with a fund manager at present?
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Spotting a forex scam. Therefore, as with many Ponzi schemes, even when those who deliberately engage in forex scams are brought to justice, there’s no guarantee investors will be reimbursed. How legit is forex trading? submitted 2 although he's only been in the trading business for a few months. He's been involved in pyramid schemes before, but this seems a little different. Anyone have any insight? 4 comments; share; save; hide. report; all 4 comments. sorted by: or spreads on markets like Forex, as well as the large. After the collapse of MMM last year, there are fears that forex trading is yet another pyramid scheme that will see the gullible lose their hard earned cash. Forex trading experts and schools are.