Winson Soh
Recruit
- Messages
- 5
It started with a person by the name, Leo Cheung who luring customer from QQ chat, I know him thru QQ chat so-called an investor and the sales person from fxgmr.com. He showed a lot of forex London Loco Gold (LLG) trading MT4 statement history to me and proof that the managed trading account can generate 50-100% of profit per month and the account gets double within 3 months. Everything looks so real, I can see the MT4 program installed on my computer and the account is credited with minimum investment amouint of $3k after I've deposited to them since Sept 2015.
The first and second months showed good trading return, my account got double from $3k to $7k. The LLG trading account according to Leo, it is traded by a third party trader, Angus Cheung. Later found out that actually managed by another company, skymillionhk.com. When I started with this investment plan, the trader is on profit sharing basis where the profit generated by the winning trades need to share 30% with them where the investor only gets 70% of profit back for every winning trades. Some more I requested an empowerment letter from Angus Cheung that my account can only utilise 30% of capital for every trades at all time and if the account gets margin call, the company, fxgmr.com agreed to pay back 30% of my initial capital which is $900 due to it is a managed account and it is not suppose to trade bigger lot trade size that will burst the acccount. Normally the account opens at $0.50/lot for account size $3000.
Leo also recommended me to introduce friends to join this scheme as it is so profitable. Then I recommended 8 friends to open accounts and joined the scheme. First thing I started to suspect on the profit sharing deduction on the first month, Leo said the company is kind enough not to deduct the profit sharing portion due to the account is not having big enough fund, they will only deduct the 30% traders commission upon the investor withdrawal. I was so amazed how the trader survive or get their share after spending much effort of making the winning trades.
On 18 Dec 2015, out of a sudden before the trading day close for the day, the trader suddenly executed a buy and sell trades on the same currency pairs with the lot size that risks the account to be burst which is $2 - $4/lot causing the account losses 80-90% of the fund. When I called up Leo, the account manager of fxgmr.com, he said the trader claimed that this is the strategy he made to counter the trade and make back some profit to the floating trades (hedging), but it is against our earlier empowerment agreement.
Now all our 8 accounts total lost. All our money gone into the scam company account or the trader pocket, Angus Cheung. I've been thinking what benefit if the trader executed such big lot trading size, if this is not a winning strategy, then it is simply that the whole setup was a scam. The purpose of bursting all accounts is at the time when enough account deposit and no withdrawal made by the investor, then the scam company or the trader will burst all the accounts and get all the deposit "legally".
How can we make a complain and escalate this scam to the authority? Since both gmrforex.com and fxgmr.com is having the NFA regularised, can we make such a complaint to NFA, so that they can take action to suspend their license and NFA register?
Points to take note and detect forex scam:
i) is the forex company server can be search and found from any other MT4 program? This fxgmr server cannot be found! It customized its own MT4 program installer and the server name it connects is CN, HK without a proper site
ii) the empowerment authority letter sign by the trader, Angus Cheung is having different name from his name card which I later only found out.
iii) Every withdrawal request made through Leo Cheung manually, it is so called a personalised service but in actual fact, it could be a one man show which manipulate the whole scam. There's no customer servicce, support@fxgmr.com or accounts@fxgmr.com, when called up the landline phone no. on the website, all phone numbers were disconnected.
iv) It is extremely dangerous for managed service to empower the trader to trade on our forex account. We have no way to control their trading style and execute trade size.
The first and second months showed good trading return, my account got double from $3k to $7k. The LLG trading account according to Leo, it is traded by a third party trader, Angus Cheung. Later found out that actually managed by another company, skymillionhk.com. When I started with this investment plan, the trader is on profit sharing basis where the profit generated by the winning trades need to share 30% with them where the investor only gets 70% of profit back for every winning trades. Some more I requested an empowerment letter from Angus Cheung that my account can only utilise 30% of capital for every trades at all time and if the account gets margin call, the company, fxgmr.com agreed to pay back 30% of my initial capital which is $900 due to it is a managed account and it is not suppose to trade bigger lot trade size that will burst the acccount. Normally the account opens at $0.50/lot for account size $3000.
Leo also recommended me to introduce friends to join this scheme as it is so profitable. Then I recommended 8 friends to open accounts and joined the scheme. First thing I started to suspect on the profit sharing deduction on the first month, Leo said the company is kind enough not to deduct the profit sharing portion due to the account is not having big enough fund, they will only deduct the 30% traders commission upon the investor withdrawal. I was so amazed how the trader survive or get their share after spending much effort of making the winning trades.
On 18 Dec 2015, out of a sudden before the trading day close for the day, the trader suddenly executed a buy and sell trades on the same currency pairs with the lot size that risks the account to be burst which is $2 - $4/lot causing the account losses 80-90% of the fund. When I called up Leo, the account manager of fxgmr.com, he said the trader claimed that this is the strategy he made to counter the trade and make back some profit to the floating trades (hedging), but it is against our earlier empowerment agreement.
Now all our 8 accounts total lost. All our money gone into the scam company account or the trader pocket, Angus Cheung. I've been thinking what benefit if the trader executed such big lot trading size, if this is not a winning strategy, then it is simply that the whole setup was a scam. The purpose of bursting all accounts is at the time when enough account deposit and no withdrawal made by the investor, then the scam company or the trader will burst all the accounts and get all the deposit "legally".
How can we make a complain and escalate this scam to the authority? Since both gmrforex.com and fxgmr.com is having the NFA regularised, can we make such a complaint to NFA, so that they can take action to suspend their license and NFA register?
Points to take note and detect forex scam:
i) is the forex company server can be search and found from any other MT4 program? This fxgmr server cannot be found! It customized its own MT4 program installer and the server name it connects is CN, HK without a proper site
ii) the empowerment authority letter sign by the trader, Angus Cheung is having different name from his name card which I later only found out.
iii) Every withdrawal request made through Leo Cheung manually, it is so called a personalised service but in actual fact, it could be a one man show which manipulate the whole scam. There's no customer servicce, support@fxgmr.com or accounts@fxgmr.com, when called up the landline phone no. on the website, all phone numbers were disconnected.
iv) It is extremely dangerous for managed service to empower the trader to trade on our forex account. We have no way to control their trading style and execute trade size.
