Daily fraud update: 30th October

ForexFraud

Hello and welcome to your daily fraud update covering the cryptocurrency and foreign exchange worlds.

CFTC looks for action in VOS Capital Management case

A major US regulator has announced that it will bring more documents in front of a court over a case involving a firm called VOS Capital Management.

The Commodity Futures Trading Commission (CFTC) has taken the clerk’s certificates of default to the New York Southern District Court in an attempt to get action against the firm and its leader, Dominick Vincent Carducci.

The move has occurred after neither VOS Capital Management nor Carducci responded to a range of previous complaints.

Carducci and his firm are accused of carrying out a scam forex investment scheme in which they sought out donations from a range of investors and then pooled them together.

They pooled the investments in what are known as off-exchanged leveraged foreign exchange contracts.

Trading on the margins in this way can increase the value of an investment exponentially, but it can also cause it to drop exponentially too.

It is alleged that Carducci made a range of false claims and misrepresentations.

According to the original complaint, the CFTC said that this happened through a diverse range of mediums.

“Defendants solicited prospective Pool Participants through in-person meetings, telephone calls, e-mails, text messages and word of mouth, seeking out individuals who would agree to let Carducci trade forex on their behalf through his company, VOS Capital”, it reads.

It went on to outline the extent of Carducci’s allegedly false claims.

“In soliciting prospective Pool Participants, Carducci, as an officer and agent of VOS Capital, made the following misrepresentations, among others”, it said.

That he “was a highly successful forex trader” was one, and “that by virtue of his trading success Carducci was able to make frequent international trips and to acquire luxury automobiles and expensive clothing”.

“At least one Pool Participant was told that Carducci has made $11 million from forex trading”, the CFTC added.

Dubai man arrested over crypto fraud claims

A man originally from Pakistan, who lives at one of Dubai’s most prestigious addresses, has been taken into custody over claims of fraud.

Aziz “Com” Mirza, who lived in the world-famous Burj Khalifa, is accused of carrying out fraud in a range of ways including Ponzi schemes.

He is also accused of creating a cryptocurrency which was later rendered worthless.

He created a scheme which was called the Leverage Programme (LP) and managed to get over a thousand sign-ups – at a cost of £5,000 each.

His cryptocurrency, which is allegedly fraudulent, was known as Habibi Coin.

According to the local press, his victims were from far and wide and included people from as far away as North America.

One Dubai resident, originally from India, who signed up told Gulf News that she had lost all of her savings.

“We were called for a meeting at a mall in Dubai where Com promised us financial freedom within one year. More than two years have passed since then and I have no clue where my money is”, said the Indian expat.


ForexFraud

Latest news

EUR/JPY nears 2020 highs – are the bulls ready to show?
Although it has shown itself to be a bit of a slow starter over the last few months, things appear to be beginning to heat up for the EUR/JPY. Read more
EUR/USD hits $1.18 following German sentiment survey
Despite seeing some positive gains on Monday following the posting of positive news regarding the details of a stimulus package and US labour market data, the USD has suffered a minor blow against the EUR as the economic situation stabilises in Europe. Read more

Safest Forest Brokers 2020

Broker Info Best In Customer Satisfaction Score
#1 ForexTime LogoYour capital is at risk Founded: 2012 Global CFD and FX broker
Number One Broker
Best FOREX BROKER Visit broker
5
#2 Forex Broker Pepperstone LogoYour capital is at risk Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#3 Plus500 Logo80.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Broker
Number One Broker
Best Trading App Visit broker
5
#4 Your capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
5
#5 BlackBull MarketsYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
5

    Forex Fraud Certified Brokers

    ATFX Logo
    IQ Option Logo
    iTrader Logo
    VantageFX Small Logo
    Exness Small Logo
    Pepperstone
    FXTM Logo
    OctaFX Logo
    LegacyFX Small Logo
    HYCM Logo
    Swissquote logo
    skilling logo
    City Index Logo
    XTB Logo
    Oinvest Small Logo
    Plus500 Small Logo
    XM Logo