Because they change there methods of generating income I think it makes it very hard to actually get the FCA involved on these guys. They sold courses, sold apprenticeships, referral fees etc.
I would be interested in hearing more first hand experiences with these scammers!!
Reason I am here, is I joined the free apprenticeship earlier this year, and the trades provided by the so called fund manager were 50/50 at best, even when their facebook went crazy with amazing winnings!!! the day before or after would wipe those winnings out with losses, and of course they stopped shouting until the next winning day arrived, so from the outside looking in, it looks like consistent wins.
After a good 5-6 months of barely breaking even, and my account down around 10-15% I decided enough was enough, at this point i was not angry, just more like ah well worth a try, lets move on.
It all started while trying to withdraw from 24fx, they denied my withdrawal without any excuse whatsoever, before my account was activated, they had 2 bank statements from me, council tax bill, hm revenues and customs bill, driving license and passport. So ID was not the issue, I emailed numerous times and never got a response, I just kept trying to withdraw with the same automated message saying your withdrawal request has been denied. Upon this i investigated 24fx and found on a complaint website, I was not the only one facing this problem, but countless others. I contacted all sorts of financial authorities and am still in an ongoing process as we speak on getting my funds back.
Matt, and the rest of the MTA team have also been no help, they consistently say the same thing to me which is "we have never heard of any other clients having this problem" I call BULL on that.
So you can understand my frustration with them, luckily money i invested into it was money I can afford to lose, however that does not take away from the fact that the money still belongs to me regardless of whether I can afford to lose it or not, to some ppl the amount could feed your whole family for 2 years! So if anything, i'd want it to go to charity if I don't see it!
Then I come to facebook to see Matts incredibly punchable face going on and on about cráp, and each time it gets more lavish and crazy, on top of that what some people are commenting thinking they will have a Lamborghini this time next year, some of them in hard times and putting thier last £1000 into them in dire hope of returns, that's the part that angers me, these people have kids, mouths to feed, roofs to pay for so that these children are safe, and Matt and his disgusting crew are prying on these desperate people in hard times knowing they will invest because of course it's "FREE", and this is why it's so deceitful and disgusting.
24fx I hear have pulled out thier partnership with MTA, it made me think maybe 24fx don't like the way MTA operate, but then why they hell are they still holding my money!
My guess is, the contract between them stated some sort of profit made between customer vs commision earned by MTA, and if this is not satisfied at 24fx end, then they have some sort of right to withold the money from the client. Which of course MTA would never tell you of such a clause.