Is ACMGOLD FOREX BROKER A Scam?

[Naijaforexreport]

Mr Oza, like i said in my first post. i'm not your IB,your satff nor client. i'm one of the victim of some so called Forex broker who came to Nigeria and scamed some forex trders. so when i saw this post i started my investigation to find out if Acmgold could be one of the scammers, because alot of Nigerians have been scammed by some false broker as much as they know there is no regulation in Nigeria.
I know you personally, you know me personally, i know all the people who had worked with you at your Lagos office and those who are presently working with you.
What evidence do you want here, it was a direct conversation and i decided to alert the entire Nigeria because i know most people don't know about whats going on now.
Let me ask you 1 question Mr. Oza; were you arrested by Nigeria immigration last year December and detained on illegal resident to Nigeria or not?
And the matter is still pending till now.
Were you not ask by Nigeria immigration not to come back to Nigeria again after you were asked to leave Nigeria on 17th December,2012 till you secured proper paper or not?
you know the whole truth here and that i'm not telling lies against you as i don't have personal issue with you Mr Oza.

 

[stephenamposah]

Nice post from you but please answer this basic questions below

1, i made my payment to your company directly not to your local bank account, why will you ask me to contact your ib?

2, why will you disable and seize my funds because you are having problem with your ib?

3, in the laws of Ghana foreigners can not be signatory to corporate accounts until they come to Ghana if you claim you have signatory show us proof.

3, why will you ask us to contact you privately when you have made your claim also that the ib is against your brand here?

ACM Gold, having won best African broker award 2012 and recently being known as Africa’s biggest and best broker, is of late put into negative limelight by ex-partners.
This coverage is brought on by baseless comments lacking proof. The many practices highlighted in the article that were done ‘supposedly’ by ACM Gold Ghana have no supporting evidences leading many to question the authenticity of the so-called study. Furthermore, it will be deeply appreciated if the link of the main study which was apparently published in Ghana business review is stated, as a reference, by the author.
In reality, many of the false issues that were highlighted which included manipulation of trades and accusing ACM Gold’s backend operation were just mere reasons to put ACM Gold under fire for the mishandlings by its ex-partners – which led ACM Gold to break partnerships with the actual culprits.
Trying to look on the other side of coin, it was discovered – with proofs – that the IB who was handling ACM Gold’s business in Ghana and for whom ACM Gold had created a website www.acmgold.com/ghana in pure goodwill, was the one who successfully conspired to attain all of the deposits of ACM Gold Ghana’s clients. This was in fact possible as the IB was one of the signatories of ACM Gold Ghana’s depository accounts, and falsely removed other signatories of this account including the Director Ms. Hina Kassam and withdrew cash instead of paying clients. After this, ACM Gold had no choice but to minimalize its operations in Ghana. ACM Gold Ghana tried very hard to get in touch with the bank operations there and tried to sort out matters with the IB, but to no avail as both the stated parties did not communicate back.

Moreover, the other ‘proofs’ highlighted by the author which include;
1. A bank statement showing the IB presenting $2500 to ACM Gold is unsubstantiated as previously the author himself has stated that a sum of $1 million has been swindled from clients. Moreover, ACM Gold has stated that the IB being the signatory has managed to attain all the deposits and refusing to give access to ACM Gold– so the point of showing this statement is known perhaps only to the author.

2. Another one of the ‘evidences’ attached by the author showing a list of clients from the ACM Gold CRM (given to IB as a gesture of goodwill) are stated by author as being deceived by ACM Gold. Not only can this action of the author lead to ACM Gold suing the IB for infringement of the rights bestowed to him, it is also unethical as the IB was given the access of CRM in good faith. In addition to this, merely showing the list of clients has no meaning in its own.

3. The Letter of the client – what does it prove apart from the fact that Ghana clients are disturbed by the whole episode? It is clearly NOT showing that ACM Gold is responsible for the mess – the following communication between this client and ACM Gold is missing wherein ACM Gold has clearly stated that the IB, being the signatory of the deposit account, has managed to attain all funds blaming it all on ACM Gold.

