GUILTY Case# 2017-033 | JJ123 vs vortexassets.com

Based on the available evidence, do you believe that VortexAssets.com is Guilty?

  • Guilty

    Votes: 71 98.6%
  • Not guilty

    Votes: 1 1.4%

  • Total voters
    72
  • Poll closed .

JJ123

Private
Messages
27
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>

 

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Yo AsstModerator! JJ123 already sent an invitation. As soon as you have a moment, can you send the formal FPA invite?
 
JJ123,

There is a matter which needs clarification...

https://www.forexpeacearmy.com/community/threads/resolved-vortex-assets.49137/

On February 23rd, you said there was a miscommunication and you were contractually required to wait until April 1st. You also asked that the situation be marked as resolved. Resolution of a complaint isn't something you can go back and forth on,

As it stands, your own posts indicate the FPA should not take any action unless there is no withdrawal processed on April 1st. Now you want a Traders Court case to proceed and possibly be done with voting before April 1st. Can you clarify this?
 
JJ123,

There is a matter which needs clarification...

https://www.forexpeacearmy.com/community/threads/resolved-vortex-assets.49137/

On February 23rd, you said there was a miscommunication and you were contractually required to wait until April 1st. You also asked that the situation be marked as resolved. Resolution of a complaint isn't something you can go back and forth on,

As it stands, your own posts indicate the FPA should not take any action unless there is no withdrawal processed on April 1st. Now you want a Traders Court case to proceed and possibly be done with voting before April 1st. Can you clarify this?

Hello Assistant Moderator and thanks for your reply,

Yes, I did write that on 23 February. It is true that contractually, I am required to wait until 1 April for the first quarterly withdrawal. However, since mid-December, Vortex Assets indicated that I was able to close my account earlier, as I requested. Their perfunctory, "We are processing and performing your request" went on and on for weeks, until a couple of weeks ago, when they said, I would need to wait until 1 April.

I cannot understand why they hadn't just told me "no" from the outset, if they had no intention of closing my account, which I was led to believe there was concession for. Since the FCA are nearly certain Vortex Assets is a scam, and because people I know who are eligible to close accounts have not received any withdrawals yet, I wanted to act before they disappear, which will likely occur sometime after April. Waiting until after then will be too late as they won't be anywhere to be found.

I wrote about 'miscommunication' after local reps, as well as Vortex themselves, put pressure on me to remove my earlier post. Local reps believed it would anger Vortex Assets and might prevent payments, as well as make investors reading it more anxious than they needed to be. I succumbed to the pressure and acted to resolve the case to get the reps off my back and to prevent further unpleasantness.

Regards
 
I've gone ahead and issued a formal invitation to Vortex Assets. Please post an update if you don't hear from then by the end of the day on Wednesday.
 
Hello. I haven't heard anything back from Vortex Assets.

In the past few days, they have actually issued a requirement for all investors to buy insurance from them for their accounts - at the cost of 22% of total equity - or risk losing their investments. They wanted all our credit card details. It's obvious they are trying to do all they can, before disappearing, to get as much as they can from us. These guys are sickening!
 
This looks to be a clear Scam. Voted Guilty.

Have you reported with local police and raised a complaint with MAS. Approach a lawyer as well.
 
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