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RightWinGroupForex

Discussion in 'Scam Alerts' started by Edison2, Oct 23, 2012.

  1. Edison2

    Edison2 Private

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    Do not send this brokerage group any money. They will not return any funds regardless of your trading success. They also ran a managed account that wiped out everyone's account once it was fully funded. They are under at least two government's (US & Canada) investigation and claim that all funds are frozen. Yet they continue to take in new monies and reopen their site once it is shut down. They refuse to answer any communications regarding a wire transfer of my balance. I suspect that they really only set you up to do virtual trading and just steal your money. Stay away!
     
  2. BigT1

    BigT1 Sergeant Major

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    Hello Edison2,
    Please provide a precise url link to this company.
    AI
     
  3. Pharaoh

    Pharaoh Colonel

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    Google shows rightwingroup.com

    Edison2, please give more info on what happened to you, those government investigations, etc.
     
  4. Edison2

    Edison2 Private

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    Pharaoh, it is a long story that goes back a couple of years until just recently. I had been following a forex system developer who kept us in the loop regarding other opportunities. He alerted me to a manged forex account managed by RightWinGroup that was doing quite well (I believe it was around 5%/month). They are a group of Canadians with an offshore license. So I put $20k into the opportunity and it seemed to be working for a month or so. Then we were told that the opportunity might be closed out soon because the lead trader could only perform with smaller amounts of monies. So I put another $50k into it before it was closed. Shortly thereafter we were advised that the lead trader went "rogue" and was fired. In a manner of a couple of months the last of my investment was down to a few hundred dollars. I requested to receive my remaining monies and was hit with a series of delays. I went back to the system developer who recommended them and he intervened and I got the last of my money back. He explained that the RWFXG staff was honest but unorganized. In retrospect, this was a big red flag. Shortly thereafter I received an inquiry by the SEC to assist them in an investigation. Again the developer suggested that I not respond. So I did not. I suspect he received a finders fee and didn't want to be identified.

    The brokerage did seem to get good spreads and fills on trades and supposedly traded out of London. So I decided that I would do my own trading using their platform. I put another $20k and was testing out different systems. Most of that was lost when I got to aggressive on one system. In that time period, RWFXG switched to a different liquidity provider and forgot to tell me about it. I had to contact them when my trading stopped. They transfered over my monies but didn't get the amount correct and shorted me. Again, I contacted them and they fixed it. That brings us to late 2011. I started trading Tom's EA a year ago October when it first came out. I was doing very well with it and put in another $30k into a new account. I was averaging about 9%/month using a VPN. That lasted until mid-2012 when things broke down. I bailed out and still had about $32k left. While I pondered what to do next, RWFXG stopped trading. They were down about 10 days. Then they started operating again. I decided I would get out. I asked to have my two accounts consolidated. They did that and I found my password had changed. I asked for them to reset my password, as I needed it to request a withdrawal. They did that and I put in the paperwork for a wire transfer. I also contacted them and asked to faciliate the request. I heard nothing back. Every few days, I inquired with no response. I went back to the system developer and asked if he could intervene and he said they were not taking his calls.
    I threatened to go public with this issue unless they returned my money and got this response:
    Support, Aug 21 22:42 (MDT):
    right now the only thing i can tell you is i am working on the issue you do what you need to but we have already been shut down by the ASC and have no access to any of our funds at this point in time when the ASC is done with there investigation then and only then will we possibly be able to do anything until such time we have been trying to find other ways to get clients there funds. as you know our server have been shut down. we found out this is why you could not login to your account even though we had changed the password for you as requested.. We and I am doing everthing in my power to find a way to get funds owed out to people till this matter before the ASC is settled

    It turns out the ASC is the Alberta Securities Commission. I filed a complaint with them and they say they cannot comment about any ongoing investigation but that they want my story, contacts, dates, etc. They say that they are not in the business of returning any monies and to get a lawyer. However, no one from RWGFX can be identified by me. They do not disclose any information about themselves.
     
  5. Pharaoh

    Pharaoh Colonel

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    Get back in touch with the SEC.

