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FMGGLOBALFX.COM - A Strange Investment

Discussion in 'Has anyone heard of?' started by FX Tramp, Oct 5, 2010.

  1. FX Tramp

    FX Tramp Recruit

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    FMGGLOBALFX.COM

    Hi, I got approached by phone from Pamana and Florida.

    Minimum investment is $10000. The deal is they ask you to open an account with a broker, either CFH Markets or STP and deposit funds with them. CFH and STP are legitimate companies as far as I can tell.They are promising 7-30% per month returns. They trade your account every 5 minutes using a "bot" and then offer to rebate to you a % of the commission they say they get from placing the trades through CFH or STP.

    The idea is that the bot trading will be neutral, ie, not loss or make profits. They make money from just getting a rebate commission from every trade.

    This is a bizarre way to make money I think, and why should it be so profitable ? Why dont hedge funds use this system if it is so profitable ?

    I called CFH markets and spoke to a man called Andrew. He said they did not pay commissions to their clients for trading, but some clients request wider spreads and then CFH can pay you back the difference. That's like stealing from yourself.

    I dont know exactly what is going on, but it smells to me. The brash salesmen who called me, ended up swearing at me when I said I wanted some references from them ! I put the phone down on them. I decided obviously not to go ahead because it did not ring true, I did not understand how anyone could make those, or any returns on rebated commissions, and lastly, why do business with people who swear at you ?

    Stay away.
     
  2. Pharaoh

    Pharaoh Colonel

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    Ask for investor access to a live account trading the system that's been running for at least a few months. See how many reasons they give to not let you see one, even for a moment.

    Some people have done hedging strategies designed to collect pip rebates. It's risky, but possible. I think it would be a better idea to trade the exact same strategy at a non-rebating broker with lower spreads - then you can aim for profits.

    It sounds like these people are collecting an IB commission and splitting it with you. Since they'll collect their share even if you lose money, their risk is zero. Yours is the full amount of money in your account.

    Overall, I think one should NEVER sign up with any account manager that gets paid per trade. Manager payments should be based on a percentage of the High Water Mark only.
     
  3. Ciaran Morgan

    Ciaran Morgan Recruit

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    Hi all,
    I'm actually one of the Fund Managers at FMG and could see some comments regarding my firm so thought I would offer a few points that might help.
    Firstly, I would like to say its a great team I work with and certainly will continue to work with for a long time to come. Secondly, with regards to our trading programs, we can offer read only access to anyone who wants to view our program live and has the foresight to do so. We would advise anyone looking to get involved with this type of investment to not only do your research and due diligence but also check their own finances to make sure this type of investment vehicle is suitable for them. Please feel free to contact myself or any of our Fund Managers for further details or assistance. Also one last point, most FX Managers get paid per trade; it's just up to them if they share that with their clients.
     
  4. Pharaoh

    Pharaoh Colonel

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    Still an odd strategy, but if they are indeed willing to let you look at live accounts, that puts them ahead of 80% of other odd strategies.

    Personally, I'd prefer an fx manager that's paid vs. high water mark and that gets no pip commissions.
     
  5. christinamarrison

    christinamarrison Private, 1st Class

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    FMGGlobalfx
    fmgsa
    Global FX
    GFXSignals.com ??
    Preferred Management Group SA. Current name, I believe
    -------------------------------------------------------------------

    Firstly, I hope I am making this post in the correct place; if not, could you please advise me where?

    I made my first contact with FPA a couple of weeks ago, since when I have been trying to find my way round the website and also trying to take on board your ethos and modus operandi. I must explain that I am a senior citizen with little experience of the banking/finance world, ie a mere layman, particularly vulnerable to FMG's approaches having lost a chunk of pension when our Pension Provider went belly-up. I felt this was an opportunity to make up the pension losses, yes, I now know, so gullible.

    I note that I should approach FMG before putting my case to the FPA. I further note that it was Sept 2011 when I was last in contact with Raz Axelrod. During that month I was told that they were going to stop taking on retail clients to concentrate on larger banks/institutions. However, they intended to pay me US$1 per trade from their rebate/commission up to a total of US$100,000.

