Edgar International

Looks like a big scam from new zealand. All the companies are registered in new zealand. Any kiwis here who can verify this?

Tks guys 4 d info;). Now Sabah is going v wild wth tis Edgar International investment… I understand some1 even named himself as Edgarxxxx coz he profits a lot fr it.:rolleyes:

I wil try 2 wthdrw my $$$ & watchhhhh…:smiley:

Any update?

What is the name of the sole director who own these companies?

You can find the Directors name here:

business.govt.nz/companies/app/ui/pages/companies/2194442

Have look here for the companies they are directors of:

business.govt.nz/companies/app/ui/pages/individual/search?roleType=DIR&q=Franco%20Nero%20Arazao%20CARREON

I’ll leave you to make you’re own decisions though. As I’ve said in other posts though, why so many companies run from a foreign country, and why aren’t the websites using proper website addresses. A proper website address is only $30 to set up, why the .org address? It really doesn’t promote a professional image…so why are they using it? :rolleyes:

Cheers,
One Pip

Interesting, it looks like they’ve changed directors in the last week…:rolleyes: Too much attention maybe?

Looks like YMG DEVELOPMENT LIMITED still has the same director though.

Try going to the companies website in New Zealand and searching for YMG DEVELOPMENTS. Then do a director search on its director, you’ll see they used to be the director of Edgar International, as well as a few other companies in the same vein until recently.

I can’t post a link but as a hint the New Zealand Companies website is COMPANIES dot GOVT dot NZ

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"[I]In New Zealand foreign exchange dealers are not required to be authorised unless the contracts they are offering are futures contracts. If the dealer is offering futures contracts it is required to be authorised by the Commission. “Futures contracts” is defined broadly under the Securities Markets Act 1988, and includes a variety of derivatives contracts which would not be considered futures contracts in other jurisdictions. Generally foreign exchange contracts which are cash settled and traded on a margined or leveraged basis are futures contracts, though this depends on the terms of the particular contract.

None of the dealers named in your email are authorised or licensed by the Commission either as futures dealers or for any other purpose.

Companies Office records show that most of the companies named below have one of three individuals listed as their shareholder and director, and each of those three individuals [U]uses the same address in the Philippines[/U]. This would indicate that almost all of these companies are operated by the [U]same group of people[/U]. We will look into whether any of these companies is operating in breach of New Zealand law.

Regards

Hayden Best
Lawyer
Securities Commission
Direct Dial: 04 495 1681 "

The Securities Commission of New Zealand has confirmed that none of the companies mentioned are licensed futures dealer nor are authorised to offer futures contracts.

In other words, these companies don’t have the license to access the financial market. They are operating like an illegal football bookie. As they are not regulated, they can always refuse payments and run away.

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The forex market is a very large market with many different features, advantages and pitfalls. Forex investors [B][U]may[/U][/B] engage in currency futures as well as trade in the spot forex market. The difference between these two investment options is very subtle, but worth noting.

A [B][U]currency futures[/U][/B] contract is a legally binding contract that obligates the two parties involved to trade a particular amount of a currency pair at a predetermined price (the stated exchange rate) at some point in the future. Assuming that the seller does not prematurely close out the position, he or she can either own the currency at the time the future is written, or may “gamble” that the currency will be cheaper in the spot market some time before the settlement date.

With the [B][U]spot FX[/U][/B], the underlying currencies are physically exchanged following the settlement date. In general, any spot market involves the actual exchange of the underlying asset; this is most common in commodities markets. For example, whenever [U]someone goes to a bank[/U] to [U]exchange currencies[/U], [B][U]that person is participating in the forex spot[/U][/B] market.

The main difference between [B][U]currency futures[/U][/B] and [B][U]spot FX[/U][/B] is when the trading price is determined and when the physical exchange of the currency pair takes place.

  • With [B][U]currency futures[/U][/B], the price is determined when the [U]contract is signed[/U] and the currency pair is exchanged on the delivery date, which is usually some time in the [U]distant future[/U].
  • In the [B][U]spot FX[/U][/B], the price is also determined at the [U]point of trade[/U], but the physical exchange of the currency pair takes place right at the [U]point of trade[/U] or within a [U]short period[/U] of time thereafter.

