I've been scammed by 'Michael Davis' - LibraMarkets.com

The Punisher

Sergeant Major
Messages
660
In fact I do not agree with the title.
Michael Davis helped me get my money back two and a half months ago!
And from what I understand he was fired because of this forum !!
He's a good guy and even comes to volunteer at a live shelter
I found the live shelter that Michael Davis is a volunteer at!

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Drygrass

Private
Messages
24
I invested circa €29,000.00 with Libra Markets. When I made this initial investment they told me the most I could ever lose was 10% of my investment. I had an account manager (three during the period) who did the trading for me. All went well from January 2020 to October 2020. Profits made on trading my account were circa €27,000.00 - almost doubling my initial investment.

By this time, I needed £10,000.00 to pay for the replacement windows in my home. I gave notice to my account manager I wanted to withdraw €11,500.00 of my profits - which he seemed quite alarmed about. A few days later I received a phone call from him informing me that all my money was at risk and this was due to the high volatility of the Forex markets. I needed to pay Libra Markets €6,000.00 to secure my account from any losses. I did not have that sort of money - it was all with Libra Markets. Hence, I told my account manager to take it out of my accounts profits. He told me he could not do that. I must pay €6,000.00 into the account. I could not do that. Therefore, I thought for a week or so on what my options were. I decided to close my account.

Low and behold later that day, when checking my account, profits had dropped to zero due to a trading loss of circa €27,000.00 in one day! I instructed my account manager to close my account immediately and send me whatever money there was remaining in my account to my bank account via Kraken. He said he could not do that. There were 11 open trades and until they are closed, I cannot make any withdrawals from the account. These open trades were never closed – they just kept trading them with huge losses. Every time I asked, there were reasons why they were still open.. The most common reason was the account had to be in profit.

By February 2021 my account was in negative equity. My account manager told me to hang on for a week or so and he would see if he could get €20,000.00 credit put into my account in order to start trading again, make profits, which if trading was successful would at least recover my initial investment. The 20k credit went into my account. Nevertheless, after about five weeks, there were huge losses each day on the Forex trading and the account went into the red again. Once again, my account manager said he would try to get me more credit. He said, "Allow me 4 or 5 weeks and I will phone you to tell you".

Well, it has been something like 6 weeks now. I have lost my life savings/inheritance. Authorities have closed the Libra Markets website. I do not know who I can turn to and trust in an attempt to recover my initial investment. Someone saying they worked for Libra Markets Recovery department has already defrauded me for £700.00. Hence, I am very apprehensive about trusting anyone who says they can help claim back my money.

Do you think I have any chance of getting my money back? If so, whom should I contact? Where do I start or should I just put this behind me and move on?
 

Drygrass

Private
Messages
24
European law enforcement action have crushed Libra Markets scam

I have been a victim of the Libra Markets.com scam. During the time my account was active from December 2019 to April 2021, I had three account managers who did the trading for me and phoned me once a week. They were, Dustin Moore dustinm@libramarkets.net, Archie Middleton archiem@libramarkets.net and lastly Peter Andersson petera@libramarkets.net. Archie Middleton convinced me investing with Libra Markets would result in profits of 20% or more. He also told me Libra Markets were in the process of buying investment contracts with Saudi Aramaco and he was personally heading up a team to open a new crypto currency which Amazon.com would be using for customers to pay for their purchases. Of course all of this was utter lies and just ramblings to convince me I was dealing with a high end trustworthy company.

Up until April 2020, when Dustin Moore was now my account manager, profits in my account had steadily grown which had almost doubled my investment. However, whenever I looked at my account status of Free Margin, Used Funds and Equity, Profit/Loss the figures never made sense (I have posted elsewhere on FPA about this). Dustin would explain them but still it didn't sit comfortably with me. Also at that time I was discovering lots of reviews about people losing all their investment with Libra Markets and/or they were unable to withdraw any of their profits. Therefore, I then discussed a withdrawal of €12,000.00 from my €27,000.00 profit margin. Dustin Moore questioned why I would want to do that and advised me not to since it would make my account vulnerable to losses as he would have to pay a fee to close open trades, of which I apparently had 11 of them. That made me more suspicious I was dealing with scammers. Sure enough, a week later, Dustin Moore told me that I should pay into my account €6000.00 as an insurance payment to protect my account from total loss (I have posted about this elsewhere on FPA) unless I do so I stand the risk of losing everything. I didn't have the 6k so nothing more was discussed.

In July 2020, suddenly, in one day's trading I lost €26,286.49 leaving a balance of €43,200.11. I requested that all trading stopped, close my account and send me the equity in my account of €37,498.62. I was told that could not be done as there was still 11 open trades and until all those trades were in profit I could not withdraw from or close my account. Dustin Moore continued to make negative trades blaming it on the volatility of the markets. Days would go by without any trading as he said it was too risky. But he said he would have to keep trading otherwise there would be heavy penalties imposed which could wipe out my account.

Peter Andersson took over as my account manager. The account continued to make huge losses until eventually it went into negative equity. For some unknown reason he was able to credit my account with €20,000.00 in order to start trading again in an attempt to recover my account and make profit. But alas, after a few weeks my account was again in negative equity. Peter Andersson said he would try and get me more credit but this would take 4 or 5 weeks. I never heard from him again. When I sent him an email it came back as unknown email address. (All the above email addresses are no longer in existence).

The odd thing is some trades were open for a month and others only for a few seconds. This suggests to me, along with the strange figures of my account not making sense, the whole website was a farce. The trades and everything else were fake - a scam.

