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

[Marcelo Rosa]

I just met another colleague that opened her account with UT, sent the money, but it didn't go through, but still generated profits for her, it's the third case I see people having profits without money in their account, this is surreal. I'm really considering open an account to have profits without money, it's unbelievable how people still keep opening accounts and don't care about the signs, but once they appear, it will probably be too late.

 

[MRAUD]

This is one of the clients performance: http://www.myfxbook.com/members/skalizai/real-rizwan-ut-markets/1502589

It looks those classical beautiful track record that almost never loses and then all of a sudden disappears, leaving everyone in despair. The account is trading without stop losses and I'm against this type of trading, for the company to start hedging the positions and start telling clients that the account can't be closed because of the opened positions, it's a matter of time.

My friend opened an account and UT-Markets offered 2 bank accounts in Poland and 1 in Romania, when he checked the polish banks, they were just in Polish and he couldn't check it properly, so he got afraid and didn't fund the account, I said it was the best move he could have done.

Now UT-Market is offering a new investment account with $200K promising above 10% monthly profit, it's still not showing on their website, but it's confirmed on the newsfeed that the clients receive.

I have colleagues that currently are holding a $50K investment account, boasting that they are earning $8-9K from a $50K account (that's 16% profit) I wonder how many will move to $200K in the future, if it keeps like that, I won't be surprise to see a $1M investment account promising 20% a month, people will sell their organs for that.

Some people went to Sofia (Bulgaria) and visited the main HQ, apparently it's a beautiful office and you can see the trading office too, you have to make an appointment before visiting (which I don't agree), but that doesn't make me believe that it's a legit investment .

Now a very good friend of mine is taking his brothers money to add up another $30K, he is willing to take the risk, I already gave my point of view, but when greediness comes first and blind you from seeing the dangerous involved and the possibility of losing all your hard earned money, there is nothing I can do, he will be on the " hoping mode" for the next 5-6 months that it will pay out and generate profits.

So far the company is paying and everyone is happy, but remember what happened to fortressfxfund in Dec last year, it paid it's clients for over 3 years until they vanished, for UT-Markets to do the same, it's not that difficult, since it's an unregulated company and it will be more difficult to track it down.

Perhaps it will continue to pay for several months or even years and we will see people coming here defending UT-Markets (happy clients), but from an unregulated company, I'm out, there is a saying that says the following " When in doubt, stay out"

I've met another colleague that opened a $10K account, after few months decided to close it and got his money successfully, after one month he logging in into his canceled account and out of nowhere, there were profits and he requested a withdrawal, first of all, if the account is closed, how are you able to log in? Second, how does it generate profit from a closed account?

Enjoy your day everyone, remember the saying, " If it's too good to be true......

I agree with everything you say, but what difference does it make if the company is regulated?! if they want to take your money, if "marekts" crash down , you lose your money even with a regulated company. Investing 100k is very wrong, but 10k that would gives you 1-1500$ per month. and also you make the money after 5-6 months! so what if they company close down, you already have your money!

 

[Marcelo Rosa]

I agree with everything you say, but what difference does it make if the company is regulated?! if they want to take your money, if "marekts" crash down , you lose your money even with a regulated company. Investing 100k is very wrong, but 10k that would gives you 1-1500$ per month. and also you make the money after 5-6 months! so what if they company close down, you already have your money!

Having regulations will help you tracking down your capital in case you need, you'll have an authority to complain about it, that doesn't mean that you'll have your capital back, but your chances are higher, now having no regulations at all will be extremely difficult situation.

Just to give an example, I was trading my own money with Alpari UK last year, suddenly, the SNB (Swiss National Bank) cut the peg rate with euro and the market crashed, my money vanished right away and Alpari UK went into insolvency.

I didn't freak out, I was aware of the situation and I knew I was protected under FCA regulations in UK up to GBP50K, So I waited patiently for 6 months until I was able to recover my money.

Now the same situation happened in Australia and New Zealand, but the regulations there are weaker, what happened to the clients??? Yes they lost all their capital and never got it back, plus some brokers even asked the clients to pay the negatives accounts.

So now you chose, do you prefer a regulated company that you'll have an authority to fight for you money, or an unregulated one where your hands you'll be tight up from the beginning?

As I've seen many colleagues losing their hard earned money, I can't agree of what you said here: "if "marekts" crash down , you lose your money even with a regulated company. Investing 100k is very wrong, but 10k that would gives you 1-1500$ per month. and also you make the money after 5-6 months! so what if they company close down, you already have your money!"

This is a wrong mindset and it is exactly what unscrupulous companies are looking for, if you read this thread from the beginning, you'll see all examples that I gave about UT.

If you know for sure that you'll make in money back after 5-6 months, your chances of being scammed are extremely higher, there is no guarantees on forex, if you get a company that consistently gives your about 10% every single month, I can bet with you that one day it will crash, perhaps you got your money and you'll say I don't care anymore, whatever happens now it's not my business, but imagine the others who were not fortunate enough and lost perhaps their entire lifetime savings?

See on this graph what happened to FortressFxfund on Dec 2015, for 2 years it paid the clients quite nicely, promising 1000% (one Thousand) a year. Now everybody is crying, it was exactly like UT, unregulated company with a lot of promises.

