View attachment Acmgold Ghana website.pdf
View attachment Francis Boakye Email.docx
View attachment Some of the victime of Acmgold.pdf
Is ACMGOLD FOREX BROKER A Scam?
A Forex broker ACMGOLD is under fire after media reports from Ghana Business published an article of apparent fraud and apparently aggressive selling practices taking place at the company. The article was written after ACMGOLD had apparently received numerous complaints by people about its services.
According to the information from both former and current customers that seem to reveal the behavior taking place. Issues apparently include the aggressive selling of high risk investments to clients where ACMGOLD acted as counterparty to the trades and apparent manipulation of prices to trigger customer losses. Dealer intervention apparently included stop hunting and excessive slippage on market orders, or constant re-quotes. The broker apparently also used a deceptive approach to win new clients.
Information reaching the public is that they have taken over $ 1 million usd deposit from Ghana and have close disble all their victim’s live trading account within 24 hours for over 5 months now . All the effort by their clients to recover they fund amount to nothing rather they have decide to redirect their clients to claim their fund from one of their local IB, who upon discovering their FRUAD activities had resigned and alerted the public to go for their trading fund, that they have sent all the clients fund through the local IB. On contacting the IB and after due investigation there was no prove that ACMGOLD paid any fund to the IB rather. Beside all the clients credited they live account direct to Acmgold through their bank wire and Liberty Reserve and all the evidence are with clients as they all claimed to have made their deposit into the following Liberty Reserve account belonging to ACMGOLD U6895600 (ACMGOLD) and the following list of Bank accounts;
Barclays Bank PLC international Banking Division
1st Floor, Barclays House
Account Number: 28037304495
Account Name: ACMGOLD LIMITED – Client Account
Guaranty Trust Bank Plc
54 Awolowo Road, Ikoyi, Lagos
Account Number: 25322002201
Account Name: ACMGOLD LIMITED
They also made reference to how the company apparently gained from client losses and customers were expected to lose all of their money. The report apparently also mentioned how losing customers were urged to redeposit funds to try and win back their losses. In addition, employees apparently were given low salaries with high commissions to encourage aggressive sales behavior. According to the article, the act of ill advice and “pushing” of trades by clients was apparently a directive from their “management”.
After funding a real account, dealers apparently would monitor when clients were logged in. Apparently dealers would then take advantage of offline customers to trigger stop losses and or margin calls in their accounts. Apparently complaints of false margin calls had been brought up in the past, but it seems that no actions were implemented by the company.
In addition to clients, employees were also being taken advantage of. Sales agents seemed to be given high quotas that forced them to make high amounts of sales calls while also setting minimum duration limits for conversations. The report also apparently claims that the company would issue loans to employees and then use repayments as leverage to cause them to initiate their aggressive sales policies.
As expected, ACMGOLD which claims to have hundreds of satisfied customers has denied the allegations. However, the complaints apparently have caused brokers that acted as a business introduce for ACMGOLD to sever ties with the Ghana broker.
While such activities from a broker are nothing new, they do cast a black eye on the industry which usually requires brokers to be registered. As such, the public will be pressuring to understand how it is possible that a broker can operate its business like a rag-tag boiler room. According to media team in Ghana, this broker should be investigated as it seems that people apparently have been scammed.
As at the time of this report, we discovered they have scammed over two hundred clients in Ghana only and we have list of them here with us, on an attempt to contact their global director Mrs Kassem Hina, she ask us to contact Mr Shehzad Oza who currently heading director in the region. The situation has been reported to Ghana security agency and they are warning the entire public to desist from doing business with them and that they must tract them down and stop their operation in Africa.