Justforex usurp 900,000$ from Vietnamese Clients

Sangtruong

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I realize that the nature of Justforex's fraudulent acts over the pastime is as follows: Targeting customers with a large balance to appropriate their assets. Pay all customers with small balances to reduce the noise. Do not give out any specific explanations, statements or evidence, or statistics for your judgment but continuously slander others for fraud.

Through your answer, I see four 4 points that need to be clarified:

Point 1. Matching and repeating of IP addresses, device identifiers for login sessions of all profiles;
On the first day of cooperation with Justforex as an IB, you should understand that finding customers to join is extremely difficult.

It is not natural for a client to be ready to come to a new Forex broker like JustForex. I had to go in person, sit next to these new customers to give presentations about your products. I have to host offline meetings, seminars to meet them, to push their emotions, and create a better marketing effect to attract visitors. Besides, I also open training seminars, teaching, presentations on JustForex product specifications, teaching how to trade, etc. Thanks to that, JustForex can gain a foothold in the Forex trading community in Vietnam.

If you use the same IP reason to confirm that we are cheating, I don't think it makes any sense at all. So what makes sense here?

Understand that the same IP or always having the same IP are two completely different things.

If the same IP mentioned in your conclusion happens only a few times, it is entirely possible. As I mentioned above, when I open workshops or training, that my IP coincides with the customer's IP is altogether possible.

But the question here is as follows: Why when I invite them in and deposit $100 to experience the Justforex's product; the Clients, and even I do not receive any warning about the same IP and stop cooperating within days later as specified in Clause 3.10 of the Client Agreement? Only when I persuaded the Client to deposit $ 100k into Justforex did you accuse them of cheating then keep all that money?

And if in case you conclude, I always have the same IP as the Client. Then, show me!
Show me your system records to show that I was the same IP with them all the time.
 

Sangtruong

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14
Point 2
“- transferring of the commission received to create drop user-profiles;
- abusing scheme for generating an IB commission;

- other multiple violations of IB and Client Agreements.”

One thing I need to emphasize here is the fact that I become a master IB to get higher commissions in comparison with the first level Justforex's IB is because I deserve it.
Why?

In the very first days, JustForex IB's initial commission was meager. If there is no large client base with a specific number of lots traded, then Justforex's starting commission for IB is 6$ per lot for a Standard Account. Meanwhile, the transaction fee cost about 15-25$/lot traded.

Despite that, I still accepted their offer without any other support on marketing costs from JustForex to expand, train, and disseminate their product specifications to Vietnamese customers.

Moreover, I also accept working for peanuts by Cashback almost my commission I received from clients as a promotion to attract them to trade at JustForex.

In the first days of working with JustForex, I did thorough research of all IB terms. I insist that there are no provisions in the agreement that prohibit IB from cashback for customers. Also, everyone knows that cashback is a classic form of advertising.

If you prohibited this activity in the first place, I definitely would not do it, and however, since you didn't, it's legal for me to transfer money to anyone in terms of the law and the IB contract.

Besides, I cannot control if the customers transfer money to each other, which is not my responsibility either. Therefore, I want to focus on the money transfer between clients and IB.

According to official statistics, the total amount of NET deposits for JustForex in Vietnam has been around approximately 7-10 million USD.

There are a large number of Vietnamese customers who lose money or even lose all their money. Of course, it's their fault because, as everyone knows, up to 95% of forex market participants lose money in the early days of their trading - only 5% win.

The important thing is that I used to cashback to people who were in that 95%. However, I have not seen anyone lose money but get notified that they both cheat and are called "drop user profiles" at all.

Recently, it is true that you have refunded about 50 customers, but they have an extremely small balance.
On the other hand, there are about 15-20 customers whose balance accounts for 80% of the money you obtain. For those people who, let's say they are lucky, win the forex market and reach the top 5% above, you keep their money and assume they are cheating. The fact is that you purposely only aim at clients with a large balance.

So the question is, who is cheating here?

- “transferring of the commission received to create drop user-profiles;”
One more thing you should note, I did not mention the worldwide scope, but there is the fact that in Vietnam, the USD trading activity from Neteller is very regular. Most of this is since the legal environment does not support this problem.

So they transfer VND to each other with the agreement to receive USD Neteller to deposit to some brokers and use for forex trading.

You can survey to find that what I just said is 100% true.

Ordinance On Foreign Exchange Control is stringent, and there is a significant barrier to this. So they will receive and transfer USD from Neteller services, and in return, they will receive a VND equal to the amount of USD they just received or transmitted. This is a way to prevent money from moving across the border.

