Ponzi Scheme TadawulME / Exential Group:

[VoiceOfLogic]

This thread started two years ago. Many people have indeed seen "through the lies and fantasy claims". Many have warned others here and at places of work. Still it didn't stop thousands of new account to be opened since.
As 777Oldtimer says, there was no superior financial knowledge to have to see through this scam. Just the will to see it for what it was and the ability to put together all the warnings financial institutions, government authorities, newspapers, online research have available to prevent people falling for it.

The first time I heard about a ponzi, I must have been 12. My dad told us and explained how a scheme as such worked because a friend of his had tried to enrol him into it.
They are actually often quite easy to spot ( Tadawul, UT Market,...) but I have no doubt some are a lot more refined. But here it was just too obvious as it matched every single criteria of a ponzi.

 

[jorge 777]

What the Fudge! I got a call from an person from Exential telling me to sign a non liability letter when I am not even a client or invested in EXENTIAL Group?
I told them to F off...not signing anything. Who on earth are giving these Exential People, phone numbers of cabin crew members?
Freaking Scary eh!

 

[c3994928]

What the Fudge! I got a call from an person from Exential telling me to sign a non liability letter when I am not even a client or invested in EXENTIAL Group?
I told them to F off...not signing anything. Who on earth are giving these Exential People, phone numbers of cabin crew members?
Freaking Scary eh!

I was wondering about this before and it's very likely that maybe someone is giving it to them from icre*? Just put the staff no +1 every other day and you will have more than enough new numbers and maybe even get some referral money...

 

[Pharaoh]

What the Fudge! I got a call from an person from Exential telling me to sign a non liability letter when I am not even a client or invested in EXENTIAL Group?
I told them to F off...not signing anything. Who on earth are giving these Exential People, phone numbers of cabin crew members?
Freaking Scary eh!

They want you to sign the non-liability letter for a very good reason. When some of your crewmates finally wake up and realize they've lost EVERYTHING in this scam, it's quite possible one or more of them will suffer some sort of breakdown which could make them dangerous to themselves and others. If you end up getting disembowled by a crewmate using a dull spoon (oooohhhh... what a painful way to go!), they don't want you suing Exential for pushing that person's sanity over the edge.

(or, maybe they think this weird "sign a waiver" stunt will get you to sign up with them, but I prefer my first explanation)

 

[jay_dcg]

When a shady group of people promise you 8% a month return that should ring serious alarm bells. Simple maths would tell you that it's equivalent to a 100% a year. Logic should then make you realise that banks are offering 2% return a year for a good reason. Not simply because they are being conservative but also because they run reputable businesses which operate in the real world where long-term risks are being accounted for and a sustainable business plan is in place.

Otherwise why stop at 8% a month? There are Ponzi schemes offering 1% a day or more - surely you should all rush in and give them your dirhams? More is better!

Just give it some basic thought and apply the lessons you learned in year 6 maths it's no harder than that. Any professional investment consultant will assume you have at least that level of understanding otherwise they won't take you seriously.

Then you're left dealing with the D crew from the sub continent

Hi 77oldtimer, I do think that you also trade. Even for some they can earn more than this although it means they are risking too much. Just to give basic thought and apply the lessons in math plus some technical and fundamentals in forex trading, 8% return in forex is not impossible to achieve. The probability of achieving such target is highly likely but depends on your risk management. Any professional forex investment consultant will assume you have at least that level of understanding otherwise they won't take you seriously.

Although, a consistent return of 8% is really quite alarming because sometimes you will earn more or less than this amount. I'm not defending EG here as I also have some doubts about their operations and the way they trade.

 

[Upset]

Updates from yesterday's second hearing at the Court: a representative from Exential has finally attended the hearing and he requested for an adjournment to respond to the case and submit the Power of Attorney. Hence, the court has decided to adjourn the case to a set hearing on the 27th of June 2016 for the response of Exential.

I'll give you more info on the third hearing of next week.

Hi Could you pls let me know which lawyer you are using. I am intending to use if they are capable of adding value and progressing case positively.

 

[Upset]

I think we are really doing a good job here helping each others so much. I noticed that we are really doing great improvements in the last couple of weeks, and I really do encourage you to keep it up.

Share as much as information as you guys can. I'll share this number with my lawyers.

