This is an excellent summary of the situation from start to the present time. senen pousa scam especially this part (from 1st July blog entry) :
PROPHETMAX TIMELINE
As you will see from the following facts and timeline of events. We were asked to subscribe to the ProphetMax ManagedFX service in order to invest in this opportunity and forms were only available to open accounts through the ProphetMax service. IIC now maintain that they merely provide education and research on health, investment psychology and passive income, but nothing could be further from the truth. Although information is provided on some health issues, the only service that is provided through ProphetMax Managed FX is the fraudulent investment opportunity which resulted in 63% losses. Mr Senen Pousa of IIC made numerous claims that the proprietary trading group he introduced us to consisted of world class, professional traders and that this group usually only trade for clients with a net worth of 10million dollars.
As I will show in the following timeline of events, none of the claims are true and I trust the provided information will give your company just cause to honour my request for a chargeback.
A class action suit has been filed in Texas against Investment Intelligence Corporation and other defendants for fraud, misrepresentation, unjust enrichment and violation of taxes and security laws.
Timeline of events:
1) In late January / early February, Several members of a website called TheElevationGroup.net were introduced to Mr Senen Pousa, CEO of Investment Intelligence Corporation. Mr Pousa then actively promoted his company’s ProphetMax Managed FX service which he claimed had a proven track record of 100% returns per year since 2007 trading the Forex market. (Please see attached file PMax Track record.) IIC is an Australian company.
2) We were told by Mr Pousa that Investment Intelligence Corporation had access to a world class trading group which usually only traded for clients who had a minimum of 10 million dollars to invest. We were also told repeatedly that the trading group practiced excellent risk management and only ever risked 1 – 3% on each trade. We were also told that the trading group consisted of 8 individual who traded in 3 shifts, 24 hours a day and that they only made about 5 to 6 trades a month.
3) Lured by these fantastic returns and promises of excellent risk management and prudent / disciplined trading strategies, we were asked to subscribe to IIC’s ProphetMax ManagedFX service through their website
www.prophetmax.com.
4) Several investor, myself included, repeatedly asked for information about the broker and the trading group so we could do our due diligence, but were repeatedly rebuffed and denied this info stating that we had to subscribe to the service first, which cost AUD $1997 AND had to sign various Non Disclosure Agreements, BEFORE we could have access to this information.
5) After paying for the subscription (see attached Purchase Invoice) we were told that the trading group were IB Capital. (this turned out to be false later) IB Capital are registered in New Zealand as a company. (and headquartered in the UK)
6) However, we were repeatedly warned NEVER, UNDER ANY CIRCUMSTANCE, to contact IB Capital and threatened with legal action, if we were to do so plus have our membership revoked. The reason being that IB Capital are supposedly a world class brokerage firm which usually only deal with clients who have 10 million dollars or more and do not deal with small retail investors like us. This turned out not to be true as can be seen on IB Capital’s website
Spot FX Trading with IB Capital FX (NZ) LLP. | Trading Systems | Managed Forex | Currency Trading | Forex Broker
7) Before we could open an account with IB Capital,we were asked to complete three levels of studies on the ProphetMax website about spirituality, health and investment. After completing all three levels, we were then able to download the forms to complete in order to open an account with IB Capital. (See attached IB Capital Managed FX Form.pdf) As you can see from the form, it has Investment Intelligence Corporation’s name and logo on it, so they are actively marketing and managing this investment service and are clearly not just conducting education and research which they now claim to be the case.
8) After opening an account with IB Capital, we were then asked to fund our accounts with a minimum of USD10,000 so that trading could begin. I did this in early March. We were asked to wire transfer the funds to an account with ING Bank in the Netherlands.
9) On April 24th, we were suddenly told that the name of the proprietary trading group was in fact a company known as Global Forex management. This was a complete surprise as up till that point, we believed the traders were IB Capital. It is important to note that were never told or asked to sign any document giving Global Forex management the right to trade our funds / accounts. See attached email post script “A Managed FX Update”
10) When you surf on to the GFM website, they clearly advertise their service to investors who have a minimum of USD10,000 so Senen Pousa’s assertion that he had access to a trading group which only dealt with clients who had a minimum of USD10 million was a complete lie.
Global Forex, Managed Forex, and Managed Forex Accounts
11) So this development made it clear that IB Capital was in fact the broker and not the trading group.
12) On May 16th 200 trades were made using our funds which completely contradicted the 5 to 6 trades disciplined trading style which was sold to us through various webinars and videos. See attached daily confirmation.
13) After witnessing these bizarre trades, several members contacted IIC and asked trading to be halted. NONE of us received any reply to those email even until today.
14) On May 17th, 17 consecutive losing trades were placed which risked much more than 3-4% of our accounts which resulted in a 63% loss on our accounts. See attached Daily confirmation.
15) It turns out that the trading group does not consist of a group of world class trader, but only one trader, Kevin Clarke, resident of Florida. His explanation for the losses on May 17th was that he usually trades from a master account, but that on that day, the master account was not allocating trades correctly to the sub accounts, so we traded directly from the sub accounts and forgot to adjust the lot sizes. Unfortunately, this reason is a lie, because the lot sizes (sizes of each trade) from the losing trades on the 17th are exactly the same as the trades from May 16th and trades made prior to those two days. (See attached Daily confirmations)
16) Not adjusting the lot sizes is a rookie mistake made by amateurs, not by seasoned, professional “world-class” traders.
