pIP5_LeVErAge
Private, 1st Class
- Messages
- 30
Hi,
Is Exential totally closed?
Is Exential totally closed?
Ponzi Scheme TadawulME / Exential Group:
- Thread starter samsam9000
- Start date
Guaranteed profits become guaranteed losses.
Pharaoh
Brigadier General
- Messages
- 20,306
I'm pretty sure AsstMod's invitation wasn't aimed at people who were misled. Looks to me like it's aimed towards active promoters (like superhuman82) who obviously know it's a Ponzi, but deny it and actively recruit in order to prolong their ill-gotten gains.
If only more people had listened to advice to complain or at least question regulators sooner. This scam ran for over 2 years. If everyone in the UAE who was approached had filed an inquiry, that could have led to earlier action. When payments stopped, if everyone had complained within a month, it could have led to earlier action. Earlier action by regulators would have reduced the total number of victims.
And I'm sure the DED seals up the offices of every company which gets a complaint, right?
Exential and its fans will claim the shutdown was due to false complaints. Although such a thing is possible, it's quite rare. Generally, financial regulators don't bother to make a move like this until they are sure they'll win. Otherwise, the company and those invested will do everything legally possible to destroy the regulator's ability to take such actions.
Barring some near-miraculous legal maneuvers, it's over. I think all that's left to do is wait for the final regulator announcement of what's been obvious since the first few pages of this thread:
Exential never was anything but a Ponzi!
worried eg
Recruit
- Messages
- 5
Dnt write them off yet as the verdict of DED is still not out, to everyone suprise they may open the office be back in business as there was nothing wrong foundI'm pretty sure AsstMod's invitation wasn't aimed at people who were misled. Looks to me like it's aimed towards active promoters (like superhuman82) who obviously know it's a Ponzi, but deny it and actively recruit in order to prolong their ill-gotten gains.
If only more people had listened to advice to complain or at least question regulators sooner. This scam ran for over 2 years. If everyone in the UAE who was approached had filed an inquiry, that could have led to earlier action. When payments stopped, if everyone had complained within a month, it could have led to earlier action. Earlier action by regulators would have reduced the total number of victims.
And I'm sure the DED seals up the offices of every company which gets a complaint, right?
Exential and its fans will claim the shutdown was due to false complaints. Although such a thing is possible, it's quite rare. Generally, financial regulators don't bother to make a move like this until they are sure they'll win. Otherwise, the company and those invested will do everything legally possible to destroy the regulator's ability to take such actions.
Barring some near-miraculous legal maneuvers, it's over. I think all that's left to do is wait for the final regulator announcement of what's been obvious since the first few pages of this thread:
Exential never was anything but a Ponzi!
SilentSpectator
Sergeant
- Messages
- 141
What's the difference? Office open or not, they're not paying out anyway. They could open 10 offices all around Dubai bit if they don't pay out, they're good as nonexistent.
The Equaliser
Recruit
- Messages
- 7
I'm sure that there must be a medical term for this denial that so many are voicing. You can try to convince yourself or others as much as you like but it will not change anything. It's perfectly normal behaviour in hoping that everything will turn out all right, often a defence mechanism to convince ourselves that the decision we made was justified or that the situation we find ourselves in is just temporary. We'll always look for information to prove we're right and happily ignore the obvious that proves otherwise. It's called 'confirmation bias'. Admitting that the scheme is nothing more than a scam would be admitting that we were wrong and that our initial judgement was seriously flawed, something that many on here are struggling to accept.
Pharaoh Lt Colonel
Yes, you're right and probably a misunderstanding on my part. Thanks for clarifying.
Pharaoh Lt Colonel
Yes, you're right and probably a misunderstanding on my part. Thanks for clarifying.
Why you seem so angry of you haven't invested with Exential.
Sincerely,
"one of stupid foolish people"
I agree..
For member who didn't invest with Exential, why are you so angry? If it doesn't concern you in any way then why are you trying to sabotage the company's image? All individuals are responsible for their own decisions and actions and If they face any problems they have to deal with it professionally with the company instead of posting around in forums.
