Ponzi Scheme TadawulME / Exential Group:

[Maliacole2015]

People spent their money for lawyers and courtes and won cases but no refund and it feels it will never happen. Such a shitty

 

[Wewasrobd]

Which Email method are you talking about?

Read through this thread completely and and you will see lots of advice on what to write, who to address it etc etc Follow the directions and you may get some money back.

 

[Rejay2714]

Anyone has an information about what will happen to the court cases which has gone for execution in which court has ordered exential to pay the client...

 

[riderX]

They don't do fund management. It's a completely different thing. They are money managers with a LPOA to trade on clients behalf. Anyway I'm sure there was more than 50 million dirhams and the article only says what C and H said it that email to clients. I'm still 50/50 on this, no convincing evidence either way.
I'm out. Getting tired of this forum.

nonetheless, its not the registered activity that they have applied, hence, illegal. Money managers with LPOA are a lot closer to fund management than commercial brokers. had they registered for the right activity, they would have been covered by SCA (or even central bank), thus, they would have been closely monitored by these authorities. i agree with the 50m. it seems to be more than that.

 

[Apps79]

Email FCI. They will give u back a portion of your money. The portion in segregated account. We degress!
Yawn!

Just to point out something I think Bingo has missed, myself and a four of my friends did email fci and there was no accounts and never had been. (One friend had one account, not the five he should have, it only had $65 in it). Which means despite the fci paperwork/ LPoA contract I filled out my money went straight to EG and never to opening an fci account (we all also double checked elypsis, nothing there either). Either confirms most likely EG kept (ponzi,ed the money) or they were shifting and shutting accounts without our permission as per the contract. Both criminal and why I am glad to see an arrest of SL. This is obviously more than a civil case of owed money but fraud and thieft.

 

[SilentSpectator]

Another update. They say he's out on bail.

http://gulfnews.com/news/uae/crime/scam-victims-live-in-hope-after-arrest-1.1955548

I would say that there was a deliberate attempt to deceive potential clients when Pinnacle claimed to have Mario Singh as its executive director.

 

[Pharaoh]

Anyone keeping a running total of Bingo saying things like "this is my last post"?

 

[SilentSpectator]

News Update:

http://www.khaleejtimes.com/news/crime/businessman-who-ran-ponzi-scheme-arrested

"The deputy director of Al Barsha police station, Major Majed Al Swaidi, said that the businessman was arrested on December 21, referred to the Dubai Public Prosecutor and then released on bail. He cannot leave the country without repaying the money."

This probably means that he's on the immigration watchlist and that he will be forced to repay the victims, otherwise, he'll never get to see FC Bardez matches in person again.

 

[riderX]

a lot people says its a ponzi. from the very start, there are clear red flags that it is a scam. they stopped paying a year ago. The owner has been arrested. Media says it is a scam.
still, Bingo is not convinced. I guess the only person who can convince Bingo is SL himself

 

[R1991]

The funniest and most pathetic thing is that the RM's outside the office are still denying the arrest and their proof is "trust us, its all a rumor"

Sickening...