Ponzi Scheme TadawulME / Exential Group:

[Bingo]

Bernie Maddoff collapsed during the GFC because a lot of people requested their funds at the same time. So, it was a sudden and unexpected run by customers to withdraw. He collapsed because no new investors coming up from the bottom of pyramid to pay for withdrawals.
Exential started having problems at one of their boom times. Even the article in Express said they were signing up a lot of new clients when problems started. The Ponzi was healthy so why problems?
They said banking restrictions, people lost trust which led to people asking for their capital back. Exential took steps to solve issue. However, the Australian banks were worried about sending money to certain countries and foreign brokers in UAE have transfer limitations.
It was around this time, the writing was on the wall and he should have cashed in his chips and disappeared.
At this stage, they had a forum with a representative from S and S brockerage.
Now his actions from this stage till now makes him one of two things -the most stupid criminal of all time or a business man trying save his business.
Please explain how staying to face the issues is Greedy. He stopped accepting new clients. He is now giving his trade signals away for free. To be fair, I would have been greedy and absconded.
Again, I'm just presenting questions, I am not a on any side. I am willing to accept them being a Ponzi. I accept that I was motivated by greed and have learnt a lesson by that. However, let's face it, nobody knows if what will happen. It's still 50/50. There is no smoking gun proof that it is a Ponzi. And nobody so far can give factual, rationale, non-opinion based answers to my questions.


Its UAE logic. When a cheque bounces you could go to jail.

"Please Mr Policeman, there's been a mistake, if u release me I can pay today"

But no, you will stay in jail until u pay. Bit hard to pay from jail.

Bit hard to pay clients and operate business when it's been closed. We would probably be getting paid by now if people didn't complain.

 

[SilentSpectator]

Bit hard to pay clients and operate business when it's been closed. We would probably be getting paid by now if people didn't complain.

Read back through the pages from end of 2015 till the days people started filing cases. You would see that it was already "a bit hard to pay when the office was open". And it had been like that until the people's patience wore thin and they started filing cases.

Ofcourse you can point out that you were still being paid till February - good for you, but many others weren't and that's what lead to this current situation. They had around six months to get they're act right, but they failed. Now the courts are helping them on the behest of the people. If they are not a ponzi, their bank/trading accounts will have all the people's money and the court will facilitate the proper return.

 

[riderX]

Its UAE logic. When a cheque bounces you could go to jail.

"Please Mr Policeman, there's been a mistake, if u release me I can pay today"

But no, you will stay in jail until u pay. Bit hard to pay from jail.

Bit hard to pay clients and operate business when it's been closed. We would probably be getting paid by now if people didn't complain.

bernie madoff, after all those years, did not have any plans to go to non extradition countries. is he one of the most stupid criminal as well? will all his money, he could easily do that.

the banking restriction is all but lies. maybe they cant transfer huge amount of money in one day, but at least they can transfer few millions per day. and you dont need an office to do that. if they have done that since nov 2015, they would have probably taken out everything already by now

bounced cheque is a criminal offense. failure to honor a contract is not. a lot of investors have requested for a pdc when they started "to promise to pay in 3, 6, 9 months". but they did not issue any cheque. now we know the reason why.

and since you mentioned their meeting with s&s rep, his name is daniel prince right? is daniel prince really an S&S rep? check his linkedin profile.

on a separate note, how do u then explain the broker statements that some investors got from legit broker? it doesnt reflect the 7-11% profit that EG is giving every month.

like i said, this forum has a lot of cheerleaders before. they all said, "they will never close down", or "wait till they open their business again in 6 months", or "they are doing legit trades"... they all disappeared.

anyway, its Christmas bro this debate is pointless now. learn from this mistake and just find ways to recover your money. enjoy the season and lets all hope for the best.

 

[OmarS1]

[QUOTE=" this debate is pointless now. [/QUOTE]
RiderX,
bingo, as is evident from his/her posts, has been trying defend EG all along. Although s/he claims to be an investor, and says that the intention is to drive an unbiased debate, all that I see is a deliberate attempt to BURY some of the more informative posts. I hope the mods will keep an eye on such attempts.

 

[Bingo]

Bernie Maddoff fiasco happened during the GFC when no one had money to invest and keep his Ponzi alive. He was caught by surprise. EG could see the writing on the wall, they had time to run.

People were being paid up to May actually.

Non UAE brokers have restrictions on amount they can hold and disburse. That's a restriction.

How do you know they could at least transfer a few million per day?
Please leave opinions aside.

Probably taken everything out by now.
Opinion based and no evidence.

Good point on the PDC.
However, they did say that they don't have a time estimate.

