Many people these days seem to be wondering if Finanzas Forex is a reputable investment firm. Unfortunately for those who invested money in the firm, the answer appears to be a resounding “no” and the company demonstrates all of the classic hallmarks of a failed High Yield Investment Plan or HYIP Ponzi scheme.
Additional details about this potential forex scam appear in the following sections and below them we provide links to other possible scams.
What is Finanzas Forex?
According to information contained on FAQ web page for Finanzas Forex, Finanzas Forex is the commercial name of Evolution Market Group Inc. which claims to be headquartered in Panama. Apparently, the firm was registered as an anonymous corporation with a Panama Registration number of 558703. This is one warning signal about the company since Panama does not regulate corporate activities like the United States does.
The FAQ goes on to say that Finanzas Forex is an online private investment firm specializing in the forex market. It also claims to facilitate people of limited resources to obtain access to investing in the forex market without a large investment and without any knowledge of financial markets.
Finanzas Forex Organizational Structure
Furthermore, although the Finanzas Forex FAQ page describes the organization of the company as being headed by a president, no name is given for that individual. Neither are names provided for the heads of the other departments listed on the website which includes the firm’s information, administration, marketing, legal, finance and account management sections.
Without publishing any names, the site nevertheless assures the visitor that the head of each department is a real professional in their respective areas. This makes it rather difficult to check up on the biographies and possible criminal records of any individuals involved.
The page goes on to explain that the company is not a bank or stock brokerage, but that their investments are outside of the stock market and that they invest solely in the Forex market – an unregulated market.
Minimum Deposit and Duration of Deposits
According to the FAQ, the minimum deposit for investors in Finanzas Forex is $100 USD, which is typically not credited to your account for two weeks or 10 business days after the initial deposit is made. After depositing the money, which can only be done through a bank transfer, the funds must be left in the account for a minimum of six months.
Commissions are charged by the bank depending on where the funds originated. Finanzas Forex assures potential customers that these fees can usually be recovered in the first month’s profits. The funds are then made available for a customer to invest in any one of a number of different investment options.
Nevertheless, when trying to find out what the investment options are that customers can choose from, the web page with the investment plans was blank. The page did say that the company was not accepting investments from the European Union, or from any country, depending on which language you read the website it.
Furthermore, the firm’s website also advised that those wishing to invest should do so through companies regulated by competent organizations. Perhaps this implies that they are not such an organization?
When pulling up the pages in English, the site specifies it does not “admit any investor from any world’s country” citing the Evolution Market Group Inc. was waiting for:
“The resolution that the USA authorities will release in order to return to its investors the deposited funds.”
In addition, the site reminds investors that Finanzas Forex:
“Has followed and continues to follow an anti-money laundering strict policy, for which it was implanted a compliance system.”
While the exact meaning is unclear due to the notably poor English, it might be trying to say that the company has a compliance system to avoid having people use it to launder money.
Conclusion – Very probably not.
Basically, the Finanzas Forex website is sorely lacking in any valid information about the people operating the company, its investment plans or whether they are willing to return funds to their original investors. This means that Finanzas Forex is highly unlikely to be a reputable investment firm.
Furthermore, many people on online forex discussion forums claim to have not had their funds returned and to have not received any word from the company for some time. Since Finanzas Forex does not seem to have addressed its investors since August of 2009, most people who trusted the company are now losing hope of recovering their investments. Apparently, several international lawsuits against the company are also pending.
Basically, the Finanzas Forex HYIP scheme seems to have gone the way of the dinosaur — extinct.
Please be careful and also read the following scam assessments:
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- Interpol Declares Investment Scams “Serious and Imminent Threat”
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