I'm a real Exential client and believe me it's not easy to follow what's really happening since I'm not living in Dubai but I did visit their office before and they kept their promise to me to pay part of the late profits withdrawals.
And by the way after the problem with DED posted saying that they have shut down the company.. IT'S NOT TURE, I have called DED myself and they told me that they did in fact shut some companies but Exential is not one of them and it's still active.
I never posted in any forum before regarding this but what's happening is really unacceptable.
exential representative himself have said (mr marc mabunay) that DED have closed their office because of pending investigations. and its on the news. yes, its not formally closed but ded have placed a sticker on their door. no one can enter their office. technically, it is a closure of a business. check the pictures posted earlier in this thread. and i dont think ded will close an office just because of a pending investigation. ded probably receive hundreds of complaints for other companies but they dont close their offices. note that as per law, ded can order closure of a business only for 2 reason. 1. if they fail to renew their trade license, 2. if the company violates any applicable uae laws. im quite sure EG has successfully renewed their license early this year as they were bragging it and you can actually check it in DED website. so instead of EG telling its investor to calm down, it should clarify what is the reason why Ded closed their office. and please, dont take any lame excuses (like their bank restriction excuse for not paying out). as EG is a private company, DED cant divulge the reason for the closure to any1. on the other hand, since you are an investor, EG is bound to be transparent to you. did sydney sent out a formal communication to all investors regarding this closure? if not, you have to wonder why.
NickTheDevil66
Recruit
- Messages
- 5
Hi everyone. Does anyone in this Forum has any education in Forex? Do you know the link between trader-broker-liquidity provider?
Maybe Exential is a ponzee, maybe not, or maybe they lost money trading.
If i was to believe what they re saying, it fall under the brackets of the liquidity provider. The bank which they are dealing with is restrained with the amount of money they can transfer everyday. Which is a very common thing which happen to big hedge fund if they haven't done a good homework prior to starting their business.
Now, the secong option is a pyramid scheme. But this option is nearly out of the equation, as they would have closed a long time ago.
Third option can be quiet realistic. They have lost funds trading. Which happen to a lot of hedge funds. And Exential is not as transparent as we would like them to be.
EG: myfxbook performances should show the exact amout of money thats coming in and out. (Client funds). And it does not. But 10% a month every single month is IMPOSSIBLE. It might be 8.3, then 9.1 etc... As well, they never want to say the name of their liquidity provider. Which in a way i understand when you see the amount of cheap investors such as the crew who will do their best to put stick through their wheels.
Now, if they have lost the money, it is part of the game and no one can do anything. Its a normal business process. You took risk and you lost. No one goes to jail, or whatever some people are wishing them.
Those are my thoughts.
Maybe Exential is a ponzee, maybe not, or maybe they lost money trading.
If i was to believe what they re saying, it fall under the brackets of the liquidity provider. The bank which they are dealing with is restrained with the amount of money they can transfer everyday. Which is a very common thing which happen to big hedge fund if they haven't done a good homework prior to starting their business.
Now, the secong option is a pyramid scheme. But this option is nearly out of the equation, as they would have closed a long time ago.
Third option can be quiet realistic. They have lost funds trading. Which happen to a lot of hedge funds. And Exential is not as transparent as we would like them to be.
EG: myfxbook performances should show the exact amout of money thats coming in and out. (Client funds). And it does not. But 10% a month every single month is IMPOSSIBLE. It might be 8.3, then 9.1 etc... As well, they never want to say the name of their liquidity provider. Which in a way i understand when you see the amount of cheap investors such as the crew who will do their best to put stick through their wheels.
Now, if they have lost the money, it is part of the game and no one can do anything. Its a normal business process. You took risk and you lost. No one goes to jail, or whatever some people are wishing them.
Those are my thoughts.
Nick read your contract!!
It is very clear in black and white and both parties signed the contract that EG will return our capital in 20 days if we cancel the investment.
