Hv no idea abt forex, but convinced by a frn who invested in it last Dec & hd showed positif return. So with her recommendation in Jan I put in my 1st forex investment of usd 1k, which managed by a team of managers. Since d returns are so attractive I hv open 3 seperate accounts till now.
Off late, hv heard a lot of rumourse abt Edgar International a scam!! Any1 in this forum can enlighten me?
Edgar International is registered in NZ but is only heard in Sabah, Malaysia. My friend in Auckland said he has never heard of this company. I've checked thru the NZ companies registrar, the said company was established on 9 Jan 09. The sole director is a Philippine national. The company's website's design and wordings have 90% similarity with the following websites:
These companies share the same link to download the software (itrader). As far as I understand, the software is a common software from a common link. The dealer will just give you a username and password and you can log in and trade just like that. How can you be sure your account is maintained at edgar and not honest-nz or capital group etc? Does the software link to individual company's database or a common database?
I also found out, the said company does not have a license from the Securities of Commission of NZ and the Central Bank of NZ to operate as a financial institution. All genuine FX brokers will display their license number on the website under “about us”.
I believe the platform they use is a demo platform which is not connected to the real financial market. There are a lot of demo software which uses real price and chart but fake money. No matter how good the manager/trader or the agent is, if the system is not connected to the real financial world, then all the trades are fictitious. You will be told all your trades make money and you will promote it to your friends and more money will be pump into the manager’s account. Sounds like Madoff’s game?
If the return is so attractive at 30% per month, a $1,000 investment will give you $7BILLION in about 5 years time. Anyone still wants to be a millionaire?
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?
Last edited by Anne; 07-26-2010 at 06:36 AM.
Reason: Link Violation
Interesting, it looks like they've changed directors in the last week.... 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
"[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 uses the same address in the Philippines. This would indicate that almost all of these companies are operated by the same group of people. We will look into whether any of these companies is operating in breach of New Zealand law.
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.
Last edited by PipsyGirl; 07-28-2010 at 01:52 PM.