Ponzi Scheme Did anyone hear of UTMarkets forex broker in London?

[chicken.or.beef]

facebook.com/

 

[Marcelo Rosa]

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Turning Winners into Losers: When Ponzi Schemes Collapse : Clawbacks

In a typical Ponzi scheme, early investors earn “profits” not through any legitimate investment activity on the part of the Ponzi scheme operator; instead the operator simply transfers money that later investors deposit to the earlier investors who seek redemptions. Lately they are advertised as Forex algorithms. As such, when the scheme goes bust, as it must, the Ponzi scheme operator will not have enough money to cover all of the investors’ deposits, let alone the earnings on those deposits that the investors thought they were owed.

Legally, the scheme’s winners – i.e., those who withdrew more money than they deposited – can be compelled to return their fictitious profits to help defray the losses to the scheme’s losers. They are required to do so even if they did not know, and had no reason to know, that theirs was not a legitimate investment.

This is called a "clawback" which allows victims to seek the return of funds distributed to investors, even from those who were fortunate enough to have turned a profit or redeemed their investments before the schemes unraveled.

Many cases have won in court, whereas “net winners” are required to pay back past withdrawals to be redistributed to the larger pool of victims.

The chances of getting some money back are greatly increased when the names of complicit individuals are identified. Direct legal action can be taken against those who promoted, or enjoyed commissions from bringing in new clients.

The complicit members of a Ponzi scheme are known as "Promoters": the majority are aware the scheme is fraudulent, but they do their utmost to ensure the scheme stays alive as long as possible to maximise their profit.

Promoters use their network of "friends"/"acquaintances"/"work mates" to keep the scheme going to secure their own interest - profit from others joining after them. Facebook groups are now the standard weapons used by these promoters.

These groups are full of optimism, positivity and mutual congratulations of high returns. They feed on greed and the social approval of members all enjoying returns that out-strip any other financial instrument. They just egg each other on.

All these groups look like independent forums - the reality is they all have to remain positive for the Ponzi to continue and grow. Any legitimate questions or negative posts are deleted immediately. Anyone with valid questions is banned from the facebook group. Only positive comments that encourage others to join the Ponzi are allowed.

Tadawul/Exential has taught the intelligent people a lesson. Unfortunately UT has convinced the remainder that they can double their money in 6 months, beating the rest of the financial world. If true, all businesses would close, sell their assets and invest in UT instead of trying to turn a profit running a legitimate enterprise.

UT has now delayed profits - due to banking changes - deja vu Exential
UT does not allow account closures - min 3-6 months wait - deja vu Exential
UT does not respond to emails or whatsup(what a unprofessional and suspicious communication technique from a financial institution anyway!), telephones are disconnected.

As with all Ponzi schemes, they start to unravel when more people leave than are coming in. Liquidity issues. Ponzi schemes always spin it as banking issues. The truth is, there is not enough new money to pay the old. There is not enough money left to pay profits.

UT seem to have a viable strategy: lose money on their fake FX trades/App so as not to pay any more profits. FX is risky they say: big returns mean big risks....sorry we lost your money..sorry... they do this so you do not complain to the authorities. You basically lost on a high return, high risk investment. The majority of people will accept the loss and not pursue legal action.

But you can. You were conned.

Start you clawback proceedings NOW! Gather evidence and names of "promoters". Take screen shots of facebook groups and messages received. You still have a chance to get your money back. Do not leave it too late as Exential clients did!! Take action.

Here is a list of people actively promoting UT and managing positive facebook groups. Take down the names, you will need them to try and clawback your initial investment, they are all promoting and discouraging valid question/concerns. They all post news/updates/communication as if direct from UT management on their sites, despite official sources remaining silent. They want you to stay in the Ponzi, calm you down and get other people to join - shocking but true.

Names to note down and facebook posts that you should copy when you try and clawback you initial investment:

Facebook promoters sites: Owners:

Jonathan Suplito

Zuzana Milerska

Jeremy C Grech

Hedi Ben Romdhane

Benjamyn Giordano

David Smith - Unknown
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Others:

Andrea Ambroggi

Ben Gernale Enerlan

Tatiana Tomasetti

Have any other promoters you have come across? post them here..................................

I agree with you, but if it was a country with strict rules, that would be applied quite seriously, in Dubai this is more difficult to happen, but it's possible, Mailik from MMA forex was in jail after he scammed investors with his 10% guaranteed monthly profits in 2013.

It would also help if investors manage to complain to the local authorities in Bulgaria, so perhaps they could investigate UT and see if they are legal authorized to have forex/financial services in that country too.

