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GUILTY Case# 2011-028 | Wally001 vs www.forexportfolios.com

Discussion in 'Guilty Verdicts' started by Wally001, Mar 20, 2011.

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Based on the available evidence, do you believe that ForexPortfolios is guilty?

Poll closed Nov 6, 2011.
  1. Guilty

    56 vote(s)
    100.0%
  2. Not Guilty

    0 vote(s)
    0.0%
  1. cokemon

    cokemon Private

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  2. Ingot54

    Ingot54 Private, 1st Class

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    Thanks for that link Cokemon. I will copy that link again here:

    globalinvestoralerts.com/public_html/forex_portfolios_management_limited.shtml

    It seems almost impossible to track down these criminal elements on the Internet, and for this reason, the crime of Internet theft and fraud will continue to flourish, as long as people fail to check the bona fides of the brokers they want to deal with.

    This must eventually cause further regulation of the industry.
    That may be good for traders in that these kinds of companies will be removed from the public domain. But the bad news would be that traders also might be more heavily regulated themselves.

    For example traders may have to obtain a licence to trade - proving that they understand the risks, and are capable of self management of an account. Competence in handling money is what is often missing in many of these cases.

    And traders may then be forced to choose a broker from a narrow list of certified brokers. That would be restrictive, and lead to higher costs to traders, as competition is then reduced.

    This issue should go quickly to a vote, because the issue seems indefensible by both Varengold and Forexportfolios.com.

    And in the absence of any response from Varengold (forget Forexportfolios - they are gone) there seems to be no other possible result than "guilty."

    I am wondering how long these crooks are going to flourish?

    I am wondering how anyone with $100,000 could even think of using a broker like this - it must come back to the feet of Varengold for sure. I think it is Varengold who has the case to answer here.
     
  3. Wally001

    Wally001 Private

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    Hi everyone,

    forexporfolios.com now have no offices in Dubai, they have moved to Egypt.but don't have physical address. They operate through admin website.
    I consulted with a lawyer but their compnay has no existance ! I'm going against the bank now who introduced me to them and authorized them in the first place.

    Currently they are trying to suck new and more people in claimming they have changed their managers and the way they manage risk.

    I hope you guys can do some thing to stop these scammers from stealing other people hard earning money.
     
  4. Zygmunt

    Zygmunt Recruit

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    Gross negligence in doing due dilligence

    How could one trust $100,000 to a broker who even doesn't have a telephone landline let alone a brick and mortar address. Of course ForexPortfolios.com is a bunch of scumbags, but I wouldn't expect that one who can afford a $100K risk capital is so gullible. He punished himself.
     
  5. Pharaoh

    Pharaoh Colonel

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    People make mistakes selecting brokers and account managers. It's true that one should avoid investment companies that don't have an address or phone number. On the other hand, just because a company's website is very suspicious doesn't give them a free pass to scam traders.

    My vote on this one is Guilty.
     
  6. Pip Me Up

    Pip Me Up Recruit

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    This is staggering in every sense.

    A very horrible and expensive lesson in due dilligence methinks.

    I hope this is resolved for you. Err on the side of caution in the future though.

    Voted GUILTY
     
  7. savannah22

    savannah22 Private, 1st Class

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    Hi Wally - I am horrified of course of what you went thru and also hope you find some sort of resolution to this somehow. I am thinking that they are definitely scam artists but may not even have meant to wipe out your account so quickly, but probably have no skills in trading anyway hence the quick demolition of your account. I would definitely vote guilty. Just the fact that they are not even replying to you at all and keep changing their websites, etc. shows they are no good!
     
  8. susan

    susan Private

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    Guilty Guilty In Deed

    Am sorry for this kind of scam, Varengold should take the resposibility, do you have anything in writing from the Bank manager who introduced you?
    Thanks FPA for you efforts to bring forth these cases, we traders are learning something new all the time.
    All the best Wally 001.
    and Roast in hell VarenGold and forex portofolios
     
  9. MaxDoom

    MaxDoom Recruit

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    Go after Varengold

    without a doubt a big scam and guilty....

    BUT... go after Varengold they are registered in Germany and therefore can be accessed. In my opinion if they have management or broker agreements then they surely have a duty of care to those accounts introduced through such arrangements and if they see obvious recklessness then I would have expected them to act by warning the management, advising the client and/or freezing the client accounts but clearly they did not. and they must have had other complaints enough to warrant some kind of action.

    Forexportfolios = guilty
    Varengold = guilty

    in my opinion
     
  10. james milne

    james milne Recruit

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    I can only see one option thats GUILTY
    its a shame that ForexPortfolios will not respond

    wish you good luck
     

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