It sounds weird to the world, but try to find out about this phenomenon. Take your time to research it.

Also, some Clients are my friends. They borrow money from each other to invest in PAMM/COPYTRADE funds. They not only open accounts at Justforex but also open trading accounts at many other reputable brokers such as Lmax, Icmarkets, Axitrader, Pepperstone, Hantecfx, XTB… But no single broker has any complaints about their trading problems.
 

Sangtruong

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14
Point 3. Anti-Money Laundering Policy

According to obtained documents and data from the internal monitoring systems, the Company received incontrovertible evidence of the unlawful activities and numerous violations of IB and Client Agreements by this group of persons

According to AML policy, Justforex has a complex electronic system for identifying every Company's Client, and conducting a detailed history of all operations was introduced as well. Accordingly, it is clear that you can present relevant evidence if I do indeed launder money. What's the reason you are constantly procrastinating? Or is it because your conclusions are just conjectures or deliberately blaming us for usurping customers' principal and interest?

Instead, I noticed you constantly mention money laundering but only around issues like:
- Transferring of the commission received to create drop user-profiles
- Abusing scheme for generating an IB commission; - other multiple violations of IB and Client Agreements.
- Matching and repeating of IP addresses, device identifiers for login sessions of all profiles

Then let me ask, how do you define money laundering? Or do you think money laundering is when we do the above things?
 

Sangtruong

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14
Point 4.

The Company wants to emphasize that the amount of the initial investment, which was not involved in this activity, was not affected, and all these funds are available for withdrawal.

To this point, I need Justforex to clarify the following issues: The “Anti-Money Laundering” definition mentioned in Point 3. I do not accept that JustForex unilaterally concluded that I engage in illegal money laundering without evidence.

Hold money to compensate for Justforex's loss. Currently, Justforex holds our money up to $ 900k; however, JustForex did not give any data or evidence related to their statement during the investigation and conclusion. Even if my Client has damaged Justforex indeed, then how much exactly is it?

Finally, how a Company with a long business history like Justforex has behaved in this case is unacceptable. Justforex secretly erases all customer data, making it impossible for both Parties, the Client and the IB, to compare the information with Justforex, unilaterally conclude and announce with just a simple email and retain all the customer's money, eventually.
End of story. Not even a single number in any claims.

As a result of the Company's actions, the largest fraudulent scheme in which users were involved as drops was suspended. Furthermore, this group of persons has disseminated and continues to disseminate knowingly false and misleading information regarding the Company's terms and conditions.

If you continue not to explain any details but make up the accusations without any proof. From my point of view, the only thing I see is you are usurping my clients' money.
This is not dissemination. It is the disclosures.
 

4evermaat

2nd Lieutenant
Messages
2,116
Finally, how a Company with a long business history like Justforex has behaved in this case is unacceptable. Justforex secretly erases all customer data, making it impossible for both Parties, the Client and the IB, to compare the information with Justforex, unilaterally conclude and announce with just a simple email and retain all the customer's money, eventually.
End of story. Not even a single number in any claims.
News flash: this misbehavior has been going on for several years already. It's just that you are finally experiencing it for the first time.

If you need more proof, just look at the first 10-20 pages of the scam alerts folder. And check the reviews pages for some of the brokers you were considering (or currently have money with now).....

----

It's a shame you did not properly study the business model of the brokerage you were recommending clients to before making a deposit. But don't feel too bad. Most so-called professionals don't do this. So not only do they put themselves at risk....but their clients also.

And maybe your larger funding clients can take some condolence that some of the smaller investors did get their money back.

Also, some Clients are my friends. They borrow money from each other to invest in PAMM/COPYTRADE funds. They not only open accounts at Justforex but also open trading accounts at many other reputable brokers such as Lmax, Icmarkets, Axitrader, Pepperstone, Hantecfx, XTB… But no single broker has any complaints about their trading problems.

This proves that you have yet to know who is truly reputable, based on the business model the company employs. And no, regulation alone has nothing to do with it. In fact, they are just more clever about how they fleece these compulsive gamblers.

#RegulatedFool
 

Sangtruong

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14
And no, regulation alone has nothing to do with it. In fact, they are just more clever about how they fleece these compulsive gamblers.
Yes, I learned my lesson. At the moment, I do not want anybody get trapped by this Justforex - SCAM BROKER like me, by disclosing them.
 

Sangtruong

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The OP has invited the company to this discussion on Apr 5, 2021 at 4:49 AM
 
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