ProphetMax, Senen Pousa - any info?

[sofree]

Members were encouraged to open an FX brokerage account with an "overseas non-ASIC" registered entity called IB Capital FX (NZ) LLC. Funds were sent to an account in the Netherlands.

Thank you for posting.
Just to clarify we were not given an option of broker.....Forms for the PM chosen broker were accessed via PM website.

 

[mountainviewnc]

I didn't want to post this publicly as it will give Senen a head start in preparing his response to ASIC. But as it seems like business as usual for him, I doubt he even thinks he's broken any laws.

You can lodge a complaint online with ASIC here

https://www.edge.asic.gov.au/008/com...565e1951d436c0

I have already lodged one as a member of the general public. If you have opened an account with IB Capital as a member of IIC, then state you are a customer.

The important thing is to ensure you keep copies of all the marketing and paperwork IIC sent you. You may be asked for it at some point.

Important things to ensure you include in your complaint;

1. The secrecy and non-disclosure requirements IIC insisted on.

2. Tell ASIC there is no way you would have ever considered this type of investment if it wasn't recommend by Senen Pousa and IIC.

3. Tell them that there was IIC & Prophet Max branding all over the documents and you were confused as to who you were even giving your money to.

4. Tell them about any troubles you have had contacting IB Capital in New Zealand.

5. Tell them you feel you have been grossly mislead by Senen's advertising and marketing, and you have now found out he isn't licensed to promote any form of trading or managed investment.

Here is the complaint I lodged. Feel free to use it as a basis for yours, and add in your own personal information and experiences where appropriate.

If you have any questions get back to me.

Cheers

Senen Pousa & Investment Intelligence Corporation have been promoting wealth creation and specific off-shore investments.

They charge clients an up-front fee to become a member, and then recommend specific investments to their members. I am aware of a recent investment that was recommended to members where over 60% of their investment was lost in one night's trading.

Members were encouraged to open an FX brokerage account with an "overseas non-ASIC" registered entity called IB Capital FX (NZ) LLC. Funds were sent to an account in the Netherlands.

Members were then given a LPOA to enable Prophet Max Managed FX (Not even a registered company or business name!) authority to trade their account. Clients were later told global forex management were trading their account, but we're not asked to sign another POA.

Both the IB Capital account opening form, and the Global Forex Management LPOA have Investment Intelligence Corporation Pty Ltd and PorphetMax FX branding on them.

These investments are being targeted to retail mum and dad investors, and they are not given any opportunity to perform due diligence. The broker and trader are all kept secret from the client until they have paid their membership fee.

I am concerned that Investment Intelligence Corporation, and Senen Pousa are providing financial product advice, and arranging to deal without the appropriate AFSL. There is no way that a client would be investing in this manner if it were not for the promotion of IB Capital by MR Senen Pousa and Investment Intelligence Corporation Pty Ltd.

This statement is on the front page of their website;

"Founded in 2003, Investment Intelligence Corporation holds the world's highest ranking for investment recommendations performance over the last 5 years. When compared with 15,137 MorningStar Funds and 195 investment newsletter recommendation services monitored by MarketWatch, Investment Intelligence Corporation's Passive ProphetMax service ranks #1."

I beleive this statement is misleading and deceptive, as Investment Intelligence Corporation are not even ranked by MorningStar.

Here is a link to their Managed FX brochure;

ProphetMax Managed FX


I have exchanged correspondence with clients who are now being encouraged to deposit more funds into their accounts to continue the managed trading scheme.

Can you please investigate as a priority. Australian Mum & Dad investors are being encouraged to deposit more funds to this scheme daily.

Thanks - I appreciate all the helpful information and direction. I will file complaints! Senen's arrogance and disceptive business practices has been a challenge to tolerate.

 

[pboyles]

I've just learned you are entitled to a full refund of your membership fee which you paid to Pousa if you now file a complaint with the Australian Securities and Investments Commission: Australian Securities and Investments Commission - 04-132 Traders eligible for seminar refund under enforceable undertaking

That's an enforceable undertaking against a vendor called John Duggan back in 2004. Its got nothing to do with Pousa and doesnt mean you can claim your money back.

 

[pboyles]

It's a precedent in a common-law jurisdiction.

It doesn't mean you're entitled to a refund, if people reported it to ASIC (which they mostly haven't) then perhaps they would issue such an enforceable undertaking. Until they issue such an order against Pousa you're not entitled to anything.

 

[SonicSunburst]

It's a precedent in a common-law jurisdiction.

I would expect the end result to be similar for Pousa, but there is no precedent here. FSR law has changed many times since 2004, and ASIC investigate and treat each instance uniquely.

Just how do you propose a client use an 8yo EU against a totally unrelated entity to claim a refund from Pousa?

 

[pboyles]

The client doesn't need to use it. All they need is to file a complaint with the ASIC. The ASIC will then act upon their precedents.

Its got nothing to do with precedents, it depends on the available evidence and whether or not Pousa has breached current laws and regulations. Seeing as how very few, if any, of you have reported it I imagine evidence may be a bit thin on the ground.

