Stay away from UPL-NZ
Just don't learn things the hard way. Just stay clear of them.
UPL has a Service Centre in my location. As I had said earlier, the guy running the Centre is a friend and with that I had somewhat thrown cautions to the wind.
It is a managed forex investments, and there are some 200+ accounts that were opened to be managed through this Centre. And I do not know why it is still around - there are still people who are keen to throw away cash, I suppose - when some 200 + accounts were thrashed (as I had reliably learnt), including mine a few days back.
What I learnt of the operatives are these:
1. Just banked in the money and the fund would be managed by them and you just sit back and collect the gains.
2. How do they make money? Oh, simple, every trade they do for you cost you 30 USD, win or lose.
3. Did we check out the company ? Yea, it had fantastic writeups. The details appeared skirmish but that is because they have their own service centres all over the globes and more details are from these centres. There was nothing anywhere bad mouthed about them - except here now.
4. What's the possibility of losing it all ? Very low. The promoter, Mr Wong, just live on this managed trades by them. We were told he had made a fortune - this Mr Wong and he is dealing direct with UPL-NZ. He had it for 5 years or more, no raw deals at all. But we read in some forums of guys losing great sums with this UPL. Oh Oh, that is because they got conned by agents who are not from UPL Service Centre ! We were told. So what now ? The guys at the Centre are hopping mad because a lot of the accounts were from young college folks who placed their fees and other moneys into these accounts as the returns are far better than normal bank returns and now they are all cooked and deep fried. Can you imagine what is to happen in the days ahead at the Service Centre if it is still open ??
5. How do you make money ? The UPL advanced system would do the trading for you. Each trading day, between 0700 GMT and 2300 GMT, you will have no access to your accounts. That is their trading time and no interference from investors in the managed accounts. The Service Centre told us these. On weekends, no access too. So when do they trade ? When the great systems detected a trading condition, trades are taken on and just like that. It is a great system and it scalped for a few pips, normally between 7 to 15 pips. Each pip is worth about 20 USD so it is between 140 to 300 USD. For each trade done (open and close), 30 USD is taken off and the winnings added to your equity.
6. How often do they trade ? Twice a week maybe or less.
7 What's the potential return a month ? Easily 15% or more.
8. How do we withdraw or add funds ? Through the Service Centre.
So one just sits back and waits for the goose to lay the eggs. Mr Wong had it for 5 years or more. I just need 6 months. So I waited. The result was as described in the earlier post.
As I had said, what is the point of pursuing with crooks ? The point is don't work with crooks.
How do they con you ?
All the tradings I saw from since August 2009, the scalps were done on the same day or overnight, but rarely. The gains and losses were in the same miniscule range of some 10 pips plus or minus. To me, it appears to be just data manipulations and the figures in equity came out pretty good looking. Accounts holders made withdrawals also face no problems, because new people are getting in and paying for those withdrawals. The greedy ones just see their numbers growing and it looks and feels good. This is how a ponzi works. Initially, the minimum entry was 10K USD. It was a slow build up. Then when the Service Centre was in full swing, it has successfully negotiated for a lower minimum of 10K local currency and more came in. I guess by late April, the promoters and UPL decided it is time to pull it off. I checked with the service centre what was the current status in terms of accounts worth in April and told that it must be about 700K USD in accounts. A decent company will not do anything, but a ponzi will hit the road. And how to do that ?
Suddenly, for scalping trades of around 10 pips, a loss position was created and hedged at 90 plus pips loss. So no withdrawals from any account is possible. Each day a hedge is in position, interest had to be paid and it will suck your equity dry. A hedge is a simultaneous buy and sell position opened for a given pair. While the buy makes money, the sell loses a similar amount so the loss is always there. So what do they do ? They created a few buys and sells creating a "win" to add to your balance while at the same time this win is taken off and more from the equity as the float keeps on ballooning until it reaches 800+ pips at one stage. The equity was down to negative and as the float loss is higher than the balance which has now ballooned to a high figure also. Very impressive to the lay innocents.
If professional trader created a hedge and grew the loss hedge wider and wider each day, they are nothing but fools. Normal traders will see the follies of them and not as professional. So hear me, UPL - NZ are not professionals but crooks as far as my fund is concerned. A hedge is to contain a loss. The next aim with having a hedge is to reduce the hedge with winnings to get back to a positive scenario. When you grew a loss hedge from 90+ pips to 800 pips loss, I have nothing more to say. They are not traders.
I said manipulated data ? Yes, I captured the open position each day and on one day, there were only 3 open positions. When I came back the next day, the ledger had two positions that were opened for the previous to the day before, which created more losses. If this is not manipulations, what is ? There were no trades, my friends, it was all data generations and the hallmarks of a ponzi scheme.
The next thing - at one stage, the equity was down to negative. There were messages asking about topping up account. Called my friend, and he said ignore them. Then what happened ? They could still trade with equity in the red and brought the account back up such that in the long 5 weeks that followed this, no tradings were done and the brought back equity was drained by data insertions of daily interests paid that eventually sucks it all away. And I thought a repeat would be done - but nope, this time they closed the account after doing nothing for 5 weeks - no trades.
The brought back scenario was an equity of 1800+ but I could not withdraw or close as the hedge position of 550+ pips loss was still in place. Very quickly, manipulations set in the next day to bring the equity figure down to 700+ USD ( the creations of the false trades ) and this took 5 weeks to be sucked off and closed account in the negative.
This is what they do. If you have extra cash to throw, please throw them to me. Just stay clear of UPL-NZ to save your heart from being broken.
I will marked my documents and attached in later post. I challenge UPL to come here and tell everyone that they are not crooks. I challenge them to explain my account performance.
I had one question. If they were not going to trade for the last 5 weeks of my account survival, why don't they just closed the account and refund me the balance which was at one stage 1800 + up. Only crooks know what they are doing. What is the point of opening a loss hedge position of 90+ pips and grow it to 800+ pips and then act like bloody fools to dry the accounts and closed it up ? If the loss of 90+ pips were just drawn up and create a story to tell investors what had happened, they may have more credibility than doing just what they had done. Crooks do not think straight.
They failed to remember that we were all in managed accounts of their making. They are nothing but cheats anyway.
I spent 1800+ USD to learn this and to curse UPL-NZ for the rest of its life. To hell with them.
YOU ARE FOREWARNED. UPL-NZ IS A CROOKED OPERATIVES. STAY CLEAR AND KEEP YOUR MONEY SAFE.