Original FPA Traders Court Submission:
I am submitting the case against: www.vortexassets.com
My Case is: I am one of numerous investors in Singapore who was invited to open an account with Vortex Assets. My first deposit was $25,000 USD into a general account. Next, I transferred a "Phoenix Account" and was required to transfer a further $25,000 USD to be eligible (July 2016). Later (October) I topped up my Phoenix Account with an additional $25,000 USD. I was planning on closing my Phoenix Account at the end of November but was enticed to transfer my investment and profits into the higher paying "VTX Premium Account" (December 2016).
I first invested in Vortex Assets as a result of attending a couple of slick and convincing presentations. I knew a few of the investors personally, who I believed to be business aware and astute, so didn't think it was risky. These were rejoicing at the profits the Phoenix Account was generating each night, and I got caught up in the hype.
When I first caught wind Vortex Assets is a Ponzi scheme (16 December) as a result of personal research into forex, I immediately contacted them, requesting to withdraw my funds. At the same time, I told some of the local Singaporean representatives that I believed Vortex Assets was a Ponzi scheme. Most were in denial or weren't sure of my claims, and told me to wait and pray.
Anyway, Vortex Assets repeatedly told me in response to my numerous emails, they were processing my request and they would ensure customer satisfaction when they weren't. More recently, they began to say "Just wait until April!" This is the quarterly withdrawal station. Though, I know this a ploy to buy more time in order to scam more investors.
I have invested $75,000 USD into this company. I know of a number of investors in Singapore who have been trying to withdraw from their expired Phoenix Accounts since November, and who are still waiting and being lied to.
I contacted the FCA in the UK on Monday, who directed me to Action Fraud, under the UK police. I lodged a complaint with them. I have emailed Vortex Assets in the last few days further demanding my funds or face legal consequences. They haven't replied.
I had posted on this forum in 'scam alert' more than a month ago, but due to pressure from the local reps, I moved to 'resolve' the case for the sake of peace. Of course, the case was never resolved. Vortex Assets themselves also contacted me to ask me to stop slandering them, when I had signed certain forms under their VTX Account.
The lies and deceit have sickened me to the core. The delays and excuses have worn me out. I have resigned myself that the money - my entire life savings - has gone.
Not much more to say - any help is greatly appreciated.
New thread in the Scam Alerts Folder:
Review is submitted by JJ123 on 02/09/17
The company was first contacted about the issue on 12/15/16 the last contact was on 03/07/17
Details: 1. 19 December 2016:
Requested closure of my VTX Account, asking if it could be converted back to a Phoenix Account and closed as I had originally planned. No reply.
2. 28 December 2016:
I sent the same request to another Vortex email address (Assistance). I received this reply the following day:
“Thank you for your email. We have received your request. Our team is taking care of it. We will update you as soon as it will be done.”
3. 5 January 2017:
I emailed Vortex asking if a decision had been made to allow me to close my VTP Account and my investment returned. No reply.
4. 13 January 2017:
I sent another email with the same request. I received a reply from Vortex Assets on 17 January stating that in order to remain fully KYC compliant, I would need to provide a colour copy of a valid passport and proof of address. The email finished with
“Once the missing documents are received, we will be able to finish processing your request.”
That same day, I sent colour photos of my passport and proof of address. The following day (18 January), I received an email from Vortex saying,
“We are checking the documents with compliance department and will update you regarding your request.”
5. 1 February 2017:
Hearing nothing back from Vortex for 13 days, I sent them another email, asking how long it would take for my account to be closed and my investment returned. No reply.
6. 6 February 2017:
I sent a repeat of the same email I sent on 1 February 2017. Vortex replied the same day, requesting proof of address, which I had already sent on 17 January. I sent them the earlier proof of address again along with two bank statements and another letterhead with my address.
Vortex replied to me the following day, saying,
“Thank you for your email. We are checking the documents with compliance department and will update you regarding your request.”
7. 9 February 2017:
I emailed Vortex again asking if my address confirmation has been accepted, as well as asking how long it will take for my account to be closed and funds returned. No reply.
Since these logs, there have been more delays and excuses and emails and they have asked me to stop slandering them on this site.
Last night, I received an email from them requesting insurance or risk having money lost from 15 March onwards. They want to charge a figure of 22% of my equity to do this. What a nerve! Especially when there is no money. They sound really desperate.