    Ask the SEC and ASC if they have any information about the company's corporate registrations, owners, etc. That shouldn't be confidential and could help you determine who to sue.

    You may want to ask 4xangels.com to run a background check. That could get you more info on who's behind this company.

    If someone says "put money in a managed account now because we're about to stop taking money", take your money and run away as fast as you can.
     
  6. BigT1

    BigT1 Sergeant Major

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    REPEAT: PROVIDE ACCURATE LINKS TO ALL PARTIES INVOLVED!
    WE HEAR YOU. NICE STORY; SAD STORY. SO WHAT?
    NO INFORMATION MEANS NO PROGRESS.
    Complainant: For help, provide links to all real entities you mentioned, with facts and details so we can investigate.
    Who are they? A completely unregulated company
    Where are they? Belize!
    What means of payment did you use?
    Exactly when did you make your payments?
    What means of payment?
    4 payments after warnings.
    HOW did you decide to add to losing positions?
    Email correspondence?
    Addresses, dates, and times?
    When did you contact ASC?
    What was their exact response, when and how?
    .
    Wake up and smell the coffee.
    Free help has a price: it is called the truth.
    Answer the questions or you may suffer alone.
    AI
     
    #6 BigT1, Oct 25, 2012
    Last edited: Oct 25, 2012
  7. Edison2

    Edison2 Private

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    Guys: Thanks for your replies. Is this the type of case you would take on? I wasn't sure about providing all the details in a public forum unless you believe you can help. Some parties may have been innocent of any wrong doings and I wouldn't necessarily want to name all names in public. I wasn't sure if you would be an advocate. Plus there have been a lot of correspondence, links, etc that will take some time to compile. Just posting all the correspondence here would take a lot of posts. I doubt that I still have all the audit trail -- but I do have most of it. At a minimum, I wanted to warn others. Ideally, I would like to get at least some of my money back. If I provide you with all the voluminous details, what is your committment?

    To answer a few of your questions: The web site is rightwingroup.com; As stated on their website, they are incorporated in Belize (1 mapp st, Belieze city,Belieze ph 1-479-439-1510). I strictly used bank wire transfers (1) on 5/24/2010 to Soverign Bank, 1 federal st, Boston MA 02109 for $20k (account name Revere Capital, Act #38504826686); (2) on 6/9/2010 to Soverign bank, Wyomisssing, PA for $50k (account name Revere Capital, Act #38504826686); My account number was 500324 at that time which I opened on May 21, 2010. That was for the managed account. The most recent transfer was 10/25/2011 for $30k to a Wells Fargo Bank, 2815 Estero Blvd Florida, Fort Meyers 33931 (to Right WIN Group Limited Acct 2000053950914 - My trading acct was 145027672 at that time). I had an earlier 20k transfer to another account that I need to locate the information. I contacted the ASC on Sept 2nd and filed a complaint online on their website:Contact Us

    On Sept 4th I received this reply from the ASC:

    Thank you for your message. The Alberta Securities Commission (ASC) wants to acknowledge that we have received it, and also give you some basic details about what steps we will take next.


    The ASC is responsible for administering Alberta securities laws, including investigating, prosecuting and sanctioning breaches. ASC staff will review your concerns to determine if they relate to issues within our jurisdiction, and whether they point to a possible breach of Alberta securities laws. If they do, we may conduct further investigation, discuss the issue with the business or individual(s) involved, and if appropriate apply to have administrative or other sanctions ordered against wrongdoers. If our review indicates that the matter is not one that the ASC can address, we may refer the issue to another organization or even take no action and close our file. Not all complaints result in an investigation or public sanction.

    Please understand that the ASC does not get investor money back. You should discuss with legal counsel what remedies may be available to you.

    If the ASC requires additional information, staff may contact you. However, you may hear nothing further, and even if we do contact you for more information, we cannot discuss any details of our investigations with you.