However, it is important to note that most participants in the futures markets are speculators who usually close out their positions before the date of settlement and, therefore, most contracts do not tend to last until the date of delivery.

The rest is up to you…

Hayden Best
Lawyer
Securities Commission
Direct Dial: 04 495 1681 "

In any case, as whom you claim you are, you should know better between currency futures and spot forex.

Next time; arrest anyone who go to the bank to exchange money. OR do you actually claim you have any idea what currency futures and spot forex is?

The rest is up to you…

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Like us who dare risk that high risk return, I am sure you’ll feel rather differently by in 2 months.

The rest is up to you…

Can we get this scam thread locked?

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Solai, don’t have to so offensive or you make me feel like you are the owner of Edgar. I have a lot of friends who joined Edgar last couple months and recently difficulty to withdraw their money from the pool. What is your answer again on this? What you quoted futures is a high risk return, but you only look at the return side. As an futures investor, we know return sometime is compensate with risk, however not including being cheat by some asshole. Are you consider scam is one of the factor of Market Risk? Are you willing to cheat by someone who you even don’t know? Don’t fool yourself.

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Solai, go and check with New Zealand Securities Commission website and you will find Hayden Best is one of the solicitor in legal department of New Zealand Securities Commission. I am very sure that he has sufficient knowledge to provide value information here. Hayden has a good intention to warn all investor in courtesy at this forum and let us know something happen and NZ SC in the process of investigation. Don’t you think this is one of the sources of information to do trade with Edgar? Hayden is not going arrest someone in front of bank door but look into whether Edgar breach trading law in NZ. Once again, I don’t know who you are? Are you one of the owner who recently got elected to be the so call sole shareholder in Edgar? Or are you friend of Franco or Robert Wong? Look like I know Edgar more than you do, huh? Hayden, please post the update findings from your investigation and it will benefit some other trader stubborn enough like Solai. Thanks.

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Why do you want to lock the thread?

It won’t lock the scam.

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The company has changed their banks. Formerly they ask the clients to bank in to Cosca International’s account in ASB, NZ. Now they just issued a statement advising clients to bank in to Demac International’s account in HSBC, HK. (source: Company’s website)

I’m not sure if this is a normal practice in the forex industry. If Edgar is not regulated, and your monies is with Cosca and Demac, in Edgar’s book of accounts, they never receive cash from the clients. If dispute arises, even the regulators can’t do anything to Edgar because they never receive any cash. Moreover, Cosca and Demac are not trustees nor subsidiaries of Edgar. (source: cosca and demac company website)

So why did Edgar change from a NZ bank to a bank in HK? Could it be the NZ Commission is investigating all their bank accounts in NZ for money laundering? The company issued a statement in their website under important notice. Go check it out. The statement is signed by the managing director who declines to put his name. This is my first time seeing a letter signed without a name, just the title.

I don’t think Solai is the owner. He could be the client-turned introducer. Edgar rewards all the agents and introducers by trading more frequently for them. I’ve never seen a forex company operates in a multi-level-marketing structure. If you recalled, there are certain hours you can’t log into your online trading account apparently because the fund manager is “trading and making profit” for you, so the next time when you log in you’ll see profit sitting in the account already. Profit or no profit, if you can withdraw all your monies then you can consider yourself making money. Think about the consequences, if the introducer makes money but all his friends and relatives lose money if Edgar decide not to pay them one day.

It’ll be difficult for the regulators to trace them, because:

  1. Company is registered in NZ
  2. Marketing and sales are done in M’sia
  3. Monies are wire-transfer to a bank in HK under different company’s name

Is this really a high risk investment or a high risk pyramid game? I’m not Hayden Best, I just quote Hayden’s email reply. This thread is very popular in google’s search for edgar international. I hope the moderators will not block this thread as I believe it answers many msian’s doubt and questions on edgar international.

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Yes, bestwishes; I have check with New Zealand Securities Commission on their website, but does it matter? Having “someone trade for you” is a short term block investment. i.e. set the period, invest -> make money -> withdraw, in my case 3 months/rotation. If you can get pass the very stressful 2nd rotation, you’re home free, loosing does not matter anymore. I am a real follower now (ofcourse until they break, scam or not), edgar? cosca? demac? I don’t even know who they are. My trust is on my agent and trader.

