Ponzi Scheme TadawulME / Exential Group:

[Pharaoh]

This gets more interesting. Some people say they can withdraw without an issue and others report getting a series of excuses. I still say that ANY irregularities in withdrawals are a big red flag for any company which controls client money. Issues with regularly scheduled withdrawals are an even bigger red flag. It's too bad we don't know the amounts involved in each case, so there's no way to tell yet if any particular sized accounts might be targeted. Or, perhaps Exential's biggest fans in this thread are known to the company and will be the last to experience problems (or even that one or more of them is nothing but a company shill put here to increase investor confidence.).

To pharaoh
And now your question is answered. We challenge you to show yourself and what company you want to introduce.

You challenged and I answered. Please allow me to restate the answer very thoroughly so that maybe this time you will be able to fully understand it:

I'm not representing, recommending, or introducing any company (except for Mattress Bank - protecting people's assets worldwide since 1929. - If you don't get the joke, you need to research the biggest financial events in 1929). Instead of promoting any company, I am here to protect the interests of innocent investors, and I've got over 14,000 posts and 8 years of history at the FPA to back that claim up. I've got dedicated educational threads on managed account and Ponzi's as well as broker selection. If I wanted to recommend a company, why didn't I bother to do it in those places which would bring in large numbers of clients? Why hasn't one of the people who privately messaged me about Exential or other companies over the years ever popped up to tell the world about my "secret recommendations" that you fantasize about me giving? Would you like to ask the forums admin to check my PMs/Conversations to verify that I haven't been quietly promoting some company behind the scenes? What he'll find is me repeatedly turning down requests to recommend a broker or other service. The fact is that I've repeatedly told people over the years to learn the basics of trading for themselves even if they want to use an account manager. That education will be an invaluable resource in understanding if an investment is being handled properly as well as to spot the warning signs if something starts to go wrong. The closest I've ever come to "recommending" a company is to tell someone who's already planning to sign up for a service that doesn't look like an obvious scam to test it out with the smallest possible amount of money.

Unlike you, I have no vested financial interest in keeping the Exential Ponzi scheme going longer in order to drag in new victims-to-be. You also keep avoiding the questions I asked you about your culpability in promoting something that eventually will wipe out many investors. I guess your profits are more than enough to keep your conscience out of the equation, assuming you still possess one.



My advice for everyone remains to get your money out of Exential now. If you can't see that there is something very wrong with Exential's structure from day 1, spend a small amount of time and money getting an opinion from a well qualified accountant or licensed investment adviser who works for a large and well known firm. Or, call up the fraud squad at your city's police department. Ask to speak to their most experienced investigator. Ask that officer about these "guaranteed, safe" levels of return in all markets.

 

[SilentSpectator]

I only have 1 account with them and I received my September profit on time, as usual!!
Therefore they are not prioritizing clients with bigger investments as you claim.

I was merely speculating about the prioritizing because I find it strange that someone i know already received his and another one hasn't. As a matter of fact, one relationship manager even confirmed that there were X number of accounts still pending to get their profits paid-out, and claimed that the delay was due to a 3-day bank holiday. You guys are lucky to receive your profits on time.

 

[alkyd]

Hi,

I created this account today to post a few things about this company. I have invested in this group and of course as any other investor want to believe I won't be scammed.

First of all, the company sent to all their clients an email explaining the reason for delay in withdrawals which I quote here:

...Further to a prior communication last week in regards to the delay in withdrawals, due to a daily transfer limitation set by our respective local bank which is beyond our control. Keeping in mind the rapid growth of the company this issue has been resolved by partnering with Westpac Bank Australia, not only as an alternative but as a long term solution which is more conducive to the nature of our business and has no hindrance to the transfer limitation.

In a process of resolving the first issue, we have encountered another, as our account was registered as a SME (Small Medium Enterprise) therefore we have no limitations on the volume but have a daily limit on the number of transactions, we are already in a process to increase the same.

Further, unfamiliarity to the rules and regulation in the Australian banking system and being our first time, we request clients for their cooperation and patience until we solve the issue, wherein Exential is putting all their efforts to resolve the same ASAP...

Secondly, they implanted a new rule for opening new accounts:

Please be informed that Exential encourages only genuine
Clients and not clients who treat this investment as a
money making business for their selfish motives of making
extra money for themselves, by opening numerous
accounts using other individual’s money. We here at
exential, are going to be very strict and wish to inform such
clients, if we realize or are informed, that you have been
involved in such an act, we will be forced to end this
business relationship on a day notice period. To encounter
this, effective 1st of October, any client opening a new
account, will have to present the source of income as an
additional document.

I don't know if explanation for delay on withdrawals is legit or not, but the fact they are limiting clients in opening new accounts without presenting proof of income doesn't look like a scammer would ever bother to do.

