Beware of using ERIC EDWARD as your investment trader

squawk1200

Recruit
Messages
5
Beware of Eric Edward, supposedly a respected trader, on the surface seeming like a nice guy, and he was vouched for by multiple other traders, but he took me for a devastating ride.

First he promised weekly payouts, but that only happened maybe once or twice in fall 2019, no payouts since then, he said the market was too volatile, even after my investment of several $k USD.

Late 2019, he encouraged me to also utilize his credit card program, where I would receive payments to a credit card, then I would forward the money to a designated recipient, minus fees and a reasonable amount that I could pocket. I declined saying that I had done that with another company a few years ago and it was a disaster. He persisted, telling me how trustworthy his company was, and nothing could go wrong. And they required my online login credentials to do this with my credit card. That should have been a red flag to me.

So the first payment to my credit card came in for about $6k. I turned around and sent the requested amount to the designated recipient (in BTC), minus fees and minus my withheld amount. But it took a couple of days for my bank to post it to my account, and Eric's company kept calling the bank to ask when it was going to be posted to the account.

These calls raised a red flag in the bank's eyes. So now the next payment to my cc comes in for $7.7k. The bank is now watching this, and over a 3 day period, Eric's company called the bank to ask when this would post FIFTEEN TIMES. This really set off red flags in the banks eyes, and they cancelled my credit card, as well as other credit cards I had via that bank.

To make matters even worse, Eric's company issued a stop payment on BOTH of those credit card payments, including the one where I had already forwarded the funds to the intended recipient!

So now I'm talking with Eric about paying out the earnings from my investment with him, about a total of $94k in total earnings. But Eric's company won't pay that out because they said I did not fulfill my obligations with the credit card thing?!?

So I am supposed to eat the cost of that first credit card payment where I had forwarded the funds to a recipient, and then the company stopped payment on that check, and also pay the recipient of that $7.7k recipient, even though I now no longer have access to the credit card because the bank closed it, and Eric's company also stopped payment on that check? In whose world does this make any sense at all?

Then to add insult to injury, Eric will not pay out my $94k in earnings because of this credit card fiasco? In addition to my original investment, in addition to the $94k in validated earnings from my investment, I'm also further out of pocket for almost $6k due to the credit card fiasco?

What recourse do I have? If nothing else, be aware of using Eric Edward as your investment trader, and run like hell if he suggests using a credit card thing.
 

squawk1200

Recruit
Messages
5
Also he said (in writing) that he would not charge a withdrawal fee for my earnings .... maybe because he never intended to pay them?
 

FxMaster

Lt. Colonel
Messages
8,340
Beware of Eric Edward, supposedly a respected trader, on the surface seeming like a nice guy, and he was vouched for by multiple other traders, but he took me for a devastating ride.

First he promised weekly payouts, but that only happened maybe once or twice in fall 2019, no payouts since then, he said the market was too volatile, even after my investment of several $k USD.

Late 2019, he encouraged me to also utilize his credit card program, where I would receive payments to a credit card, then I would forward the money to a designated recipient, minus fees and a reasonable amount that I could pocket. I declined saying that I had done that with another company a few years ago and it was a disaster. He persisted, telling me how trustworthy his company was, and nothing could go wrong. And they required my online login credentials to do this with my credit card. That should have been a red flag to me.

So the first payment to my credit card came in for about $6k. I turned around and sent the requested amount to the designated recipient (in BTC), minus fees and minus my withheld amount. But it took a couple of days for my bank to post it to my account, and Eric's company kept calling the bank to ask when it was going to be posted to the account.

These calls raised a red flag in the bank's eyes. So now the next payment to my cc comes in for $7.7k. The bank is now watching this, and over a 3 day period, Eric's company called the bank to ask when this would post FIFTEEN TIMES. This really set off red flags in the banks eyes, and they cancelled my credit card, as well as other credit cards I had via that bank.

To make matters even worse, Eric's company issued a stop payment on BOTH of those credit card payments, including the one where I had already forwarded the funds to the intended recipient!

