Penelope Tan (张靖媛) is a scam will approach you via facebook and whatsapp via name "Teo Jing Yuan".
After gain your trust will introduce you to invest in Brotbit and scam money out thereafter unable to make any withdrawal.
https://www.facebook.com/sara.lillojimenez.5
There is no proper website and only deposit in USDT address. Once you deposited and trade trading for a while, they will tell you system under maintenance or your fund is locked by equity fund unable to withdraw. It is a SCAM. Try withdraw out all your fund immediately if still able to withdraw.
Likely a scammer hack into Jin Dao Tai account but unable to verify as no respond from original Jin Dao Tai.
They promised to give high return http://t.me/JindaotaiTrade with 3 different packages.
The will ask you to deposit initial capital into one random bank account.
Minimum S$1k, Next day will declare winning of S$7k with profit sharing S$2,600 to be paid by you as admin fee and profit sharing. However, they want you to deposit the admin fee S$2,600 first before you can withdraw out the S$7k profit.
Your capital S$1k will be gone as well as your admin fee S$2,600 if you deposited in the admin fee, as thereafter they will not respond to it. All those in the group claiming withdraw out profit successfully are also part of their scammers.
These few are likely their scammer accounts which they will ask you to deposit the initial capital or the admin fee:
IVAN 97707751
======================
BANK : UOB YUGESH S/O KRISHNAN (admin fee)
ACC: 7753876832 PAYNOW: (88560721)
========================================
BANK : UOB NURUL HUDA BINTE ABDUL MAJED (deposit silver fee)
ACC: 7733518891 PAYNOW: (80424751)
Source: https://www.financemagnates.com/forex/prop-trading-true-forex-funds-shuts-down/
In February, True Forex Funds announced plans to relaunch its services after ceasing operations due to the alleged termination of its MT4 and MT5 licenses by MetaQuotes.The firm's CEO, Richard Nagy, expressed frustration over the lack of warning and the subsequent challenges faced by traders in the proprietary trading industry. Despite this, the company said it was determined to resume its services, with plans to relaunch in the "week of February 19th."
Reacting to the abrupt closure, one user identified as Banjara on X mentioned: "True Forex Funds has shut down their shop and gone forever. They made millions and paid millions but at the end still it's traders who suffered. Funding gone and payouts blocked. It should be a lesson for other firms to manage risk well."
Another user identified on X as PropFirmDrama said: "True Forex Funds has officially closed down. We sincerely hope the prop firm community helps the traders who suffered from these devastating updates."
Earlier, True Forex Funds mentioned that it was actively seeking the reinstatement of its licenses by MetaQuotes, although Nagy acknowledged the possibility of migrating trading accounts to a different broker if negotiations fail. The company advised users to prepare for any outcome as the firm navigates uncertainties.
In anticipation of the relaunch, True Forex Funds promised users a seamless and superior trading experience. Last month, the firm introduced Match-Trader as a secondary trading platform available in select countries, including Germany, Austria, Sweden, and Hungary. This rollout was reportedly in response to the high demand, with approximately 10,000 accounts waiting for migration to the platform.
The company's representative earlier mentioned: "Our team is working tirelessly to improve our services, ensuring a seamless and excellent experience. While we look forward to launching our cTrader platform, we are committed to synchronizing all accounts, including MetaTrader, to ensure flawless processes and trading conditions."
SINGAPORE - A Singapore-registered firm is under investigation after allegedly failing to pay investors who have pumped money into its cryptocurrency investment schemes.
Reports have been filed against InvesableAI with the Singapore police, and with the United States Federal Bureau of Investigation (FBI) and Securities and Exchange Commission (SEC).
Incorporated in the Republic on June 19, 2023, InvesableAI is believed to have promised investors quick returns on cryptocurrency investments that banked on the use of artificial intelligence technology.
Its founders claimed to have sought a licence from the Monetary Authority of Singapore (MAS) and, on the firm's now-defunct website, said it was a trustworthy business because "we are a registered company", with a separate webpage showing its address in Singapore.
It is a "live" company or a business that is still in operation, according to Accounting and Corporate Regulatory Authority (Acra) records.
Checks by The Straits Times on the details of InvesableAI's Acra records revealed several discrepancies, including in the company's registered address, the nationality and address of a foreign director, and the identity of a Singaporean director.
In response to queries, an Acra spokesperson said: "Acra is unable to comment due to ongoing investigations."
Meanwhile, the FBI and SEC said they could neither confirm nor deny that they were investigating the matter.
Several of the reports lodged with the FBI and SEC, and seen by ST, show that more than 4,000 people have invested money in InvesableAI.
The total sum allegedly sunk into the business by all investors is unclear, but a smaller group of about 150 investors have counted losses of at least US$1.5 million (S$2 million).
One of the investors, a 46-year-old woman, said she trusted the firm because it promised transparency and accessibility for investments in alternative currencies.
