For a lawyer, this sounds expensive. Usually, the bigger the up-front fee, the smaller the percentage of recovery. What sort of guarantee is there on a 7 day recovery? What happens if they don't recover all of your money? What happens if they recover less than 30k AED of your money?
Make certain it really isn't a front for another "sure to win" investment.
Thank you Pharaoh for your expert inputs.
To throw a bit more light on this, till a few days ago I thought that the company named FENIX Commercial Brokers was some law firm who got my details of being an EG client and contacted me. Into further looking up for the people behind this I found Raymond his Ex wife Sarita and a UAE national as the partners.
Raymond used to work with EG till 2013. In 2014 along with 2 other guys Michael E and M Rizvan from EG they opened a company called 360 Degree Consultants doing the same business as EG, which had the famous tie up with Sterling financial in Dubai, where a lot of Emirates Crew lost their money. At 360 Degree, Raymond used to handle the entire back office along with Michael's brother and the face of the company to get in the sales moving and targeting EG clients was done by Michael and Rizvan. The trading was so mismanaged that the company closed in 12 months.
For more than a year these guys did not show up, until late 2015 where they again started a new company called FENIX Commercial Brokers. Doing the same business once again. But this time the strategy to operate changed, Raymond and his EX wife Sarita were the face of the company while Michael started handling the trading. Being a sales professional and inexperienced in trading he surely lost a lot of clients money and was asked to leave by his Partner Mr. Raymond and his Ex Wife Sarita.
Since there was no trader, Raymond decided to take up the trading job but unfortunately being a photographer by profession, did exactly the same mistakes what Michael E did and again lost a lot of money. When I made a call last week to the FENIX office situated in Vision Tower Business bay, I got a reply saying that Raymond is in the USA for more than a month now.
Since the trading was not going great for Raymond he decided to build up and cash on EG in a different channel. This is where it starts and what is important and informative to the general public, to lure business from EG, Raymond and his team that included Raymond's brother started calling EG clients to promote their new LEGAL services. They called EG clients and offered them LEGAL help at the cost of paying 15k Aed UPFRONT, with an assurance to get your money back within 7 days (Record time which even the Dubai Courts will not be able to achieve). There was also a additional condition that 50% of your investment will be the commission of the Govt authorities. This was my concern, how and why will Govt charge commissions and that too 50% to help recover my hard earned money?
What is more interesting is that, the more friends you bring to them who need such LEGAL help, you are sure to get discount on your 15k Legal fee.
This information has been put together with the help of reliable sources.
So please be warned about any such calls that say they want to HELP you!!!