 

[pboyles]

You betcha:

I wonder how much that woman paid in who received the $150 bill, that's 6 to 10 times more than the others. The strange thing is she seems to think everything is fine.

 

[mountainviewnc]

I wonder how much that woman paid in who received the $150 bill, that's 6 to 10 times more than the others. The strange thing is she seems to think everything is fine.

Since there seems to be a fair number of IIC members here and since IIC pulled down their facebook page I thought I would share several emails I sent to IIC to help give people perspective. I also filed a complaint with ASIC!

1st -
I recently watched the Joint Venture Webinar and I have a few questions. Is Investment Intelligence Corporation doing a joint venture with IB Capital? Does Investment Intelligence Corporation contract with IB Capital to do currency trading for its membership? I was under the impression that the Prophet Max Managed FX and Quant are proprietary trading systems developed by the Investment Intelligence Corporation and offered only to members? Are the traders using these systems employed by Investment Intelligence Corporation or IB Capital? If the traders are employed by IB Capital are the Prophet Max Managed FX and Quant Systems only used for trading for Investment Intelligence Corporation members? In the interests of total transparency I am trying to get a clear picture of the Investment Intelligence Corporation and its relationship to IB Capital, as well as, a better understanding of exactly what my membership to Investment Intelligence Corporation provides to me. Thank you!


2nd -
Hello,

I am respectfully writing to request a refund of my membership. Senen refers to Investment Intelligence Corporation as a "new guard" company - this is not my experience. I have found Investment Intelligence Corporation to be one of the most difficult companies I have dealt with in my life. It is a company that has a veil of secrecy and protection around it. In my experience you answer some questions and totally disregard others - clearly certain questions are off limits such as the true relationship between Investment Intelligence Corporation and Global Forex Management and IB Capital. It seems to me the proprietary elements are the 4 levels and campfire gatherings. I would guess that aside from the 4 levels and campfire gatherings that the currency trading is simply brokered out, for a fee, to Global Forex Management through IB Capital and is identical for their clients and the Investment Intelligence Corporation clients. Why else would you be so guarded about your relationship with Global Forex Management? What is really proprietary about ProphetMax? Although I appreciate the information on a raw foods lifestyle I signed up for investment purposes. I am 58 years old and have been living a Vegan lifestyle (a daily practice of compassion and nonviolence) for over 25 years, drinking green smoothies every day, hiking,/exercising and meditating every day. I believe looking at target passive income and beliefs about money are useful endeavors but again it is something I have addressed. The light finally went on when I was listening to the Millionaires Club joint venture brokers webinar. Prior to joining Investment Intelligence Corporation the Millionaires Club was billed as an additional membership benefit which provided valuable expertise in creating additional annual income. I seems the Millionaires Circle is really just more webinars for marketing internet entrepreneurs to sell their wares providing Investment Intelligence Corporation more direct income and mostly offering new ways for members to market Investment Intelligence Corporation memberships. In the Millionaires Circle the comment is made - "many of the millionaires and billionaires of today made their fortunes on-line". My intuition tells me that Mike Dillard, Senen and others promoting their wares on the internet are really joint venture brokers that are working together using their membership for promoting each other and making lots of money doing it. A "new guard" company to me is one operating from a place of total integrity demonstrated by total transparency and full disclosure. They are companies that are very responsive to the questions and needs of their client base. Unfortunately this just has not been my experience with the Investment Intelligence Corporation. In fact Investment Intelligence Corporations makes statements such as - "Our goal is clear and prominent disclosure", "As you know Senen is always looking to add maximum transparency for members" and at the same time is making statements such as - "Please do not send emails regarding this development (i.e.annoucement naming Global Forex Management as Prophetmax trading group) we are busy enough ...". "If you contact them directly (i.e. Global Forex Management and IB Capital) it will lead to termination of your account and termination of your membership with no refund.". Additionally in your recent Earnings Disclosure you say - "Information and material on our website should not necessarily be relied upon and should not be construed to be professional advise from us. We do not guarantee the accuracy or completeness of any of the information provided ...". It seems to me that Investment Intelligence Corporation spends significant energy creating this veil of secrecy and producing documents to protect its down side - "maximum liability is $100" while portraying its company as a "new guard company". The Earnings Disclosure also reveals that those providing testimonials and examples may have received some form of material reward. Mike Dillard sent out emails months before his webinar with Senen portraying Senen as this brilliant wealth adviser who works exclusively with the wealthy with phenomenal investment returns. After becoming a member it slowly became clear that Senen has not been working with the wealthy exclusively but rather he provides membership incentives and marketing tools in the form of Millionaire Circle Webinars for members to promote Investment Intelligence Corporation memberships. Perhaps Investment Intelligence Corporation should consider the values statement found on the Global Forex Management website that indicates the company is - "Based on superior client service, transparency, honesty. We pride ourselves in servicing our clients with integrity, excellence and trustworthiness." It is my position that Investment Intelligence Corporation had members make agreements without full disclosure and transparency. Since I am unwilling to agree to the Earnings Disclaimer it seems that I can no longer access Level 3 and the I.C.C. Agreement, etc. I am requesting copies of all the agreements that I made with Investment Intelligence Corporation for review by my attorney. It feels like Investment Intelligence Corporation has betrayed my trust. As an internet based company Investment Intelligence Corporation seems to manipulate its membership by totally controlling information it wants its members to hear and see and by hiding information it does not want its members to hear and see - not the qualities I would associate with a "new guard" company. If Investment Intelligence Corporation was truly a "new guard" company and in fact coming from integrity, transparency and trustworthiness I would expect you to post this letter on your facebook page for members to read and judge for themselves!

