Ponzi Scheme TadawulME / Exential Group:

Guaranteed profits become guaranteed losses.
What the Heck??

They said they never had an "Official Banking Partner"?? Yet they have been going strong for the last 6 years?? Where do they put all this money?? In a leprechaun pot?

Or is this basically admitting that they don't have any financial security, because they haven't had the need for an official banking partner??

Thoughts?
 
One simple thought. Legitimate companies handling large amounts of client funds will have firmly established banking relationships. It could be with an "official banking partner" or it could be long-established accounts at several major banks. Yes, there could be a small delay here and there because of regulatory chances, but if that happens, the exact rules will be quoted and the bank will back up the story.

Companies planning to milk clients and disappear will have vague relationships and often will shift banks without a verifiable reason.
 
They also have pumpers on various other forums, including their own myfxbook page. Many comments get deleted or fail to show up at all. Not really surprising.

I believe no one has been paid since November, despite various claims.

I am now seeking legal action. Anyone who wants information on a lawyer familiar with this case, pm me.
 
Despite various claims, many have been paid since November including myself however it did come later than usual.
Yesterday, I received my December profit so they are slowly catching up on the backlog.
Despite all the fear mongering tactics at play by some of the usual suspects on this thread, I am quite confident in my investment.
 
Despite various claims, many have been paid since November including myself however it did come later than usual.
Yesterday, I received my December profit so they are slowly catching up on the backlog.
Despite all the fear mongering tactics at play by some of the usual suspects on this thread, I am quite confident in my investment.

and that later than usual will be usual, so expect your return of investment in 2yrs or more compare from previous years of experience of a year ROI.
Wake-up people, company is not getting enough investors, their name is wrecked, they will just disappear in no time, before 2016 ends!

Get your money back, its time!
 
They also have pumpers on various other forums, including their own myfxbook page. Many comments get deleted or fail to show up at all. Not really surprising.

I believe no one has been paid since November, despite various claims.

I am now seeking legal action. Anyone who wants information on a lawyer familiar with this case, pm me.
Trying to PM you but keeps coming up as an error. Yay!
 
and that later than usual will be usual, so expect your return of investment in 2yrs or more compare from previous years of experience of a year ROI.
Wake-up people, company is not getting enough investors, their name is wrecked, they will just disappear in no time, before 2016 ends!

Get your money back, its time!

There may be a chance that the scheme will hit it big in Australia. They can use newly acquired funds there in order to pay the backlog in Dubai in hopes to regain confidence among the victims here. Perhaps that's one of the main reasons for the sudden activity down there? Stay safe everyone and remember that Phronemophobia exists.
 
I think Superhuman82 made a typo. It should be "quite CONfident in my investment". After all, con games like Ponzi schemes should try to pay their cheerleaders and shills even if others experience long delays or don't get paid at all.

And more CFTC action against another Ponzi - http://www.cftc.gov/PressRoom/PressReleases/7321-16

In the April 17, 2015 Default Judgment Order, Judge Berman found that Chay and 4X fraudulently solicited $4.8 million from at least 19 pool participants by falsely enticing prospective participants with the prospect of earning returns of 24 percent to 36 percent per year and claiming the ability to profit even in adverse market conditions, “when most have lost and lost dearly.”

Simple rule. If it's too good to be true, it's too good to be true.
 
Just did a whois check on the FC Prime Markets website and it exactly has the same setup as the Exential and FCI Markets websites (registered by Go Daddy, registration information masked by domains by proxy - No transparency). These companies they are citing that can vouch for their credibility appear to be, at least, as shady as them, or worse, owned by the same people.

Just as I was alluding to in earlier posts... I've been away for a couple of days (moving house) and haven't had a chance to see the latest posts here and on the exential myfxbook group.. To be honest got a little tired trying to point people in the right direction. Some people will have the blinkers firmly planted on their face and not ask why things arent being done transparently. I had a little bit of a dig deeper about the whole ASIC regulation - it appears there are two steps. The first being registered under ASIC, which is a fairly easy process to do - the second is to gain a AFS (Australian Financial Services) licence. You must have this to provide financial services (which in my opinion Exential are), here is a short extract:

'You may need an AFS licence if, as part of your business, you:

  • provide financial product advice to clients
  • deal in a financial product
  • make a market for a financial product
  • operate a registered scheme
  • provide a custodial or depository service, or
  • provide traditional trustee company services.'
So I think they fall in the above - the second part of all of this is how you should operate once you have that licence, another small extract:

'You have specific obligations relating to:

  • conduct and disclosure
  • the provision of your financial services
  • the competence, knowledge and skills of your responsible managers, as well as their good fame and character
  • the training and competence of your representatives and authorised representatives
  • ensuring your representatives (including authorised representatives) comply with the financial services laws
  • compliance, managing conflicts of interest and risk management
  • the adequacy of your financial, technological and human resources, and
  • your dispute resolution and compensation arrangements (if your clients include retail clients).'
So looking at the above I think we can all agree - even the ones with blinkers on, that exential do not follow any of the above.

So what does that mean - well I do believe they are 'registered' with ASIC - but there are no checks and balances in place for this to happen, essentially is just a business setup - which if you search through the documentation anyone can do. The key is the AFS licence, with it Exential would have to comply with the above, without it they are free to do what they want.
 
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