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Rizwan Awan and TrendsFX.com
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...
Rizwan Awan is a scammer well known to the Forex Peace Army. In 2009 he got a scam finding for his company Next-Consultancy.com. In 2010, he used a fake name to submit an account to the FPA's Performance Testing program for Elite-Financials.com. In the second incident, the FPA deliberately held off on a new Scam Finding against Rizwan Awan to give him a chance to prove he had changed his ways. He hadn't.
In 2012, a Performance Test submission came in that raised the suspicions of the FPA's AsstModerator. He told testing to hold off an began checking on the company. Shortly thereafter, Rizwan Awan revealed himself as being associated with the company. One of Rizwan's prior victims was involved and argued along with Rizwan that the new company was different, was not owned by Rizwan and that Rizwan would not be doing any trading.
Just like before, promises of maximum drawdowns were ignored. These were blamed on traders that were supposedly fired. A few weeks later, Rizwan's victim contacted the FPA and said that Rizwan had taken control of client accounts. Rizwan was reportedly churning the accounts to generate IB commissions for himself. The FPA is told that the supposed owner of the TrendsFx was really a close relative of Rizwan. This was done to keep Rizwan's name off the company. The FPA attempted to contact Rizwan about these issues, but received no response.
Failure to return money legitimately owed to traders is the FPA's first definition of scam. Rizwan again promised to protect client money, but traded it recklessly and failed to honor his guarantees. Additionally, Rizwan has shown a pattern of repeatedly lying and breaking promises.
Under these circumstances, we have no choice but to declare TrendFx to be a scam and Rizwan Awan to be a scammer. We offer Rizwan the opportunity to have this scam finding and the findings against Next-Consultancy and Elite Financials lifted by meeting these requirements. He must fund an account with his own money. He must then use the trading profits to refund all investors based on promises me made to them. Further, he must always clearly reveal who he is if he ever has any involvement with any other forex company. He must never make any guarantees that he does not have the cash to back up. He and any company that he is associated with must never act as an IB or receive any other per-trade compensation from trades made in client accounts.
Rizwan Awan and Trends Fx are both hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company, its successors, or any other company involving Rizwan Awan. For those who already have an accounts managed by this man, we recommend that you revoke your LPOA immediately.
We want to make this very clear. This scam finding does not only apply to the company TrendsFx. It also applies to Rizwan Awan personally. Unless this set of scam findings is lifted, any forex company that the FPA becomes aware of that is owned by Rizwan Awan or that employs him will automatically be considered to be a scam.
We wish thank the FPA's AsstModerator for his efforts on this case. We extend our regrets to all clients of Rizwan Awan's scam companies for their loss of funds.
Discussion Thread for this Scam Finding
TrendsFx.com Review Page
Next-Consultancy.com Review Page
Article about Next-Consultancy scam
Article on how to avoid managed forex account scams