IIC has never really responded to my questions other than refer me to the IIC agreement and suggest I go on campfire gathering to pose questions to Senen directly. But since I refused to confirm the recent earnings disclaimer I can no longer access level 3. If enough members file complaints with ASIC maybe we can have IIC investigated.

 

[HRH]

All brokerage firms (including the non-US ones) that open accounts for the US customers are required to register with the US CFTC effective October 18, 2010: Foreign Currency Trading - CFTC . I do not see IB Capital maintaining this registration. I therefore suggest you also file a detailed complaint with the US CFTC on the matter: File Complaint or Report Suspicious Activities - CFTC

Thank you for that!

 

[Lightning McQueen]

I wonder how much that woman paid in who received the $150 bill, that's 6 to 10 times more than the others. The strange thing is she seems to think everything is fine.

let's be upbeat, at least the silly thing finished her collage :whistling

 

[KrakatoaJack]

Did you 'invest' with Pousa, Lightning McQueen?

 

[Lightning McQueen]

Did you 'invest' with Pousa, Lightning McQueen?

no, absolutely not! was totally unaware of it until this thread showed up here.

which makes me curious, how do people get sucked into these schemes? how do they become aware of them? and leave all common sense behind when handing over the dosh to these muppets?

serious question for those that fell for it, so please be honest everyone

 

[HRH]

You're most welcome. Likewise, all Forex account managers are required to register with the US CFTC under the same legislative provision ("Persons who solicit orders, exercise discretionary trading authority or operate pools with respect to retail forex also will be required to register, either as introducing brokers, commodity trading advisors, commodity pool operators (as appropriate) or as associated persons of such entities"). I do not see Global Forex Management, LLC and Kevin Clarke maintaining this registration either, effectively making them subject to an identical complaint to the US CFTC.

Thanks a second time. Not a good researcher but excel at making good use of good information.

 

[Lightning McQueen]

They sign up for Mike Dillard's mailings.

they can't all be dillards sheople? surely?

there are other mlm/affiliate lines linking to it, maybe dillards was the biggest? i've seen no pre february/march account statements from anyone. so yes, maybe they were all mainly dillards?

 

[pboyles]

let's be upbeat, at least the silly thing finished her collage :whistling

Well at least she's got something to fall back on. Can't beat a college education, or as we'd call it a Polytech.

 

[KrakatoaJack]

I guess everyone gets ripped in some way or another during life on planet Earth - i dont know ANYONE who hasn't been - I guess this was my time. It leaves a bad taste.

Either way I had heard about FX trading and this looked like a great way to get my foot in the door. Call me sucker--as you have-- but that's how I got here...

 

[Lightning McQueen]

I guess everyone gets ripped in some way or another during life on planet Earth - i dont know ANYONE who hasn't been - I guess this was my time. It leaves a bad taste.

Either way I had heard about FX trading and this looked like a great way to get my foot in the door. Call me sucker--as you have-- but that's how I got here...

i do believe many members of this forum are genuinely sorry of yours and others losses at the hands of these marketers.

the problem i think is you believe their hype and/or scare tactics of theirs and you are trapped into their marketing bubble, difference being they charge for being a member of their community, whereas here you are not.

well now you are here you can see that information they charge big dollars for is freely available, not just here but many other forums relating to trading too. it's a bigger world of information out there than they'd like you to believe.

be free people, look after your own money don't let others do it for you. get shot of those marketing idiots

 

[KrakatoaJack]

This is another SURVEY. ( last one I promise) I am interested to know what people ar thinking/doing!

(I will post up results as they come in)

Ongoing Questions Survey

 

[HRH]

Well, I am a fellow sucker who fell for this and now fighting back. We're in the same boat.

Fell for Dillard's ideas about self-directed IRAs (that's ok), gold and silver (that's ok), and then came Cupcake (not ok) .... with a promise I couldn't refuse! You see it wasn't just Mike Dillard and Senen Pousa: they have an army of like-minded (out - kadiddlehoppers) (in - grifters) backing them up. It's a small army of carpenter ants waiting to knock your house down. Great time for their operations - the world's economy is headed for the toilet!

 

[Lightning McQueen]

kadiddlehoppers

must be an americanism? had to look that up :cheesy:

kadiddlehopper

A stupid ignoramus whom you can look down upon. From the Red Skelton character Clem Kadiddlehopper, the archtypal American hayseed ignoramus.

is that right?