Guys- there is no money to give back!!!! People who have accessed their accounts see less than a $100 in them. They lost the money trading, and used a ponzi scheme to keep it going. Of course they skimmed a bunch for themselves, but IMHO they lost most of it trading cause they were not...
One more thing- NEVER does the trader (EG) have the ability to withdraw client funds, in standard legal FX managed trading.
Who authorized the w/d? Did the PoA allow for it?
I think that this provides very clear insight to what was going on.
As I suspected, they were trading, but were terrible at it.
At one point they might even had made money (even a blind squirrel may find an acorn!), but they lost, and then lost some more- and to keep it going, and probably with...
The laws in just about all countries are very simple- to co-mingle client funds you need to be properly licenced as an Investment Firm. EG was not. By taking funds into their account and then 'sending' them to the broker, they were not in compliance with applicable laws.
If a broker found out...
Significant licencing and regulation are involved when an 'investment firm' pools client funds into one big pot. One of the 'attractions' of forex is that a money manager can trade individuals accounts and not pool the funds. The regulation is about .1% of pooled funds.
So, EG was not licenced...
With DED shutting them down, they will have big trouble banking.
I believe they started with good intentions- and probably even were legit at some point, but only the very best of the very best can consistently make good returns, and the Achilles heel of forex trading is that with the...
I did ask. Response was usual mumbo jumbo. If they were able to get those type of results, the family offices in the region would be all over it! And none of the restrictions would need to be in place.
In terms of performance, it is not hard for VERY EXPERIENCED PROFESSIONALS to provide...
More from ESCA
Dear KC,
with reference to your filed complaint against Exential group, SCA regret to tell you that this company and the FOREX trading activity at issue are out of SCA jurisdiction. Thus, SCA has taken its necessary measures and has informed all relevant concerned authorities (...
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