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UFX - a HUGE elaborate scam

Discussion in 'Scam Alerts' started by salim3mar, Nov 24, 2011.

  1. salim3mar

    salim3mar Recruit

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    I want to share the scam that I was subjected to by UFX. I want ot make sure that they are shut down and brought to justice. These thieves are worse than highway robbers. They are an outfit in Isreal that prey on the rest of the world. If you are in get out (if you can). If you are not in avoid at all cost. If you have been defruaded like me pls share your experience with others and lets see if we can jointly shut them down and bring to the ineterpole.
     
  2. Pharaoh

    Pharaoh Colonel

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    Can you share some more info on this?
     
  3. salim3mar

    salim3mar Recruit

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    How the scam works

    1- they assign a manager to you regardless of the amount u have. the job of the swindler is to lie to you as much as possible to increase your deposit.
    2- the manager help a bit in managing the account to turn some profit but by adding and adding more funds to gain ur trust
    3- the manager then puts you in a hole with one big trade and keeps convincing you that you need to widen the stop loss to avoid loosing until the trade looses 10 times its possible gain initially
    4- once u wise up to the missrepresentation they start the big time lying and deception and that starts when they see u not using the manager and turning in profits with small risks /...
    5- the manager got me while i was driving ) ... he started with one trade then said it did not go through then started rushing me into another instrument that i never traded and he said that it is a small risk ... it turns out that the amount he took was so huge that the spread was as big as my total account almost ... so total account wiped in probably 3 seconds
    6- then no answer on phone ... his manager says ooo it is a big risk ... essentially they stop answering ...
    7- conclusion - they are thieves - the job of the manager is two folds - firstly to try to convince u to deposit as much as possible and then to find a way to make u loose it ... eventually i got to know that the manager got promoted ... these guys are thieves, scammers and criminals ...

    Now i have researched them a lot more (too late for me) it turns out that they have done it to many many other victims ...
     
  4. Pharaoh

    Pharaoh Colonel

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    Someone called you while you were driving and placed trades into your account?

    Unless you personally have selected an independent (not working for the broker) account manager and signed an LPOA, you should have told them to not touch your account and that you would place your own trades.

    A trade large enough where the spread could wipe you out should never have been placed. If this really happened, it's time to contact the police and your bank to ask about how to file internet-based financial fraud charges.
     

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