, Rizwan Awan

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...

Last May, FPA member Everner complained about delays getting money sent back from a managed account at Next Consultancy (aka Next Consulting, Ltd), run by Rizwan Awan. One of our investigators quietly assisted Everner with his end of negotiations. Before any formal contact was established between Next and the FPA, Everner withdrew the complaint because he expected his money to be delivered very soon.

Since there was no further complaint, we assumed the issue was closed, then FPA members Jetset2009 and Thasler complained at about the same time they began having troubles with Next Consultancy's bad handling of their trading accounts. Reviews were left by them and others and then frequently withdrawn over a period of months. Each time reviews were withdrawn, it was because a promise that funds would be sent. The Review Moderation Team finally posted on Next's review page that no more reviews could be withdrawn until progress was made resolving issues.

While all of this was going on Everner got back in touch and indicated that he still had not gotten any of the money promised almost 1 year later.

Rizwan finally promised that at least some money would be delivered by April 30th, 2009. FPA Investigator Gerard handled things and made sure that Rizwan knew that there would be no extensions. Rizwan Awan was even advised on faster transfer methods and asked to try to make at least some payment. Although we had hoped for a better outcome, today is May 1st, and no one but Rizwan has any money. Rizwan did not send copies of any wire transfer or other transfer documents. We have no choice but to believe that he has no intention of returning any money at all.

It appears that all the cash transferred to Next Consultancy is gone, along with Rizwan Awan. All promises of trading back losses in accounts at brokerages were broken. The website expired at the end of March and has not been renewed.

We don't know if Rizwan actually traded the money that was sent to him or not. His statements to Everner showed profits, but withdrawals were impossible. Jetset2009's brokerage account had large profits followed by a total loss due to trading with no stops.

Rizwan Awan of Next-Consultancy repeatedly failed to turn money owed to multiple traders. That is the FPA's first definition of scam. Further, he traded in with reckless disregard for risk management in total violation of all trading agreements he had with customers. That also meets our definitions of scam. Also, he repeatedly broker promises of delivery of funds in an unethical fashion, including in exchange for negative reviews being removed. We know that no promised money has been delivered to anyone who complained directly to the FPA, and are not aware of any reviewer who withdrew a negative review getting one cent. We consider this form of unethical negotiation to be another form of scam.

Thus, we consider Rizwan Awan to be a scammer and his company, Next Consulting, Ltd., also known as Next-Consultancy to be a scam. We offer Rizwan the change to have this scam finding lifted be returning to negotiations and making good on 100% of his promises to deliver money in a timely fashion. We will also require him to sign a statement stating that he will use proper risk management when trading other people's money and to also never make any negotiation contingent on removing a negative review first.

We extend our sympathies to Everner, Jetset2009, Thasler, and several others we know of for the loss of their money. We would like to thank FPA Investigator Gerard as well as FPA's AsstModerator for their efforts on this case.

Next Consultancy and Rizwan Awan are hereby blacklisted by the Forex Peace Army. We urge traders not to place money with this company or with any company involving this person. We urge anyone who has any money with them to contact the authorities as quickly as possible. We know some of the victims are already in touch with the authorities and hope that they use all legal means to seek compensation.

Discussion thread for this scam finding

Original Complaint thread
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