 

[Marcelo Rosa]

I heard the UT clients are getting called by a company named Fx-Expert (fx-expert.com). So I went to investigate and this is what I found.

They share the same IP address and location.

I'm not an expert in the IT field, but as a forex trader, I don't see this as a good sign, first of all, client's details should never be disclaimed to another company without the investors permission, second, based on previous experiences, all Forex companies that had different names, but same IP and location, proved to be a scam, such as lionfxfund, profundingtrading and fortressfxfund,,, they had different names, but they shared the same IP and location and they recently scammed a lot of investors around the world promising returns up to 1000% a year. I'm just happy this company didn't manage to reach the crew community, otherwise it would have been a disaster.

So I'd like to have your point of view regarding this,,, Fx-Expert is also located in Bulgaria, I managed to make screen shots of both companies, so if they decide to change their information, we have it saved for future information.

Some people are already promoting this company, showing some screen shots of performance, nothing really verified and apparently the broker the work with is from New Zealand, but I couldn't find more information about it.

I created a separated thread called FxExpert in Bulgaria, so if anyone get more information about it, please post here and there, so far I can't prove anything, is just a theory, but if we manage to get more evidences of both companies being actually the same one, that should create a big red flag.

 

[JeremyG]

Hello everyone.

I hope you are all well. I'm writing here as I see my name has been mentioned in the above post along with some other EK colleagues.

Please understand that at EK we are a very close community of colleagues and friends. When I first invested in UT a few months back I had decided to make a fb group so that we could be alerted in case something happened. I created the group for the same reasons that this website exists. I was one of the victims of tadawul and wanted to make sure I wouldn't end up bitten twice. I never promoted UT, I only created the group for information purposes. Many of us are friends and we shared commissions when opening our accounts, just as someone shared his commission with me when I opened mine. I just think it's a little unfair to mention us in such a post, accusing us of working for UT. We are all good people here and meant no harm to anyone ! We are just as confused about the situation as everyone else.

Please Don't blame us for taking the initiative to open a FB version of FPA.

Kind Regards,

Jeremy C Grech

 

[RainDXB]

Jeremy,

Your name has been mentioned because you manage a group that allows only lies to be spread and trick people into putting more money in. You can't deny this. I was in that group.

You claimed to be know who "David Smith" is, that little bastard involved actively in the scam.
So, either protecting the scammers and allowing them to promote their business, or being a promoter yourself, you are part of the UT scam.
With a community of 3000+ people in that group, you could have used it to actually raise awareness, not to deleted comments and posts. You, instead, chose to make admin to a guy with a fake name and that does nothing other than spreading lies in that facebook group. He started deleting absolutely everyone who showed concern about UT not being legit.

 

[Only20gp]

Creating a group on facebook to share ideas and information is absolutely valid and makes sense, but when one starts to delete posts and only leaving posts that promotes UT, its makes one wonder. Either way, I was not part of that facebook group nor part of UT. But good on you Jeremy for coming here to explain your side. I just hope there is no truth to the whole deleting of posts as those post may have given people clues about the scam before they were lured in and could have possibly saved people from loosing money.

Everybody talking like UT has collapsed already, perhaps not....still too early to tell.

 

[RainDXB]

How to start a clawback? Is it possible to be done in dubai?



There is another EK crew promoting it badly, like his life would depend on it. He's aggressive on the replies and will defend it no matter what. I can't remember his name, he's english married to an egyptian. Bryine Brine, or somethign like that is his name.

 

[RainDXB]

Creating a group on facebook to share ideas and information is absolutely valid and makes sense, but when one starts to delete posts and only leaving posts that promotes UT, its makes one wonder. Either way, I was not part of that facebook group nor part of UT. But good on you Jeremy for coming here to explain your side. I just hope there is no truth to the whole deleting of posts as those post may have given people clues about the scam before they were lured in and could have possibly saved people from loosing money.

Everybody talking like UT has collapsed already, perhaps not....still too early to tell.

Exential has still chances of coming back too...


Whatever Jeremy says, I don't believe. I believe what he has done. He allowed a fake account that actively promotes and defends UT, to be part of a group of +3000 people.
You can't be that stupid and claim to have done it in "good faith".

 

[JeremyG]

Dear Rain,

2 days ago we made the mistake of adding this David guy as a moderator along with others. We immediately realised he was deleting people and posting stuff , therefore removed him from our groups as moderator.

 

[RainDXB]

How to start a clawback? Is it possible to be done in dubai?



There is another EK crew promoting it badly, like his life would depend on it. He's aggressive on the replies and will defend it no matter what. I can't remember his name, he's english married to an egyptian. Bryine Brine, or somethign like that is his name.

I found him, Bryn John Andre Rees.