Complaint information
  • Author: aquahorse
  • Date: 11.19.2011
  • 0
 (Votes #: 0)


I have been defrauded in a hostile way by UFXBank personnel, where I lost over $270,000 in short period; my loss was mainly because of the extreme unethical practices by the broker personnel.
I was taken advantage of as a new trader being deceived and mislead with wrong information.
I joined them on August 22, 2010, and I lost everything by November, 2010.
I came to know this broker through their website, I have registered my information, but then I changed my mind after reading the disclaimer; soon after that, Fuad Al Malki (from UFXBank) called me to open an account, I explained my lack of knowledge in this business and my limited time of getting the appropriate knowledge or education and therefore, I am not willing to invest in a risky environment, but he was pushing me continually into investment in forex by assuaging all my fears and concerns that I had and discussed with him about the disclaimer statement and ensured me that they would direct me through on daily basis, watch my account diligently and not allow me to get into any risky deals or lose money, which they did not do during the period of my trading with them. I accepted to start with $500 under its personnel pressure; the company assigned account manager (Rami As Sayegh), start asking me on daily basis and continuously -using strong pushing approach- to deposit more money to guarantee more earnings all the time, informing me that he is a VIP money manager and I need to increase my account over and over so he can keep providing me with the daily support, he starts the conversation asking for $1000 and this amount keeps increasing through the same call conversation upto $10,000; ( this practice is adapted by most of the UFXBank personnel). Rami (as well as others later on) avoided talking about the risk or the possibility of loss as a response to my fears and concerns, though he was informed clearly –from the beginning- and several times- of my sensitive financial situation, and the fact that I don’t want to be exposed to any risk at all, and that I am not willing to start this business if my money will not be safe. He kept assuring me of constant earnings and doubling my account in a very short period with no risk, promising of nonstop support and advise through continuous/daily phone calls, emails and SMS to get me as new trader into the trap of their business and expose me later on -with no guidance or misleading guidance- to lose all my money. He started opening large deals comparing to my account amount and lured me into this financial trap by making small gains in my account which built up my false confidence in him, then he encouraged me to start trading with no investment guidance or awareness to avoid risk, so I start trading using the same size of deals that he used to open which exposed me soon after to higher risks with larger investments and with no follow up support or advise. I have informed him that the mobile and email recommendations are not liable enough to base new deals on which is why his personal guidance is strongly required and needed in executing the deals; I managed to make some gains by myself in the beginning with out his support, though but then I lost all the money due to the high exposure to the market risk and in the absence of his guidance, he did not fulfill his fiduciary responsibilities that he promised in the beginning, this accompanied with no response to my emails seeking for advise to stop the loss, neither from him nor from any other financial experts –as he named them- and asked me to contact in case of his absence, nobody had responded at all during the time of my big loss, or advised me of lessen my losses at any time.

The assigned money manager disappeared during the time of my first big loss (around $190,000), then he called me justifying his absence (due to death event) and asking me several times to deposit another $80,000 - $100,000 to resolve the problem, assuring me of recouping my losses within a very short period (2-3 months) and following only a safe and conservative investment strategy. I informed him that I can deposit $80,000 and this money can be managed only through a loan, and there were two clear conditions (my condition was not to be exposed to 1% risk or loss and his condition was to work as per only his recommendation), but I lost this money because of his recommendations; in fact, the recommended currency pair by him ($1MM of EURAUD) was not stable, and when I discussed my strong fears concerning this pair of currency, he assured me that it will be a very good investment and it is strongly winning deal, and I asked him are you sure it is a good deal, he confirmed it, so I asked if I can opened another similar deal, he said yes and advised of the rate of starting the deal. I start losing and my loss was increasing (around $7,000) but he did not do anything neither had given me any advise, after few days when the pair increased a few thousand (on October 27, 2010) and I was away from the computer, I asked him to close the deal and he said he will, but he did not, and the currency pair start losing again, , I kept watching the market stressfully, and I was lucky to be able to close the deals with a very minimum loss (around -$170). He then called me immediately to reopen the same currency pair deal saying it will turn around and make a lot more gain, which it did not, I tried to get hold of him or anyone in the help disk seeking advise, and during this second big loss, this assigned money manager conveniently disappeared (due to health problem) so I couldn’t get any guidance from him or from anyone else he referred me to in the past, so I lost my money except of $6,000.

This disappearance for the second time after my huge loss raised my concerns of his prudent guidance. Especially that he either calls after the loss is incurred or to get me to deposit more money as a way to make my account whole again. Not by resolving the problem that can be solved without depositing more money, when it could have been avoided from the beginning with his promised sincere follow up and support.

After my second lost, in fact after losing everything, this salesman declined all his promises, and claimed that he informed me about the risk and warned me which he did not at any time of my trading period with them, on the contrary, he promised me of 100% earnings (verbally) and then denied this after my loss (in writing).

After my last loss, I had around $6,000 in my account and he called and asked me to deposit money again to make up the loss, I refused, and he said, I am VIP money manager and I can’t return your losses with the amount you have, he said I needed more for him to work on my account.
I was a VIP/Platinum member, though, UFX bank representative, however, was not providing an efficient service that he promised because he is busy as well with other traders, and he told me this only after adding all my money. What the money manager put me through had a major negative impact on my life from all aspects, because the loss was due to this person’s misleading, deceiving, and dishonorable actions.
When I got suspicious, I have started an online search; I found that the same group of people had practiced the same, false promises, dishonest actions, and misleading investment guidance and all started the same method of instilling false confidence into their victims using large deal size comparing to their account amount which drove them to their loss in short periods. Some of the victims’ complaints involved request for online help or legal advise to hunt down the broker personnel; some complaints involved direct threat to the broker’s personnel because of their dishonorable and deceiving manner, the issue here was no one was able to locate the real physical address for this broker, they do not exist in the address that is mentioned on the website, and not in any address mentioned for them at Cyprus, and all the phone numbers are UK numbers but transferred to unknown address which they are physically at.
After long and extensive searches I was able to collect some information about this broker, the online complaints against them, and I managed to contact four of their victims who are willing to either sue them or testify against them, the rest of their victims are presented through their online reports through different websites.
This company is located at Israel & i have their address there, if you can advise me of a contingence base solicitor that can sue the company and get 33% in case the case when, please do

Thank You for reading of this Complaint / Review.
Complaint author: aquahorse

Country: USA
State: All USA

Category: Miscellaneous

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