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How Mr. Johnson Recovered His Life’s Savings Worth $67,000 by Collaborating with Chargebacking & Kicking His Forex Scammers to The Curb!
The single most important thing a person can do to avoid being conned is to understand how to trade in the Forex market properly. The problem is that finding trusty Forex teachers is difficult.
With almost US$5 trillion transacted daily, the foreign currency exchange market, also known as the Forex market (FX), is the world’s largest trading market, dwarfing the Stock Exchange. The forex is open all day, and when New York closes, trading in Tokyo and Hong Kong resumes. Currency pairs are always traded, such as the US$ and the UK£ or the US$ and the EURO. With regular price changes, this chaotic market can make a lot of money for institutions, organizations, and some individuals. The FX market is a highly volatile market with significant hazards. It’s not a good place to put the money you can’t afford to lose, like retirement funds, because you might rapidly lose most or all of it. The CFTC has seen a significant increase in forex trading scams in recent years and wants to help you spot possible fraud.
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If you’re someone who is into Forex Trading, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!
Table of Contents
The Many Types of Forex Scams That Exist in The Market Today
The following list of Forex scams documents the various sorts of scams that have been used in Forex frauds in the past and present.
1. Signal sellers
The signal seller scam involves an individual or a firm providing information on which trades to make and stating that this information is based on professional forecasts that will produce money for the inexperienced trader.
2. High yield investment programs
High yield investment programs (HYIPs) are typically a Ponzi scheme in which a high rate of return is guaranteed in exchange for a tiny initial investment into a Forex fund.
3. Manipulation of bid/ask spreads
These scams have been less common over time, yet they still exist. This is why choosing a Forex broker registered with a regulatory organization is critical. Spreads of roughly 7-8 pips, rather than the usual 2-3 pips, are used in these scams.
4. Ponzi and pyramid schemes
This is one of the most typical types of affinity fraud. They promise huge returns in exchange for a minimal initial commitment. Early investors frequently see a return on their investment, and this success motivates them to get their friends and family into the plan. The catch is that the ‘investment opportunity does not exist, and their first return is funded by money paid in by other program participants. The con artists close the scheme and grab the money when the number of investors dwindles.
5. Boiler room scams
Scammers use this method to persuade individuals to buy shares in a worthless private firm on the promise that when the company goes public, the value of their shares will skyrocket. They rely on “urgency,” implying that a chance will be lost if they do not act soon, preventing the target from adequately researching the opportunity. However, the company does not exist in most cases and may have a phony phone number, office, and website. When the con artists have made all of their money, they will vanish with everyone’s money.
We want to share with you a case study of one of our clients who we assisted in recovering from a forex fraud.
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With how easy it is for scammers to acquire your data, it’s reasonable to be alarmed. Protect yourself and your loved ones by getting advice from experts. We will guide and even help you get your money back from scammers.
Get To Know The Victim of This Forex Scam
According to FMA research, one out of every five persons has been a victim of investment fraud. Regrettably, some people have actually lost money. Scammers profit from the humiliation that sometimes follows such a loss. They don’t want victims to tell others since it would jeopardize their illegal activity. The following is a true story about Johnson, who lost money to investment scams but took positive action by reporting it to the FMA and contacting us to write his own success story. Johnson is a 41-year-old consultant from Texas who is nearing retirement. He’s been investing in stocks for a long time, owns his home, and has a happy, healthy life.
Johnson is the type of man who invests a portion of his salary in company stock because he feels that by doing so, he will be able to live a financially secure life after he retires. Johnson is the type of man who is concerned about his future. Coming from an SEC C family, he has worked hard over the years to make the kind of living he has always desired. Johnson’s only concern is that his cost of living after retirement will be higher than his pensions. Johnson had the habit of looking for shortcuts to save and build his wealth to maintain his living and lifestyle. Considering all of Johnson’s personality traits and his financial situation, he was continuously stressed and worried about his future. Johnson recently lost $67,000 in a ‘boiler room’ share fraud after receiving a call from an overseas company giving him the opportunity to invest in a pharmaceutical company.
He Was Contacted by An Unofficial Offshore Company
After an offshore company called him, giving him the chance to invest in a pharmaceutical startup, Johnson lost $67,000 in a ‘boiler room’ share fraud. He declined, but he looked up the company and the shares on offer online out of curiosity. Their website appeared to be genuine. They weren’t on the FMA’s warning lists at the time, and they weren’t tied to any scams. They contacted Johnson again a week later. He decided to invest $8,000 this time. His online trading account showed that the value of his stock was increasing. Johnson decided to contribute another $59,000 over the next few months.
When the corporation assured him the shares had been sold and he would get monies the following week, he got dubious. He was never given any money. When Johnson looked up the company’s phone number on Google, he discovered that the name was linked to a possible hoax. In the months that followed, online forums featured comments concerning the company, and warnings were posted on authorities’ websites worldwide. Johnson was harassed by the corporation, who told him he needed to pay $21,000 to get his money back. This has not been paid by Johnson. He still gets up to six unwanted calls every day, which he ignores.