4. The website of ACM Gold Ghana – there is no need to attach the pdf as it is available on the net as www.acmgold.com/ghana. What does this prove apart from the fact that ACM Gold has clients trading in Ghana for whom there is a website as well? As mentioned before, the website was initially created as a goodwill gesture for the IB but even later when the partnership curtailed, the website continues to stay for its existing happy clients. The website does not state anywhere that it is physically present, but is created just for its exclusive Ghana clients.

Some other facts about the IB in focus
- There are instances in which the IB has proven his ethical standing. There are numerous occasions on which the IB has used ACM Gold’s marketing funds for his personal work
- ACM Gold has launched a case against the IB and that is precisely why he is trying to get negative publicity for ACM Gold. The IB is clearly trying to create a scenario where he is sabotaging ACM Gold’s repute to save himself from persecution.
- Many of the matters featured include subjects like exploitation of customers and employees but are redundant to begin with. Speaking about employees, ACM Gold Ghana never hired any employees on their payroll there as they were working through an ‘Introducing Agent’ who was responsible for his own business, and this can be proven by ACM Gold Ghana unlike the baseless claims of the article in focus. Hence, any claims that this article reflects back on the IB himself. Coming towards clients, ACM Gold Ghana was never directly in touch with them as they were working through the IB but even so they remain ACM Gold Ghana’s clients still re-depositing is an active part of a Forex broker’s strategy. However, it has been stated in the most demeaning way as clients are never ‘forced’ to deposit, as there is no way of ensuring that.
- The point of stating ACM Gold’s website credentials is irrelevant and redundant to the highest degree when all the relevant sites are available of ACM Gold Road Map roadmap. The person is clearly trying to defame Mr. Pardesi by involving his name.

ACM Gold, which has created a niche for itself by becoming the fastest growing broker in the African region, has absolutely no reason to intentionally ruin its image and lose clients in that very particular area. ACM Gold, which also has regulations in South Africa, Financial Services Board (ACM Gold Forex Trading Pty and ACM Gold are two separate entities) and Mauritius, Financial Services Commission, is a fully regulated broker with thousands of clients and IBs around the globe. Being a professional Forex broker that it is, it does not unscrupulously interfere with pricing and trading. ACM Gold has no conflict of interest with its clients and wants its traders to be successful and trade profitably. Any comments/statements of slippage/requotes/price intervention are treated with extreme seriousness at ACM Gold and it is urged to not involve ACM Gold in false publicity without due proof.

Furthermore, ACM Gold will not provide any comments on this on a public forum; any individual wanting proof or having queries can directly reach to us on support@acmgold.com. It is concluded that all proofs stated here, are pointless and show nothing substantial against the ACM Gold, however if this matter jumps out of proportion, ACM Gold will go to further international courts apart from the current ongoing case against the IB.

 

[stephenamposah]

Base on post like this it evidently clear that their is an issue between acmgold and their local ib, but the question i keep asking why will acmgold made us customers suffer because of your differences with your ib?

i have never contacted your local ib before i made payment i saw your advert online and i decide to open account and fund it. now you are making me suffer because of your problem with your ib, is it fair?

several customers of yours in Ghana who took loan to start trading and make deposit through liberty reserve and bank wire are suffering because of this. please proof to us that your organization is not a scam by refunding our money back or provide proof that you have send our money to your local ib.

Mr Oza, like i said in my first post. i'm not your IB,your satff nor client. i'm one of the victim of some so called Forex broker who came to Nigeria and scamed some forex trders. so when i saw this post i started my investigation to find out if Acmgold could be one of the scammers, because alot of Nigerians have been scammed by some false broker as much as they know there is no regulation in Nigeria.
I know you personally, you know me personally, i know all the people who had worked with you at your Lagos office and those who are presently working with you.
What evidence do you want here, it was a direct conversation and i decided to alert the entire Nigeria because i know most people don't know about whats going on now.
Let me ask you 1 question Mr. Oza; were you arrested by Nigeria immigration last year December and detained on illegal resident to Nigeria or not?
And the matter is still pending till now.
Were you not ask by Nigeria immigration not to come back to Nigeria again after you were asked to leave Nigeria on 17th December,2012 till you secured proper paper or not?
you know the whole truth here and that i'm not telling lies against you as i don't have personal issue with you Mr Oza.

