I prefer to use the term "serous fraud" to "scam" because the latter term tends to dilute the seriousness of the offence that Elite Financials is guilty of.
My story in brief: I saw the statement on FPA which looked quite promising but was convinced when I read on their website that their service for managed forex accounts is "risk free"; they state that they will compensate you for any losses they may make on your account. Since they trade via a LPOA agreement with an FX brokerage, there was no way that they could withdraw my money, and the only profit they could make would be via performance fees by making a profit on my account - logical enough right ?
How wrong I was. I lodged the minimum 50,000 USD required by them, and to my horror they lost the lot in 4 weeks. When I enquired about compensation I was told that there was a technical problem (via email) and I would receive funds in a few days. That did not happen. I tried calling them on the only number on the website, which turns out to be a pre-paid mobile number to a Pakistani mobile network. No reply. I contacted them again and again via email, and each time I received a very sincere sounding reply full of apologies, which ultimately was merely a delay tactict, The worst thing was that I fell for it and believed that there really was a temporary problem and they would compensate me. After 12th or 13th false promise (will repay in a few days, will call you, our director will call you - nobody ever did). I finally realised what they were doing: the FX brokerage pay Elite Financials 1 pip commission on each lot traded. So what Elite do is trade an enormous number of lots on your behalf, taking high risks, but not really caring if the trade wins or not because they are making maybe several hundred dollars on each trade in pip commission from the FX brokerage. This seems a particularly devious fraud and I want to alert anyone who may be taking in by their false promises of a compensation scheme as I was. I hope that they are relegated to the SCAM list as soon as possible to save other unforunate souls. I am seeking legal action at the moment because of the sum involved. I also note that several other forum members have been affected by these parasites and I urge you to contact me to increase pressure.
My story in brief: I saw the statement on FPA which looked quite promising but was convinced when I read on their website that their service for managed forex accounts is "risk free"; they state that they will compensate you for any losses they may make on your account. Since they trade via a LPOA agreement with an FX brokerage, there was no way that they could withdraw my money, and the only profit they could make would be via performance fees by making a profit on my account - logical enough right ?
How wrong I was. I lodged the minimum 50,000 USD required by them, and to my horror they lost the lot in 4 weeks. When I enquired about compensation I was told that there was a technical problem (via email) and I would receive funds in a few days. That did not happen. I tried calling them on the only number on the website, which turns out to be a pre-paid mobile number to a Pakistani mobile network. No reply. I contacted them again and again via email, and each time I received a very sincere sounding reply full of apologies, which ultimately was merely a delay tactict, The worst thing was that I fell for it and believed that there really was a temporary problem and they would compensate me. After 12th or 13th false promise (will repay in a few days, will call you, our director will call you - nobody ever did). I finally realised what they were doing: the FX brokerage pay Elite Financials 1 pip commission on each lot traded. So what Elite do is trade an enormous number of lots on your behalf, taking high risks, but not really caring if the trade wins or not because they are making maybe several hundred dollars on each trade in pip commission from the FX brokerage. This seems a particularly devious fraud and I want to alert anyone who may be taking in by their false promises of a compensation scheme as I was. I hope that they are relegated to the SCAM list as soon as possible to save other unforunate souls. I am seeking legal action at the moment because of the sum involved. I also note that several other forum members have been affected by these parasites and I urge you to contact me to increase pressure.
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