Victim of huge broker scam - need advice

Okay so there was 3 different groups. One of them was people who invested 5k, 15k, and 100k. You can advance to different groups when profited enough to go to the next stage. The guy in charge was the “financial analyst” and would tell everyone in the group an exact time to either buy or sell. Once we all entered in the market at that specific time we would watch our profit go up and up. Then about 3-5 min he would send a text to “stop” and we would all close. I was making around $300-$700 per trade. The people in the 100k group were making $33k per trade. Does that sound real? We were trading xauusd. Let me know if I need to clarify anything. I really appreciate you taking your time to respond to me. Everyone in the group is freaking out.

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Did you (and everyone else) have your own individual live account with this broker? Or what?

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I believe everyone had their own individual account with the broker. Everyone transferred their money to them with crypto and got our own “ID” I can show you SS of my meta trader 4 history or anything that might help. The last 2 trades I did where I lost money was after we found out it was a scam and I just did that to see what would happen. Everything else is what the “analyst” told us what to do.

If you use an unregulated broker, you’re dealing with an organisation in the dark. There is no one monitoring them to make sure they don’t steal from you — so, if they do wrong by you, there is almost nothing you can do about it. This is why you will find entire lists of unregulated forex brokers if you do a quick search, as a warning and guidance.

In the end, you have no real rights if you deal with an unregulated broker. You may use their services if you wish, but you do so at your own risk. If anything goes wrong, there is nothing you can do about it.

I would suggest you try and agree to withdraw your account less their fee deductions, but do NOT send them any more money. If they balk at this, maybe contact your country’s main newspaper editor.

As for the others, they also need to follow suit.

I hope that helps, but I am not qualified to offer financial or legal advice.
Best of luck.

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I totally understand you don’t want to give any financial or legal advice. I will follow your suggestions. I wish I did more research and I know I can’t blame anyone but myself. Again I really appreciate you. I was just trying to figure out if what we were doing on meta trader 4 was real. Was I really making $400 on these trades? I understand if you don’t respond anymore… I believe the group leader is a con artist and he has a team who created a mirror company of an actual broker (JS LINK GLOBAL). I am coming to terms with the loss of money even though that was my savings. I was curious if the trading aspect was real or if we were skewing the data with everyone buying in at the same time.

Yes, I agree the group leader is involved, as the long sequence of profitable trades is doubtful, IMO. He has a lot to answer for, including your concerns.

As far as the trading aspect, FX is a trillion dollar market, and your combined trades would have no impact at all.

Regulated forex brokers go through regular audits. They are subject to the financial regulations of their home countries. They must submit timely reports and meet stringent operational requirements.

Choose wisely. Tier one regulator is a must have, e.g. FCA in the UK…

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Do you think it’s possible that we weren’t really in the market at all? Could the broker have made us all fake demo accounts and made it look like we were making money so more people would increase? The group leader would frequently say “this is going to be a profitable month, increase wisely to make the most of your profits”. Is there any way to tell if I was actually trading in the live market? My broker was the one who set up my meta trader account and gave me my username and password. At this point I feel like we were never actually trading and it was all a rouse to make us think we were. Any thoughts on that?

What percentage returns were you averaging per month and were they all positive months?
If it seemed easy and like a licence to print money then I would say it definitely wasn’t real

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How did you come across this group? I’m just super curious of what they do to make people feel comfortable enough to send them 100K in crypto… They must be super slick in their sales process!

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We were trading once a day with about 4% in return each day. We never lost, always came out with a profit. I posted a screen shot of my history above. I was only apart of the group for about a month. My friend started in February and she had invested a total of around $50k and by April had $700k in profit. So does this mean we were all in demo accounts? We’re we ever really trading in the market? The leader would say “everyone buy at 11:25am” and then tell us when to leave the market.

The “financial analyst” was “dating” my sister. He started her on the trading and she got other people to invest after she saw her returns. They were even allowing people to withdraw until we met the “threshold”. There are CEOs in this group who invested over $100k.

