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Amasis Capital Management is a scammer ??

Discussion in 'Scam Alerts' started by enoba, Jan 21, 2010.

  1. enoba

    enoba Private

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    Hi FPA,

    Amasis Capital Management Group ( Amasis Capital Management ) is a group of financial companies located in Switzerland and Asia offering managed Forex accounts. They have representative office in Jakarta, Indonesia. The owner of this company is Mr. Michael Atkins and they claim to work with Dukascopy.

    I and many clients of Amasis have a bad experience with this company. We cannot withdraw our money and they have stopped paying since February 2009 until now with so many reasons, but they still send the earning statement report with positive return until September 2009. Also, I know this company have some agents to recruit new client and they will get fee if they bring new client to Amasis. The representative office in Jakarta is still open but no one we can find there.

    Since December 2009, they confirmed that the funds were released back to Amasis and ready to send it to the clients. They have submitted the transfer request to the bank before Christmas 2009 but still, we haven’t received our money back.

    After one year delay payment, I’m sure this company is a scammer. For those who have experience with this company, please report here
     
    #1 enoba, Jan 21, 2010
    Last edited: Jan 21, 2010
  2. Jbam

    Jbam Recruit

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    Hi Enoba. I will gladly share my experience here. Its a little different than yours, btu I got your email to warn people of this.


    I was part of a trade group (Collective Investment Company) who invested into the Managed Acconuts of Amasis Capital traded by Michael Atkins (matkins@amasiscapital.com).

    Luiz Sanchez from Dukascopy recommended Michael Atkins from Amasis as one of the best traders he had seen in years. Luiz Sanchez no longer works at Dukascopy I believe. For starters, my group was not allowed to see live trading. Only statements at the end of every month. That should have been our first warning sign right there. But we (stupidly) persisted. We did find out that drawdowns were dipping over -50% at time. But still let the investment go with expectations that the DDs were rare. Then, we attemped to get statements from both amasis and dukas, and didnt get any response for a very looooong time. We then found out that the accounts were blown out !! finally after many attemps to speak to amasis through Alexandria (Amasis's secretary), since Dukas took zero responsibilibty, we got ahold of them (MIchael). He told our group that the only way he could continue trading was to do the right thing and restore the loss simply because he didnt want to tarnish his reputation (fyi, he blamed the blow out on dukas, where they said it was all him). He said he was switching to new brokers after this because Dukas was negligent, but now says he is starting again back at Dukas. Why would you do this, if you blamed a margin call on them?? MmmmK. Anyways, I know of at least 4 other groups who Atkins has been stringing along for the past 10 months now, with the promise to restore accounts. Every month its "almost there" and big apologies. Guess we will see if he is a man of his word, or just another FX rookie liar, who has no business managing money in the first place. I am not expecting him to deliver, and do not think that he is a man of his word. Thankfully we were not to heavily invsted with him. We were going to put much more in because of the dukascopy hype. The sad part is that I believe he is still soliciting client funds.

    So... did Michael Atkins blow out the accounts? Not 100% but close to 90% yes (-89%). Does he have to legally repay the loss? No, of course not, he just promised all his investors he would becuase of his novice and reckless trading, and to protect his reputation. Has he done this yet? NO! Has he been promising for a year now that he would? Yes! Will he ever do it? Probably not. If he did, it would show he might have some honesty and character in him. But i really dont think he will. No, Atkins will not know my name, as i am invested indirectly through a CIC (collective investment company). Those that have asked if there was a stop trade agreement in place for -25% no there was not. Hence the -90% blow out. Would I ever invest with him again? Not a chance after seeing how reckless his trading was before and how large of a loss he had on our account. Not to mention all his lies and promises about refunding all the losses he endured on all cleint accounts. Really there is no one to blame but ourselves for trusting and believing in Michael Atkins from Amasis. Please be careful out there people.
     
  3. enoba

    enoba Private

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    Hi Jbam,

    Thanks for sharing your experience here. I and other client don't know if Atkins blow out the accounts as we are not allowed to see live trading. If this happen, He is a liar by sending fake earning statement every month. Can we confirm this with Dukas if he did bad trading in the past?
     
  4. enoba

    enoba Private

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    Here's Atkins client letter that we received on January 13, 2010. We received so many promises like this since last year. Let see if he can keep his words this time.