17) Mr Pousa of Investment Intelligence Corporation has sinced sought to distance himself from these losses and even from the trading group by saying his company only provide education, but the truth is that he actively marketed and sold access to the trading group through his ProphetMax Managed FX service and we were geared and prepared for investing in this vehicle. Forms to open an account with IB Capital were only available through the ProphetMax website. No options were given to us. The ONLY investement vehicle we could choose as Managed FX embers was IB Capital.
18) Having spoken to clients of IIC who have been with the company for two years, it appears that the track record they promote on their website is completely untrue and overly inflated.
19) Mr Pousa and IIC do NOT hold an Australian financial license to sell or promote financial products. A previous case in Australia involving another company resulted in the company having to refund its members for selling and marketing a financial investment service without a license.
http://www.asic.gov.au/asic/asic.nsf/byheadline/04- 132+Traders+eligible+for+seminar+refund+under+enforceable+undertaking?openDocument
20) After conducting my own research on IB Capital and the trading group, it seems both entities are not the world class operations we were led to believe. Both seem to be very dodgy, two bit operations. IB Capital was only registered as a company in December 2011. They are headquartered in the UK and the directors are two companies held by two individuals – Emade Echadi and Jaoquim Almeida.
21) I have since withdrawn all my funds and asked for a refund on my AUD 1997 subscription. The refund has been denied.
22) A lawyer named, Ben Jones, indicates that Senen Pousa of IIC is under investigation for illegitimate activities
Reliability Report for Investment Intelligence Corporation - JustAnswer investment-intelligence-corporation.html
23) Senen Pousa claims ProphetMax Managed FX service has existed since 2003, but their website has only existed since 2010.
prophetmax.com Whois - prophet max - Who.is
24) On the 13th of June we received a letter from IB Capital that it was ceasing to do business with IIC and we were asked to fill out forms to withdraw our funds. Please see attached letter "IB Cap cease Business with IIC"
25) On the 21st of June, we received the attached "Letter For Members" in which IIC state that the Limited Power of Authority we signed named ProphetMax ManagedFX as trading agent, however, this is a "drafting mistake" and that ProphetMax ManagedFX is not a proper legal entity. Thus, the LPOA we signed is invalid and has no legal force and therefore, IB Capital did not exercise proper care and allowed the trading group Global Forex Management to unlawfully trade our funds. The letters also proves that IIC had introduced us to the broker that allowed our funds to be traded unlawfully.
26) On the 22nd of June, The Elevation Group announced that it had filed a class action law suit against Investment Intelligence Corporation and other defendants to recoup funds lost
The Elevation Group | Important Message to our Members In the law suit, IIC and other defendants are alleged to have committed fraud, misrepresentation, unjust enrichment and violation of taxes and security laws.
I would highly appreciate you investigating this case and hopefully finding in my favour. I would also like to humbly suggest that your company should consider blacklisting Investment Intelligence Corporation, IB Capital and individuals associated with this fraud – Senen Pousa, Joel Friant and Laura Curley to protect your clients from being scammed by this racket.
Some points to note:
Ø A financial product was sold to us. My IIC invoice says 'ProphetMax Managed FX 1 year subscription'. Thus, Senen Pousa cannot say that Managed FX is not his service.
Ø Investment Intelligence Corporation is not licensed in Australia to sell financial products.
Ø Senen Pousa claims that what he sold us was research and education. This is simply not true. Once subscribed to ManagedFX, we were not offered any other products except for promises of Senen's new ventures. Advice on nutrition, while appreciated, has nothing to do with investing and finances. Thus, the product is not as described.
Ø ManagedFX was described as a low risk investment. Senen in his presentations and videos on ProphetMax website explained repeatedly and at great length how leverage is just a tool and, if used by knowledgeable traders, can limit potential losses to any pre-set level.
Ø A high risk investment vehicle was peddled to unsophisticated and inexperienced investors.
Ø The trader acted under authority to trade given to a different entity. As members of Investment Intelligence Corporation we were asked to sign an LPOA which gave IIC's ProphetMax Managed FX service the authority to be our trading agent by opening an account with the brokerage firm IB Capital. Without seeking further approval or authority from us, an additional entity, Global Forex Management was given access to our funds to trade, which resulted in 63% losses of our accounts.
Ø The broker, IB Capital, is not licensed in NZ or anywhere else.
Ø The trading group does not appeared to be licensed in Australia or New Zealand.
Ø The Broker, IB Capital are NOT registered in America, which is a requirement by the SEC.
Ø Investors were threatened with repercussions from Senen's friends in the intelligence community. Files downloaded from the ProphetMax website were implied to have inbuilt mechanisms to spy on the users' computers.
Ø Unreasonable NDAs were designed to prevent due diligence and reporting to authorities. Furthermore, in contradiction to the NDAs, some of the applications forms clearly state that clients are allowed to contact the brokerage firm directly when there is just cause to do so, but
we were given repeated verbal instructions by IIC never to do so under threat of having our memberships terminated. IIC clearly created an environment of fear which prevented clients from going through direct and proper channels.
To read more, then go here senen pousa scam
