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currency cash machine

Discussion in 'Has anyone heard of?' started by GreenFx, May 26, 2011.

  1. GreenFx

    GreenFx Recruit

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    Has anyone get these email saying front running the big banks and money management grows 50k to 750k, The man alleged is Michael Maffei. I google him and all I got was someone in Calif, USA selling this program. He says he runs a Hedge Fund, so anyone have any idea who this guy is and is he legit?

    Gary
     
  2. Tamas

    Tamas Recruit

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    I got. It's $2000/year and promise 3 month moneyback guaranty. The performance looks too nice to be true :) I think it's a scam.
     
  3. MichelAnge21

    MichelAnge21 Sergeant

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    Same scam as currencycashflowmachine.com that I exposed in another thread.

    They use various names ( all fictitious ) to pose as expert traders with outrageous claims, but they are all offshoots from Wealth Insider Alliance that is a real scam factory.
     
    #3 MichelAnge21, May 26, 2011
    Last edited: May 26, 2011
  4. db3

    db3 Recruit

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    They make the statement that it is illegal to mirror trades. I searched the SEC website briefly and could not find such a law- this statement sounds suspect to me. I also would doubt that they could view order flow, where would you get such a feed?
     
  5. Bruce W

    Bruce W Recruit

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    Could it be legit ?

    I have traded forex for some time, and have always scoffed at the HUNDREDS of forex robots doing the rounds as I believe they are total garbage.

    The "currency cash machine" has me interested only because if it is true that he has access to the positions the banks are taking, that certainly is worthwhile info. If it is a scam, it would certainly be short lived, as people would simply claim their money back after 90 days. If you pay by credit card, you can always dispute the transaction with the bank.

    I am very tempted to try it as a group of say 10 people. Effectively we each invest $197 and hey if everything goes belly up, I can live with a loss of $197. Anyone else interested in this option ?


    AsstModerator Note: If I see anything else like this, I will start banning accounts. I don't care if this company's product is the best on the market or a scam, the FPA takes a very active stance against copyright violations.
     
    #5 Bruce W, May 26, 2011
    Lasted edited by : Aug 17, 2011
  6. MichelAnge21

    MichelAnge21 Sergeant

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    Actually, it is a fact that going long and short at the same time on one forex pair is not allowed by US brokers since spring 2009. It is NFA Compliance rule 2-43. If you try to do it, your broker will offset one position with the other leaving you no position at all. But it is not " illegal " for the trader to do it using 2 accounts. Or you can use a broker in another country. Only the USA have a gazillion new rules now. No wonder many regulated and legit foreign brokers decide to refuse US clients altogether: compliance has become a pain in the posterior.

    As for the feed, you can get such service as the brokers themselves use. It s only quite expensive but feed providers accept anybody who is willing to fork a few hundreds dollars per month. I heard that ActTrader recently made their feed available to all at a somewhat more affordable price. I never subscribed to any such professional feed and I cannot comment as to the degree of analytical tools that come with them. BTW, if you use such real time feed to defeat a market maker by front running him ( supposing you find a broker with a slower feed than yours ), he will CANCEL YOUR TRADES when he catches you.

    Now, that does nt change anything to what I posted before. The currencycashmachine whatever is a SCAM. Send them your money if you want but you ve been warned. It does nt matter if what they say in their sales pitch sounds informed and professional: their product and their results simply do not match at all what they say.

    And dont count too much on that 90 days money back guarantee because I repeat: you are dealing with PROFESSIONAL SCAMMERS WITH A VERY LONG CAREER BEHIND THEM ALREADY. And, even if you manage to get a refund, how will it compensate for your destroyed trading account ?

    Now, Bruce W: as you said " If it s a scam, it would be short lived ". Of course, it will be short lived. but why would they care since they constantly have at least 3 active scams and they constantly create new ones under different names ? For the next scam,the guy making the pitch will also have a new face ( just a paid actor ); his fictitious name will be another alias. That time, it will be about another new extraordinary hedge fund BUT IT S ALWAYS THE SAME GUYS.

    One more thing...is your Norton ( or whatever protection you re using ) up to date ? It better be because that website wealthinsideralliance you have visited for the sales pitch has 2 medium-risk computer threats in it. Very professional for a hedge fund, right ?

    Ok, your Norton is up to date ? You want more scams ? Go straight to their main webpage at wealthinsideralliance.com You ll have a choice between 3 more scams. One by a " John Thomas " one by a " Greg Roy " and one by a " Vivian Lewis ". Vision them all and buy all three if you want, but look at their business address at the bottom of the webpage and google that address: it s a lawyers office in Albuquerque and let me tell ya...those guys need a good lawyer often. Your problem is...suppose you need to run after them...have you ever heard of an attorney-client relationship ? Professional secret and all that ? Good luck finding them.
     
    #6 MichelAnge21, May 27, 2011
    Last edited: May 27, 2011
  7. David Stanley

    David Stanley Recruit

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    Who is Mike Maffei?

    Thanks for that info relating to Wealth Insider Alliance.
    In the 3 videos by MM there is no mention of names, addresses, telephone numbers etc. The name on the trading statements has been erased so one has no idea with whom one is dealing. You might as well put your $1997 into an envelope and post it to Santa Clause, Lapland.
    If only it were for real !!!
    Think about it - why pull out the cash when by letting it roll on a bit longer, MM would be a billionaire.
     
  8. GreenFx

    GreenFx Recruit

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    Thank You

    I just recently joined FPA and wanted to get an update on the currencycashmachine and the few reponses that I have read is an eyeopener. Your inputs shows what one has to do to protect himself from scams. The comment from MichalAnge21 is much appreciated and hope this will help others as it has me.

    Sincerely appreciated
    Gary

    P.S. Glad I found this place and looking forward to be around a long time. :D
     
    #8 GreenFx, May 27, 2011
    Last edited: May 27, 2011
  9. arieldutchess

    arieldutchess Recruit

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    Hi,
    I would be interested in going in with a group as well for $197. Good idea.


     
  10. Bruce W

    Bruce W Recruit

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    Thanks for the feedback. I looked into it a bit further, and as David says, there is very little in the way of contact details for them. I tried to use their online chat service, but they failed to respond as well.

    Yeah, looks like we will just need to plod along and use the strategies we have until now. Will look into how to get access to the feeds you suggest, as it is that info which I think could be worthwhile. I always dismiss these scams, but was very nearly tempted ... thats where this forum is great as you get other peoples views.
     

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