CFX Winning Team Global.
CFX Winning Team Global.
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ChocolateFrog

Original Poster:

34,954 posts

202 months

Tuesday 26th October 2021
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Can anyone tell me what this is about?

Got a mate who's started zealously advertising these guys recently.

5% a week returns, sign up now etc etc etc.

Assumed he'd be hacked but he's been responding to everyone.

It looks and feels like a scam but because I know the person I'm confused, not the type of person to sign their mates upto a pyramid or MLM scheme.

Simpo Two

92,708 posts

294 months

Tuesday 26th October 2021
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I'm not going to google it but it sounds like a Ponzi scheme to me.

5% pw compounded over a year is how much? My maffs isn't up to it.

malks222

2,290 posts

168 months

Tuesday 26th October 2021
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5% a week, I stick £1,000 in, week 4 i’m expecting £1,200 in there, week 26 £3,500 and by week 52 should be coming up to a nice round £12,500 ish?!?

sounds good to me! where do I sign up?!?

CharlesElliott

2,263 posts

311 months

Tuesday 26th October 2021
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Mmmm, a Forex get rich quick scheme, with a Gmail contact address and a registered office in Panama. What could possibly go wrong?

okgo

42,114 posts

227 months

Tuesday 26th October 2021
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lol.

ChocolateFrog

Original Poster:

34,954 posts

202 months

Tuesday 26th October 2021
quotequote all
CharlesElliott said:
Mmmm, a Forex get rich quick scheme, with a Gmail contact address and a registered office in Panama. What could possibly go wrong?
Well yes exactly.

This guy is a serving Major in the Army and previously a good mate although I'm out now so don't see him anymore.

He's said he's already been able to withdraw his initial investment and everything he earns from it now is profit.


ChocolateFrog

Original Poster:

34,954 posts

202 months

Tuesday 26th October 2021
quotequote all
Just wondered if anyone knew more than was easily accessible via Google and where the Forex part comes in or is that just a distraction from the fact it's a straight up Ponzi scheme.

Simpo Two

92,708 posts

294 months

Tuesday 26th October 2021
quotequote all
ChocolateFrog said:
This guy is a serving Major in the Army and previously a good mate although I'm out now so don't see him anymore.

He's said he's already been able to withdraw his initial investment and everything he earns from it now is profit.
Military rank is irrelevant unfortunately.

A friend of mine was invited to invest in jewellery. So she tried a little bit, and got paid back as they promised. So she tried a bit more, and that worked too. The third time - because of course it's been proven to work - she sent £40K. And lost it all. About half her life savings.

I think you can expect your friend to go strangely quiet when his shirt disappears, not least because he will be responsible for all the money his friends lose.

ChocolateFrog

Original Poster:

34,954 posts

202 months

Tuesday 26th October 2021
quotequote all
Simpo Two said:
ChocolateFrog said:
This guy is a serving Major in the Army and previously a good mate although I'm out now so don't see him anymore.

He's said he's already been able to withdraw his initial investment and everything he earns from it now is profit.
Military rank is irrelevant unfortunately.

A friend of mine was invited to invest in jewellery. So she tried a little bit, and got paid back as they promised. So she tried a bit more, and that worked too. The third time - because of course it's been proven to work - she sent £40K. And lost it all. About half her life savings.

I think you can expect your friend to go strangely quiet when his shirt disappears, not least because he will be responsible for all the money his friends lose.
That's basically what I said to him.

I don't know if it's illegal but it's clearly immoral and the thought you could be dragging some of your mates into it as well should be enough to make anyone think twice.

ChocolateFrog

Original Poster:

34,954 posts

202 months

Monday 8th November 2021
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Funny old thing, thought I hadn't seen anything from him for a while.

I must have been putting off too many of his customers because he blocked me.

PorkInsider

6,579 posts

170 months

Monday 8th November 2021
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ChocolateFrog said:
Funny old thing, thought I hadn't seen anything from him for a while.

I must have been putting off too many of his customers because he blocked me.
Sounds like a similar scenario to the brainwashed pyramid scheme 'MLM' nutters who also don't seem to appreciate being told how gullible they are...

Condi

20,320 posts

200 months

Monday 8th November 2021
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Pretty bog standard FX scam. He gets up to 15-20% of any money you put into the trading account and then up to 50% commission on any trades.

You get sent "signals" or can leave your money to a robot to trade. You'll never make money over the long term, but it's always the fault of the "the market" when trades don't go in your direction.

There used to be a thread in the Lounge called "Cheap Fireworks in Manchester" or something like that which had details of a lot of the UK based scams. Mostly instagram "influencers" showing off their money (although more often than not it was fake - empty shopping bags, rented houses, pictures of other people's cars etc). Several names have FCA warnings attached, and it's funny how many people making big money from FX trading actually have a job in Tesco's or live with their mum!