Forex Fraud Warning
BE CAREFUL, SOMEONE WANTS YOUR MONEY
Warning Signs of Fraud:
"Too good to be true" claims. Get-rich-quick schemes are actually lose-everything-quick schemes.
Offers that guarantee large profits. Such claims are false!
Offers that promise little or no risk
Pressure to invest funds that you cannot afford to lose.
High-pressure tactics to send or transfer cash immediately.
Reluctance to provide credentials or background information.
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Most Forex fraud is committed by either firms located in South Florida (Boca Raton was voted by CNBC the telemarketing fraud capital of the world in 2000), Southern California or outside the United States. Never make a check or bank wire payable to ANYONE other that a FCM registered with the NFA. In the majority of cases Forex fraud is perpetrated by firms located in the United States and the principals and brokers of the firm and were at one time registered with the National Futures Association (800) 621-3570 and have had their licenses revoked.
There is a lot of fraud from boiler rooms that are telling there clients to make the check payable to a offshore FCM or in many cases a Bahamas FCM. THERE ARE NO BAHAMIAN FCM's , with the exception of major World Banks. The Bahamas are the country of choice for fraud and to steal your money because the Bahamas are 20 minuets from South Florida. 100% of the money you invest in Forex in the Bahamas will be stolen and will NEVER be placed into ANY trade.
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Prior to purchasing any forex, check whether the company is registered with the CFTC (www.cftc.gov) or is a member of the National Futures Association (www.nfa.futures.org) or Better Business Bureau ( www.bbb.org ).
If in doubt, do not invest! If you can not get solid information about the company, the salesperson and the investment, why would you want to risk your money?
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Highly recommended pages to be surfed :
1 -
Commodity Futures Trading Commission, USA 2004
Consumer Protection Advisory on Commodity Scams.
2 -US National Futures Association published a very important
brochure [.pdf] file
"Trading in the Retail Off-Exchange Foreign Currency Market:
What Investors Need to Know" 2004.
CMS LLC is registered as a Futures Commission Merchant (FCM) with the CFTC and the National Futures Association (NFA) (Member ID# 0313199).
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