#Forex Scams-Recovery

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Forex Scams Recovery

Recovering from Forex Scams: Protecting Your Investments and Seeking Redemption

Introduction :

Forex trading is a highly lucrative investment opportunity that has gained immense popularity in recent years. Unfortunately, this growth has also attracted unscrupulous individuals and organizations seeking to exploit unsuspecting traders. Falling victim to a Forex scam can be devastating, but with the right approach, you can protect your investments and seek recovery.

Forex scams recovery

Understanding Forex Scams :

Forex scams come in various forms, including fraudulent brokers, Ponzi schemes, signal services, and fake trading platforms. These scams often promise unrealistic returns, employ high-pressure sales tactics, or manipulate trading results. Once trapped, victims may lose substantial sums of money, leaving them feeling helpless and betrayed. It is crucial to be aware of the warning signs, such as unregulated brokers, unsolicited investment offers, and promises of guaranteed profits. Educating yourself about the Forex market and conducting thorough research on potential brokers are essential steps in avoiding scams.

Protecting Your Investments :

Prevention is the best defense against Forex scams. Start by ensuring that your chosen broker is reputable, regulated by recognized authorities, and has a solid track record. Verify the broker's credentials, read reviews, and seek recommendations from trusted sources. Additionally, be cautious of unsolicited offers and avoid making hasty investment decisions. Keep your personal and financial information secure, and be wary of sharing it with unverified entities. By exercising due diligence, you can significantly reduce the risk of falling victim to a Forex scam.

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Seeking Recovery :

If you have been scammed, it is crucial not to lose hope. While recovering lost funds from Forex scams can be challenging, there are steps you can take to increase your chances of restitution. First, gather all relevant evidence, including transaction records, communication with the scammer, and any supporting documentation. Report the scam to your local financial authorities and provide them with all the evidence you have collected. Additionally, consider seeking legal advice from professionals specializing in financial fraud cases. They can guide you through the legal process and explore potential avenues for recovery, such as filing a complaint with regulatory agencies or pursuing legal action against the perpetrators. Lastly, be cautious of offers promising to recover your funds for a fee, as some of these may be scams themselves.

Conclusion :

Falling victim to a Forex scam can be a distressing experience, but it is essential to remember that you are not alone. By staying informed, exercising caution, and taking appropriate action, you can protect your investments and seek recovery. Remember, prevention is key, but if you do find yourself scammed, gather evidence, report the incident, and seek professional assistance to increase your chances of recovering your funds.

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Is Your Money Safe? Unmasking Forex Scam Secrets!

Discover the hidden dangers associated with Forex scams and safeguard your wealth - unveiling the secrets to your financial security and prosperity!

The allure of financial independence and the promise of quick riches have driven many to explore the world of Forex trading. A global marketplace where traders purchase and sell currencies with the objective of making a profit is known as forex or foreign exchange. It is understandable why Forex trading has become so well-liked given its accessibility around the clock and potential for significant profits. But, there is a dark world of Forex scams that lurk behind this alluring facade and pose a major risk to your hard-earned money. The following article explores the realm of Forex scams, exposes their deceptive strategies, and provides you with vital information to safeguard your financial assets.

The Temptation of Forex Trading :

Forex trading is a means of achieving financial independence for many people. It has a number of appealing qualities that draw in both new and experienced investors:

Market Accessibility: Forex is open to traders from different time zones and is open 24 hours a day, five days a week. This accessibility is suitable for traders of all schedules, from casual enthusiasts to full-time professionals.

Liquidity: The large volume of trading on the Forex market contributes to its impressive liquidity. Because of this liquidity, there is less opportunity for price manipulation because traders can open and close positions with relative ease.

Currency Pair Variety: Trading a wide range of currency pairs gives Forex traders plenty of opportunity to diversify their portfolios. Major pairs, minor pairs, and exotic pairs are available to traders, enabling them to customize their strategies to different market conditions.

Profit Potential: One of the main things that attracts traders to Forex is the potential for profit. It is an appealing option for people looking to improve their financial well-being because it provides the possibility for both long-term investments and short-term gains.

The Forex Scam Landscape

As the popularity of Forex trading has surged so has the prevalence of Forex scams. These scams can take on different forms, but their main goal is always the same: to trick traders and strip them of their hard-earned money. Typical forms of Forex scams include the following:

Broker Scams: The primary risk that exists in the Forex market is fraudulent brokers. They frequently promise big leverage, low spreads, and top-notch customer support services. However, the intention to profit from traders' losses hides behind these assurances. Some even go so far as to manipulate prices to ensure that traders end up losing money.

Signal Service Scams: Forex signal providers claim to offer subscribers precise trading signals for a fee. While some might provide reliable assistance, many are unreliable and make exaggerated claims. These unstable signals cause traders to make bad choices that cost them significant losses.

Automated Trading System Scams: Often called "bots," automated trading systems are computer programs that guarantee to make profitable trades for the trader. While there are reliable automated systems, there are also many scams that promise unrealistic profits but only end up generating losses.

