Can You help me?
I think I am the victim of a scam.
There was a trading software managged by a Money Manager. at Tadawul FX. There were clients connectiong into the MAM account for a Year continuasly. This was managged in the following way.
Client opened a standard account at Tadawul Fx.
Wired in the money to his own account
Signed a POA
You receive a mail from Tadawul FX where they say the following:
What are “Read-Only” MT4 Login Details?
The “Read-Only” MT4 login details give you access to your trading account and allow you to closely monitor the trading activity carried out by your Money Manager. The “master” login details have been emailed to the Money Manager you specified on the ‘Power of Attorney” form. By having “Read-Only” access to your account you continue to have full transparency and can view all open and closed trades, pending orders, account history, charts, and more. The only difference is that you cannot place orders yourself.
To regain full access to your trading account, please complete the “Revocation of Power of Attorney” form and email it to us. Once the form is processed, the Money Manager will no longer have authorization to trade on your account and a new “master” password will be sent to you.
The trading was going on for a Year. Clients got daily confirmations for every day when there was transaction on the account, You can see the closed, open, and pending positions on each daily confirmation
There were no open or pending positions for a year
If You wanted to withdraw Your money You could make it by signing the withdrawal form, if You wanted to withdraw all Your money You had to rewoke the POA
Al clients who withdrawn the money got their money in 2-3 business days, if somebody withdrawn all their money it was the same time.
After one year of nice account history the whole sytem broke down in 30 minutes
Tadawul said that there were open positions behind that we clients could not see because of the MAM managers unethical set up.
We sent a short email to Tadawul Fx that we complain about the daily report of that day in 24 hours.
We received an official answere where they say, that all responsibility is on the Money Manager since there were open positions behind.
Get as much as information about your money manager if you can. (their name, address, phone number).
2)keep all the paper works, including all the trading records.
Talk to your attorney at first, see what s/he can help you out.
I hope you can resolve the issue. I’m so sorry to hear that.
as with most scams the cost to get an attorney and prove fault will be pretty large. also you have no way of knowing if they can actually repay you for damages without just going into bankruptcy and giving you little to nothing. i would say do your research and ask qualified professional for help. but i wouldn’t count on getting your money back.
But Tadawul is a brokerage of a normal size. They showd me daily reports where I had no open positions ever in the year of trading. Now they say that there were but it was the money managers chioce of setting it up like this. But I dont care since it was tha official confirmation from tadawul.
You could challenge the inital payments you made to the company citing fraud, you might be able to get some
Or all of your money back if it was not too long ago.
Tadawul Fx, mmmm… a Tad awful that, I know it’s not what you want to hear but the truth is that it’s most likely that you may as well kiss your money goodbye and move on.
If you’re talking about Irbenis when you say money manager, and I think you are, then I had the same problem with this guy, my account was also in this so called MAM.
I’ve been panicking since this happened so I started checking out the usual big forums for news (first time posting though).
As far as I understand, my money is gone – forever!
I’ve been trying to contact this guy but he’s disappeared without a trace. On the other hand, Tadawul FX responds every time I contact them which is good otherwise I would have lost my mind by now. Unfortunately it seems there really isn’t anything they can do to help me with this except explain to me how and why this happened
I was notified by Tadawul in an email that Irbenis Ltd. had been “unethical and unprofessional” and they would no longer be dealing with him at all. The only thing I could do was to cancel the POA to at least get full control over my account again. No money though.
After complaining to Tadawul they responded by sending me a 4 page letter. My English is pretty good but to be honest it was a bit too complicated for me to understand every detail. I got a lawyer friend of mine to read it and it seems they didn’t act outside of the law and since I signed a POA giving this Irbenis guy full control, they are simply not at fault. Fair enough, but I don’t feel any better. So it was definitely this Irbenis guy that cheated me and every other person who placed their trust in him, but again – where is he now? :@
A friend of mine who is also a victim like us, has already started looking for another fund manager who can hopefully make him back his money. I am really angry though and want to track this guy down for cheating me. I wish I never signed that POA in the first place.
Yes, You right! But I think Irbenis Ltd. can make this huge cheat only with the broker, Tadawul!
I had this MAM account too. I signed the POA too, but the Tadawul did not comply third point of POA! ( below)
The Irbenis could not make this cheat without Tadawul. Tadawul authorize deposits and withdrawals inside the trading period. Tadawul violated this point of POA. So they placement my deposit on MAM account with open trades ( I think the floating was negative ).
That was the biggest mistake in this situation! The broker authorize it, doesn’t care third point of POA!
If somebody withdraw the money from account with open trades, then increases possibility of margin cut!
It happened.
pont of POA:
Unless expressly requested in writing by the Client, the Attorney shall not however be authorized to effect any payments or to withdraw any assets of the Client deposited with TADAWUL FX LTD, except as required to perform the authorized prerogatives as hereinabove. Within the trading interval period (commences on the 12th of October 2011 and ends on 31st of December 2012) the Client is authorized to process any deposits or withdrawals only in the event of closing trading positions. Trading positions are expected to be closed on 2-5 occasions per each quarter, on the execution of which the Attorney will promptly inform the client via e-mail. The Client may place a deposit or make a withdrawal within a time period of 3 days following the receipt of the e-mail. In the event that the Client does not request to deposit or withdraw, he will automatically participate in the next trading period.