    Under Section 45 of the Alberta Securities Act, ASC complaints and investigations are confidential until brought to the point of a hearing or enforcement action, at which time, all relevant evidence must be disclosed to respondents, complainants may be called as witnesses, and certain details are posted at the ASC website at ASC Home. While we will take reasonable steps to ensure confidentiality and protect the identity of complainants, during the course of an investigation, the identity of complainants may become obvious to suspects.


    Regards,


    Georgina Steffens

    Assessment Officer

    I was then contacted on Sept 5th:

    Thank you for your complaint to the Alberta Securities Commission (ASC) regarding Right Win Forex Group.

    The ASC is responsible for administering Alberta securities laws, including investigating, prosecuting and sanctioning breaches. Under section 45 of the Alberta Securities Act (ASA), ASC complaints and investigations are confidential until brought to the point of a hearing or enforcement action, at which time, all relevant evidence must be disclosed to respondents, complainants may be called as witnesses, and certain details are posted at the ASC web site at ASC Home. While we will take reasonable steps to ensure confidentiality and protect the identity of complainants, during the course of an investigation, the identity of complainants may become obvious to suspects. The ASC does not get investor money back as that is the jurisdiction of the courts, and you should discuss with legal counsel what remedies are available to you.

    To aid in the ASC's assessment of this matter, can you please provide us with a chronology of how you came to make your investment, the amount you invested and the dates of investment. Also, please provide any written correspondence, including email, between yourself and Right Win along with any documents you may have received from Right Win including, but not limited to, subscription agreements, promotional materials and contracts.

    Regards,



    Tyler Hynnes
    Securities Investigator, Investigations
    Alberta Securities Commission
    Suite 600, 250-5th Street SW,
    Calgary, AB, T2P 0R4
     
  8. Pharaoh

    Pharaoh Colonel

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    You can edit out the names of any third parties who may be innocent. Getting the information about the bad guys publicly posted is a big part of making it harder for them to keep operating.

    I see a US bank involved. I think it's time to have a chat with the SEC, CFTC, and IC3.gov about Right Win Forex. Unlike the ASC, I seem to recall seeing the SEC and CFTC order disgorgement of ill-gotten gains.

    You should also invite Right Win Group to join this thread and give their side of the story.
     
  9. BigT1

    BigT1 Sergeant Major

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    =======================================
    As you can see, your service here is largely geared for the prevention of future victims, more than for your own recovery.
    Yet we will fight for your case with vehemence.
    To that end, you should never publicly display full account numbers, etc.
    Precise info regarding brokers, and other entities we ask for is useful, but personally identifyable info is not needed, and is detremental to your privacy.
    AI
     
    #9 BigT1, Oct 26, 2012
    Last edited: Oct 26, 2012
  10. Edison2

    Edison2 Private

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    I'll go ahead and make those contacts. Meanwhile here was the information provided to me by the introducing party:

    Hello Everyone. This email is going out to all who are either participating in the managed account option or who have requested information.

    In the interest of doing more due diligence, we have determined who are the parties involved in this venture. Understand that there is always risk involved with Forex trading because it is still a mostly unregulated industry. The key is to minimize the risk as much as possible.

    Please note that the following information is confidential and is not to leave the group. Direct any and all questions first to me and I will get them answered.

    I have spoken directly with the broker and now have a clear picture of RightWin Group FX (RWGFX).

    RWGFX is physically located in Canada. That country does not yet require registration for Forex brokers (neither does the US for that matter).

    RWGFX has contacted the Canadian authorities and is working to register anyway. Our funds are held with a custodian named Revere Capital. This is how Gallant FX holds funds as well, i.e. with a custodian.

    The secondary liquidity provider is called FX High Summit and they are in Canada as well and do not have to be regulated. The primary liquidity provider is CFH Markets and they are regulated by the FSA and listed here: FSA Register

    The broker is incorporated in Belize but only for tax purposes. They also now have an LLC in Florida, US and this will be reflected in the new wire coordinates with Wachovia Bank as soon as all is finalized.

    On that note, for now you should use the temporary wire coordinates shown in the back office once you open your account.

