Do not trust the Brits and their finance companies......

[12DrinkMore]

I am totally gobsmacked by this one.

 

Quote

An alleged UK-registered multimillion dollar pyramid scheme has been wound up, after a media expose.

 

OK, so a UK registered company has finally been wound up, costing gullible investors in Asia a lot of cash.

 

BUT

 

Quote

 

Many EuroFX investors told Reuters they put money in the company because it was registered in the UK, assuming it was regulated by the country's Financial Conduct Authority (FCA) or its predecessor watchdog.

However, the FCA does not regulate UK-registered firms that operate outside the European Union, according to the watchdog's website.

 

WOW!

 

And after Brexit?????

 

Quote

It has also emerged that the Metropolitan Police did receive complaints about EuroFX from ActionFraud; the UK's national reporting centre for fraud. However, given the scope and area of EuroFX's operation, the Met decided the case was outside their jurisdiction.

 

So they did sweet FA?

 

And I thought the UK was somewhere up near the top of  regulated global finance. But apparently not liable for any misconduct outside of the European Union.

 

Down the tubes they go. Not fit for purpose. Something I have always wondered about, as the service I get from UK banks is the worst I have ever had.

 

http://www.ibtimes.co.uk/eurofx-uk-pyramid-scheme-collapses-after-thousands-asian-investors-allegedly-scammed-1634064

 

 

[meatboy]

only people to blame for loosing a lot of cash,are those greedy gullible people who thought they were goner make fortunes.

its not more than a few yrs.ago big company's in bkk.and elswhere were doing the same thing.

these pyramid schemes were banned in the uk.more than 50yrs.ago.

yet in asia it still goes on.

[impulse]

49 minutes ago, meatboy said:

only people to blame for loosing a lot of cash,are those greedy gullible people who thought they were goner make fortunes.

its not more than a few yrs.ago big company's in bkk.and elswhere were doing the same thing.

these pyramid schemes were banned in the uk.more than 50yrs.ago.

yet in asia it still goes on.

 

I think you can also point an accusatory finger at the banksters who have made it impossible to get a decent return without taking on significant investment risk.

 

Biggest transfer of wealth from the masses to the few in history.  (Edit:  The Nazis may have stolen more, but I'd have to look up the numbers) And they don't even have to wear masks to rob us all.

 

It's one thing if they thought they were going to get rich quick.  It's another if they were simply promised a reasonable ROI, looked at their 0.5% interest from the bank (and factored in the bank fees), and decided to invest.

 

Edited August 9, 2017 by impulse

[meatboy]

6 minutes ago, impulse said:

 

I think you can also point an accusatory finger at the banksters who have made it impossible to get a decent return without taking on significant investment risk.

 

Biggest transfer of wealth from the masses to the few in history.  (Edit:  The Nazis may have stolen more, but I'd have to look up the numbers) And they don't even have to wear masks to rob us all.

 

It's one thing if they thought they were going to get rich quick.  It's another if they were simply promised a reasonable ROI, looked at their 0.5% interest from the bank (and factored in the bank fees), and decided to invest.

 

got to agree with you on this,only 2weeks ago the wife got a call from a friend,the friend was so excited she had been told by a broker if she invested 1million for three yrs.she would get back nearly 300,000bht.yes three hundred thousand.10%.

the wife said THATS TOOOOOOOOOOOOOOOOO GOOD TO BE TRUE.

I WOULD BET SHE STILL WENT AHEAD.

these schemes they are lending people money to invest in them,i met 2 that did and lost their house.

[12DrinkMore]

35 minutes ago, meatboy said:

if she invested 1million for three yrs.she would get back nearly 300,000

 

Guess that means a loss of 700,000, must have been an honest broker.

 

There is a persistent add on TV that offers a guaranteed 7% annual return on a condo or hotel room. But I am wary that the price is front loaded to guarantee the 7%. It is also illiquid, and no guarantee of what the selling price would be. If, indeed, a buyer could be found.

 

Not for money you plan on seeing again in a bank account.

[KittenKong]

What annoys me most about so-called regulation in Britain is that the most devious and patently dishonest people can start a company, cream off dividend and salary payments for a couple of years, file no accounts, rip-off investors and the public, be wound up, and then just start again a few weeks later.

 

In the very unlikely event of them being prosecuted, the worst that is likely to happen is that they be banned from being a director for a few years. Big deal. Directors of dodgy companies should be jailed for periods commensurate with the turnover of said company. So perhaps one year for every 20,000GBP of turnover. Hard labour and bread and water would not be amiss either.

And directors of more than a couple of failed companies should be banned for life from being any sort of director.

[Negita43]

Well whilst I agree with the sentiment that people should not expect the Government to bail them out if they make bad financial decisions I seem to recall that the UK Government some years ago did in fact compensate clients of an Icelandic bank that failed, as far as I am aware Iceland  is not part of the EU.

 

And as an another thought as I was writing this. What's going to happen to the EU part of this FCA cover after Brexit????

[topt]

3 hours ago, Negita43 said:

I seem to recall that the UK Government some years ago did in fact compensate clients of an Icelandic bank that failed, as far as I am aware Iceland  is not part of the EU.

Because part of the bank had a UK (and Dutch) banking licence so was covered by the relevant guarantee schemes at the time - 

"Because no immediate repayment was expected by any Icelandic institutions, the Dutch and British national deposit guarantee schemes covered repayment up to the maximum limit for the national deposit guarantees – and the Dutch and British states covered the rest.^"

https://en.wikipedia.org/wiki/Icesave_dispute

 

Although the govts. went beyond the scheme limits for compensation - something I do not think they will do again..........

[lannarebirth]

I'm really shocked that a country whose chief industry is money laundering might have a sketchy foreign exchange fund. As a rule they have one of their Commonwealth affiliates take the fall, so as to maintain their spectre of fiduciary compliance. 

Edited August 14, 2017 by lannarebirth

[meatboy]

On 9/8/2560 at 8:09 AM, meatboy said:

only people to blame for loosing a lot of cash,are those greedy gullible people who thought they were goner make fortunes.

its not more than a few yrs.ago big company's in bkk.and elswhere were doing the same thing.

these pyramid schemes were banned in the uk.more than 50yrs.ago.

yet in asia it still goes on.

talk about greedy gullible people,what about this, we will give you 364% a yr.if you invest with us.OH WHERE DO I SIGN.

not to worry the D.S.I. are on the case.

[asiaexpat]

UK citizens have a long history of financial misconduct both at home and abroad. I experienced it first hand in the 1980's while working in the middle east. That being said, due diligence is required in any financial transaction, and the naive need to get educated before investing.