The woman, an American, pumped more than US$15,000 into InvesableAI on July 13, 2023, but about two months later, the firm informed her and other investors that withdrawals would be paused "temporarily".
In a Sept 17 e-mail to investors seen by ST, the firm said there was extreme volatility in the cryptocurrency market, and asked for 40 days to recover losses.
It also offered refunds within a week to those who wanted them.
The e-mail was signed by Mr Lee Dalton, who is identified on the firm's website as its founder and chief executive.
Six months later, investors said they have yet to get their money back.
The American woman, who holds a Master of Business Administration degree and lives in California, said: "I wish I had known how to do trades on my own, instead of depending on others. It was a bad decision… but InvesableAI seemed to hit all the marks when it came to its legitimacy.
"It being based in Singapore was assuring because of the stringent guidelines that are required there."
ST spoke to several others in a group totalling about 150 investors - including the American woman - who have banded together to tally their losses.
The group has also compiled a spreadsheet that details the outstanding sums due to more than 60 of them.
Transaction records of more than a dozen investors showed that some managed to make withdrawals ranging from US$25 to almost US$25,000 until September 2023.
However, it is unclear if any of the investors have gotten back their original investments, which ranged from US$500 to more than US$50,000, according to the spreadsheet and transaction records seen by ST.
An archived version of InvesableAI's now-defunct website lists the minimum investment at US$500, with packages that promise returns of up to 160 per cent of the principal amount in 20 days for a US$10,000 investment.
Claiming to have more than 14,000 members, the firm also had a referral programme where investors could earn higher interest rates on certain deposits if they roped in others successfully.
When ST visited the Woodlands address listed in InvesableAI's Acra records on March 12, a firm that deals in water treatment and engineering design was found to be occupying the space instead.
When contacted, a representative of the water treatment firm said he was unaware of the existence of InvesableAI, and that the space had not been leased out to other firms.
The water treatment firm's Acra file showed it has been occupying the Woodlands space since February 2022, before InvesableAI was registered.
Checks showed that HeySara, a digital corporate service provider, handled InvesableAI's incorporation.
Foreigners who want to incorporate a business in Singapore must engage a registered filing agent, which can be a corporate service provider.
Asked about InvesableAI's use of the Woodlands address in Acra's records, HeySara associate director Chew Shin Yee said the address in the application was provided by Mr Dalton, who is listed as a director in the Acra records.
She said: "We received the order online and conducted our due diligence based on our internal procedure, policy and control."
But HeySara did not conduct any checks on Mr Dalton's financial background, she added, as he wanted to incorporate the company with only a $1,000 paid-up capital. She did not elaborate on how the company vetted the information.
Acra's guidelines for registered filing agents on anti-money laundering and countering financing of terrorism - published in January 2023 - put non-resident customers in a higher-risk category.
In such situations, registered filing agents must get more information on the source of customers' funds, for example.
Ms Chew also said there is no information about InvesableAI's business model, as the staff who handled the account had already quit HeySara.
She did not respond to follow-up e-mails from ST seeking clarification, including on the discrepancy between HeySara's vetting of InvesableAI and Acra guidelines.
Mr Dalton is listed as an American citizen in the Acra records, with a home address in Texas.
Checks against publicly available property records and data brokers found that an elderly couple with no relation to Mr Dalton have been living at the address since 2009.
Mr Dalton's photo features on the firm's website, with a marketing video for InvesableAI showing him speaking with an Australian accent against the backdrop of the Kuala Lumpur Tower at night.
In phone video footage filmed last July, Mr Dalton is seen announcing the extension of a promotion and asking individuals to select a particular package and "just start making money".
In an article published on Yahoo Finance on June 24, 2023, it is stated that Mr Dalton was formerly from the Australian navy and came from Malaysia. ST has contacted Yahoo for comment.
Meanwhile, a Singaporean man is named in the Acra records as the firm's other director, although he was not listed on InvesableAI's website.
Instead, its other co-founder was listed online as Mr Richmond Ray Gonzales, whose now-deleted LinkedIn account said he is based in Singapore.
According to that account, an archived version of which was seen by ST, he is the channel sales leader for a multinational corporation dealing in business consulting services.
Queries have been sent to the company asking for more details about Mr Gonzales.
Both Mr Dalton and Mr Gonzales were named in the FBI and SEC reports.
Attempts to contact Mr Gonzales through his last-known phone number were unsuccessful, while a social media account in Mr Dalton's name turned out to be a fake with a Nigerian phone number.
In separate YouTube videos that have since been deleted, the two men said the firm was "in the process of getting" a licence from the MAS, describing it as one that is recognised globally.
In response to queries, an MAS spokesperson said anyone who provides a payment service in Singapore requires a licence.
Otherwise, he will need to be exempted from the Payment Services Act to operate.
The spokesperson said: "InvesableAI is not licensed nor exempted from licensing by MAS.
