Foreign Currency Trading (Forex) Fraud

[Dinar Buddy]

CFTC Fraud Advisories

Link: http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/CFTCFraudAdvisories/fraudadv_forex

 

Foreign Currency Trading (Forex) Fraud

The Forex market is volatile and carries substantial risks. It is not the place to put any money that you cannot afford to lose, such as retirement funds, as you can lose most or all it very quickly. The CFTC has witnessed a sharp rise in Forex trading scams in recent years and wants to advise you on how to identify potential fraud.

Signs of a Possible Fraudulent Sales Pitch

• Lead you to believe you can profit from current news already known to the public.
  “Given the things happening in Iraq, you can easily profit from the exchange between the U.S. dollar and the dinar.”
• Made through word of mouth referrals or emails from friends and relatives, members of community organizations, churches, or social groups.
• Contacts you asking for personal information such as your name, phone number, and email and home addresses.
• Promising that with Forex there is no “down-turning market”.

Possible Persuasion Tactics You May Experience

• Dangling the prospect of wealth and enticing you with something you want, but can't have.
  "This Euro/dollar deal is guaranteed to rise double what your current investments are doing."
• Trying to build credibility by claiming to be with a reputable firm or to have a special credential or experience.
  "Believe me, as a 10-year senior vice president at this firm, I would never sell something that doesn't produce."
• Leading you to believe that other savvy people have already invested.
  "This is how Bob down the street from you got his start. I know it's a lot of money, but I'm in—and so is half our club. It's worth every dime."
• Offering to do a small favor for you in return for a big favor.
  "I'll give you a break on my normal Forex commission if you buy now—half off."
• Creating a false sense of urgency by claiming limited supply.
  "There are only two units left and the Asian market is about to open, so I'd sign up today.”

 

[Texas1]

Too late

[Texas1]

More smoke and mirrors.......

[Driver]

Can't really say that this "Advisory" is common sense, otherwise everyone would already be in possession of this knowledge.  I'd call it either, good sense or a rule of thumb.  As far as the opening sentence is concerned, the same could be said for investing in the stock market, playing the lottery or visiting a casino.  Just sayin'  

[R Veyron]

This whole dinar thing has been going on for years and they're just now getting around to warning people.... What about the U.S. banks and how the better part of the nation lost out big time and many lost their homes ? Should we not of been warned about that mess and the "fraud" involved with that ?

[RVWITHME]

 

CFTC Fraud Advisories

Link: http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/CFTCFraudAdvisories/fraudadv_forex

 

Foreign Currency Trading (Forex) Fraud

The Forex market is volatile and carries substantial risks. It is not the place to put any money that you cannot afford to lose, such as retirement funds, as you can lose most or all it very quickly. The CFTC has witnessed a sharp rise in Forex trading scams in recent years and wants to advise you on how to identify potential fraud.

Signs of a Possible Fraudulent Sales Pitch

• Lead you to believe you can profit from current news already known to the public.

  “Given the things happening in Iraq, you can easily profit from the exchange between the U.S. dollar and the dinar.”

• Made through word of mouth referrals or emails from friends and relatives, members of community organizations, churches, or social groups.
• Contacts you asking for personal information such as your name, phone number, and email and home addresses.
• Promising that with Forex there is no “down-turning market”.

Possible Persuasion Tactics You May Experience

• Dangling the prospect of wealth and enticing you with something you want, but can't have.

  "This Euro/dollar deal is guaranteed to rise double what your current investments are doing."

• Trying to build credibility by claiming to be with a reputable firm or to have a special credential or experience.

  "Believe me, as a 10-year senior vice president at this firm, I would never sell something that doesn't produce."

• Leading you to believe that other savvy people have already invested.

  "This is how Bob down the street from you got his start. I know it's a lot of money, but I'm in—and so is half our club. It's worth every dime."

• Offering to do a small favor for you in return for a big favor.

  "I'll give you a break on my normal Forex commission if you buy now—half off."

• Creating a false sense of urgency by claiming limited supply.

  "There are only two units left and the Asian market is about to open, so I'd sign up today.”

 

 

Yah, for sure I talked to  my girlfriend and she said she would party with us all night so it would be just the 3 of us and it would be fun, but she only eats lobster and drinks really good champagne or she gets a headache.