FX United to be deregistered by NZ Companies Office
In an attempt to offer pseudo-legitimacy to their scheme, FX United registered themselves as a corporation in New Zealand.
The idea was that nobody would ask questions and FX United’s anonymous admins could run the scheme from an undisclosed location.
Things started to fall apart earlier this month, after the Financial Markets Authority (FMA) issued a warning against the company.
According to the FMA, they issue a warning when a registered company is
the subject of complaints about loss of investor funds, or other serious misconduct that suggests customers may lose money.
Specifically, the FMA’s May 4th warning against FX United was issued because
United Global Holdings Limited, trading as FX United, has been falsely claiming that the FMA has endorsed the company as being legitimate and highly regulated.
For those unfamiliar with the company, FX United solicit investments of up to $10,000 on the promise of a passive 150% ROI.
Naturally, registration with a securities regulator is mandatory in any markets FX United operate in.
Now FX United troubles with New Zealand regulators continues, with the Registrar of Companies threatening to remove FX United from the Companies Office register.
Notice of intention to remove companies from the register
I intend to remove the following companies from the Register under section 318(1)(ba) of the Companies Act 1993 on the grounds that the companies failed to respond to a requirement made under section 365(1)(caaa) or (c) of the Act.
BLESSING LIFE LIMITED | 5827907
EZYMART LIMITED | 5872824
MAXFIT TRUSTEES LIMITED | 5737831
PRODJECT LIMITED | 3404475
UNITED GLOBAL HOLDINGS LIMITED | 5247841
It’s likely the FMA’s warning triggered information requests from the Companies Office, which it appears FX United have thus far failed to respond to.
The Registrar of Company has set a deadline of June 17th, after which FX United will be struck from the register.
Hi All,
I have trading accounts opened under different FX brokers and fxunited is one of them. Just to highlight, one of my broker ACFX is out of business now as their accounts screened due to some internal client issues.
Its just a point. Well if you are trader you should understand ALL risk before entering FX.
I trade premium account with Fxunited with leverage 1:200 since 2010. I am a trader and i use my own EA to trade as well. In fact i do sell my EA to other traders. It depends whether you use direct selling or network marketing, well its just a marketing plan. EA does not change.
I don’t see any issues with Fxunited so far. Many FX brokers do offer different trading platform for investors and traders. Its your own right to choose them. CGAT is an EA. Its a pretty simple mechanism in FX industry that only a trader could understand in layman terms.
Shah, your article and findings are impressive for public BUT not at all for a trader/broker.
Why do you have such grudge with fxunited. If CGAT is the issue here, well you have the option to trade your self. If you feel legal & license is the issue here, well please do not go for it if you don’t know.
If your are a scam busters, well please do it on a purpose for goodness. Now, you might be preparing an argument again but sorry this is my first and last post here.
Get out of forex if its disturbing you. Forex is not a savings plan. Every brokers do highlight it and it requires individual rights or decision before the venture.
So guys, what i can conclude here in this page is, its just a matter of arguments by certain bunch of X and Y that generates visitors to this blog page.
You should be aware of all the risks associated with fx trading and seek advice from an independent financial advisor if you have any doubts(not from some retarded scam busters or bloggers please).
@Arvin
That doesn’t negate the unregistered securities offering being made.
Furthermore, what idiot invests funds with persons unknown based out of who knows where?
FMA is in newzealand?
Arvin, Arvin.
A SMALL SHARING FROM US.
7 Principles for understanding SCAM VICTIMS.
YOU CAN CONDUCT A SELF ASSESSMENT AND SEE WHETHER YOU FALL INTO ANY OF THE FOLLOWING:
1)Distraction principle. While you are distracted by what retains your interest, hustlers can do anything to you and you won’t notice.
2)Social Compliance principle. Society trains people not to question authority. Hustlers exploit this “suspension of suspiciousness” to make you do what they want.
3)Herd principle. Even suspicious marks will let their guard down when everyone next to them appears to share the same risks. Safety in numbers? Not if they’re all conspiring against you.
4)Dishonesty principle. Your larceny is what hooks you initially. Thereafter, anything illegal you do will be used against you by the fraudster.
5)Deception principle. Things and people are not what they seem. Hustlers know how to manipulate you to make you believe that they are.
6)Need and Greed principle. Your needs and desires make you vulnerable. Once hustlers know what you really want, they can easily manipulate you.
7)Time principle. When you are under time pressure to make an important choice, you use a different decision strategy. Hustlers steer you towards one involving less reasoning.
You called scam buster retarded right, I am bit confused can you please enlighten me whether you are saying scam buster is less advanced in mental, physical, or social development than is usual for one’s age or you are calling him/her foolish or stupid.
Janarthan,
FMA is a New Zealand Regulatory and compliance body for the financial market.
Anyway Arvin, what is your take on THE INTENT TO REMOVE, DEREGISTERATION OF UNITED GLOBAL HOLDINGS LIMITED NEW ZEALAND.