 

[SilentSpectator]

Secondly, they implanted a new rule for opening new accounts:

I don't know if explanation for delay on withdrawals is legit or not, but the fact they are limiting clients in opening new accounts without presenting proof of income doesn't look like a scammer would ever bother to do.

I think the new rule sounds silly. A financial investment's main goal is always to make money for the investors (hence it will fall under "selfish motives to make extra money for themselves"). Why else would anyone let you guys hold on to their 20grand? Yes ofcourse, we want to make money, and lots of it. So does that make us non-"Genuine clients"?

Investors shouldn't be limited in opening numerous accounts (think boardlots) just because they took the money from loans or cash-pooling with other individuals. Obtaining loans and cash-pooling are common and legal practices. Not a very well-thought of policy IMO.

 

[alkyd]

You can still take a loan and open a new account. You just can't use another person's money to do that.

 

[SilentSpectator]

You can still take a loan and open a new account. You just can't use another person's money to do that.

Money being lent by the bank is other people's money. That is one secret of businessmen and investors. They use other people's money as leverage in order to get rich.

The only questionable use of other person's money is when you take the money forcibly at gunpoint.

 

[Tutankhamun]

Hi, similar to Alkyd, I only created this account to share MY own personal experiences.

As such, I just wanted to inform all of the "sceptics" out there that the withdrawal request I initiated in September has now been received, although admittedly a little later than normal.

At all stages of the process since my online withdrawal request was placed, I have received e-mail notifications from Exential explaining their reasons for the delay in my refund.

During this period of uncertainty - created by the "sceptics" - I decided to CLOSE one of my Exential accounts in order to test their system, and see whether or not there would be any issue in withdrawing a much larger sum of money. My account closure was actioned in good time, and I received all of the expected funds.

All of the above are FACTS from an Exential multiple Account-holder.

I do not deal in speculation like some others on here.

Tutankhamun

 

[alkyd]

Money being lent by the bank is other people's money. That is one secret of businessmen and investors. They use other people's money as leverage in order to get rich.

The only questionable use of other person's money is when you take the money forcibly at gunpoint.

Yes, but it's still different to borrow from a bank or from a person directly. I know one person who was borrowing certain amounts of money from all of his friends giving them various excuses which varied from a sick mother to a passed away father, which turned out be untrue. They had very hard time to get their money back and I can imagine how much stress they went through. When borrowing from a bank, you can end up in trouble with authorities if you don't pay back in time.

 

[alkyd]

Nevertheless, it is indeed weird that they have such a policy, that's why I mentioned that a fraudulent company would not bother with such 'righteous' things. One could of course speculate that it's all an act to make clients believe that they are a good and trustworthy company. But again it's speculation and the new policy is a fact.

 

[Pharaoh]

Tut tut, young Tutankhamun. There is no need to place the word skeptics in quotes. Anyone with the wisdom to have checked on me will see that it's a label I proudly carry. I was called the same and worse in the other Ponzi schemes I correctly labelled (while they were still paying out - so everyone who was invested was indeed having a GREAT experience collecting other investors' money). Perhaps if you had a healthier does of skepticism, your very short reign as ruler of the Upper and Lower Nile would have been longer.

Quite a few scams have implemented policies to make them seem more legitimate. If this was indeed a good and trustworthy investment company, they would have had firm KYC policies in place from Day 1 instead of throwing them onto the table just after experiencing some fiscal difficulties. The cracks are already forming around the edges, but it sounds like they'd like to try to keep things going for a bit longer if they can.

This also gives those who are willing to perform due diligence another place to inquire. Go to your bank. Ask to speak to the head of the loans department. Explain what an amazing and safe investment Exential Group claims to be. Then ask how big of a loan you can get to increase your profits.

Funny. I keep bringing up things like asking an accountant or a fraud detective and not one happy client has bothered to report that any outside expert (as opposed to a mere skeptic like myself) has to say.

Then again, in another thread in this folder, another investor getting about 20% per month said...

And I have to mention that I believe that for sure this kind of "companies" are ponzi! At least if you start on the beginning you will get advantage of it. For me getting back my capital on the first 5months was really good, so from now on I don't care..

He may be unethical and know he's getting his money as a willing accomplice to a crime, but at least he's got the nerve to openly admit it and not keep trying to claim that "it paid, so it must be real". Read back a few pages in this thread and you'll find where I listed a number of long running Ponzi's.

Here's an update. A Ponzi that ran from November 2007 to March 2011 has just been further crushed under the wheels of justice. One of the guys involved was already sentenced to 12 years and has just been ordered to pay $91.9 million dollars. The CFTC is slow, but it is thorough. http://www.cftc.gov/PressRoom/PressReleases/7267-15

If my new friend, Tutankhamun, had been invested in that one for a year, and in in January of 2011 I'd warned him it was a Ponzi, he'd have called me a skeptic and "proved" it was a valid investment since he was still getting paid.