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FOREX scam from New Zealand

Discussion in 'Scam Alerts' started by John80, Jul 26, 2010.

  1. John80

    John80 Recruit

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    Hi all

    I've been approached by an oversea company by the name of Edgar International Limited, NZ. They offer to manage your forex account with proven track record. Friends of mine who joined, claimed they made superior return within a month.

    However I did some research and found out that the said company has almost the same website with the following list of companies. All the companies are registered in New Zealand. They use the same trading platform and will direct user to a common link to download the software.

    edgar-international.org/101.htm
    vista-services.org/101.htm
    honestgroup-nz.com/101.htm
    capitalgroup-international.com/101.htm
    olympic-international.com/101.htm
    regal-international.com/101.htm
    union-asia.com/eng/105.htm
    ymgbusiness.com/101.htm
    cosca-international.com/101.htm
    grahafinesafx.com/eng/101.htm
    demacinternational.com/101.htm
    maxgain.org/eng/101.htm
    loyal-group.com/101.htm
    prestigen.biz/ppl_eng/p101.htm
    goldex-equities.com/104.html
    unionpacific-nz.com/p301.htm

    Can I get some confirmation from the Forex Peace Army community? It seems like a potential huge scam, with the number of newly registered companies growing. How can we stop it, if it's indeed a scam?
     
  2. score88

    score88 Recruit

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    One big scam indeed....

    Hi,

    Just a little while before UNION PACIFIC NZ wound down some 200+ accounts with deep losses, a new one sprout up and it has lots of stories to tell why UPL is a con job and not theirs. Great con artists at work....I will get the name of this latest one and post it here... There is no end to this great scammer - they should be exterminated like vermins. Thanks for your research info, John.
     
  3. John80

    John80 Recruit

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    Thanks for your help score88. Someone posted a reply from New Zealand Securities Commission.

    "In New Zealand foreign exchange dealers are not required to be authorised unless the contracts they are offering are futures contracts. If the dealer is offering futures contracts it is required to be authorised by the Commission. “Futures contracts” is defined broadly under the Securities Markets Act 1988, and includes a variety of derivatives contracts which would not be considered futures contracts in other jurisdictions. Generally foreign exchange contracts which are cash settled and traded on a margined or leveraged basis are futures contracts, though this depends on the terms of the particular contract.

    None of the dealers named in your email are authorised or licensed by the Commission either as futures dealers or for any other purpose.

    Companies Office records show that most of the companies named below have one of three individuals listed as their shareholder and director, and each of those three individuals uses the same address in the Philippines. This would indicate that almost all of these companies are operated by the same group of people. We will look into whether any of these companies is operating in breach of New Zealand law.



    Regards

    Hayden Best
    Lawyer
    Securities Commission
    Direct Dial: 04 495 1681"


    Extracted from the forum:
    forums.babypips.com/newbie-island/35215-edgar-international.html
     
  4. mutalibrahman

    mutalibrahman Recruit

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    Please be truth to yourself

    Hi Everyone,

    I was wondering what is how you label our company as badly as you done. We are legitimate company who is promoting ITRADE as trading platform. Never in our operation procedure to promote investment scheme.

    I understand that many people throw all kind of accusation to our company but without appropriate evidence. I believe this is just a work from people who is have no work to do or just plain desperate competitor.

    This is my email for those people wish to file any complaint for the company listed in this forum.

    mutalibrahman@goldex-equities.com

    Warm regards,

    Mutalib Rahman
    Goldex Equities Limited
     
  5. Adrian Ng

    Adrian Ng Recruit

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    Hi all, edgar international delay my withdrawal for more than 1month. what should i do?
     
  6. Adrian Ng

    Adrian Ng Recruit

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    2month still waiting............
     
  7. Adrian Ng

    Adrian Ng Recruit

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    what or who can i report? please advise
     
  8. Pharaoh

    Pharaoh Colonel

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    Start with the New Zealand Securities Commission.

    If you funded your account by wire, ask your bank for suggestion about what government agencies in your country may be helpful. You can also ask your local police the same question.
     
  9. MichelAnge21

    MichelAnge21 Sergeant

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    The first thing to understand here is that all those scams with a NZ address are offshore entities and operate outside the territoriality of the NZ futures commission. The scammers are very careful to refuse any client from NZ so they dont fall under the NZ futures commission s jurisdiction. So that commission wont do anything for you except some hypocritical communication and blah blah blah.
    The only thing NZ did to help foreign investors was to create a new specific registry for the offshore financial service providers with which they are theoritically supposed to register. But that registry is only under the responsability of the registrar of companies who belongs to the Ministry of Economic Development. They are also forbidden by Law to call themselves " Bank " but they can call themselves about anything else that will mislead investors like " Savings and Loan " " forex " etc. Just google "New Zealand offshore financial service providers " to see how many professional finance experts are offering to set up a corporate structure for any scammer who wishes to start his own fraudulent scheme or money laundering scheme or tax evasion scheme.

    It s all a dirty little New Zealand secret that they have a flourishing offshore sector that fleece foreign investors who naively think NZ is a safe jurisdiction.
     
  10. JennyLi8

    JennyLi8 Recruit

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    How about this one:
    ThinkForex.com?
     

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