 

[Master Yoda]

Mr Oza, like i said in my first post. i'm not your IB,your satff nor client. i'm one of the victim of some so called Forex broker who came to Nigeria and scamed some forex trders. so when i saw this post i started my investigation to find out if Acmgold could be one of the scammers, because alot of Nigerians have been scammed by some false broker as much as they know there is no regulation in Nigeria.
I know you personally, you know me personally, i know all the people who had worked with you at your Lagos office and those who are presently working with you.
What evidence do you want here, it was a direct conversation and i decided to alert the entire Nigeria because i know most people don't know about whats going on now.
Let me ask you 1 question Mr. Oza; were you arrested by Nigeria immigration last year December and detained on illegal resident to Nigeria or not?
And the matter is still pending till now.
Were you not ask by Nigeria immigration not to come back to Nigeria again after you were asked to leave Nigeria on 17th December,2012 till you secured proper paper or not?
you know the whole truth here and that i'm not telling lies against you as i don't have personal issue with you Mr Oza.

Is there an issue between both of you? I am not sure if dealing here with Mr. Oza's legal status in Nigeria is out of context or not but it raises an important question: if what you say is true, what about the whole ACMG operation in Nigeria? is it legal or licensed? This interesting me more than his personal residential status.

 

[stephenamposah]

Nice post i will be going to registrar generals office today they are in charge of business registration in Ghana. i will go and find out if they are properly registered and who are their directors

Is there an issue between both of you? I am not sure if dealing here with Mr. Oza's legal status in Nigeria is out of context or not but it raises an important question: if what you say is true, what about the whole ACMG operation in Nigeria? is it legal or licensed? This interesting me more than his personal residential status.

 

[Pharaoh]

I very much want to see Mr. Oza's reply to stephenamposah. If the money was paid directly to the brokerage, then any IB issue is solely between the IB and the brokerage and does not involve the client.

I've seen cases where an IB and a broker each stand there pointing fingers at each other. Depositing through a "local depositor" IB or through ANY means where the client is not sending money directly to the broker is a very bad idea. Personally, I wouldn't do business with a broker that even offered such an arrangement unless they made it pefectly clear up front that the broker is 100% responsible for all client money no matter what the IB does or does not do. Anything less than that shows that the broker is happy to have subcontractors who have the ability to steal client money at will.

In this case, since the money sent to the broker didn't go through the IB, there's no question that ACM Gold is 100% responsible for getting stephenamposah's money back to him.

 

[stephenamposah]

I have gone to the registrar generals office in Ghana to find out if ACMGOLD GHANA LIMITED is properly registered, i find out acmgold Ghana limited was registered in the name of Mr Simeon Odo as owner and director of the company.

i can convincingly say the owners of acmgold irfan pardesi, hina hassan and their cousin shehza oza are not just scam they are criminals, why will you come to Africa and register your businesses illegally to evade tax and take our money away?

i also find that is how they register their business also in Nigeria they get some guys give them money to register their business for them and later come to take over the business and sack to the staff. they have a very bad work ethics against their staff and ibs.

why would a multi us dollar forex broker register their business in the name of an ib? assuming we have deposit millions of dollars into their account that is how we would have lost our money because you are having issues with your ib.

This case is been discuss now in radio stations in Ghana how this Pakistani came to scam us in Ghana. they have made Forex trading look like a scam in Ghana.

I very much want to see Mr. Oza's reply to stephenamposah. If the money was paid directly to the brokerage, then any IB issue is solely between the IB and the brokerage and does not involve the client.