Hayden best? He have not quote the difference between future and forex. He mentioned, “They are operating like an illegal football bookie.” So, does it make me a criminal having a micro trade a/c with fxCM or edgar for that matter???

ytlpowr; thanks for the enlightenment and hope they won’t block this threat too, I join this treat because I too like to know whats going on, I am just an IT company manager involving in product sales & services.

Just want to know, have anyone being scam!?

The rest is up to you…

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Solai, it’s matter a lot, as you questioning the source of information from Hayden. Finally, all the follower (like you said) depend on some valued information from someone in NZ SC. Then, you can make your own decision whether you need to quit this game or not. Just as ytlpowr mentioned, Edgar using different companies receive money from client; that is really a big doubt for investor to question the credibility of Edgar. In accounting point of view, what ytlpowr said is absolutely right. How about Edgar deny to receive any money from Cosca and Demac since they are no inter-company relationship. That is good for yourself to admit you are a follower, you may be the early bird who join this Edgar and have earn your 100% principal and now keep the earning to rolling the profit. Then, how about the other client who join later and still struggle to fight for 100% principal payback? In this situation, we may find a fact that early bird earn money and latter bird lose money; that is totally multilevel marketing or pyramid scheme money game. I tell you some insider information, now most of the client who submit their withdraw for more than a week still didn’t receive any reply from Edgar. Some international clients told me that, Edgar don’t even need bank swift code or ABA No. to wire the money back to client. That is so wrong for international money transfer, it will create confusion for all intermediate bank who try to complete the money transfer for client. Then, is that Edgar will argue that you didn’t submit sufficient information in order to get your money back? Conclusion, Edgar is a big scam from NZ with a goddamn helper in Malaysia.

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Bestwishes, Edgar is just part of a large organization scam. The group is actually bigger than you think, existed longer than you can imagine. If you read my post on page 1 of this thread, you’ll see a list of company names, which according to Hayden Best, could be operated by the same group of people. Just copy those link and paste it on your browser. Check out the “about us” and you’ll be surprised to find some companies were registered as early as 2002.

Some of the bigger names before Edgar was born in 2009, were Loyal Group Limited, Union Pacific Limited and others like Olympic International and etc. If you google them, you’ll see these names are mentioned in forums back in 2007 or earlier, by people in KL. The method of operation is exactly the same. They used the same software - itrader which can be downloaded from any of the list of websites mentioned. The topic we are discussing now, were exactly what they had back in 2007. After they got busted, they disappeared, then come back with a new company and sell the same story to a different state. Few years later from now, Edgar will become a history and people from other states will talk about the same topic but different company and may use this thread as reference.

Happy trading. I hope nobody gets hurt. Join the pyramid game at your own risk. Good luck!

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ytlpowr, I agree with you. Back to 2002 Top Star Development Co. Ltd. was make a big news in futures market in New Zealand. More than 200 accounts was involved in this scam. For me, there is no happy trading if scam or pyramid scheme involved in futures market. Futures is a financial derivative for some multinational to minimize their international business risk with hedge their portfolio. That is so professional for some one who trade in futures market. Before Edgar move into history, that is a sadden process for investor to go along with Edgar through this. The bubble must be break someday in this year. Thanks.

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Actually, when I join this threat I was keen in knowing what people involved have to share “in this trade”, the good & the bad “[B][U]experience[/U][/B]” concerning Forex. In fact, I was enthusiastic.

Can any of you enlighten me whether any of you [U]here[/U] were [U]actually[/U] involved in Forex trading?

What I do not understand is the ‘down to earth’ negative side to this. If this is so bad, how come there is no bad side of the story except speculated criticism?

Can I assume that all here have a day (or night) job. If you know your maths, you can’t loose by trading yourself or have someone else trade for you. Its just a matter of knowing the business and getting things right, maybe not the 1st time but eventually.

As in this threat, there will always be people talking of matters concerned. I found this threat & 1 other (“have someone trade for you”) while googling for fraught & scam topics, actually the most interesting yet but sorry to say “there was no real material either beneficial or a liability”.

I am tired, will leave this up to you…

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