Bro, please do not divert and just answer this very very very easy question?
1)What prompted the New Zealand authority to make such a damaging announcement?
2)What will happen to UGHL and Fxunited investors money, in the event it is deregistered for good?
3)Please advise who is authorised to handle this issue and at least someone who can make a formal announcement in the media or any medium to clear this issue.
4)Please do not make an announcement and end with “Management”, we want names, buddy.
5)We need the name of person who is reponsible and someone who is accountable for lossess suffered by FXunited members?
Okay Arvin be a good boy answer this questions. No one have answered any crucial questions which were raised and we we think, you will opt to take the same escape route and avoid answering us.
Thank you.
Arvin,
Can you explain to the public with regards to point number 9 in the agreement.Refer to link below;
Why this deceiving and cheating?
fxunited.com › files › Introducing-…
As for the grudge thingy that you stated, it is not grudge because I hardly know any of the scammers personally but seeing you fellas screwing innocent people left right and center, we decided to give the scammers the taste of their own medicine- screw them left right and center and started our own investigation about this fraudsters.
Arvin, do you know lately monies are diverted by local scammers to tax havens due to the pressure and the exposure of this scam and and some have even open up big cosmetic producing factory and other businessess and end of the day, the ones who are screwed and end up losers are the innocent ones.
Arvin, please refer to the link and see for youselve what I meant by PANAMA CITY.
Why the need for this?
scamner.com/check/fxunitedpowerteam.com.
BE YOUR OWN JUDGE.
Arvin,
Refer to the link below and figure out how this Panama registration is related to the below link.
scamner.com/whois-history/fxunitedpowerteam.com
@Shah
My dear, scamner is just a free security service made to rate the online reputation of any website. Not a domain sniffer or professional IP tracer.
Try searching any other famous website (Facebook.com or google.com) in it. You will be surprised.
Nizam, thank you for the information.
Since you are so well informed and I suppose this is the best counter explanation that I have received so far, I would appreciate if you could explain why monies are deposited into various company accounts? Refer to the below details:
Why aren’t there a custodial account for members/investors money?
Do you know that a separate/ segregated account need to be kept for all the business transactions? So Nizam, who is doing the book keeping?
One last question- in the event UGHL getS deregistered in New Zealand, what is the next cause of action from the “MANAGEMENT”? Is Fxunited going to return back the money to the investors?
Nizam, are you the compliance officer for FXunited?
I am so suprised that every other someone is responding except for the MIB’s and IB’s.
Smart fella’s ah, don’ t want to break your cover right. This time there is no escape because it is too big a scam to be covered.
Nexusfx investors lost close to 5 million. And all you FXunited members, imagine how much FXunited scammers would have collected from the public.
Never mind, Section 409 of the Malaysian Penal Code is awaiting them.
Nizam, thanking you in Advance for your answers.
@Shah
My dear, this is how IB/MIB manage the remittance between client n company. One of the options is thru them.
If you do some research ALL FX brokers operating in offshore do have their own IB/MIB. Client have also options to chose wire transfer to custodial account or other online payment services. I don’t find your question relevant to your purpose.
Clearly enough said by Arvin. This subject is related to Foreign Exchange and every brokers do highlight it and it requires individual rights research or decision before the venture to trade.
Close this topic la bro. If there is a complain do raise it in right channel. You must understand how brokerage works before u judge bro.
As far as I know, nexusfx, venusfx depositors don’t have their own mt4 acc bridged to show their proven legit trades. And i dont think so they have their dispute resolution or any capital guaranteed aggreements. That’s all I can comment regarding them.
(Ozedit: Offtopic derail attempts removed)
Nizam,
My dear, okay I will put a stop because you seem to be a nice person and I wonder how a nice person like you got involved in this doubtful transaction.
I would like to know what happens to depositors money in the event UGHL New Zealand is removed from the company registrar?
This may happen if no one objects to the intent to remove UGHL from the registrar.
If this happens, FXunited/UGHL New Zealand becomes a non business entity, as such who will undertake the responsibility to disburse depositors money and who is accountable for the management account?
Do you know why I am asking this question from day one, it is because:
There have been too many cases over the years of “deposit” IBs and brokers each accusing the other of stealing client money.
I am a agent in Asia. Now we can not get paid from broker. My friend transfer 10,000USD to Fxunited, but no into wallet because their bank account has been closed.
Now only Malaysia MIB can pay withdrawal , because MIB keep on get money from new investor.
What can I do? Our IB is India Raja, he never care of us.
Some CSR said we can withdrawal via perfect money system. But it is not true. All withdrawal from April/25 case are pending.
Dear Fxunited agent,
Simple, lodge a police report at your place of residence and send an email to:
bnmtelelink(at)bnm.gov.my
Write to them and inform them how you are affected and the value of investment, company details and name of the MIB and IB. Even if you are out of Malaysia, you are still eligible to make a report.