I checked Daniel Princes LinkedIn. It's say Business Associate with FCI and ELP for S and S brokerage.

My contract says that funds are held in segregated accounts or master account. So in the strategy of hedging, it is in both accounts in different quantities at different times. So therefore neither account will reflect 7-11% but only both accounts together.

I never said they won't close down. I never said they will reopen. I am not a cheerleader.

Omar, seriously? Looks like I am driving a unbiased debate. You my friend, are being deliberate, personal, opinion based and emotional.


BTW people. My LinkedIn page says I'm a Astro chemical physicist for the Russian space station and my Facebook page says I'm a Jedi Knight. So, let's not put too much faith in what people say about themselves online. Daniel Prince may well not even exist at all.

 

[SilentSpectator]

People were being paid up to May actually.

I don't know about the people you're talking about, but everyone i know stopped getting paid since January. Many of them initiated withdrawals after that. And reason-after-reason was given to prolong disbursement. People got frustrated with the delays and sought the help of authorities to get their money back. They can't and shouldn't be blamed since all they're asking for is their money.

The fact that your linkedin page says you are an astro-physicist jedi-knight could mean that you have loose screws in the head. Normal people take their linkedin pages seriously.

 

[bardez.monkey]

BTW people. My LinkedIn page says I'm a Astro chemical physicist for the Russian space station and my Facebook page says I'm a Jedi Knight. So, let's not put too much faith in what people say about themselves online. Daniel Prince may well not even exist at all.

Dude! U need a psychiatrist if your Linkedin profile says So.

 

[Santa Clause]

Can someone clarify the news if SL has been arrested??? I think Bingo is trying to cover up the comment mentioned earlier about SL being arrested.

 

[bardez.monkey]

[QUOTE="Bingo, post: 268645, member: Bernie Maddoff collapsed during the GFC because a lot of people requested their funds at the same time. So, it was a sudden and unexpected run by customers to withdraw. He collapsed because no new investors coming up from the bottom of pyramid to pay for withdrawals.
Exential started having problems at one of their boom times. Even the article in Express said they were signing up a lot of new clients when problems started. The Ponzi was healthy so why problems?
They said banking restrictions, people lost trust which led to people asking for their capital back. Exential took steps to solve issue. However, the Australian banks were worried about sending money to certain countries and foreign brokers in UAE have transfer limitations.
It was around this time, the writing was on the wall and he should have cashed in his chips and disappeared.
At this stage, they had a forum with a representative from S and S brockerage.
Now his actions from this stage till now makes him one of two things -the most stupid criminal of all time or a business man trying save his business.
Please explain how staying to face the issues is Greedy. He stopped accepting new clients. He is now giving his trade signals away for free. To be fair, I would have been greedy and absconded.
Again, I'm just presenting questions, I am not a on any side. I am willing to accept them being a Ponzi. I accept that I was motivated by greed and have learnt a lesson by that. However, let's face it, nobody knows if what will happen. It's still 50/50. There is no smoking gun proof that it is a Ponzi. And nobody so far can give factual, rationale, non-opinion based answers to my questions.[/QUOTE]

EG have started having problems from September 2015 when SL was I India to promote FC Prime (which in turn is his own company registered on his wife's name) and ADIB bank ( if somebody have contacts in this bank, you can verify this) closed thier account due to complies centre reasons. And it's a golden rule of Ponzi, 2 months payment can't be done a 1 time. They said banking restrictions as no other bank were ready to open thier bank account due to complience issues. Australian banks were not worried, they must have asked for reason on incoming funds and outgoing funds documentation which EG was unable to provide due to which the FC prime bank got closed in Australia, if somebody is Australian in this forum & have contacts you can verify this information as well. He would have cashed the chips my friend Bingo if he had time from pseudo princess BS and spending holidays in Seachelles with PA! They had the forum and Co - incident I was present in that forum, Firas being executive director of company (with due respect to crew but he used to serve coffee in aircraft, if you get time explain to me his career graph) was so worried and so RUDE to investors who were asking Logical Q's . 1 of my friend who have quite a no of accounts asked him directly, can we see the documents showing that there is actually a banking restriction and the answer was YES surprisingly but just after 2 days when we reached office, the document became confidential ( quite obvious). Staying to face issues is forceful for him as he isn't allowed to travel. He's giving his Stupid trade signal for free to divert mind of people and another way is to recruit people like you who pretend to be an investor but thier main agenda is again divert people.

 

[bardez.monkey]

Can someone clarify the news if SL has been arrested??? I think Bingo is trying to cover up the comment mentioned earlier about SL being arrested.

YES , He's Arrested!