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Our research team find this broker as illegal broker with no regulatory authority
The Top 5 Largest Cases of Forex Fraud
Launched in May 2019, the well-known cryptocurrency exchange FTX declared bankruptcy last year. Bankman-Fried (SBF), the former CEO and creator of FTX, has been charged with fraud. SBF has amassed a remarkable career in the cryptocurrency space over a long period of time with the company he started, FTX, making him a billionaire. However, all of that was destroyed with the demise of FTX. Reuters claims that SBF covertly moved $10 billion in FTX client funds to his own trading company, Alameda Research, which is why FTX was in crisis. There are at least $8 billion in missing funds. A US federal magistrate later approved Sam Bankman-Fried’s release on a $250 million bond when Bankman-Fried was later detained. Diamond Black Capital Solutions The sum at stake is $35,000,000.00
The “Black Diamond” scam took place between 2007 and 2010. Running many hedge funds, Keith Simmons and Deanne Salazar collaborated with other partners to dupe clients into investing in foreign currency markets. Over a period of years, 240 clients invested $35 million until their dirty laundry was exposed. Keith Simmons is accused of stealing $35 million from investors in his hedge fund.It was revealed that Black Diamond Capital Solutions was a pyramid scheme that gave investors no return on their investment since the clients’ money was never really used in the foreign exchange market. After the American financial regulator, the CFTC, conducted a thorough investigation into the scam in 2011, Keith Simmons and Deanne Salazar were given jail sentences of 40 years and 4.5 years, respectively.FVP Transaction The sum at stake is significant but not known. An example of a Ponzi scheme is the online forex broker FVP Trade. The money of numerous traders who made investments with the broker was frozen. The broker continues to employ a number of strategies to maintain client trust, including in-person seminars and false claims of receiving “third-party funding.” The chief of the FVP Trade Representative Office in Quang Binh, Vietnam, was taken into custody on August 8, 2022. Currency-3D A total of 1.9 billion Thai Baht is at stake.In 2019, the Forex-3D Ponzi fraud was exposed by Thai police.
FX-3D is a brokerage that caters to customers seeking short-term, high-return products; their clientele includes government leaders and celebrities. Numerous celebrities provided incentives for the scam, which led to thousands of victims. 19 people were detained for allegedly robbing consumers of money through a “Forex-3D scam,” including well-known Thai actress Savika “Pinky” Chaiyadej, her mother Sarinya Chaiyadej, and her older brother Surayuth Chaiydej.
Through the website forex-3d.com, the fraud connives to convince victims to invest their money in foreign exchange with the promise of a 60–80% profit. But after making an investment, they didn’t receive the promised profits. The DSI estimates that 14,000 or more people fell for the fraud, losing an estimated 1.9 billion baht in total. Famous actress “Pinky” and 23 other suspects in the Forex-3D fraud case were summons to court by Thailand’s Criminal Court. “Pinky,” who took part in a Forex-3D “Ponzi” scheme, could spend up to 20 years in prison for fraud Oli Capital The sum at stake: $50,000,000 Oli Capital is an Australian financial services firm that was founded in 2018. The website of Oli Capital states that the company makes investments in various stocks, gold, and idea projects related to hydrogen energy. The CEO of Oli Capital is thought to have fled with the money when the company just failed. The problem has been raised in particular by an open letter that was allegedly written to all investors by Qi Luo, CEO of Oli Capital. Many investors were incensed by the letter since it was forceful and even confrontational. The problem still persists. We’ll continue to monitor the circumstances.