    I am personally satisfied with the transparency so far and will continue diligence as necessary. I can also tell you from working directly with Gallant FX that much of this complicated process is due to the current chaotic attempts by different authorities to regulate the Forex industry. The bottom line is that the "powers that be" want to control the flow of money and tax it as well.

    As always, feel free to contact me with any questions.

    Regards,

    Mark


    Shortly after I got into the managed account, I received this message:


    Aaron and Shara (Managed) aaronandsharamanaged@gmail.com

    6/25/10

    to Aaron

    Good Morning/ Afternoon/ Evening,

    This month is now almost complete (it has seemed like an eternity)!

    Just a short update...based on our latest discussions with the broker...

    There will be NO 25% Performance Fee swept from your account this month, as the Watermark was not hit.

    Our Trader Friend (Lead Trader) made some bad trading decisions and the broker was forced to let him go, which is a GOOD thing (there was no other choice and was with done everyones best interest in mind)! The traders that remain are managing the current Drawdown (which are open trades, that can be classified as potential loss or potential profit...we like to look at it as the latter). We must be patient and allow them to do what they do best, i.e. make profitable trades and properly manage the account. It will take as long as it takes to get out of the current drawdown, and regular updates will be provided. The sky is NOT falling. This is all part of forex, there will be good months, and there will be not so good months. Its just the way it goes in forex, and is the reality of trading in ANY market.

    We had mentioned this in the last update...but feel it bears repeating again :). This managed account program is designed as a LONG-TERM proposition and is not an ATM machine!

    Hang in there, and we will keep you updated.


    P.S. For those of you that would like to get more of an education about how forex works, we have some fantastic information for you to review, please reply back and we will send it over to you.


    P.P.S. Please send all account specific related questions to the broker RightWinGroup directly at: support@rightwingroup.com , as we do not have access to that type of information.


    Thanks!
    Aaron and Shara


    Trading Foreign Exchange Markets (FOREX) on margin carries a high level of risk, and may not be suitable for all individuals. The high degree of leverage can work against you as well as for you. Before deciding to get involved in the Forex market, you should carefully consider your goals, objectives, and risk appetite. The possibility exists that you may sustain a loss of some or all of your initial funds and therefore you should not use funds that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading, and seek advice from an Independent Financial Advisor if you have any doubts.


    After contacting Mark (my referral source) about my $70k rapidly going down to nothing, I received this reply:



    Mark mt4tradingforum@gmail.com 7/4/10

    to me

    Edison2, first remember that I am only a client just like everyone else.

    That said, I am astonished at how much money was "thrown at" this managed account by the participants. I appreciate your responsible and mature attitude here but have to say I really regret introducing this program to the group.

    On the one hand, it is not up to me to advise people how much to risk. I have no idea what someone's risk tolerance is. On the other hand, I regret not "interviewing" people more at the start.

    The majority of managed accounts are just as stated: 100% HIGH RISK! In my experience, most have been losers but I am always on the lookout. I thought I was "setting the example" by only starting with $1k. Boy was I wrong.

    It astounds me that folks would put large sums in an unproven program with a short track record. Everything that Aaron put in his emails was true and all the recent updates have been true as well.

    His friend, the trader, apparently "went rogue" and took on way too much risk. Now that the broker is in charge, all we can do is wait and allow the proposed recovery plan to take place.

    Aaron has said all along that this was designed as a long-term proposition--and it still is, assuming the recovery works. It will take some time but will of course be worth it.

    Once the "new" program is fully in place, the goal is slow and steady profits and REMOVING profits regularly instead ADDING. You are not alone in the group of those who kept adding funds without ever asking for the status on the account or before it had a track record.

    I will say that Aaron and I are being proactive and we have direct contact with the broker on a daily basis. There is a firm plan in place to recover but no guarantees can be made.

    In my personal experience, I have lost a ton in Forex in the last 3 years (over $50k). However, I have MADE more than I have lost to the tune of about the same amount. In other works, I have lost $50k but made about $100k. So it can be done. I learned hard mistakes by "making contributions" and "paying tuition" to the market along the way.

    The keys are proper money and risk management and staying in the game
     

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