Newton Traders - Scam

kumeil

Recruit
Messages
7
Dear FPA

I received a call from a person by the name of Mike Davis in the early September and after alot of convincing i opened an account with a low amount of USD 500 (he said he would trade on my behalf). In a months time my account grew to 1000 USD. Then he asked for more. I said need to be sure of withdrawal process so i need to make a small withdrawal of 100 USD. I got that money in 3 days. I was impressed and was happy to make another investment in order to achieve higher profits. But for some reason i didnt and he was not receiving my calls however he continued to manage my account and it reached to USD 1,700 on oct 22. On that day i caught hold of him on skype. He asked for an investment but i said i need to make another withdrawal and i placed a withdrawal on the website. I was shocked when i received an email from them that i had not met the terms and conditions so the withdrawal is declined.

I could not comprehend so i logged in and was flabbergasted with what i saw. He had placed a long term trade on facebook (expiry on nov 11) and closed it right after purchasing the option (i.e. used usd 1700 on that option and sold it for 85 USD) and then refunded the 1700 usd as a bonus. My account showed 1,785 but this time with a bonus.

Now nobody is responding to my emails, calls, skype etc. I do not know what to do?

Please advise.

Thanks
 

Pharaoh

Colonel
Messages
20,029
Did you check their regulation page? It's just a list of government regulators. They don't appear to be regulated by anyone.

There's no physical address listed on the website.

The domain name was created in late August. The original address used to register the site was:
Admin Name: NEWTON TRADERS
Admin Organization: NEWTON TRADERS
Admin Street: 1621 E 9TH STREET
Admin City: BROOKLYN
Admin State/Province: NY
Admin Postal Code: 11223
Admin Country: US
Admin Phone: +1.7186453434
Admin Phone Ext:
Admin Fax:
Admin Fax Ext:
Admin Email: NEWTONTRADERS@GMAIL.COM

They also seem to own NewtonTrades.com

First, gather all of your evidence.

Second, contact your credit card's issuing bank. Make certain to get hold of someone in the Fraud department. Explain how this company is treating you. Ask if there is any way to file a chargeback.

Report back here what happens.

Third, go to www.CFTC.gov and let them know about this unlicensed company which registered from a Brooklyn address.
 
Last edited by a moderator:

henyo

Master Sergeant
Messages
439
do let us know how this unfolds, i do hope the bank fraud dept. does something about it. just pharaoh said. best of luck..
 

Pharaoh

Colonel
Messages
20,029
By "resolved" do you mean they've offered a deal to try to "help you trade" if you close the thread, or do you mean that the full amount of money owed has reached your bank account?
 

Jamshaid

Private, 1st Class
Messages
42
The issue has now been resolved. i request to close the thread.


We did not see your reply how the issue was resolved? However there is not doubt that their operation is fishy. I too tried to test them with a very small amount. They let it grow fast but when I put a withdrawal request. They replied that my amount cant be refunded and stop replying my mails / calls.
 
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