Hi once again, Pls note Sydney name on the trade license is different. I share that with you soon

 

[Upset]

See my previous post. I complained to ESCA and they said to take it up with the DED, as that is who has issued the Trade Licence.

I have copies of the EG Trade Licence if anyone needs it, I can post the full package I was sent before I invested.

Hi could you pls send me a copy of Exential trade License

 

[Upset]

Hi once again, Pls note Sydney name on the trade license is different. I share that with you soon

Sydney Lemos is the conventiononal but the his real name is Sydney Marshall Agnelo,

 

[Upset]

Hi guys,

I have been following this thread for quite sometime and i can see that lots of people are having doubts about the credibility of Exential/FCIMarkets even if they have accounts with them. So I want to share my own experience and my opinion about them.

Btw, I have an account with exential as well and trust me, returns are tooooooooo gooooooood toooooo beeeeee trueeeee!!! But before I opened my account with them I have done my own due diligence (which all of us should do whenever we are going to invest on something especially if it requires huge amount of money!).


About Exential and FCI:
1 - I did some research about exential but actually the results were limited. Their website tells us what they are doing, and thats it. No official review over the internet or from someone who can really attest the credibility of their operations. You can only get a copy of their legal documents once you open an account with them or if you have any friend that has an account with them (you can just get a copy of what they have provided ;-)).
2 - I did some research about FCI and same as exential, the results were limited. No official review. They are not really known brokers (i believe, as no official review has been done about them). They are audited by big 4 firm as what they are claiming but who knows (they are not listed so they are not publishing their FS for public information)
3 - I have spoken to one of their relationship managers and i agree with C450, professionalism and knowledge of the product is not really of high standards.

So why I opened an account with them?

1 - I hope that those people who opened an account with them understood and somehow has the experience on forex trading. I am a forex trader myself and I do trade during spare time. So if you are a trader and you have the knowledge about the different forex strategy and systems that is available in the market, it should not be a question how they are doing their trading. FCI Market is a forex broker (just like Oanda, FXPRO, etc) and they have an account platform called Multi Account Manager, which is offered to companies/individuals who wants to manage various retail customers (where we belong) because they have a strategy and system which they believe is profitable and they can make business out of it. this type of platform is already available everywhere either manually (meaning through manual trading) or automated (which is through ForexRobots). (just research about multi account manager so you will have an understanding how it works). I contacted FCI and this is what they said "FCI Markets Inc. is forex broker (service provider) where Exential clients' accounts are opened. Your account will be opened with FCI Markets Inc. with POA rights for trading in your account to Exential if you wish to give. Hope it is clear."
2 - So what Exential is doing? Exential is a Multi Account Manager, of which their main account is with FCI MArkets. Based from what I understood and I believe, they are using ForexRobot which has been designed by the owner based on certain market signals and indicators. And the way it works is that, everytime the confirgured forex robot sees the signals/indications on the currency pairs that they are trading, it will automatically open a trade (to buy or to sell) - and they are using metrader as their trading platform.(just research about forex robot in the internet to see how it works). Actually, there are so many profitable forex robots in the internet that is being sold and you can buy and install it yourself if you know how to do forex trading. Can they withdraw our money? No its in the LPOA signed through FCI.
3 - I read that one of the comments is about trading on weekends and public holidays (by zyzy). Just fyi, ForexMarket is open from Monday - Friday (24hours) and public holidays are usually public holidays in the US Market (as most of the pairs they are trading are USD pairs!). I havent seen any trade they have done during Saturday and Sunday (let me know if they have and I will raise it to them). You can check their trades in MyFXBOOK as verified. (Just research how MyFXBOOK works!)
4 - Why 20K USD? I dont know as well, its their discretion. I believe that its more of the arrangement with FCI in terms of opening a multi account manager account.
5 - About their client portal. I have no issues with it. I read one comment about it not showing their live trades, etc and you can only see it after its been updated in the system. If i am the owner of exential, why would I show to the public or to my clients the trades that are currently open or the trades that in the pipeline? Definitely no! people may have the chance to copy my trades and it means loss of revenue for me (think of it a patented product).
6 - About the performance fee, Im fine with it. Its within the market range.

If you guys think that it is a ponzi scheme let me know so I can recheck my understanding.

Hi I think it is Ponzi scheme as it muches all characteristics of Ponzi. Kindly let me now if you think the same now but not then?