    There is a good deal more detail that I hope I shall have the opportunity to present to FPA but, at this stage, I would simply ask for help from all ranks : is anybody able to offer me any information that might assist me in tracking down FMG? I set out below information which could help to jog minds:

    Over the last year I have phoned the banks/organisations with whom FMG told me to set up accounts:

    1. Alpari, London (I see they advertise on your site)

    2. CFH London,June 2010

    3. STP London - Dec 2010

    None of the above wanted to know; in fairness I felt insecure when making these enquiries so probably did not sound business-like enough to be taken seriously.

    4. UWG - now known as Mayzus Investment Co Ltd, Cyprus.
    I spoke to Pencho Murdjev in their Trading Dept. I thought this guy was going to play ball but, after a few days (having checked with (by then) Preferred Management Group SA?) he just sent me their website. I tried the phone numbers but Surprise! Surprise! an answerphone was advising those numbers were no longer in use.

    I could not make myself email FMG, being nervous of blowing what was probably my last opportunity and having no feel for the best approach.

    Looking through the FPA website I note that, back in Nov 2010, FMG Global were brought to your attention and, indeed, Ciaran Morgan of FMG Global who sent a robust riposte to FPA, was someone with whom I spoke quite often. And yes, he is as Welsh as his name!

    FMG Global personnel with whom I dealt:

    John Bulabo MD
    Ernie Anderson - a Fund Manager, not for long as he and Bulabo fell out
    'Raz' Axelrod . Is he Wayne Frederic Axelrod? It is the only name mentioned under FMG Global on a site I picked up via Google
    Ciaran Morgan - a Fund Manager, as mentioned above.

    By later in 2011, Raz and Ciaran were in Europe, working out of Barcelona. I was told John Bulabo was in the Panama Office, but I had my doubts.

    In searching online whilst drafting this note, I am not able to turn up the PMG SA website, but they do appear under the UK FInancial Conduct Authority who have a notice dated Jan 2013 with an update ad recently as 27 November pertaining to them which suggests they are still operating.

    I should be most grateful if the RPA were able to assist me in clawing back at least some of my unfortunate investment as, quite honestly, I am not capable of doing it in my own strength.

    Yours sincerely
    Christina Marrison




    Draft email to FPA
    Started 30 November 2013 : My Saint's Day
    --------------------------

    FMGGlobalfx
    fmgsa.
    Global FX
    GFXSignals.com ??
    Preferred Management Group SA. Current name, I believe
    -------------------------------------------------------------------

    Firstly, I hope I am making this post in the correct place; if not, could you please advise me where?

    I made my first contact with FPA a couple of weeks ago, since when I have been trying to find my way round the website and also trying to take on board your ethos and modus operandi. I must explain that I am a senior citizen with little experience of the banking/finance world, ie a mere layman, particularly vulnerable to FMG's approaches having lost a chunk of pension when our Pension Provider went belly-up. I felt this was an opportunity to make up the pension losses, yes, I now know, so gullible.

    I note that I should approach FMG before putting my case to the FPA. I further note that it was Sept 2011 when I was last in contact with Raz Axelrod. During that month I was told that they were going to stop taking on retail clients to concentrate on larger banks/institutions. However, they intended to pay me US$1 per trade from their rebate/commission up to a total of US$100,000.

    There is a good deal more detail that I hope I shall have the opportunity to present to FPA but, at this stage, I would simply ask for help from all ranks : is anybody able to offer me any information that might assist me in tracking down FMG? I set out below information which could help to jog minds:

    Over the last year I have phoned the banks/organisations with whom FMG told me to set up accounts:

    1. Alpari, London (I see they advertise on your site)

    2. CFH London,June 2010

    3. STP London - Dec 2010

    None of the above wanted to know; in fairness I felt insecure when making these enquiries so probably did not sound business-like enough to be taken seriously.

