Once again, the topic of risky investment opportunities comes up. Finanzas Forex is a private company, based in Panama, trading on the Foreign Exchange market, which recently opened itself to the unregulated retail market.
So far there is no formal review on Finanzas Forex, so i’m pretty much flying blind, picking up information as I get it. Hopefully by next week i’ll have more info from a conference they are having in Brazil.
FFX (Finanzas Forex) offers different investment plans, in varying risk levels… depending on how much money you invest, the maximum ROI (Return on Investment) changes.
From 100 to 3,999 dollars, the maximum you can earn is 10 percent MONTHLY.
From 4000 to 19,999 dollars, the max is 14%
From 20,000 to 49,999 dollars, it’s 16%
Fifty grand and up, it’s 20% maximum return per month.
There’s also a High Risk plan, that offers up to 50% return per month.
You have to keep your original investment with FFX for 6 months to avoid paying a 15% penalty. However, the gains you make are completely liquid.
There is a commission that can be gained by bringing another person into forex: .05% of that person’s investment per month. The commission structure is multi-level.
Going against conventional wisdom, I decided to become an investor. I’m going to watch this one closely.
The National Futures Association warns about Forex markets, saying:
As mentioned above, retail off-exchange forex trading carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose all of your initial investment and be liable for additional losses. Therefore, you should not invest money that you cannot afford to lose. Be aware of all the risks associated with forex trading and make an informed decision after consulting with your financial advisor and considering your own financial situation and objectives.
The Netherlands Authority for Financial Markets had this to say about FFX (or Evolution Market Groups, Inc– the company it’s under):
According to information disclosed by staff linked to the company, on 15th March 2008, the number of clients recruited by the company in the countries where the company performs business activity has added up to 18,720 clients and the amount collected up to 121,154,519 $. The company presents an increase of 600 clients and 2 million $ a day.
The report continued, essentially warning consumers about the company.
The Comision Nacional de Valores de Panama (Securities Commission of Panama) issued a clarification about FFX, possibly due to the number of inquiries made about the company:
La Comisión Nacional de Valores (en adelante la CNV) aclara al público que en esta institución se ha recibido solicitud de información y datos relacionados a las actividades desarrolladas por la empresa Evolution Market Group Inc., sociedad anónima de nacionalidad panameña y cuyo nombre comercial es Finanzas Forex.
Si bien es cierto, la actividad de Forex no es una actividad propia del mercado de valores, según se ha reiterado mediante Opinión administrativa 5-2004 de 5 de mayo de 2004, ratificada a través de Opinión administrativa No. 5-2007 de 27 de mayo de 2007, la CNV ejecuta el análisis de la información recibida como corresponde para determinar si hay actividades relacionadas con el mercado de valores y por tanto requieran algún tipo de licencia o autorización por parte de ésta, y/o con el objeto de determinar la posible violación al Decreto Ley No. 1 de 1999 y sus reglamentos por parte de la referida empresa.
Con respecto a un posible traslado de la referida investigación al Ministerio Público, se informa que la Comisión Nacional de Valores no ha encontrado a la fecha elementos para proceder a instaurar una denuncia al Ministerio Público por posibles infracciones en la esfera penal, no obstante de haberlo en un futuro correspondería remitirlo a las autoridades penales correspondientes en el ejercicio de nuestras funciones como funcionarios públicos.
There are some interesting parallels with FFX and Charles Ponzi’s scheme. The thing is, even with Ponzi, there were people making good money. The trick was to pull out in time. FFX has been around since January of 2007. By this time, they are hitting their third 6 month cycle. Ponzi was able to run his scheme for about 11 months, in the course of which he had amassed millions of dollars.
Here’s my conclusion:
The Foreign Exchange market is high risk, high gain. The raising and relaxing of interest rates has made the US dollar (and, consequently, many other currencies) fluctuate wildly. This allows smart brokers to make very good returns on their investments. Why these brokers would want to share their amazing secret with isn’t all too clear. They could be taking a Wal-Mart approach to business (Small profit margin is made up for by wide client base). So far, current FFX clients are very happy with their investments. If this is a Ponzi scheme, it may be coming to an end, and there might not be much more time until everything collapses. I’m willing to invest for six months, until I regain my original investment, and leave the rest as seed money (If I lose it, it’ll only be the interest I gained).
Nothing ventured, nothing gained. I hope I won’t be sorry. Updates coming soon.
Business in the US is hard for a lot of small businesses & small business owners are scared. An assiciate in the same type business I am in told me about this company. I was told the min an American can invest is now $200,000.00 & it will be closed as of April 1. Anyone else heard this? I was also told I must invest 50% in commodities & 50% Forex. This person invested over a yr ago out of fear, because of business loss. He invested about $50,000.00 & now has over $350,000.0- not sure how much more. Is taking out $10,000.00/mo & putting rest back in investment.
