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GUILTY Case# 2018-093 | Sengwabm vs daxmarkets.com

Discussion in 'Guilty Verdicts' started by Sengwabm, May 30, 2018.

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Based on the available evidence, do you believe DaxMarkets.com is guilty?

Poll closed Jun 17, 2018.
  1. Guilty

    58 vote(s)
    100.0%
  2. Not guilty

    0 vote(s)
    0.0%
  1. Sengwabm

    Sengwabm Recruit

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    Original FPA Traders Court Submission by Sengwabm:

    I am submitting the case against: www.daxmarkets.com/#

    My Case is: I started trading with DAX MARKETS on the 14/02/208. My account manager was Jake Lombardi I made several deposits up to $12500. But when I wanted to withdraw Jake told me that my trading volume was low, I needed to pay $3940 before I could withdraw and also for him to continue trading. I couldn't understand what was happening, since he didn't say anything about trading volume while I was busy depositing money into their account. Which only now when I want to withdraw? That is when I noticed that this was a scam. At that time my account was at $45869. I had several exchanges with Jake until he disappeared. Then came Mark Hunt on the 04/05/2018 who told me that Jake had been relocated to Singapore and that he was my new account manager. He said my account could be made liquid if I could trade on my own until I get my balance to $134000. I told him that I was not interested in trading I just needed my money back. I was surprised on the 17/05/2018 when I got a call from Alex Mattson who said he was from insurance. He told me my account was now liquid and I could now withdraw. To my surprise when I went to the account I found that my balance was now $94. Mark Hunt had traded on my account without my permission and made two trades of $40000 and $43000. He lost both this trades. When I queried about why they traded. I was told they could do anything they want in the account. This was done to down trade me, as in the beginning Jake had told me they never trade with more than 10% of the balance. So why did Mark Hunt place trades of more than 80% of the balance? No sane broker can do that, unless it is done intentionally. I was then told I needed to pay 10% or $8300. So that I don't loose my money. When I told them I didn't have money we eventually agreed that I was going to pay $2000. So that I could get at least $20000. But I didn't pay that amount, since I was concerned that I was going to pay that amount but don't get anything back from DAX MARKETS. Just like other clients of Dax markets. Eventually they then sent me $94 and closed the account after.

    New thread in the Scam Alerts Folder:
    DAX MARKETS

    Review is submitted by DAX MARKETS on 05/21/18

    The company was first contacted about the issue on 03/11/18, the last contact was on 05/28/18

    Details: That I must pay 10% of the money that I lost. If not they close my account and I loose all the money I have deposited. I only get $94. That is part of trading according to them.

    Company representatives' emails:
    Alex Mattson <alex.m@daxmarkets.com>
    Mark Hunt <mark.h@daxmarkets.com>
    Jake Lombardi <jake.l@daxmarkets.com>
    Support Daxmarkets <support@daxmarkets.com>

    Attached Files:

    1. Fwd Trading volume
    2. Fwd Missed
    3. Fwd Dax Markets
    4. Screenshot_2018-03-21-10-47-55.png
    5. Screenshot_2018-05-23-11-58-54.png

     
  2. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    I've just emailed the formal FPA invitation. This asks DaxMarkets to come and join your discussion thread. Please post an update here on Wednesday, June 6th to let me know if you've heard back from them or not.
     
  3. Sengwabm

    Sengwabm Recruit

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    I haven't heard anything from Dax Markets. They did not contact me via Telephone or email. Thanks
     
  4. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    This is now going to Open Cases. Unless there is significant progress, it will go to a vote next week.
     
  5. Sengwabm

    Sengwabm Recruit

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    What happens during the voting? Is Dax Markets also part of the voting panel?
     
  6. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    An invitation to vote gets mailed out to all FPA members. There are often 1 or 2 not guilty votes in cases where it is obvious that a company stole money. I believe those are usually from employees of the company.
     
  7. Dragonslipper

    Dragonslipper Corporal

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    definitely scammers .... thieves
     
    mbreitfelder likes this.
  8. aluok

    aluok Recruit

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    never trust an unregulated broker.
     
  9. Abs1616

    Abs1616 Corporal

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    Pathetic. Absolutely pathetic. I have heard a fair bit about these criminals (because there is speculation that the people behind this scam happened to be the same ones who are behind the scam I have experienced with Tradesprime). I have traced the location of DAX markets to... Russia (what a surprise). Although I am still not entirely sure if they are linked, but at this moment in time it appears so.

    What you have experienced is very similar to what I experienced. The only good thing that will come out of this terrible ordeal is experience and next time we will be very wary when it comes to investing our hard-earned money.

    Best of luck :)
     
  10. Tryingtrader

    Tryingtrader Sergeant

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    Yes, you are a victim along with thousands of others, all falling for the same scam. Your money in your account was never there, it was just a number. You were betting against their Web Site NOT the real market. When they say they can do anything they like they mean it, as they have already stolen your money when you made the first deposit!! All they had to do is make it look like your money was lost due to bad trades and hope you will go away - but really it was just a simple software exercise to show all the money gone. GUILTY!
    Try and find others who have lost in the same way with this fraudulent broker and bring a joint claim against these scammers.
     

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