Fake Investment Opportunities: Scammers frequently pretend to be Forex investment managers and offer substantial investment returns. They might present forged account statements to lure potential investors, but as soon as the funds are deposited, they disappear with it.

Unmasking Forex Scam Secrets

Now that we've identified a few typical types of Forex scams, it's essential to expose their deceptive tactics and discuss how you can protect yourself from becoming their victim:

Regulatory Verification: The first line of defense against Forex scams is to verify the regulatory status of the broker or service provider. Most reputable Forex brokers are regulated by their respective national financial authorities. Make sure the broker is always registered and permitted to operate. It is advisable to stay away from dealing with brokers who are not properly regulated.

Beware of Unrealistic Promises: Any offer that looks too good to be true should be approached with extreme caution. It's a clear warning sign if a broker or service promises substantial returns with little risk. Like any investment, forex trading has inherent risks and no assurances of profit. Scammers take advantage of people's desire for quick money, so it's important to proceed with extreme caution when they make such promises.

Conduct Due Diligence: Make sure you do your research before signing up for a signal service or making an investment with a broker. Examine reviews, ask reliable sources for recommendations, and look up any prior complaints or legal actions the company may have faced. Reputable brokers and services are known for their dependability and credibility.

Avoid Cold Calls: Avoid answering unsolicited calls or emails from trading platforms or Forex brokers. Cold calling is a common tactic used by scammers to find potential victims. Make your own decisions and conduct independent research on the company rather than responding to these unsolicited communications.

Test the Waters: To get acquainted with a broker's platform or a trading system, consider opening a demo account. With a demo account, you can test the platform's functionality and suitability without having to risk any real money. This feature is frequently offered by reputable brokers and services to aid traders in becoming acquainted with them

Educate Yourself: Gaining knowledge about the Forex market is one of the best safeguards against Forex scammers. Understanding trading methods, risk management tactics, and trading mechanisms will enable you to identify potential scams and make well-informed decisions.

Rely on Trusted Sources: Never give out financial or personal information to strangers, even if you are under pressure to do so. Such information could be used by scammers for identity theft or other fraudulent activities. Safeguard your personal information with the same rigor that you do your money, and refrain from following the advice of unreliable sources or individuals with dubious credentials.

Safeguarding Your Funds

Safeguarding your funds is crucial when it comes to Forex trading. Even though there are legitimate possibilities to make money, there are significant risks connected to Forex scams. You can greatly lower your chances of becoming a victim of Forex scams by remaining informed, doing extensive research, and using caution. It is imperative to bear in mind that the Forex market comprises an abundance of reputable and ethical players. But it's important to set them apart from the fraudsters. Your hard-earned money should be wisely invested rather than wasted on skeptical offers. You'll be better able to navigate the world of Forex trading safely and securely if you remain watchful and educate yourself. Your financial future is in your hands, and with the right knowledge and precautions, you can ensure that your money remains safe and grows as you intend.

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ARMIN ORDODARY, FSM SMART AND LAU GLOBAL SERVICES

In the era of CFDs and binary options, massive international forex scams arose. With the peak occurring in or around 2015, many of them began operating between 2010 and 2012. Legislators and regulators needed some time to recognize emerging trends and devise effective countermeasures. The beginning of 2014 saw regulators issue warnings about binary options, signaling the end of the FX gold rush. It took three more years for regulators to formally outlaw binary options. A few international forex scammers duped hundreds of thousands of retail investors between 2012 and 2017. One of the criminal groups that created a wave of illicit binary options, forex, and cryptocurrency trading methods is Lau Global Services Corp. Media has requested additional information to establish an EFRI funds recovery campaign.

The FSM Smart Broker Scheme

The fraudulent broker scheme FSM Smart (www.fsmsmart.com) has been aggressively gaining clients through their Serbian boiler room Upmarket d.o.o., according to information provided to the media by whistleblowers. Benrich Holdings Ltd., a company based in Cyprus, is the only shareholder in this boiler room. Armin Ordodary, a resident of Cyprus, is a director of both companies. Upmarkt is only one of the Lau Global Services Corp scheme’s several boiler rooms. FinTelegrem has information that indicates FSM Smart and Armin Ordodary are involved in the “Lau Scheme.”

The “Lau Scheme” has only a few minor branches, including the Serbian Upmarkt d.o.o. Kiev, Ukraine, has served as something of an epicentre for additional boiler rooms that have already been discovered in other jurisdictions. For instance, call centre addresses in Kiev were discovered by the Russian website Forex Scam (www.forex-scam.net). Apart from E&G Bulgaria, Lau Global Services Corp is unquestionably one of the biggest illicit broker enterprises on the planet. Even with so many offshore connections, this operation appears to be run out of Ukraine and the Balkans.

However, let’s begin with FSM Smart and work our way up to the larger picture. Early in 2018, the illicit broker FSM Smart made its debut. Investor cautionary note regarding the current FSM Smart (www.fsmsmart.com) scheme:

August 2018: In the summer of 2018, the Financial Markets Authority (FMA) of New Zealand issued a warning on FSM Smart.