If you’ve been a victim of a forex scam, then consult with us to help you get your account data and stolen money!
The Broiler Room Swimdle That Robbed Mr. Johnson
A boiler room swindle is a form of the con in which Johnson loses his entire life’s earnings. Share and bond scams are frequently perpetrated from ‘boiler rooms,’ when fraudsters call investors cold and sell them worthless, overpriced, or even non-existent shares or bonds. Investors are increasingly being approached by boiler rooms, who offer to buy or sell shares in a way that will result in a large profit. However, victims are frequently left out of pocket, losing everything they own, including their homes. Scammers cold-call investors after obtaining their phone numbers from publicly available shareholder lists in order to commit stock and bond fraud. High-pressure sales strategies can be delivered by email, postal mail, word-of-mouth, or a seminar.
These scams are occasionally marketed as legitimate investment possibilities in newspapers, periodicals, or the internet. They may even provide a free company research study, as well as a free gift or a discount on their dealing fees. You’ll frequently be informed that you must make a speedy decision or risk losing out on a good deal. Scammers may even attempt to offer you stock or bonds in a firm that does not exist. If you currently hold stock in a corporation, you might get a call from someone offering to acquire it for more than its market worth. The scammer will ask for money upfront as a deposit or other type of security, which they promise to return if the deal falls through – but you’ll never hear from them again. Scammers may also pretend to be an international company that does not necessarily have their entire contact and website information included on the Register.
Scammers may even duplicate an approved firm’s website, changing minor details like the phone number. That’s precisely what happened to Johnson. Fraudsters are likely to approach you again or sell your information to other criminals if you have once invested in a hoax. The second scam could be completely unrelated to the first, such as a promise to get your money back or to purchase back your investment after paying a charge. Our organization shines through to defend investors who have been duped. Exchange Back is a money-recovery firm that specializes in providing investigative consulting services to people who have been scammed online and are desperate to get their money back. That is our strong suit! We can help you get your life’s saving back through a comprehensive research procedure, dispute tactics, cyber research, professional detective reporting, and integrative techniques, just like we helped Johnson write his own comeback story.
Chargeback Helped Write A New Perspective For Johnson
The forex is a legal trading platform where you may trade all of the world’s currencies. It would be hard to trade the currencies required to buy imports, sell exports, go on vacation, or conduct cross-border commerce without the Forex market. However, because there is no centrally controlled exchange and huge leverage positions have the ability to make traders a lot of money, scammers take full advantage of the circumstance and naïve traders’ eagerness to enter the market. The Forex market is a ‘zero-sum’ market, which implies that in order for one trader to profit, another trader must lose money. The Forex market does not contribute value to the market.
The undercapitalized trader is nearly always doomed to fail because many currency movements are controlled by large, well-funded corporate entities and banks that are better knowledgeable about the market as a whole. Forex is traded on a regular basis by institutions and huge banks, yet, making a meaningful profit in this market requires a significant learning curve. Scammers take advantage of the complexity of the Forex market by concealing critical information about market reality from their unwary rookie victims, saying that their scheme, information, or software robot will lead to success. After browsing the internet for a way to get his money back, Johnson stumbled upon chargeback. Chargeback was the only company with a high rating and a track record of satisfied clients. Johnson decided to consult our firm since he had nothing to lose.
Johnson was hesitant to share his tale after being duped, but by providing him with a safe environment and space, he was able to reveal aspects of his scam. As soon as we obtained enough information to hunt down the company, our dedicated team got to work on the case. Our organization couldn’t track the company at first since they tried to hide all of their trails, but after two weeks of constant effort, our team cracked the bank data. The IP address and bank account information were tracked down, and the account’s transaction history was utilized to establish that payments had been made. Our recovery team discovered that the IP address belonged to a location in Dallas, Texas. The crew went to the address and contacted the officials to assist Mr. Johnson in recouping his investment. We were able to retrieve half of Mr. Johnson’s investment, and the scammers were given a week to restore Johnson’s money. The balance of the money was retrieved thanks to the officials’ and our team’s efforts.
Mr. Johnson Successfully Got All His Life Savings Back From The Scammers
The single most important thing a person can do to avoid being conned is to understand how to trade in the Forex market properly. The problem is that finding trusty Forex teachers is difficult. The novice must ensure that the broker has made money they claim to have made; due diligence is essential in this case. The Forex market is not a game of chance but rather a legitimate business where trillions of dollars are exchanged every day. If you have been scammed, it is not the end of the world because our firm is here to help you salvage your life’s earnings. We can promise you that we have over five years of expertise working with and combatting cyber-fraud and other sorts of financial scams. When it comes to interacting with our customers, we believe in total transparency at all times. Establishing trust is our alma mater, so meet us in person, look at our firm details online, or speak with others we’ve previously worked with. We will retrieve any cash you owe us, no matter how much or small!
We Can Help You
Victims of scams are stressed out because they don’t know what to do. We have the tools and experience to fight off scams. We will help you in getting your money back.
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