"Regardless of whether an entity is regulated by MAS, it is an offence to run a fraudulent or deceptive business in Singapore."
This story was shared by a retiree who lost her life savings to an alleged Forex investment scheme called Triumph FX.
5 years ago, I retired from my job at a Malaysian bank which I’d held for over 30 years. While my paycheck was a humble sum, I had been diligent in my savings from my early 20s.
Over the years, I’d managed to accumulate a little under RM500,000 for my retirement. I was proud of the amount I’d saved since I come from a lower income background.
That being said, I always had the intention of growing my retirement fund.
Although the amount would have served me well in a small town, I was now living in the city with my adult kids and their young children.
I wanted to be the grandmother that takes them out and showers them with gifts, rather than having to depend on my kids for an allowance in my old age.
3 years into my retirement, I thought I had found the perfect opportunity.
My younger cousin had approached me, talking of this investment that he has been doing. It was a form of Forex (foreign exchange) where brokers would trade on gold, silver, and other global currencies.
He told me he had been getting returns of 7% on average each month. This rate of return was unheard of!
Of course I had my doubts. So before I made the plunge, I did as much research as I could on my own.
I read widely about Forex’s reputation for high risk, high reward and how to spot a Forex scam. I even attended many virtual meetings held by the investment company, located in Cyprus and the UK.
A 7% return had me both excited and scared, but I saw the returns that my cousin was getting and I couldn’t deny that it looked good. It was 7% monthly, and in 10 cycles (about a year) I would gain around 70% return.
I decided to take the plunge and invest the minimum amount, which was USD 1000. At that time, with the exchange rate it was about RM4200.
Within one cycle, I saw my return come back into the account, and I got around USD 70. I tried to withdraw the money, and it took a few working days, but it arrived in my bank account, minus the service charges.
I was amazed, and I started to get excited.
To avoid giving in to greed, I told myself I wouldn’t invest any more money for another 7 months. I would only grow my investment through the initial amount.
As the returns started coming in from that initial investment, I would either withdraw them in certain months, or compound them, making my returns even higher.
In those months, I would often treat my family to lavish dinners and gifts, as I was getting generous returns in USD.
After the first 7 months, my returns were steady and I felt more confident in this, so I decided to add more money into that account. Over the span of the next couple of months I would add in an additional RM300,000.
It started with USD 20,000, and when I saw the returns plus the compound interest, I confidently added up to RM300K.
I never withdrew most of the money that I earned from it, as I wanted the compound rate to grow.
Every month, I would reinvest the earnings back into the selected fund, and watch as the numbers on my screen grow. It was exhilarating and exciting.
My husband and I were already planning the world trip we would take in 2024, aligning with a stopover in Paris for the Olympic Games.
I was adamant to earn as much before that so we could enjoy ourselves without financial worry. I felt we deserved that after working hard for more than 30 years.
One day, in December 2022, Triumph FX announced that they were going to change to a new system in a month. They were switching to cryptocurrency.
Not only was there no heads up for us investors, but they also froze all withdrawals until the new system was in place.
This meant that those of us who were unsure of the new cryptocurrency system could not take our money out.
I asked my cousin about it, as he had substantial money in the fund. He assured me it was a positive change as the world was changing to a crypto world, and this was the future of investment.
If I’m honest, I am not very tech savvy. I grew up in a different era, and I never fully understood cryptocurrency. I still don’t.
At this point, there was nothing I could do. I couldn’t withdraw anything, but I could still access the account and it showed that all the money was still there, making new trades each week.
When December came, and the new Triumph coin system was introduced, my whole world fell apart.
At its launch, there was a correction to its price, from 1.00 USD to 0.60 USD. As a result, many investors panicked and sold their TFX holdings. This triggered a domino effect: The more investors pulled out, the lower the price dropped.
Each coin was now only valued at USD 0.20. My investment was now worth 20% of its original value.
If I were to withdraw it, it would be worth RM60,000, down from RM300,000.
I tried to understand the new system, and see what could be salvaged.
Among the others that were doing this investment, there were those who had advised to wait till the price of the coins increased.
“There were too many coins in the market,” they said, “Just be patient and it will slowly increase again.”
However, things went from bad to worse. Within a few months, the price of each coin dropped even more, as more investors were pulling out, and the coins became cheaper. Now my investment was worth even less.
By this time, I had lost all hope. I waved goodbye to the world trip I had planned.
There’s nothing much left of my investment, and I’ve given up. Now I’m filled with anger, at Triumph, at cryptocurrencies, and at myself – for making the decision to put in more than half of my entire retirement savings.
I still spend my days wondering how I could have lost so much money in such a short amount of time. Now, I’m left with less than RM150,000.
I know this won’t get me far, especially in this day and age. In a hard to swallow truth, it seems like I would have to depend on my kids after all as I get older.
Source: https://inreallife.my/how-i-lost-my-life-savings-of-rm300000-after-investing-in-triumph-fx-scheme/