    January 12, 2010

    Dear Investor in Amasis Capital Management Group Ltd:
    It has been three months since we’ve began our initial liquidation proceedings and we realize several planned targets and schedules have been missed. Emotions on both sides have been more or less at an all time high, and I can tell you that I have also been extremely unhappy, upset, frustrated and stressed out over what seems to be never-ending obstacles and delays in getting this matter settled. I know that these missed targets have caused me to lose a lot of credibility with many of you. For those of you who have been standing by me during this difficult time, I know it has been getting harder and harder to keep the faith when there doesn’t seem to be any end in sight.
    Our public email announcements and updates were never intended to antagonize anybody or cause false hope. We had every reason to believe the schedules we made and the dates we thought the funds would be released back to our clients were credible dates/time frames. These schedules were all based on information we deemed credible at the time given to us. It has been very hard for me to convey that I am also in the same boat as all of my clients. I am also depending on the information given to me and waiting for certain things to happen that will allow us to get the funds back to you. It is extremely frustrating when things don’t work out as scheduled. And no one wants to be the bearer of bad news. I hate it as much as you hate getting those updates.
    I know that many of you are now wondering, “Will this matter ever be resolved?”, “Will we ever get our money back?” The simple answer is “yes.” And of course, the next question is “When?”
    I don’t know the exact date other than that we were offered it can happen anytime from tomorrow to 3 weeks. Is it real this time? Yes, I believe it is very real this time. Furthermore, I have reason to believe it will happen sooner rather than later.
    What of the current transfer requests we submitted to our bank? They have been put on hold pending a legal matter that needs to be resolved before we’re able to proceed with the transfer process. That is all I can say of the matter. It may already be cleared by the time you’re reading this letter or it may take a few days longer. I just don’t know yet. Once we get the green light, the transfers will automatically be initiated by the bank, and we will then send out the TT confirmation numbers to all clients, so that you can cross check them with your bank.
    As I stated in our last investment letter, Amasis Capital Management Group Ltd will return back 100% of your investment per your finalized statement. That is and always has been our commitment to our clients. We have never backed down from our commitment. I know things have not gone the way we hoped them to have gone, but everything will work out in the end with a happy ending for all of our clients. We will see that it does.
    Last but not least, this has certainly been a long and painful process for all of us. For those of you who have continued supporting us and praying for us, I cannot thank you enough. I know this has been so frustrating and difficult for you and I truly appreciate your standing by me through the bad times. I don’t think there is any way I or Eva could keep our sanity without your support. It takes a lot of character to support someone when they’re facing extreme difficulties and hardships, especially when we’re all facing the same situation together. It means a lot to me and I will always be grateful for your kindness and patience.
    For those of you who have continually vented your anger and frustration at us every day, I understand why and forgive you. You certainly have every right and reason to complain, given how long this process has been taking. Nobody expected things to take this long and I know I could have done things differently to handle things better for you. But that’s all hindsight. I know everybody just wants the money returned. There’s no need to keep sending me an email every time I send out an announcement telling me stop sending announcements because you just want your money. I already know that. That’s what everybody wants, including me. There’s nothing I want more than to just send you your transfer notification and be done with it.
    Still, there are clients who do want to know what’s going on, even though it may be bad news. So please be considerate of those clients who want to be kept informed. Regardless of what I say, I know my credibility with you is probably already shot. So just know that when your money has finally been returned to you, that I always stood behind my commitment to you.
    At this point, there is nothing further I or my company can do, but wait out the next few days or so it will take to finally put this matter to rest and see the funds returned. I know this is not what you want to hear, but it is what it is.
    If there are any changes in the meantime, we will notify you.

    Sincerely,

    Michael Atkins
     
    #4 enoba, Feb 8, 2010
    Last edited: Feb 8, 2010
  5. DeadEye96

    DeadEye96 Recruit

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    Amasis Managed Account "WHM, Inc."

    For those of you who invested with Amasis, there were two ways to trade. One was through individual trading accounts with Dukascopy, the other was through a "managed" account. To fund this account, money would be wired to RBS Coutts bank in Switzerland with a named beneficiary of "WHM, Inc." Has anyone done this? Has anyone wired money to Amasis with a different beneficiary account name?

    Also, can you guys say approximately how much money was involved in your investments?

    Thanks
     
  6. enoba

    enoba Private

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    Hi DeadEye96,

    This is the last email that we received from them about the new instruction of wire transfer. They changed the Bank from DBS Singapore to HSBC with Beneficary Account Name: Amasis Capital Management Group Ltd.



    From : Amasis Capital Management
    <support@amasiscapital.com> Attachment Fri, May 16, 2008 at 3:30 PM
    To: Amasis Capital Management <support@amasiscapital.com>


    Dear Valued clients,

    We would like to inform you that Amasis Capital Management will no longer be using DBS Bank (Singapore) , and by this announcement, we are pleased to inform you of our new account with HSBC. Please kindly find enclosed details of our new wire transfer instructions.



    Fund transfers that have already been sent to DBS within this week, we will still be processed accordingly.



    However, starting from May 17th, 2008, all fund transfers will need to be sent to our new HSBC account.



    Please be informed accordingly, and appreciate your understanding and cooperation.


    Amasis Capital Management SA.
     
  7. Gallizo

    Gallizo Recruit

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    I have lost 20.000 Dollars with amasis Capital,

    I have lost 20.000 usd Dollar with Amassis.
    I understand that there is always a risk involved in FOREX but this time is not a question of Risk, Michael Atkins and Mr Luis Sanchez FROM DUKASCOPY , promised to give a statement of our account,and he NEVER GAVE IT TO ME I think that we have the right to withdraw our money if there is a considerable lost. One week he said that it was a succesful week and we earned a 3% and the next week, he even told us to invest more and more money , (fortunately we did not deposit more money). When we decided to withdraw some of our money, he said that we have lost ALL OF IT. This is a tremendous scam and this people are no other thing than criminals, We have not recieved any information , The only way that we can recover our money is the law, In my case they made a mistake , If there is any lawyer who can give us legal advice, I will be more than happy to demand this Gentelman...You are very welcome to join me
     
  8. Pharaoh

    Pharaoh Colonel

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    I wonder why they were sending new Wire Transfer instructions? Did they really want you to send more funds to them under the circumstances?

    If you are a customer of an account manager who blew out your account, the LAST thing you should do is to send more money.
     
  9. enoba

    enoba Private

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    they didn't give us the reason why they changed the wire transfer instruction.
     
  10. Gallizo

    Gallizo Recruit

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    1.- If you go in person to Dukascopy and one of their employees (Luis Sanchez) tells you that this Gentelman is a great and reliable account manager... you trust them.
    2- When you ask about your account statement and is the same Luis Sanchez the one who tells you that everything is going very well, and you can invest more money .... then you can even think that is a question of time to recieve your statements, you trust the dukascopy employee and you can even send more money... (thank god I did not).

    We can wait a year trying to recover the money (I have recieved several letters with promises...) but... honestly, this people are loosing our time, ... we need to do something
     

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