    4. UWG - now known as Mayzus Investment Co Ltd, Cyprus.
    I spoke to Pencho Murdjev in their Trading Dept. I thought this guy was going to play ball but, after a few days (having checked with (by then) Preferred Management Group SA?) he just sent me their website. I tried the phone numbers but Surprise! Surprise! an answerphone was advising those numbers were no longer in use.

    I could not make myself email FMG, being nervous of blowing what was probably my last opportunity and having no feel for the best approach.

    Looking through the FPA website I note that, back in Nov 2010, FMG Global were brought to your attention and, indeed, Ciaran Morgan of FMG Global who sent a robust riposte to FPA, was someone with whom I spoke quite often. And yes, he is as Welsh as his name!

    FMG Global personnel with whom I dealt:

    John Bulabo MD
    Ernie Anderson - a Fund Manager, not for long as he and Bulabo fell out
    'Raz' Axelrod . Is he Wayne Frederic Axelrod? It is the only name mentioned under FMG Global on a site I picked up via Google
    Ciaran Morgan - a Fund Manager, as mentioned above.

    By later in 2011, Raz and Ciaran were in Europe, working out of Barcelona. I was told John Bulabo was in the Panama Office, but I had my doubts.

    In searching online whilst drafting this note, I am not able to turn up the PMG SA website, but they do appear under the UK FInancial Conduct Authority who have a notice dated Jan 2013 with an update ad recently as 27 November pertaining to them which suggests they are still operating.

    I should be most grateful if the RPA were able to assist me in clawing back at least some of my unfortunate investment as, quite honestly, I am not capable of doing it in my own strength.

    Yours sincerely





    Draft email to FPA
    Started 30 November 2013 : My Saint's Day
    --------------------------

    FMGGlobalfx
    fmgsa.
    Global FX
    GFXSignals.com ??
    Preferred Management Group SA. Current name, I believe
    -------------------------------------------------------------------

    Firstly, I hope I am making this post in the correct place; if not, could you please advise me where?

    I made my first contact with FPA a couple of weeks ago, since when I have been trying to find my way round the website and also trying to take on board your ethos and modus operandi. I must explain that I am a senior citizen with little experience of the banking/finance world, ie a mere layman, particularly vulnerable to FMG's approaches having lost a chunk of pension when our Pension Provider went belly-up. I felt this was an opportunity to make up the pension losses, yes, I now know, so gullible.

    I note that I should approach FMG before putting my case to the FPA. I further note that it was Sept 2011 when I was last in contact with Raz Axelrod. During that month I was told that they were going to stop taking on retail clients to concentrate on larger banks/institutions. However, they intended to pay me US$1 per trade from their rebate/commission up to a total of US$100,000.

    There is a good deal more detail that I hope I shall have the opportunity to present to FPA but, at this stage, I would simply ask for help from all ranks : is anybody able to offer me any information that might assist me in tracking down FMG? I set out below information which could help to jog minds:

    Over the last year I have phoned the banks/organisations with whom FMG told me to set up accounts:

    1. Alpari, London (I see they advertise on your site)

    2. CFH London,June 2010

    3. STP London - Dec 2010

    None of the above wanted to know; in fairness I felt insecure when making these enquiries so probably did not sound business-like enough to be taken seriously.

    4. UWG - now known as Mayzus Investment Co Ltd, Cyprus.
    I spoke to Pencho Murdjev in their Trading Dept. I thought this guy was going to play ball but, after a few days (having checked with (by then) Preferred Management Group SA?) he just sent me their website. I tried the phone numbers but Surprise! Surprise! an answerphone was advising those numbers were no longer in use.

    I could not make myself email FMG, being nervous of blowing what was probably my last opportunity and having no feel for the best approach.

    Looking through the FPA website I note that, back in Nov 2010, FMG Global were brought to your attention and, indeed, Ciaran Morgan of FMG Global who sent a robust riposte to FPA, was someone with whom I spoke quite often. And yes, he is as Welsh as his name!

    FMG Global personnel with whom I dealt:

    John Bulabo MD
    Ernie Anderson - a Fund Manager, not for long as he and Bulabo fell out
    'Raz' Axelrod . Is he Wayne Frederic Axelrod? It is the only name mentioned under FMG Global on a site I picked up via Google
    Ciaran Morgan - a Fund Manager, as mentioned above.