I've seen cases where an IB and a broker each stand there pointing fingers at each other. Depositing through a "local depositor" IB or through ANY means where the client is not sending money directly to the broker is a very bad idea. Personally, I wouldn't do business with a broker that even offered such an arrangement unless they made it pefectly clear up front that the broker is 100% responsible for all client money no matter what the IB does or does not do. Anything less than that shows that the broker is happy to have subcontractors who have the ability to steal client money at will.

In this case, since the money sent to the broker didn't go through the IB, there's no question that ACM Gold is 100% responsible for getting stephenamposah's money back to him.

 

[Master Yoda]

It can be for some reasons:
1. Taxing issues- many company owner are appoint nominees to avoid pay taxes (It's very hard for me to believe it's the case here)
2. Might be a local regulation says that the company should be owned at least with 51% by local (like China, Dubai, etc...)
3. It can be a partnership/representative office
4. The real owner way to waive any personal legal responsibility
And many other reasons. Bottom line I do believe the money goes for the guys behind this operation.
You are right that Mr. Irfan is the real owner behind this whole operation. I don't want to risk and say they are scammers but base on the fact people here claiming they haven't got their money for very long time it should be a warning signal for their investors. The fact the Mr. Oza is not responding to the allegations here is not making the situation better.
I believe people should be cautious before dealing with this company, before we see all the issues here are being solved and cleared.

 

[stephenamposah]

i keep wondering how can Forex brokerage license be giving to people who run family businesses? since acmgold is not responding to our claim its clear they are in Africa just to scam us.

for all those who have evidence against acmgold holding their fund please post it here lets collate it and send to Financial Services Board (FSB) of South Africa (26164) who give them license to operate in Africa. we will also forward our evidences to Google and Facebook to stop their adverts.

since we are victim already lets protect others from falling prey to this acmgold scam

It can be for some reasons:
1. Taxing issues- many company owner are appoint nominees to avoid pay taxes (It's very hard for me to believe it's the case here)
2. Might be a local regulation says that the company should be owned at least with 51% by local (like China, Dubai, etc...)
3. It can be a partnership/representative office
4. The real owner way to waive any personal legal responsibility
And many other reasons. Bottom line I do believe the money goes for the guys behind this operation.
You are right that Mr. Irfan is the real owner behind this whole operation. I don't want to risk and say they are scammers but base on the fact people here claiming they haven't got their money for very long time it should be a warning signal for their investors. The fact the Mr. Oza is not responding to the allegations here is not making the situation better.
I believe people should be cautious before dealing with this company, before we see all the issues here are being solved and cleared.

 

[Naijaforexreport]

Stephenamposah, i think i will like to have more information from you if you can help, because i'm getting my article ready for publication here in Nigeria by the end of this week, because if truly what you just said about Acmgold registration in Ghana is true, i wonder how acmgold said their ib revoked their bank account in Ghana, that's another point i will like to know from you if you can get it posted soon.

secondly, i have commenced my findings how acmgold register their business in Nigeria, Mr oza said on his post that acmgold are still expanding their business in Nigeria,but my question is if this is how you guys run your company, its too bad and unethical and i will advice you restructure well.
I don't know much about acmgold globally, but i know about their Lagos office, but think they are really doing alot to entice Nigerian to use their trading platform.

I have gone to the registrar generals office in Ghana to find out if ACMGOLD GHANA LIMITED is properly registered, i find out acmgold Ghana limited was registered in the name of Mr Simeon Odo as owner and director of the company.

i can convincingly say the owners of acmgold irfan pardesi, hina hassan and their cousin shehza oza are not just scam they are criminals, why will you come to Africa and register your businesses illegally to evade tax and take our money away?

i also find that is how they register their business also in Nigeria they get some guys give them money to register their business for them and later come to take over the business and sack to the staff. they have a very bad work ethics against their staff and ibs.

why would a multi us dollar forex broker register their business in the name of an ib? assuming we have deposit millions of dollars into their account that is how we would have lost our money because you are having issues with your ib.

This case is been discuss now in radio stations in Ghana how this Pakistani came to scam us in Ghana. they have made Forex trading look like a scam in Ghana.