I am also an FFX investor since Oct 08. Being reinvesting so far but plan to start withdrawing in about 3 months from now. I just wanted to share with you all a very nice topic/thread at the following location: http://www.moneymakergroup.com/Finanzas-Forex-Finanzas-t149353.html
It has comments since FFX started (good and bad ones) so it has a long history and everyone can be enlighted about what has elapsed since the beginning of FFX. It is a veeeery loooonnng thread (91 pages so far and it keeps going on…nice). Good Day.
i read on their website last week that they were closing to people living in the EU.. I was also troubled to read in the 1-28-09 business section on the New York Times- they had an article on financial scams and mentioned other ponzi schemes based on forex trading- this is a common ponzi people
ffx does not allow any new members in.
there for it cant be anny ponzi schemes based on forex trading
Hi, I have 15,000 usd invested in this company.. started 6 months ago.. I can not get my money out… anyone else having problems??
The company is very solid. I have been doing this over one year (FFX) and pulling out money has never been a problem. In jan. 2009 they wanted every investor to wait until Jan. 15th to request withdrawing money because they are fixing some of the problems with the web-site and late payments. To recieve your money it takes about 3 to 4 weeks. I have done this and I have over 50k. Ponzi this ponzi that. Yes many companies are frauds but I have visited the offices in Panama and they are real. For all those who dont believe me just book a flight and see it for your self. This company is real and I also make real money. The problem that I see is that most investors keep up with the news on the day that they reinvest thier money. What you need to be doing is go to the web-site two or three times a week and keep updated on whats going on. Ask your sponser, if that doesnt work ask support even though they have been slow at times but they are improving. For those in the company have faith and for those talking crap get a life and do something better with your boring lives and make money doing something rather than talking crap. FFX is solid and even with my career I make more on this than my funds are doing per year. I didnt believe this until I did it. Keep positive out thier and enjoy FFX.
same thing is happening to me.. I am based in the usa. I invested 20 thousand USDollars 9 months ago.. I tried pulling money out.. been 8 and 1/2 weeks and I still have not got any money back. I am really concerned about this. I am begging to think this is a forex ponzi– there are sooooo many of them.. Am I the only one that is having problems??
This is Ponzi. Some comments presented above are ridiculous.
“No bank can handle 600 trades a day” — What a joke, I´ve trade bank level FX for years, everything is electronic, they handle hundreds of thousands of transactions a day each.
“FX markets recently unregulated” – FX has been easily accesable and tradable since the early 90´s.
“Smart brokers” – Anyone making 20% a month would do so with his own money, or at the very least take a 50% cut of what he made for others, and would be given millions per client. They would open a registered fund and get real investors. They wouldn´t, as FFX claims, take none of the returns, and create a vauge site in Panama that can´t afford to spell check it´s website, and send reps out to all countries to prey on retail clinets so they can get those 1000-5000$ amounts.
There are so many lies misstatements on their sites it´s like they aren´t even trying. Those returns your are getting is your own money being given back to you (in 10% increments), or paid with other deposits coming in. Then one day, out of the blue, everything will be closed.
I stumbled into an office of one of these reps where they were extracting money out of a seemingly endless stream of old people. Upon questioning, it was obvious he did not know anything about markets, couldn´t answer any questions as to setup, broker, or accounting, and simply refered to a lawyer and ran off to blow up more retirment accounts.
They are preying on people who have lost money in the markets by promising them a way out. Disgusting.
Ponzi. Gaurenteed. DO NOT FOOL YOURSELF.
I am a victim of this company. I requested my money about 3 months ago and nothing happened. I have decied to put a stop to this. Please email me so that I can get in touch with you, I am in contacts with a law firm in Panama and I am going after them. I dont care if I dont get a dime back, but I am stopping them now and keeping them from doing more harm. my email is logistix@comcast.net
if your a victim I think you are out of luck. The fine print on the investment page states clearly that this is a highly speculative investment. That is how they will protect themselves. Which country are you from? They are protected overseas, all their servers are overseas- this was obvious- you should have known than to be duped into this scam. If you are in the USA you should make a complaint with the proper agencies- they are cracking down on illegal financial scams
The thing I dont understand, sure there must be victims, but where are they?? How come no one really comes on here and says they were ripped off by this company? Can it be that they did make money? and that it is legit? or are there sites that say they were ripped off were they go and tell their story?
You bring up an interesting point. Generally, people that have been ripped off are trying to warn the public, and aren’t just looking for a shoulder to cry on. It would make sense that if there were vast armies of ripped-off people, there would be more outcry. RipOffReport.com is a website that does just what the name implies. Finanzas Forex isn’t listed. It’s not proof of anything, but it’s something interesting to note.