So now it's up to you, my job is to try to alert investors, if I manage to save 10% of people who read this, my job is done.

 

[c3994928]

This "investment" is going around with airline staff (like Exential)! I hope they will learn from their mistake and don't do the same stupid thing again. Now that people are realizing that they are loosing money with Exential I guess people will start to pull out of here as well and they might crash sooner than later! Marcelo explained it very well and I hope at least some people read his post and realize that money doesn't come for free.

 

[Marcelo Rosa]

This "investment" is going around with airline staff (like Exential)! I hope they will learn from their mistake and don't do the same stupid thing again. Now that people are realizing that they are loosing money with Exential I guess people will start to pull out of here as well and they might crash sooner than later! Marcelo explained it very well and I hope at least some people read his post and realize that money doesn't come for free.

Thanks for your kind words, there are 3 UT FB pages going on with over 5K members combined, I'd say at least 3K members are/were exential clients/airline staff, I have friends and colleagues that invested more than $50K on UT, some colleagues realized that and canceled their accounts with UT, but most of people are on what I call "Hoping and I don't care mode", so they know that's a scheme, but as long the company keeps paying to at least recover their initial investment, they will keep on doing, and then the rest is pure profit, sad to say, but that's the mindset of human being, greedy at a large scale.

 

[VoiceOfLogic]

Let's face it... UT Market and the next scam are nowhere near running out of new comers.
Only 2 days ago, I was talking to a guy who has put some money in Exential a couple of months ago. It has returned no money to him and he now knows that the scheme is collapsing.
So what does he tell me ? Well, he wonders if he should not go with UT....
I really thought for a long time that people putting money in Tadawul/Extential were too lazy to educate themselves or just plain stupid.
I have now changed my mind and have concluded that they are morally questionable people whose strongest human qualitiy is called greed. Greed in its purest form.

That day, this guy was blinded by greed. He certainly doesn't earn 20000$ a month in his present employment but yet failed to recognize what long term impact Tadawul/Extential will have on his family the day he returns to his home country with nothing to show for.

As mentioned by Pharao I believe, the higher the returns, the quicker the collapse.
Some people are under the impression that UT could last as long as Extential so they feel safe as its a relatively new scam.

Well, I m pretty sure that I already know the outcome... Some people will win but at time of certain collapse, the largest part of the pyramid will lose. Only a matter of time.

 

[c3994928]

Thanks for your kind words, there are 3 UT FB pages going on with over 5K members combined, I'd say at least 3K members are/were exential clients/airline staff, I have friends and colleagues that invested more than $50K on UT, some colleagues realized that and canceled their accounts with UT, but most of people are on what I call "Hoping and I don't care mode", so they know that's a scheme, but as long the company keeps paying to at least recover their initial investment, they will keep on doing, and then the rest is pure profit, sad to say, but that's the mindset of human being, greedy at a large scale.

Just like VoiceofLogic is saying, it's scary how greedy people are getting and probably people will try to recover their loss from exential with UT and take up another loan. I mean banks are giving airline staff easily 20-25x their monthly salary as a loan so to get money is not an issue. I read a post on fb of a guy last time who said he recovered his initial investment within 6 month due to referrals and he was trying to get more people to do it. Unfortunately so many people are uneducated in those things and if you hear 10 of your colleagues talking about how much money they make you make poor decisions.

 

[Marcelo Rosa]

Just like VoiceofLogic is saying, it's scary how greedy people are getting and probably people will try to recover their loss from exential with UT and take up another loan. I mean banks are giving airline staff easily 20-25x their monthly salary as a loan so to get money is not an issue. I read a post on fb of a guy last time who said he recovered his initial investment within 6 month due to referrals and he was trying to get more people to do it. Unfortunately so many people are uneducated in those things and if you hear 10 of your colleagues talking about how much money they make you make poor decisions.

I met a guy (purser) who told me that he was invited to go to the HQ in Sofia by UT because he managed to bring so many people that generated over $1M (one Million) in referrals only!!! Tickets and accommodation paid by UT. So the scam is pretty much skyrocketing now, but we (educated investors) know that this is all about to keep people happy as long they can, so they'll be able to get more and more referrals (i.e victims) of this so called investment.

 

[c3994928]

I met a guy (purser) who told me that he was invited to go to the HQ in Sofia by UT because he managed to bring so many people that generated over $1M (one Million) in referrals only!!! Tickets and accommodation paid by UT. So the scam is pretty much skyrocketing now, but we (educated investors) know that this is all about to keep people happy as long they can, so they'll be able to get more and more referrals (i.e victims) of this so called investment.

I can't believe he is bragging about it. Would be interesting to know if you can file a legal case against him if it fails.

 

[Pharaoh]

I can't believe he is bragging about it. Would be interesting to know if you can file a legal case against him if it fails.

Depends. If you can show he knows it's a Ponzi, that would be a VERY good basis for criminal charges. Depending on the jurisdiction, even an unwitting accomplice might be criminally liable.

Also, in terms of a civil case, it could be argued that he had a duty to investigate before luring others in. It could be argued that he either turned a blind eye to obvious warning signs the scheme was a fraud or else was grossly negligent to not check for such signs.

No matter what, I hope anyone actively recruiting for these obvious scams faces the maximum possible criminal and civil penalties.