The American derivatives regulator CTFC is investigating three Forex investment companies for Ponzi scheme activities. The companies are named Financial Tree, Financial Solution Group, and New Money Advisors and are run by John D. Black, Joseph Tufo and Christopher Mancuso. Those three individuals have been conducting their investment scams since 2015. They have allegedly scammed $15.5 million out of investors by offering them binary options and Forex trading. They used $11 million of those money to pay back investors so that the scam can be perpetuated, and spent the rest on luxury trips, gambling, home renovations and other expenses. A tale as old as time - scammers rip people off, scammers start spending their ill-gained profits on obvious luxuries, scammers get caught.
Check out their cars, if very expensive and flashy that's all the info needed for the investigators to start a proper investigation. 90% of scammers can't resist their expensive cars. But that's the clue that gives them away. Should follow Taleb's advice in that scammers shouldn't look like scammers...
Scammers always seem to use ridiculously obvious and generic names. I always wonder whether it's deliberate or they are that devoid of imagination.
The name 'Global' is always a big giveaway as well. Same with a distinguised name like Symonds Whitehead Partners or Knightsbridge Capital. Whatever the case the internet is your best friend because it's the best anti-scam tool ever developed. Knowledge is power, search the firm, search the people, search the office address (often in a short term rent building), how long has the website been in operation (many firms will tell you they're been in business 10-20 years yet the website was first registered last year). Above all ASK QUESTIONS ON MESSAGE BOARDS LIKE THIS. Legit people are only too happy to help potential victims keep hold of their cash and out of the hands of the scum.
Could be similar to the Nigerian scammers. They use mis-spellings and the like in their emails as an easy way to instantly pre-filter out people who are unlikley to fall for the scams. Basically they only want to deal with real dummies.
I have seen plenty of proof on binary option brokers manipulating prices from years ago when it was still legal in EU. In multiple cases i was even given money back while showing link to video proof of price manipulation. It consisted of multiple cases showing strange price spikes while comparing to 3 competitors price feeds occuring just seconds before winning trades but never on losing ones. Bad reputation with evidence would have cost more to them i suppose, thats why it was resolved this way. It was going on for many years before it got banned in EU. And even now its still happening on bitcoin based exchanges and they will start to manipulate prices if you are to be profitable and start to take their money away. I have video proof on bitcoin operated ones as well where manipulations occur. it all makes sence, What is the other side that you go against? Probably no opposite, only brokers OTC algo desinged to rob you similarly to casino. And if their customer support never gives away their true data feed sources and at least some insight about price level calculation formulas. It just shows its probably rigged algo... Good early indicator. Basically in order to profit in that business/scheme model being on client side one might have to swap brokers quite regularly while threatening to make reviews with proofs in hopes of getting money back.