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Legend Trader Managed Account

Discussion in 'Scam Alerts' started by Bogdan, Jul 2, 2008.

  1. Bogdan

    Bogdan Recruit

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    Dear Sirs,

    First of all let me tell you that you are doing a great job. Congratulation.

    I will try to explain my problem briefly.

    Two months ago I have opened a managed account with Legend Trader Ltd, Hong Kong( www.legendtrader.com).The value was 10.000 $.
    Before opening I made alll the research, including your review page and I didn't find anything against them. I have discussed on the phone with their CEO, Mr Khalid Alam , and he agree to open a demo to show me their way of trading.After one week they increase the value of demo account with 15%.He told me also that they guarantee the initial investement against losses with insurance , reinsurance and an exotic option against my account. For this I have to pay 3500$. Which I did.
    In the contract is write that they will use only 5% of the account in the begging as margin till they increase the value with 5%. After this they will use only the profit to cover the margin and not touch the initial investment.
    And if the market turn against them they will stop autopmaticaly the account if it comes again to 10.000$.
    I have deposit 10.000$ to Tadawul FX Swiss and I sent 3.500$ to LT for insurance.
    They start to trade and in the first two weeks they made 40% gain.I was very happy with their way of trading. But in the next 3-4 days they start to take trades like they wanted to finish the account and they lost 50% of the account so 7.000$.I called them every day to tell them to stop trading till the market will calm( they told me they lost cause the market is crazy) but they continuu to trade and to take losses.
    I will show you the statment of the account and you will understand my allegation.( ex; they opened 2-3 hedge position at -2000, -3000 to close in couple of hours even worst.)
    Finally on the 16th May I convince hem to stop trading and not to take any other trades. The value of the account was 3.800 with a hedge GBPJPY minus 2.000$, 2 lots
    They said not to worry cause is only 100pips and they will closes in profit and recover the loss.
    In order to calm me down they propose me to be their representant in Europe and they will give me a commision for this. They even put me on their site like contact.
    I have waited for 1 month and they didn't close this position which is still active.
    Meantime I asked them many times to action the insurance and the option in order to restore the value of the account.They said is not posible cause in order to do so the value of the account must be zero. I asked them to give me the insurance policy like the contract says but they argue they cover this policy with their own account and cannot give me anything.
    I asked the also to start open other position and to try recover, but during 1 month nothing.
    So last Friday I took the decision to close the account and asked LT to restore the value of the account.
    They didn't answer and I dont think they will.
    For all this allegation I have documents( contract, oficial letters ,statments bank transfers).
    After I asked for help of FPA , Khalid Alan called me to propose me a deal.To send me a Letter of Guarantee for the 60% of the money, but this LG is isuued but his company and to be paid in 45 days. Not bank endorsement, just a paper.

    Please be kind and give a suggestion how can i solve this.

    Thanks
     
  2. soulfriend

    soulfriend Recruit

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    Appeal regarding Legend Trader

    Dear Sir,
    I don't know what to say,
    but the same thing happened to me with Legend and worse the last month they take a month or so to trade and when they trade they made losses in one day $7000, I asked for the insurance documents they never sent them to me though I paid them $3500 in advance to trade for me, Mr. Khaled always when he replies though he closed the phone in my face many times and they treat me in away I wish there is someone who could listen, they informed me they will make at least 40%-60% monthly and they really fooled me with their calls after I paid them the initiation fees $3500 they never reply to my e-mails and even my calls saying they are moving their offices then they are upgrading their systems and in 3 months they traded like a week or less and they blow my account in a very bad way, they buy when they should sell and sell when they should buy.. I have all their chats saved and their e-mails and promises, but I didn't receive the insurance papers and I really don't want anyone to be deceived by them and if I can do anything to get back my money which is $12000, the problem I was going to send more than that but I thank God I didn't they really blow up all my savings.
    my e-mail: mysoulfriend33@yahoo.com
    my mobile: +962797110552
    I hope to hear back what happened with you and how I could act.

    Best Regards.
    Noorman
     
  3. komal

    komal Recruit

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    Legendtrader.com and Alam Khaled is scam.

    Hello All,

    I am also victim of Legend Forex Trading LTd..I bought education pacakge from Legend Trader.Alam khaled was one of CEO of this compny.I paid $4000 for education.He thought me nothing and every day from other forum he picked one indicator and teach me.He was giving me trainig for about 6 month...still didn't show me how to place trade in live market.....He just keep promising that one day he will teach me how to trade live in theforex market.During training he was talikng about his family,his good reputation.I trusted him very much.After sometime he told me that he was going to separate from legend trader and opened a new comapny.....named Legend treaders LTD,for that new company he needed to show some ammount to Hongkong government.He told me that he had 3000$ less in his account.He asked 3000$ to show as a balance in his company and he is going to return back within 1 month.I trasfered 3000$ from Westron union transfer.He promised to retrun this money within 1 month.After 6th month passed I asked those money..so suddenly he went offline and not contact.I sent him email...but no reply.I don't know what to do with this lier man.He was showing himself very religious person,but he is shame in name of religon.I have invoice from Alam khaled about education pacakge and also have receipt from westron union money transfer.

    I hope that I can get my money back,but he is so shameless that I don't think he will going to return.
     
    #3 komal, Aug 15, 2008
    Last edited: Oct 10, 2008
  4. fambo

    fambo Recruit

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    The same thing happened to my friend who paid upfront money for them to trade and get insured.. But to be honest, I told my friend beforehand that this contract is a clever ploy to get investors money so that they can screw client.

    They tend to make good trades at first but thats down to luck. And then when they had enough, they will hedge to make it look like they have made good amount of profit on balance.

    It is rude for any professional to put the phone down on a client. He only thinks that dollar is king and investors are slaves.

    I told my friend why pay 3500usd up front to trade when he could have tried investing this money with a company i invested in for a few years now. That way, he could have seen how his small investment would have done over the months and then could have invested bigger. But sometimes,, friends dont listen to friends.

    A word of warning and a lesson for everyone. Do not get greedy. If someone says to you that they can make huge profits, then walk away.

    Profits that are realistic, they are the best options to go for. All quality fund management firms typically make around 20% - 60% profit yearly. Someone to say that they will make 300% is crazy and you know full well they will either blow your account or make you this amount with a considerable luck.

    You can contact me if you have any concerns. PM me

    I have asked my friend to contact his lawyer to find a way of getting his money back
     

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