A couple of months ago I went to check if my account was still active. Although Libra Markets website was still operating there was no facility to logon - that page had gone. Today I have checked the Libra Market website and it has been closed down. This has been done by the European Law enforcement due to Libra Markets being a Boiler Room connected with Cybercrime networks.
 

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Scam Reporters

Master Sergeant
Messages
471
European law enforcement action have crushed Libra Markets scam

I have been a victim of the Libra Markets.com scam. During the time my account was active from December 2019 to April 2021, I had three account managers who did the trading for me and phoned me once a week. They were, Dustin Moore dustinm@libramarkets.net, Archie Middleton archiem@libramarkets.net and lastly Peter Andersson petera@libramarkets.net. Archie Middleton convinced me investing with Libra Markets would result in profits of 20% or more. He also told me Libra Markets were in the process of buying investment contracts with Saudi Aramaco and he was personally heading up a team to open a new crypto currency which Amazon.com would be using for customers to pay for their purchases. Of course all of this was utter lies and just ramblings to convince me I was dealing with a high end trustworthy company.

Up until April 2020, when Dustin Moore was now my account manager, profits in my account had steadily grown which had almost doubled my investment. However, whenever I looked at my account status of Free Margin, Used Funds and Equity, Profit/Loss the figures never made sense (I have posted elsewhere on FPA about this). Dustin would explain them but still it didn't sit comfortably with me. Also at that time I was discovering lots of reviews about people losing all their investment with Libra Markets and/or they were unable to withdraw any of their profits. Therefore, I then discussed a withdrawal of €12,000.00 from my €27,000.00 profit margin. Dustin Moore questioned why I would want to do that and advised me not to since it would make my account vulnerable to losses as he would have to pay a fee to close open trades, of which I apparently had 11 of them. That made me more suspicious I was dealing with scammers. Sure enough, a week later, Dustin Moore told me that I should pay into my account €6000.00 as an insurance payment to protect my account from total loss (I have posted about this elsewhere on FPA) unless I do so I stand the risk of losing everything. I didn't have the 6k so nothing more was discussed.

In July 2020, suddenly, in one day's trading I lost €26,286.49 leaving a balance of €43,200.11. I requested that all trading stopped, close my account and send me the equity in my account of €37,498.62. I was told that could not be done as there was still 11 open trades and until all those trades were in profit I could not withdraw from or close my account. Dustin Moore continued to make negative trades blaming it on the volatility of the markets. Days would go by without any trading as he said it was too risky. But he said he would have to keep trading otherwise there would be heavy penalties imposed which could wipe out my account.

Peter Andersson took over as my account manager. The account continued to make huge losses until eventually it went into negative equity. For some unknown reason he was able to credit my account with €20,000.00 in order to start trading again in an attempt to recover my account and make profit. But alas, after a few weeks my account was again in negative equity. Peter Andersson said he would try and get me more credit but this would take 4 or 5 weeks. I never heard from him again. When I sent him an email it came back as unknown email address. (All the above email addresses are no longer in existence).

The odd thing is some trades were open for a month and others only for a few seconds. This suggests to me, along with the strange figures of my account not making sense, the whole website was a farce. The trades and everything else were fake - a scam.

A couple of months ago I went to check if my account was still active. Although Libra Markets website was still operating there was no facility to logon - that page had gone. Today I have checked the Libra Market website and it has been closed down. This has been done by the European Law enforcement due to Libra Markets being a Boiler Room connected with Cybercrime networks.

They are busted...
 

ViPaTel

Private, 1st Class
Messages
60
Do you think I have any chance of getting my money back? If so, whom should I contact? Where do I start or should I just put this behind me and move on?
Any update on this part? Have you gotten something back or what steps have you made to recover?
 

Drygrass

Private
Messages
24
Any update on this part? Have you gotten something back or what steps have you made to recover?
So far I have only reported this to the FPA on 'Scam Alerts' and written a review which are the prerequisites of my case possibly getting to be taken up by the FPA's 'Traders Court'.
However, I have also read that as I made deposits into my account from my Halifax bank account, it maybe possible for the bank to recover the money or refund me.
I did contact a supposedly very good USA recovery company called lucrerecoup.com but they wanted $8500.00 up front before they did anything. Seemed like scammers to me.
 

The Punisher

Sergeant Major
Messages
660
So far I have only reported this to the FPA on 'Scam Alerts' and written a review which are the prerequisites of my case possibly getting to be taken up by the FPA's 'Traders Court'.
However, I have also read that as I made deposits into my account from my Halifax bank account, it maybe possible for the bank to recover the money or refund me.
I did contact a supposedly very good USA recovery company called lucrerecoup.com but they wanted $8500.00 up front before they did anything. Seemed like scammers to me.
You should contact your bank immediately and start a recall as the longer you wait the harder it will be for your bank to assist you. Most recovery companies are scams therefore I would not trust them with my money.
 

Drygrass

Private
Messages
24
As advised on here, contacted my credit card company to enquire if there was any possibility of a chargeback. As I suspected, because the transaction by Simplex was done correctly and as instructed there is no justification to take any action. The fraudster/scammer is Michael Davis.
By the way, Michael Davis had nothing to do with Libra Markets. He just said he worked in their recovery office - which of course he didn't. Hence the link.

Just hope something can be done via the FPA/Traders court to recover my money from Libra Markets. I have reported the scam/fraud to my bank. I'm waiting for someone in their fraud department to contact me to take further details and discuss if anything can be done.
 

John78

Recruit
Messages
59
You should contact your bank immediately and start a recall as the longer you wait the harder it will be for your bank to assist you. Most recovery companies are scams therefore I would not trust them with my money.


They are busted...
Yes, they are busted, and in custody after the action. It's also confirmed to be Libra Markets.
 
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