According to the SEC, the reason scams thrive is that investors do not make necessary efforts to crosscheck investment offers and people behind it. Forex Finance Ltd is an old scam with a new face. People who do not care to check what they’re putting money into would end up losing it.
What is Forex Finance Ltd?
The company claims that it is a UK registered entity that is determined to help investors to make profit through minimal input. It claims that it is run by a team of professionals that assess the coin market and use their expertise to the advantage of the company.
Presently, they have decided to make the business available to investors. The essence, according to them is to expand the company. As a reward, the investors share in the company’s profits which could be withdrawn daily.
Forex Finance Ltd is obviously seeking to attract many investors as seen from an elaborate plan to generate buzz around it through the social media. This would no doubt give the company the traction it needs to gain many investment deposits.
How Reliable is This Site?
We deliberately contacted the customer support to gain insight into the operations of the site. What we discovered is that this is another shady crypto investment site that is dodgy over the owners.
As you must have known, one feature of fraud sites is unwillingness to disclose the identity of the people behind it. The support managed to give us the name, Brian Walters as the CEO. But a scrutiny of the name showed that there is no real person behind it.
Certain that it was a fake ID, we demanded for the social profile of the founder but were told that they are not on social media but would provide evidence that their investors are paid.
Now this is interesting considering that this is a new site that its domain registered on July 11, 2019 which is just a month ago. This is contrary to its claims that it has been in operation for 707 days as seen on the website.
A New Site from Serial Fraudsters
A background check on the Incorporation certificate showed that the company name Forex Finance has been registered since September 8 2017. The name is also behind another scam, Elitefinfx.
It is very likely that the fraudsters behind Forex Finance are also behind Elitefinfx which would soon become an exit scam. This is not surprising, since scammers move from one scam to another.
Obviously, this happens because there are many investors that do not make effort to check the background of the sites that they’re investing with. Routine checks would expose the fact that fraudster are behind such sites.
Just asking them how they made profit was too hard a question to answer. The support simply responded with:
“You will be able to obtain profits through investing with our company. After 24 hours of your investment. 120% will return in your account.”
The support added that we should just make deposit, emphasizing that it is a “legit” platform despite our request to conduct more research on their background.
It is obvious that their interest is just to lure investors to make investments. This is the standard practice with fraudsters as seen from this warning from SEC:
“Pressure to send money RIGHT NOW. Scam artists often tell their victims that this is a once-in-a-lifetime offer, and it will be gone tomorrow. But resist the pressure to invest quickly, and take the time you need to investigate before sending money. If it is that good an opportunity, it will wait.”
Investment Plan is HYIP Scam
From the offers on the website, it is obvious that this is a fraud assessing from the ROI they promise the investors. No business, irrespective of its industry can pay 100 percent to investors even in a month, talk less a day. This is the first approach employed by fraudsters to entice investors and steal their funds.
According to the US SEC,
“Most fraudsters spend a lot of time trying to convince investors that extremely high returns are “guaranteed” or “can’t miss.” Don’t believe it.”
The best case scenario from frauds like this is that they may pay small investors for publicity but that is doubtful for this site. What is obvious is that when they get big deposits, the fund is lost.
As expected, they’re working at promoting this scheme through affiliates, many of whom are aware that it is a scam but would still promote hoping that they would make profit from investors’ deposits.
The unfortunate happenstance of working for fraudsters is that they defraud both affiliates and investors down the line.
The information on this site is meant to lure, entice and deceive and none is credible. Even the stats showing deposits and withdrawals are imaginary inventions.
The basic tests with which to know a scam is the profit it offers, and the antecedence of the people behind it.
[bctt tweet=”Known scammers would move to new sites when they’ve been busted as crooks on older sites they own.” via=”no”]
Forex Finance Ltd is an active scam that has merely set up a new site. They are ready and willing to promote it long term as could be seen from the marketing materials on the site.
Their reluctance to place a phone number onsite would be due to the fact that the fraudster owner isn’t really based in the UK. It is likely that they would add that when they secure a UK subscribed phone.
To invest your funds in sites like this is akin to throwing them down the drain. This is why we advise that you use regulated investment platform. Here is the site that we recommend so that you grow your assets safely.
What experience have you had with fraud sites? Please do let us know using the comment box. You could inform us of ongoing investment programs using the contact page so that we review them and help you keep your funds away from fraudsters.