thetakeover
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There is a good article in the Sunday Times this morning about Elijah Oyefeso, another referral fee collecting rags-to-riches "financial guru" - http://www.thetimes.co.uk/edition/business/he-wins-you-lose-in-binary-casino-g0mcq5npx
Although it's binary rather than forex, the business model is essentially the same as MTA, and the article detail complaints and legal action against 24option, which is part of the same company as 24fx
This part may be of interest to those unable to withdraw their funds:
Although it's binary rather than forex, the business model is essentially the same as MTA, and the article detail complaints and legal action against 24option, which is part of the same company as 24fx
City of London police said fraud complaints against binary companies had spiked “dramatically” in recent months. The average loss: £20,000. “It is the latest and perhaps fastest-growing iteration of investment fraud,” said Andy Fyfe, the force’s financial crimes specialist. “These companies are luring a much younger audience of would-be investors because they are advertised on social media, like Instagram. We’ve never seen that before.”
This part may be of interest to those unable to withdraw their funds:
But in the fine print lies the catch. In Dunsford’s case, when he accepted the cash, he had unwittingly agreed to a harsh condition. He could take his money out only after he had traded the total balance — his cash plus the bonus — 20 times over. It is a standard tactic. Say a client has £1,000 in their account and accepts a £1,000 bonus. They must then do trades worth £20,000 before they can make a withdrawal.
Last month it was banned by France’s regulator, the AMF, for failing to act in “an honest and fair manner in the best interest of its clients”.
Gabriele Giambrone, a London lawyer, says he has case files of more than 3,000 individuals who claim they have been defrauded by binary companies. He said: “This is a small fraction represented by a small firm. Who knows what the true scale is?”
Fyfe of City of London police is not surprised. “I would never criticise someone falling victim. We must not underestimate how good these people are as salespeople. Their skills are phenomenal,” he said.