    By later in 2011, Raz and Ciaran were in Europe, working out of Barcelona. I was told John Bulabo was in the Panama Office, but I had my doubts.

    In searching online whilst drafting this note, I am not able to turn up the PMG SA website, but they do appear under the UK FInancial Conduct Authority who have a notice dated Jan 2013 with an update ad recently as 27 November pertaining to them which suggests they are still operating.

    I should be most grateful if the RPA were able to assist me in clawing back at least some of my unfortunate investment as, quite honestly, I am not capable of doing it in my own strength.

    Yours sincerely











    Draft email to FPA
    Started 30 November 2013 : My Saint's Day
    --------------------------

    FMGGlobalfx
    fmgsa.
    Global FX
    GFXSignals.com ??
    Preferred Management Group SA. Current name, I believe
    -------------------------------------------------------------------

    Firstly, I hope I am making this post in the correct place; if not, could you please advise me where?

    I made my first contact with FPA a couple of weeks ago, since when I have been trying to find my way round the website and also trying to take on board your ethos and modus operandi. I must explain that I am a senior citizen with little experience of the banking/finance world, ie a mere layman, particularly vulnerable to FMG's approaches having lost a chunk of pension when our Pension Provider went belly-up. I felt this was an opportunity to make up the pension losses, yes, I now know, so gullible.

    I note that I should approach FMG before putting my case to the FPA. I further note that it was Sept 2011 when I was last in contact with Raz Axelrod. During that month I was told that they were going to stop taking on retail clients to concentrate on larger banks/institutions. However, they intended to pay me US$1 per trade from their rebate/commission up to a total of US$100,000.

    There is a good deal more detail that I hope I shall have the opportunity to present to FPA but, at this stage, I would simply ask for help from all ranks : is anybody able to offer me any information that might assist me in tracking down FMG? I set out below information which could help to jog minds:

    Over the last year I have phoned the banks/organisations with whom FMG told me to set up accounts:

    1. Alpari, London (I see they advertise on your site)

    2. CFH London,June 2010

    3. STP London - Dec 2010

    None of the above wanted to know; in fairness I felt insecure when making these enquiries so probably did not sound business-like enough to be taken seriously.

    4. UWG - now known as Mayzus Investment Co Ltd, Cyprus.
    I spoke to Pencho Murdjev in their Trading Dept. I thought this guy was going to play ball but, after a few days (having checked with (by then) Preferred Management Group SA?) he just sent me their website. I tried the phone numbers but Surprise! Surprise! an answerphone was advising those numbers were no longer in use.

    I could not make myself email FMG, being nervous of blowing what was probably my last opportunity and having no feel for the best approach.

    Looking through the FPA website I note that, back in Nov 2010, FMG Global were brought to your attention and, indeed, Ciaran Morgan of FMG Global who sent a robust riposte to FPA, was someone with whom I spoke quite often. And yes, he is as Welsh as his name!

    FMG Global personnel with whom I dealt:

    John Bulabo MD
    Ernie Anderson - a Fund Manager, not for long as he and Bulabo fell out
    'Raz' Axelrod . Is he Wayne Frederic Axelrod? It is the only name mentioned under FMG Global on a site I picked up via Google
    Ciaran Morgan - a Fund Manager, as mentioned above.

    By later in 2011, Raz and Ciaran were in Europe, working out of Barcelona. I was told John Bulabo was in the Panama Office, but I had my doubts.

    In searching online whilst drafting this note, I am not able to turn up the PMG SA website, but they do appear under the UK FInancial Conduct Authority who have a notice dated Jan 2013 with an update ad recently as 27 November pertaining to them which suggests they are still operating.

    I should be most grateful if the RPA were able to assist me in clawing back at least some of my unfortunate investment as, quite honestly, I am not capable of doing it in my own strength.

    Yours sincerely
     
  6. Pharaoh

    Pharaoh Colonel

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    Which broker did you place the money with? The cash (at least whatever wasn't lost in trading) should be in your brokerage account.

