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UFXMarkets Scam

Discussion in 'Scam Alerts' started by joe1590, Dec 6, 2012.

  1. joe1590

    joe1590 Private

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    Straight after opening an account after being persuaded by Lama Ahmed to put an initial deposit of $500/- and get a $250 as a bonus. I was contacted by several other people (Shadi) who were trying to convince me to raise the amount up to $10K to gain better profit.

    My account Manager as he calls his name, Noor Ahmed, used his mind tricking pressure techniques and persuaded me to increase my limit to $5000 and forced debited a couple of transactions from my Credit Card. My Card by then was over limit. And i was furious.

    Straight after that he did a couple of deals and gained around $300 from gold. He then transferred me to a guy called Mahmoud Naser, which he claims he's from the VIP clients for $10k and above. He tried to push me to raise my deposits to $10k as he claims that the Euro will rise and i can profit up to $30k by this Friday 7th. I resisted and he finished a couple of deals with profits.

    To cut the story short, My wallet ended up to $6000 and next day i decided to give them a call and withdraw the deposits only. I got emails from the billing department to sign papers and the deposit transactions. I didn't. I officially wrote to them asking for withdrawal of my deposits back to my credit card as i needed the money and to cancel all bonuses and profits earned.
    Mr.Noor Ahmed claims that it will take 3-4 months to get the money back to my credit card as it will pass through monitoring and control (AML Alerts) etc etc. He also tried to comfort me that i shouldn't be worried about those negative comments on other threads and that UFXMarkets are scammers. After more than 5 calls of pressuring and mind games, he promised that he'll proceed with the withdrawal straight away but after using 1 deal which is secured to increase the volume of the trade. He earned extra $500 (Total wallet $6500). He then pushed me to do one final one and here is where the hit comes. Without any direction from him, i lost the whole $5000 deposit and remained with $1500.

    Where is the conservative way to deal with their clients? Where is the 1 month free training course that you will educate your clients.

    He then played stupid on me that i didn't put a ceiling on the loss amount and that i can now withdraw the remaining amount back to my credit card.

    End of Story.

    Appreciate your feedback.
     
  2. Pharaoh

    Pharaoh Colonel

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    3 to 4 months to process a withdrawal?!?! Did they sent that in writing?

    I was beginning to get jaded over UFX's Kiss of Death tactics, but this amazes even me.

    Here are some ideas for you.

    1. STOP TRADING. Every trade you open is putting your remaining account balance at risk.

    2. DO NOT DEPOSIT ANY MORE MONEY.

    3. Contact Cysec. Cyprus Securities and Exchange Commission

    4. You said "forced debited a couple of transactions from my Credit Card". Do you mean that the transactions were made without your authorization? If so, do not wait. Contact your credit card issuing bank immediately and ask to speak to someone in the fraud department about which deposits may qualify for a chargeback.

    5. While talking to your bank, ask them for advice on how to contact the authorities in your country about how to file internet-based financial fraud charges.
     
  3. joe1590

    joe1590 Private

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    Nothing in writing it was all verbal.
    1.I stopped trading. Was able to withdraw the remaining balance of $1500 but i'm not sure whether i'll get that amount back to my credit card and if so, how long.
    2. After all what happened, i don't think i'll do that.
    3. i already contacted CSEC. Thanks.
    4. Yes, force debited around $3000 without my authorisation claiming that i agreed by phone. How unethical can that be. I will open a dispute with my CC Company and hope for a chargeback.
    5. I will do that.

    What else do you suggest? Shall i send them a complaint by email? or should i stop contacting them.

    Appreciate your feedback.
     
  4. AB2279

    AB2279 Recruit

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    It is best to lodge a dispute with your credit card issuer as soon as you can. Do not scan or fax back signed authorisations to UFX. They are quick to ask for your authorisation to cover themselves in a credit card dispute. Don't bother contacting UFX about withdrawing money as it will get you nowhere. You need your credit card issuer to dispute with UFX's bank. This will take up to 2 months to resolve. The only way you will get back any money from UFX is with a fight. Ask your bank to cancel your existing card and reissue a new card so UFX have no opportunity to debit any more money without your approval. I am trying this route to recover my account funds as contacting anyone in UFX about this is a waste of time.
     
  5. joe1590

    joe1590 Private

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    Approached my credit card company. They told me that most cases 80% is the client's fault and 20% there is a chance that you can reclaim the money back. The reason is that all victims upon opening an account with them, they agree with all terms and conditions of the company from which in certain cases, they have the authority to deal on your behalf and withdraw money from your credit card whenever needed as all the information is with them. So the Credit Card issue don't take the blame here. I submitted the dispute request and i have absolutely have no hope here ...
     
  6. Pharaoh

    Pharaoh Colonel

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    Keep complaining to the credit card issuer.

    Email UFX (your account manager and all other addresses you have for them) and CC the credit card company. Tell them you are requesting a withdrawal of 100% of your balance, that your positions are all closed (so there is no further need for them to ever take any more money from your card), and that you will be filing fraud complaints if they don't process the withdrawal in a timely fashion.
     
  7. BigT1

    BigT1 Sergeant Major

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    Have your credit card company issue you a new card number, and freeze the old account. Do not work with customer service.
    Instead, report this as a case of fraud to the fraud department of your credit card company.
    .
    AI
     
  8. joe1590

    joe1590 Private

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    Thank you all. Yes, i did all of that, stopped my current card and issued a new one for the reason of fraud.
    I filed a dispute case with my cc issuer handing them a request letter and all other supporting documents. I got my chargeback for the whole amount today, but i have to wait like 40 days in order to get the response from the other issuer bank. If they have a valid reason, my card will be debited again.

    Currently, i was contacted by ufx again yesterday saying that my withdrawal request of the remaining amount of $1500 will be processed and returned in 10 working days but i have to sign the declaration of the total deposit receipts. I told them that no way i will be doing that as i did not authorize some of those transactions and that my account manager and the whole company was a fraud.

    What are your verdicts for this case? I’m so anxious now.
     
  9. joe1590

    joe1590 Private

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    What do you mean 100% of my balance? they made me lose my initial deposits of $5000. I was only left with $1500 which i already was able to withdraw. got a call from them that i'll be getting the $1500 back in 10 days but i have to signed the declaration of initial deposits (i refused).

    As mentioned previously, i filed a dispute and got my chargeback through visa but if ufx come with a valid reason in 40 days, i'm done and i'll be back to square one!

    What do you recon?
     
  10. BigT1

    BigT1 Sergeant Major

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    joe1590
    Can you publish here the statement they wish you to sign?
    Instruct your CC company to block any attempts to draw funds from your account for this vendor, immediately.
    Do so in writing.
    .
    AI
     

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