If you were making 4% a day and never lost then I would say this was some sophisticated scam where you were never trading the market at all. I just plugged the figures into a compound interest calculator and at 4% a day with only a $10,000 - you would be richer than Jeff Bezo’s in around 1.5 years.

Can you take screenshots of the platform you were actually trading off? Did you download it from the app store or from a link that they sent you?

Also the fact they wanted payment in Crypto is also a big red flag as it now can’t be traced back to them.

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If you know him personally can you name and shame him then? Sounds very sophisticated from the start. Would be interesting to know whether that was always his initial plan with dating your sister if she has high net-worth network but not high enough to suspect what they were doing.
Unfortunately people like this give Forex a bad name.

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Thank you so much for your information, I appreciate it! It only allows me to post one screen shot at a time so here you go. I downloaded meta trader 4 off of the App Store.

Ok so it seems the Metatrader you are using a legit but I am going to assume the broker data is manipulated.

From checking their website it seems…

  • Phone number does not exist - I tried calling it
  • They show all the ‘social app’ icons but none of them can be clicked or are linked to anything
  • Their office is in Australia NSW - When googling it it seems that it is a vacant wework office
  • Their disclaimer is incorrect. They show an ASIC number as their licence which there is no such thing as an asic licence number. In Australia you need an AFS licence number to perform financial services and this must be stated on your website. ASIC is the governing body.
  • They also don’t have a risk disclaimer or product disclosure statement on their website which I believe is a requirement of having an AFSL - I checked a number of other known Australian brokers and they all have this.
  • The ASIC number that they do quote is a different companies AFSL number
  • The english on the website is pretty terrible and the chat box they use is a basic one from Wix which screams budget and not a financial institution.
  • Their Postal address when googled is just the Postal address of ASIC. Note - their Office and postal address are in two different states in Australia.

Unfortunately I’m pretty confident you got scammed and were not actually trading at all.
Do not send them any more money and maybe group together and threaten legal action if you know who the head guy is personally through your sister.

Hopefully you can get your money back.

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Can you post a screen shot of the MT4 chart. I’m particularly interested to see the written content of the red bar above the toolbars. What it should show reading across from left to right are the details of your account. Your account number - the broker name and MT4 platform - either live - hedge - or demo - and the trading pair plus timeframe.

Also a screen shot of the trade and history tab.

That is important evidence in case you need to take it further. Don’t delay before it gets obliterated from the site.

cheers.

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Question, have anyone in the group payed the 5% and got their withdrawal? if so i would do the same just to get my money and run as far as i can from this scam broker.

EDIT: everyday that passes you are less likely to get your money.

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First of all I am a new member and I have exceeded my number of posts but I know time is of the essence here so I created a 2nd account; sorry for any confusion. Second, thank you for taking the time to research that, you gave me and the whole group a lot of viable information, I know we all greatly appreciate the clarity!

To me it sounds like the head guy that my sister met (one time) is working with the broker and we all missed the mark on doing our research. Unfortunately she only met him one time…and then he pretty much manipulated her via text, Snapchat, you name it. He got her to join in on the trading and once she saw her profit she recruited anyone and everyone that wanted in. It’s embarrassing that we all fell for this to be quite frank. The people in the group that put in over $100k said they had lawyers look into everything but I don’t see how that’s possible with what you discovered so quickly. I have no doubt in my mind this “financial analyst” gave us a fake name. He goes by Lin and apparently he’s from China. All we have is his WhatsApp number and he is denying everything. Apparently the broker is saying that every person in our group has to pay 5% on their total assets for anyone to withdraw money. That’s definitely not happening.

I still don’t understand how a broker can skew the data on MetaTrader to make it look like we were all making huge profits on these trades. That is the part I am lost at.

Again, appreciate you very much and thank you for all of the information!

I will show you any screen shot you’d like sir! Any clarity about what the heck we were actually doing in MT4 is appreciated. Again it only allows me to attach one picture at a time so my apologies. I’m not sure the screen shots I’m providing is what you’re looking for because I don’t see a red bar with the info across the screen through the chart tab. Am I doing that correctly?