    Or did they come up with some reason for you to send the money directly to FMG Global?
     
  7. christinamarrison

    christinamarrison Private, 1st Class

    Joined:
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    Three points to commence:

    1 Most important, I wish you and all of you who give of your valuable knowledge and time to the FPA a very happy and fruitful 2014.

    2 I would like to apologise for taking such a long time to respond, for genuine reasons but I won’t waste your time explaining.

    3 Sorry about all repeats I sent last time – I do struggle with technology.

    Now, down to business:

    One of the problems is that I am not sure how much detail to give you; knowing that you would prefer useful brevity, I have collated the detail I believe would be useful into a table below:
    (please note that if some things don’t make sense to you, I did not and still do not understand many of the phrases, lingo, etc.)


    As I, along with 7 others, could not invest much, FMG proposed to give us a share of the rebate they received on each trade. Profit was not the objective, just the number of trades.
    When we had built up capital of $100,000, then we could proceed to proper (my word) trading. When FMG approached me in the Spring of 2010, they were confident that I would reach this goal by Christmas 2010. It was simply a case of getting as many trades in as possible. There were failsafes in place and very little risk.

    They were looking to build up a fund large enough to be able to use their bot, which they had developed for a trading bank. They felt that if they could do this for a client, they could do it for themselves. ++See June 2011 below

    FMG were based in Panama City but also spoke of going up to Florida frequently.


    Herewith in Chronological Order (but bit of overlap) the history:
    Trading was always US$/Euro

    1 March 2010
    FMG Global FX
    Cold call, to which I expressed interest, having lost a chunk of pension
    Then several calls to introduce me to Metatrader, the idea was to run a practice a/c with me until I was comfortable. In fact, I never did do any trading but FMG traded using the following institutions:

    15 March 2010
    FMG with STP, London I invested £3500
    Opened a M/T4 Account. I was part of a MAM group account
    14 April 2010 I invested £10,000
    15 April 2010 I INVESTED £6000 My total investment with STP £19,500

    During this time, John Bulabo was bombarding me for more money as it would make trading safer (one of the reasons I remember) the more money in the account. In the end I cashed in a bond for £16,000 and deposited it with STP. He sounded so plausible. I was not responding out of greed - I simply wanted to make up for losing a chunk of my pension.

    John Bulabo explained he would run a REBATE Program with Maxbank for whom FMG had designed the program originally.
    He would start with a manual account to build up the capital, in order to be able to move to bot trading.

    26 April 2010 FMG advised they were looking at 2 new institutions through whom to trade as STP's spread was too wide.
    29 April 2010 FMG instructed me to close STP account and I withdrew balance of £2812

    2 Sept 2010 FMG tried again with STP See below




    25 May 2010
    FMG with Alpari I invested £2812

    John Bulabo said Alpari did not react fast enough to instructions

    8 July 2010 Last day trading on my account - credit wiped out


    Dec 2010 I was going away for three months: FMG said they would work at retrieving some credit for me

    August 2011 Balance of £52 withdrawn by me from Alpari
    At FMG's prompting, I emailed Alpari to express displeasure at my credit being wiped out. Alpari had a
    look and concluded they had done nothing wrong



    10 June 2010
    FMG with CFH Markets No record of any deposit by me

    CFH were only licensed to pass trades through - FMG commenced a rebate program for those clients who needed to build capital.


    2 Sept 2010
    FMG with STP (again) I deposited £3350 with STP
    Trading through FMG's own OMEGA FUND. Reference made to launching "the PAM" ??

    Again, I was part of a MAM account and was to receive $5/trade up to a credit of $25,000.

    16 Nov 2010 I emailed FMG as I had not anything for 2 months. I was then away for three months and incommunicado

    29 March 2010 Soon after my return John Bulabo phoned to say they were finishing with STP - same problems as previously.
    FMG were too small for them; STP were not booking the trades.


