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We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
On June 19, 2008, FPA member Rosario Delgado asked if anyone had heard of My TIRN in the FPA's Scam Alerts Folder, since she found some of what they claimed to be a little suspicious. On June 20th, FPA Senior Member Pharaoh replied that this company showed signs of being some sort of Ponzi Scheme or HYIP.
This lead to what might best be described as a spirited discussion. Several FPA members who either had joined MyTIRN or who were thinking of investing with them posted favorable things about the company. Pharaoh and some other FPA members continued to question about whether or not MyTIRN was a scam.
As more information about this company slowly came to light, Pharaoh's warnings increased. It turns out that the CFTC agrees with Pharaoh's analysis of the company. The CFTC “an enforcement action against Trader’s International Return Network (TIRN), a Panamanian corporation, and its president David Merrick of Apopka, Fla., charging them with solicitation fraud and misappropriation of customer funds involving at least $16.4 million.”
Pharaoh's biggest complaint was that My TIRN would not show any proof that they were trading. The CFTC alleges that “no customer funds were invested as described on the TIRN website and in TIRN’s written materials.” Further, the CFTC complaint says that over 2 million dollars was diverted for Mr. Merrick's personal use.
The SEC is also filing a civil enforcement action, and the US Attorney General's Office has a criminal investigation going.
Under the circumstances, we find that MyTIRN and David Merrick have misled investors and misappropriated investor funds. We consider MyTIRN to be a scam and David Merrick to be a scammer. We offer MyTIRN and David Merrick the opportunity to have this scam finding lifted by clearing themselves of all allegations brought by the CFTC, SEC and US AG offices, as well as providing proof of actual trading.
My TIRN is hereby blacklisted by the Forex Peace Army. We urge people who have placed money with this company to immediately contact the CFTC to secure their claims to whatever percentage of their money is recovered.
We thank FPA member Pharaoh for sounding the alarm from the moment he became aware of this company. We thank FPA member Bimmer for posting information about how My TIRN was not properly regulated. We thank FPA member FXTAB20 for posting the CFTC action.
We highly recommend reading the discussion thread. This thread is an excellent example of how traders can be lured into investing based on false promises.
Discussion thread about MyTirn
CFTC Press Release about TIRN and David Merrick
Charges filed by US CFTC against TIRN and David Merrick
On June 19, 2008, FPA member Rosario Delgado asked if anyone had heard of My TIRN in the FPA's Scam Alerts Folder, since she found some of what they claimed to be a little suspicious. On June 20th, FPA Senior Member Pharaoh replied that this company showed signs of being some sort of Ponzi Scheme or HYIP.
This lead to what might best be described as a spirited discussion. Several FPA members who either had joined MyTIRN or who were thinking of investing with them posted favorable things about the company. Pharaoh and some other FPA members continued to question about whether or not MyTIRN was a scam.
As more information about this company slowly came to light, Pharaoh's warnings increased. It turns out that the CFTC agrees with Pharaoh's analysis of the company. The CFTC “an enforcement action against Trader’s International Return Network (TIRN), a Panamanian corporation, and its president David Merrick of Apopka, Fla., charging them with solicitation fraud and misappropriation of customer funds involving at least $16.4 million.”
Pharaoh's biggest complaint was that My TIRN would not show any proof that they were trading. The CFTC alleges that “no customer funds were invested as described on the TIRN website and in TIRN’s written materials.” Further, the CFTC complaint says that over 2 million dollars was diverted for Mr. Merrick's personal use.
The SEC is also filing a civil enforcement action, and the US Attorney General's Office has a criminal investigation going.
Under the circumstances, we find that MyTIRN and David Merrick have misled investors and misappropriated investor funds. We consider MyTIRN to be a scam and David Merrick to be a scammer. We offer MyTIRN and David Merrick the opportunity to have this scam finding lifted by clearing themselves of all allegations brought by the CFTC, SEC and US AG offices, as well as providing proof of actual trading.
My TIRN is hereby blacklisted by the Forex Peace Army. We urge people who have placed money with this company to immediately contact the CFTC to secure their claims to whatever percentage of their money is recovered.
We thank FPA member Pharaoh for sounding the alarm from the moment he became aware of this company. We thank FPA member Bimmer for posting information about how My TIRN was not properly regulated. We thank FPA member FXTAB20 for posting the CFTC action.
We highly recommend reading the discussion thread. This thread is an excellent example of how traders can be lured into investing based on false promises.
Discussion thread about MyTirn
CFTC Press Release about TIRN and David Merrick
Charges filed by US CFTC against TIRN and David Merrick
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