Company representatives' emails: No name is given <assistance@vortexassets.com>
No name is given <support@vortexassets.com>
I am submitting the case against: www.vortexassets.com
My Case is: I am one of numerous investors in Singapore who was invited to open an account with Vortex Assets. My first deposit was $25,000 USD into a general account. Next, I transferred a "Phoenix Account" and was required to transfer a further $25,000 USD to be eligible (July 2016). Later (October) I topped up my Phoenix Account with an additional $25,000 USD. I was planning on closing my Phoenix Account at the end of November but was enticed to transfer my investment and profits into the higher paying "VTX Premium Account" (December 2016).
I first invested in Vortex Assets as a result of attending a couple of slick and convincing presentations. I knew a few of the investors personally, who I believed to be business aware and astute, so didn't think it was risky. These were rejoicing at the profits the Phoenix Account was generating each night, and I got caught up in the hype.
When I first caught wind Vortex Assets is a Ponzi scheme (16 December) as a result of personal research into forex, I immediately contacted them, requesting to withdraw my funds. At the same time, I told some of the local Singaporean representatives that I believed Vortex Assets was a Ponzi scheme. Most were in denial or weren't sure of my claims, and told me to wait and pray.
Anyway, Vortex Assets repeatedly told me in response to my numerous emails, they were processing my request and they would ensure customer satisfaction when they weren't. More recently, they began to say "Just wait until April!" This is the quarterly withdrawal station. Though, I know this a ploy to buy more time in order to scam more investors.
I have invested $75,000 USD into this company. I know of a number of investors in Singapore who have been trying to withdraw from their expired Phoenix Accounts since November, and who are still waiting and being lied to.
I contacted the FCA in the UK on Monday, who directed me to Action Fraud, under the UK police. I lodged a complaint with them. I have emailed Vortex Assets in the last few days further demanding my funds or face legal consequences. They haven't replied.
I had posted on this forum in 'scam alert' more than a month ago, but due to pressure from the local reps, I moved to 'resolve' the case for the sake of peace. Of course, the case was never resolved. Vortex Assets themselves also contacted me to ask me to stop slandering them, when I had signed certain forms under their VTX Account.
The lies and deceit have sickened me to the core. The delays and excuses have worn me out. I have resigned myself that the money - my entire life savings - has gone.
Not much more to say - any help is greatly appreciated.
New thread in the Scam Alerts Folder:
Review is submitted by JJ123 on 02/09/17
The company was first contacted about the issue on 12/15/16 the last contact was on 03/07/17
Details: 1. 19 December 2016:
Requested closure of my VTX Account, asking if it could be converted back to a Phoenix Account and closed as I had originally planned. No reply.
2. 28 December 2016:
I sent the same request to another Vortex email address (Assistance). I received this reply the following day:
“Thank you for your email. We have received your request. Our team is taking care of it. We will update you as soon as it will be done.”
3. 5 January 2017:
I emailed Vortex asking if a decision had been made to allow me to close my VTP Account and my investment returned. No reply.
4. 13 January 2017:
I sent another email with the same request. I received a reply from Vortex Assets on 17 January stating that in order to remain fully KYC compliant, I would need to provide a colour copy of a valid passport and proof of address. The email finished with
“Once the missing documents are received, we will be able to finish processing your request.”
That same day, I sent colour photos of my passport and proof of address. The following day (18 January), I received an email from Vortex saying,
“We are checking the documents with compliance department and will update you regarding your request.”
5. 1 February 2017:
Hearing nothing back from Vortex for 13 days, I sent them another email, asking how long it would take for my account to be closed and my investment returned. No reply.
6. 6 February 2017:
I sent a repeat of the same email I sent on 1 February 2017. Vortex replied the same day, requesting proof of address, which I had already sent on 17 January. I sent them the earlier proof of address again along with two bank statements and another letterhead with my address.
Vortex replied to me the following day, saying,
“Thank you for your email. We are checking the documents with compliance department and will update you regarding your request.”
7. 9 February 2017:
I emailed Vortex again asking if my address confirmation has been accepted, as well as asking how long it will take for my account to be closed and funds returned. No reply.
Since these logs, there have been more delays and excuses and emails and they have asked me to stop slandering them on this site.
Last night, I received an email from them requesting insurance or risk having money lost from 15 March onwards. They want to charge a figure of 22% of my equity to do this. What a nerve! Especially when there is no money. They sound really desperate.
Company representatives' emails: No name is given <assistance@vortexassets.com>
No name is given <support@vortexassets.com>