    29 March 2011
    FMG with United World Capital, Cyprus. Subsequently renamed Mayzys Investment Co, Limassol

    27 April 2011 l deposited £3700, My bank statement showed "PMT to Czech Rep"

    9 May 0 8 June 2011 Traded during one month but this also went pearshaped and all my credit wiped out.

    30 June 2011 I raised this with John Bulabo who emailed back "I know. sorry my focus has been on the bot which I have
    to say is finally going live so give me a week or 2 and I or the boys will get you in the loop I will have time
    to hit the manual trading in 30 days or so but congest (?) on the bot I will talk to you soon.



    Every time the trading went pearshaped and FMG moved on to each new organisation, John Bulabo would ask for more investment as this time was always going to make the grade. He spoke like a machinegun firing and it was difficult to take on board what he was saying. When I told him I was cleaned out and couldn’t invest any further, he turned very nasty and said he would change the phone numbers and the e-mail addresses and finish business with me. I felt the only possible way out for me was to stay on good terms and hope that their product would come good.

    There was always talk about “tweaking algorithms”. After losing the large amount of c£19000 with STP, I was trapped and found myself in a “Nick Leeson syndrome” and felt I had to go with the flow and send more money in order to at least get my investments back. Their big objective was always to attain capital for me of $100.000 by FMG giving me (and 7 others) a share of their rebate, which varied between $5, $10 and $15 per trade.

    I cannot accuse them of not trying – it was just that they were using other people’s money .....
    Always jam tomorrow. However, I have heard of the method John Bulabo used to pressurise me into sending more and more money is recognised as a “Boiler Room Scam”.


    29 March 2011
    John Bulabo spoke to me on my return home and explained that from a corporate standpoint FMG was insolvent.

    Raz Axelrod had taken up a 50/50 ownership. Currently trading manually to build up funds with a view to using ‘bot’ soon.

    John was trading a hedge fund in Marbella, Spain. After this I only ever dealt with Raz Axelrod or Ciaran Morgan. There were still 9 folk in the office in Panama.



    30 June 2011
    Raz Axelrod phoned me from Cyprus to which I replied by email:
    “Thanks so much for your phone call from Cyprus – really exciting news. Hope the launch of the ‘bot started well.” Can’t remember what the news was but clearly a new initiative. Raz was sounding like John Bulabo, ie talking up everything, which had not been his style but, of course, he now had a vested interest.

    ++I remarked to him that it was now clear to me that FMG had been using me as a guinea pig to which he agreed.

    He also spoke of coming to London and he would phone me so that we could meet up, but I never heard.


    At some point around this time, I have made a note that Ciaran Morgan telephoned to say that they would be putting $10,000 in place for me with UWG to trade using their bot for which I would receive $5/trade.

    Sept 2011
    The last time I spoke was with Raz Axelrod. He and Ciaran Morgan were working out of Barcelona. They were no longer going to do retail trading but had got some banks interested in their new set up. By now, Raz Axelrod was running the show (see para above) and he said that he and Ciaran had decided that I should receive from them $1 a trade from their new setup, up to a total of $100,000.
    At last I felt I could see some light at the end of the tunnel: I quote from my email to Raz following our phone conversation:

    Dated 3 Sept 2011 My email to Raz Axelrod
    “when you have an opportunity, it would be good if I could repay the £3000 that I borrowed back in April, as I had said that I would be able to repay it before now. Would it be possible for you to set up the TT receipt for payments for me please? Obviously, if I were able to start receiving the regular payments you told me about ie $1 for every transaction up to $100,000, that would be more than
    acceptable. I still need to somehow get £8000 back into my account that Cliff (my husband) doesn’t know about .... and it would be good to be able to repay Cliff the £16,000 eventually.”

    Dated 5 Sept 2011 Raz Axelrod to me
    “Hey A-----
    It is very good hearing from you, how have you been? We will proceed as discussed and will provide you with the details towards the latter end of the week. As you know, you are more than just a client but a friend. If you are going to Spain (we were going for a week but to the South) check on flight connections through Barcelona, we would love to meet over a cup of tea. We hope that everything is well and are always happy to hear from you, so please do not hesitate to call any time.
    Other than that, hope you have a wonderful week and looking forward to speaking with you.
    Best Regards
    Raz
    .+34 633850556


    At first I did not try to ring as I knew they were all over Europe trying to drum up business. Also I knew they would have to get their new program working before I would start receiving $1/trade. When I did so, as there had not been any follow up to the promises made above, I could not get through, either to Barcelona or Panama.