So now I'm talking with Eric about paying out the earnings from my investment with him, about a total of $94k in total earnings. But Eric's company won't pay that out because they said I did not fulfill my obligations with the credit card thing?!?

So I am supposed to eat the cost of that first credit card payment where I had forwarded the funds to a recipient, and then the company stopped payment on that check, and also pay the recipient of that $7.7k recipient, even though I now no longer have access to the credit card because the bank closed it, and Eric's company also stopped payment on that check? In whose world does this make any sense at all?

Then to add insult to injury, Eric will not pay out my $94k in earnings because of this credit card fiasco? In addition to my original investment, in addition to the $94k in validated earnings from my investment, I'm also further out of pocket for almost $6k due to the credit card fiasco?

What recourse do I have? If nothing else, be aware of using Eric Edward as your investment trader, and run like hell if he suggests using a credit card thing.
How you met him and company name, please?
 

squawk1200

Recruit
Messages
5
How you met him and company name, please?
He was referred to me by some investor friends where both they and he provided proof (screenshots) of earnings Eric had done for them. I also checked with others who vouched for him as being legit. I have asked him many times for the name of the company he uses for trading but he declined to answer. He also had his Facebook account hacked twice last year and went off the grid for many weeks at a time.

In retrospect, there were far too many red flags for this scammer that I should have picked up on. I don't know if a recovery can be made, where with the scammed earnings, my initial investment, and the *SEVERAL $K LOSS* from his credit card scam, but if nothing else, I wanted to get this out there so that nobody else will be scammed by this loser.
 

squawk1200

Recruit
Messages
5
Please help me understand, is there any benefit to me taking the time to write posts such as this? I assume it will not help me get scammed funds back, so outside of alerting others (who may not even be aware of this forum) about such losers?
 

Pharaoh

Colonel
Messages
19,722
Imagine for a moment if no one ever publicly posted about a scam like this. Scammers would be able to get away with all sorts of scams and there would be no way for potential victims to learn how to spot red flags. Scammers love people who keep silent about being scammed.

But I'm sure you also want some information about what you can do to have some chance to recover some or all of your funds. I have bad news and good news.

The bad news is that someone without a company name or company website is harder than average to track down.

The good news is that he's used your credit card as part of his online fraud scheme. Maybe he sent the money from a stolen card. Maybe his bank caught on to some other fraud he was involved with and cancelled the transactions. Maybe he reported it to his bank as an unauthorized transaction as an easy way to double his money at your expense. No matter what, this is fraud and you can report it to the authorities.

You need to report all the details of this to your credit card's issuing bank. You also need to report it as a cybercrime. If you are in the US, the place to report it would be www.ic3.gov. If you are outside the US, ask your bank or local police about where to report cyberfraud.

No matter where you are in the world, also report it to www.econsumer.gov. That site shares data with police and governments around the world.

Make sure to include copies of all emails and other communications, as well as all related credit card statements and the wallet address were you sent the bitcoin.

Then there's the investment plan. Let me guess - big payouts promised due to incredible profits promised. How and when did you deposit your initial investment? If it was recent enough and by credit card, a chargeback may be possible. Whether or not it is, the plan was most likely fictional. Again, add all this to your reports and also include information about who referred you.
 

squawk1200

Recruit
Messages
5
The good news is that he's used your credit card as part of his online fraud scheme. Maybe he sent the money from a stolen card. Maybe his bank caught on to some other fraud he was involved with and cancelled the transactions. Maybe he reported it to his bank as an unauthorized transaction as an easy way to double his money at your expense. No matter what, this is fraud and you can report it to the authorities.
He was smart and I was stupid. After the payment to my cc was made, I did a cash advance on the cc, transferred it to my btc wallet, and sent the payment as btc. As you know, a transaction made via btc cannot be retracted, rescinded or cancelled, despite the scam nature of it because I, the btc wallet owner, authorized it. There is no way for them to know that it was done as a scam, that the payment to my cc which funded the btc purchase was later cancelled, and the money is gone. I have no valid reason to contact the cc company because I, the cc owner, was the one who did the cash advance on the cc.
 
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