Please put up the details of the bank account in this forum and the receivers name so that others may be careful of this person.
Your posting is very secretive, please state the following:
1) Agent – from which country
2) Your agent ID
3) Your up-line name
4) Your investment amount
5) Amount due and not paid by Fxunited
6) Account numbers that you deposited your money
Come on buddy, don’t be so secretive, release all information so others may be careful and wary of this scam.
For your information agents dedicated to Asian region by Fxunited is a bullshit, the whole scam is centered in this region called Malaysia. The operation is placed in Malaysia and there is no such thing as UGHL operating the business. There is no such thing as a broker called UGHL.
The whole game is centered around the IB’s and MIB’s who takes the deposit and facilitate withdrawal and operating in Malaysia.
Now. you people know why there are regular and constant so called “back office/cabinet” maintenance. This is just to hoodwink the public to do their mambo jumbo patch up in the money collected, consolidation and disbursement if there are any RESERVES!!!!!!
FX UNITED is rushing to open its Manila Office by June 16. They are going to use this newly renovated office as their showcase.
It is easy to get a licence in Philippines when you have the right connections with the right “tools”.
Why does a Malaysian scam need to open an office in the Philippines?
Oh, right…
Shah, Good work on the site and
1.The trust instrument. wtf. That alone tells you its all bullshit. All I read and hear is ‘you don’t understand’, you are not an expert. wtf.
Anyone that thinks someone trading retail has a technology, methodology, innovation, ability to shift markets with their magic fairy wand; that can out perform the best of the best institutional fx traders not just by a few points but by multiples.
If someone told you they could beat Usain Bolt, not by a few cm’s but by 60metres. Would you believe them? Of course not. Its just not possible.
11% per month, add in the MLM structured incentives, marketing bullshit. Then you have to consider the structural constraints associated with efficiently mobilising the capital, having sufficient liquidity on hand to pay the enormous monthly distributions, sufficient liquidity in case of redemptions.
Why don’t we just call it an even 250% p/a so for every $1.00 of capital, there has to be 2.5x made just for them to BREAK EVEN.
If you had the magically ability to generate 250% per year, why would you borrow money, obligate yourself to perform day in day out for someone you have never met (and never will).
Oh and don’t forget after all of that, the capital needs to be returned. Meaning it was all for nothing.
Any which way you want to slide or dice this, risk and return move in opposite directions, the larger the pools of capital the harder it is to maintain earnings.
If it truly was possible to make multiples more than others, this margin would diminish as new entrants turn up waving their imaginary fairy wands
At best their judgement is distorted by the outsized incentive structures or just flat out deluded.
Hi, I am from Kuala Lumpur. Deeply disappointed with FXU as they cheated our money.
Actually, my investment already break even and made more than what I invested. I pitty those people who came in last. Some of them didnt get even one month return.
Perfect Money was introduced since July 2016 but no payment came thru. When email customer care, they reply money will be pay soon once compliance issue settled.
One of the reason given money stuck with previous LP. MY question are there really LP in action? Why they dont reveal LP info?
This is a money game. Company would go long if proper management of LOCAL IB bank account maintenance.
These people are so stingy people want to wallap all the deposit and earn from the spread. Some of them still running the show believing FXU will pay soon by doing wallet to wallet transfer.
I believe many starting to lodge police report alrdy. And we will know the truth once the entire network get arrested starting with IB and co founder with Dato Amer.
But how far investigation will go on. This people are so rich. Dato Amer himself would made minimum at least 20 to 30m RM.
In Bolehland you can settle anything. FBI and interpol should come in and investigate the whole network. Make sure no one free.
Anyway, my pray is they settle the compliance issue and come to settlement to return the deposit at least.
That FX United has been here in the Philippines and i think it is doing well. Some of my friends look like they are doing great.
do you think this would last?!
@Peterparker
Your friends are paying off Malaysian victims of the scheme. Of course it’s not going to last.
by reading the above comments, SHAHS comment are ansolutely believable. He warned all earlier seems. Good work Shah.
FXunited is just buying time now sayimg that unable to release money due to compliance issue and money stuck wit previous LP.
THEY was not a legal STP brokers and where did the LP came from? Keep on waiting investors. Just pray.
Hi Shah,
Good work. Just notice but too late. Any new update.
Arvin & Nizam are waste they can’t tell what is the next action after deregistered.
hello sir,
Its sabby here agent id (removed) winst account number (removed) and cgat account number is (removed).
my concern is about the payment i have three accounts with amount of more then $40000. i just got few payments for 3 or 4 months and then it stopped.
i have put all my life savings into this fxunited and i am facing lot of hardships in my family life and job wise. kindly look into my account and release some payment.
dont want any interest or earnings just the principal amount invested even half of it would come back would be great helpful for me.
looking forward for your response.
kind regards,
sabby
Hi Sabby,
FX United was a Ponzi scheme and your money is gone. Sorry for your loss.