    August 2012
    I telephoned UWC and here is the e-mail they sent:
    Thank you for the time that you have spent with me on the phone.
    Again my name is Pencho Murdjev and I am your personal account manager at UWC.
    As promised from me I will provide you with the requested from you information regarding your trading account and the trades being opened for you. In order for me to be able to help you on this matter, please include the period of time that you would like to see for which the trades were opened for you.
    Also I have found an information for you with the contact details with the people who were helping you:
    - http://www.pmgroupsa.com/
    If you should have any questions, please do not hesitate to contact us via my email or our multilingual Live Chat. If you prefer you can also contact me in Skype, where my Skype name is: murdjev4520

    I really hope to be hearing from you soon!!!

    Best regards,
    Pencho Murdjev
    Account Manager
    United World Capital Ltd
    Client Relations Department
    Phone: +357 25 750-555, Ext. 111
    Fax: +357 25 722-377
    pencho.murdjev@uwcfx.com
    www.uwcfx.com , www.mayzus.com
    FMG who were now trading as Preferred Management Group. However, the phones on the new website were not being answered.


    Since then I happened upon the FPA and eventually plucked up the courage to make contact in the hope that someone in the Army could give me a contact lead.

    Somehow, I still feel that Raz Axelrod (who took over from John Bulabo) was genuine but was overtaken by events.

    If you could advise me how to go about approaching the various organisations with whom FMG/Preffered Management Group dealt, I could try once again to find contact details If you have any better ideas, I should be happy to go along with anything you decide.
     
  8. Pharaoh

    Pharaoh Colonel

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    Oh my. Looks like they've taken you to the cleaners more than once. I'll wager that each of those "supposed to be profitable" accounts was done under one of their IB links. Then they make up a song and dance about how making many trades will lead to more profit. It does, but only for them, not for you. Check the FPA's glossary entry for Churning.

    First and foremost - under no circumstances send another penny to these people. Do not place any money in any forex trading account that they have access to. Most likely, the "new" people have been part of the organization for the whole time and they pass angry clients from whoever made first contact to someone in "new management" who is going to fix things. If you get cold called by anyone else offering some "no lose" investment, chances are that your number is now on a "sucker's list". If someone calls and says they work for a company or organization that's going to recover your prior losses, that's a "Recovery Room Scam", which often follows up on those who've just been ripped off.

    Second, file a complaint with actionfraud and www.econsumer.gov

    Third, drop down to your local police station and see if you can have a long chat with someone from the fraud division.

    Fourth, go ahead and start a thread in Scam Alerts about the whole issue. You can copy/paste most of what you wrote above for it. This will make it easier for others to be warned.
     
  9. christinamarrison

    christinamarrison Private, 1st Class

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    Thanks so much. Very interested to to read your 2nd para re Recovery Room Scam as what you describe actually did happen. I did indeed receive a call offering me some amazing investment opportunity. I think this was in the summer of 2012. Can't remember the details as by then I truly was cleaned out, which I told this caller. He asked me which organisation I had been investing in ForEx and when I told him FMG Global FX, he hold me that they had given him my details ........ Exact method!!

    Yes, I will get onto econsumer.gov.

    As for the police, I can't see the police in sleepy Stratford upon Avon being up to this type of crime, but will certainly make enquiries. I also have to be careful not to do anything which involves phone calls as my husband doesn't know about my throwing good money after bad ......... "Oh what a tangled web we weave when first we set out to deceive."
     
  10. Pharaoh

    Pharaoh Colonel

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    Action Fraud in the UK is another place you can report this.

    The more places you file complaints, the more likely some police agency or regulator is to step in and put an end to a scam. In the meantime, if anyone else calls you out of the blue with a "great investment opportunity", get all the details and post them here for all to see. Real investments don't need to advertise by cold calling.
     

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