I have been scammed by CMS Trader (Pandorx Ventures).
CMS Trader offers managed accounts where they help clients to trade.
Cameel Swan, my accounts manager from CMS Trader, got me to top up my account so that they could start trading and help me earn profits. I started with an amount of US$5,000.
As Cameel Swan did well, and after much persuasion from him, I increased my invested money with them. He would ask me to top up my account whenever he made very good trades. One tactic he used was to offer a VIP status, which he said he had lowered the entry requirements for me.
This cycle repeated itself until I had invested a total of US$90,000.
Things started going downhill when I refused to top-up anymore and started withdrawing some money. My account then had about US$160,000. So I had “gained” a profit of $70,000 after 6 months. Cameel Swan started to place large trades which lost a lot of money, and they started to eat into my starting capital.
I finally had enough of them and told them to stop all trading because I wanted to take back all my money. Benjamin Broun, who is Cameel Swan’s boss, promised to return me all my money within 4 business days.
On the 4th business day, this is when this scam broker showed his true colours.
Cameel used my account to copy bad traders on the SIRIX platform without my permission. This cost me even more of my invested capital.
But the worst was yet to come.
On the same day, Cameel Swan fraudulently opened a silver trade worth US$1.5 million which immediately margin called my account! This act wiped out my account, the loss was US$108k, and brought my account into negative!
When I found out what he did, I gave him a call immediately. Cameel placed the blame onto me. He raised his voice at me at me, saying “I TOLD YOU NOT TO DO COPY TRADE!”. But I had uncopied all other traders, as I wanted to take back all my money.
What about the silver trade which costed me so much money? It was not a social trade and I would not sabotage my own account!
Bejamin Broun from CMS Trader emailed me saying that they will investigate this issue and asked me to wait patiently.
Now what I am left with is an empty pocket, a vague promise and a horrible experience. I hope that others can learn from my painful and expensive lesson, and only engage with reputable brokers.