The British financial regulator Financial Conduct Authority (FCA) blacklisted yet another scam company, this time with the trust-inspiring name Retire YoungFX. According to the regulator warning, that Forex company has been providing financial services to United Kingdom citizens without the proper authorization to do so. And it is also apparently a clone company, using the details of another company to make itself appear legitimate. They have, totally unsurprisingly, been conducting investment scams against their clients. People who have been cold called and/or scammed by this entity are urged to contact the FCA as soon as possible.

I really want to know who sees companies named like that and thinks "Yes, this is where I want to invest my money, I will surely retire young if I do". Apparently those people do exist if regulators have to interfere.

mlawson71 wrote: Wed Jun 17, 2020 11:17 pm I really want to know who sees companies named like that and thinks "Yes, this is where I want to invest my money, I will surely retire young if I do". Apparently those people do exist if regulators have to interfere.

Hahaha same here bro. This kind of scam happens to so many Australians (especially elderly and retirees). I don't know why people trust these types of shady investment opportunities man!

mlawson71 wrote: Wed Jun 17, 2020 11:17 pm The British financial regulator Financial Conduct Authority (FCA) blacklisted yet another scam company, this time with the trust-inspiring name Retire YoungFX. According to the regulator warning, that Forex company has been providing financial services to United Kingdom citizens without the proper authorization to do so. And it is also apparently a clone company, using the details of another company to make itself appear legitimate. They have, totally unsurprisingly, been conducting investment scams against their clients. People who have been cold called and/or scammed by this entity are urged to contact the FCA as soon as possible.

I really want to know who sees companies named like that and thinks "Yes, this is where I want to invest my money, I will surely retire young if I do". Apparently those people do exist if regulators have to interfere.

Here in the Philippines... (before COVID-19 pandemic lockdown) There are a lot of wannabe gurus (locally based) of trading lured by legit retail brokers who market themselves like pyramiding companies (too aggressive) marketing strategy showing Forex trading as easy as 1+1 = 2. They just wanted to replenish those B-book clients, and to taking advantage of human greed of some gullible newbies. Recently, some gurus of local stock trading are adding Forex trading in their paid seminars/webinars sponsored by these retail brokers (e.g. XM, and the likes), some of the so-called gurus are not trading, they are earnings being paid by these retail brokers and via IBs.

The only regulators here are the so-called SEC (Securities & Exchange Commission) wherein they act as reactive regulators but not in preventive action (the only preventive are written only on fine print... meaning once someone files a case to the court of justice). Issue warning but not pursuing unless push (or force) by many.

Sadly these problems are pretty ubiquitous in many, many jurisdictions.