In November 2018, the Canadian watchdog in Manitoba (MSC) issued an investor warning against FSM Smart, while the financial market regulatory organisation in Switzerland, 

FINMA issued a warning against the company. FSM Smart’s contact address is reportedly Hertensteinstrasse 51, 6004 Luzern in Switzerland.

The Global Services Network of Lau

It is clear that there are connections between the operators of the FSM Smart scams and other con artists, such as MTI Markets (www.mtimarkets.com). According to reports, Lau Global Services Corp., the company behind this unlawful broker, also ran the following other illicit broker schemes:

TradingMX (www.tradingmx.com)

(www.lgs-corp.com) LGS Corp.

(www.tradingbanks.com) TradingBanks

Trade12: https://www.trade12.com

mtimarkets.com, the website of MTI Markets

(www.grizzly-ltd.com) Grizzly

The following companies have been linked to the Lau Global Services Group by the Media team:

Belize’s Lau Global Services Corp.

Serbian Upmarkt d.o.o.

Global Fin Services Ltd (UK), Exo Capital Markets Ltd (Marshall Islands), and MTI Investments LLC or MTI Markets Ltd (Marshall Islands)

Malta-based Grizzly Ltd.

Cyprus-based R Capital Solutions Ltd.

Cyprus-based Benrich Holdings Ltd.

SIO Ltd (Cyprus)

Eyar Financial Corp Limited (Vanatu)

Most of the businesses don’t have a website or aren’t active on social media. Armin Ordodary, a resident of Cyprus, appears to be involved in the “Lau Scheme.” The last several months have seen the disappearance of all the websites and social media accounts he is directly related to going offline. Only to bring up his SIAO Ltd. The reason behind this is the question.

Regulators from many jurisdictions issued numerous warnings to the brands and businesses connected to Lau Global Services Corp.

August 2015: MXTrade and Lau Global Services were the targets of an investor alert by the Italian CONSOB;

September 2015: MXTrade and Lau Global Services were the targets of an investor alert from Cyprus agency CySec;

April 2016: The Belgian Financial Services Authority (FSMA) cautioned investors.

Nov. 2016 saw the Australian regulator ASIC issue a warning to investors about MXTrade; Nov. 2016 saw the New Zealand regulator FMA issue a warning to investors about EXO Capital Markets Ltd. trading as Trade12; 

Nov. 2017 saw the Guernsey regulator issue a warning to investors about Exo Capital Markets Ltd. trading as Trade12;

numerous other warnings regarding the various trading styles (domains/brands)

The Facebook page of Lau Global Service Corp is still accessible, even though the majority of the network’s illicit broker websites have since gone offline. It is purported that R Capital Solutions Limited, a financial services firm registered in Cyprus (HE329922) with licence number 246/14, approved and regulated by the Cyprus Securities Exchange Commission, was the previous owner and operator of the MXTrade brand. 2015 saw the alleged transfer of the MXTrade name and customer base to Lau Global Services. R Capital Solutions, however, disputes that it ever had any relationship with MXTrade in a corresponding statement:

R Capital Solution’s declaration about MXTrade

But from what I’ve read in a few forums, it appears that R Capital Solutions was working with MXTrader up to the middle of 2015. Emails obtained by Media appear to indicate that R Capital Solutions did, in fact, run MXTrader up to the middle of 2015.

Lau Global Services is also a shareholder in Grizzly Ltd., a Malta-based company that formerly operated payment services for such illicit and dishonest broker schemes, according to Offshore Leaks Database. This can be seen, for instance, on an old MTI Markets website. Shlomo Matan Shalom Avshalom, an Israeli, is listed as a director of Grizzly Ltd. Grizzly Ltd was involved in the “Lau” Scheme and possessed several illicit trading brands, according to various sources and forums.

The legal companies involved in illicit broker schemes typically make regular changes to deceive Google, law enforcement, and clients. In particular, the front shell firms that are usually run by “monkeys” are changing a lot.

Individuals Found in the Network

The individuals listed in the FSMSmart network include Mathew Bradley, Ali Mahmoudi, and Armin Ordodary, a resident of Cyprus who is purportedly a former Windsor Brokers employee. Born in January of 1991, Armin Ordodary has registered multiple forex trading domains during the years of 2013 and 2014. In addition, he serves as the director of Bythos Yachts Management OÜ in Estonia.

The well-established ties that Armin Ordodary

We are unable to determine at this time if Armin Ordodary was a lieutenant in Cyprus or one of the scheme’s masterminds. In actuality, we have managed to determine his affiliation with businesses, endeavours, and undertakings within the illicit brokering landscape. He has ties to both the Nepcore project and SIAO Ltd, a provider of FOREX services. Additionally, we are aware that he oversees the Upmarkt boiler room in Serbia, which provided services to FSM Smart. He offered marketing services for the “Lau Scheme’s illicit trading styles through Nepcore.

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