To the anonymous poster that’s going after finanzas forex: I agree with the (other) anonymous poster that says that you’d have a tough time– HOWEVER, if your money was lost, I’d suggest trying to go up your line till you reach someone that can answer your questions. A deposit that had gone “missing” for three months recently cleared for someone in my line. It was no small change: 55 grand. So, my advice is to explore some more options before resorting to lawsuits.
http://www.pacific-mutual.com
That is the new “Bank” that Finanze Forex uses. It´s not even a bank, but a savings and loan vehicle in yet another completely non-transparant country. There is no address or phone number on the site. WHOIS search gives up:
Contactprivacy.com
96 Mowat Ave
Toronto, ON M6K 3M1
CA
Obvious these are people that don´t want to be found. Note, the address in Panama was a fake, and the new address used is for P.O. Box — another classic for HYIP schemes. More and more reports online of people not getting their money out, or FF hitting “delays”. This is a classic symptom of a ponzi about to “run”.
Moreover, even if you get out before it closes, if it is really a ponzi, you can be subject to clawback. If you are a promoter, you can be subject being a participant and liable via international wire fraud laws.
Food for thought. Get out while you can.
There really is an office in building where Fianzas Forex is- I heard that it is a small office but it does exist…They dont know anything about forex though.
I think in the USA the Fed Trade commission has a website where you can contact them if there is fraud.. also of course the fBI.. I have done searches on this company but dont see anything about interpol investigations or anything of such. Just that ponzi in Colombia where the guy running it was in Panama, that was on the Interpol site. Do a search for Finanazas Forex USA on google, you will find someother forex site, is that run by the same gangsters? FFXUSA.com- check it out
Hi everyone
I heard that people who invested in Finanazas Forex and who want to take money out are given a credit card? is that true- has anyone here got a credit card from them?
Why would they us a credit card to pay money out?? wouldnt a bank transfer work?? Is this from the pacific mutual outfit? I also heard that people are having problems with the credit card- fees? please share your experiences, thanks
Hi yes Im very concern about all this. My father invested $20000 dollars with ffx and now he has a bit over $50000, but not once he has try to get any out.
Pacific-Mutual has this new card.
I open an acc with ffx and pacific and my father has been transfering money there . but it says that any money that is transfer from another acc can only be invested.
so I did for six months $15000
I want to know if any body has got the card yet?
and have they been able to use it?
and lets say that I want to withdraw $5000 will a bank atm let me do this?
how does this work?
Estimados Amigos,
Les comento que estoy en Panama City desde el dia 04/08/2009.
Ya que soy un incredulo y un investigador de mis bienes, fue a localizar las famosas oficinas ubicadas en Panama, con domicilio en Calle 50, Credicorp Bank Tower, Planta 22, Oficina 02, Panamá, República de Panamá.
Bueno les comparto la infeliz noticia que dichas oficinas no existen desde principios de Abril, lo unico que encontre en la famosa oficina es lo siguiente segun papel pegado en la puerta de la oficina 2202 “Les comunicamos que los asuntos relacionados con Evolution Market Group, seran atendidos en las nuevas oficinas de nuestro acesor legal, que seran anunciados por los medios pertinentes”.
Aun asi, baje de nuevo y hable con los vigilantes de la entrada los cuales me notificaron que dicha oficina habia sido desocupada durante el primer fin de semana del mes de Abril. Que los mismos no tienen informacion para donde se mudaron o cualquier informacion adicional, tan solo me dieron un celullar de un senor que trabajo en dicha oficina, el cual llame y me dijo que trajaba en dicha entidad y que no podia ayudarme con informacion adicional ya que el solo trabajaba con la persona que rento la oficina.
Pienso que debemos llevar esto mas alla de palabras y notificar a las entidades que regulan este tipo de negocios. Por los momentos ya que soy un afectado con un monto importante, debo recurrir a lo legal si es que de algo sirve ofrezco mi capacidad financiera para conseguir los culpables hasta las ultimas consecuencias.
Si alguien tiene informacion adicional que sirva para poner tras las rejas a estos delicuentes, entonces enfoquemos nuestros esfuerzos en contra de este crimen.
Look, that is virtual money. It has no value. You can’t get it out. This is a ponzi scheme. And the party is over. I’m sorry. Don’t be so greedy and foolish next time. They will rip you off again and again.
I saw a comment in February 18 about my web site. My web site is http://www.FFXUSA.com and I don’t have any relation with the owners of Finanzas Forex. Thanks!
is there anybody know what do i need to do to get my debit card?, i believe i have more tha 13000. do i have to request or ?
Any news …..hope for the best
No one I know has been able to get any money out since Jan. Scams a lock. Take it as a lesson and don’t try and “make it back” with some other scam. These same guys run 2-3 other programs just like this one under different names.
REd flags:
1. Same structure as the Ulrich Engler case.
2. Unable to keep a bank account open.
3. People not being paid and many customers being ignored when they want money. They just don´t answer when it comes to withdrawals. Very selective in their responses.
4. Customers never, ever, see a broker´s statement with trades.
Up to this date some People in Finland still believe Wincapita was for real even thought they never saw a trading statement.
5. A constant win in forex with no losses. That´s the big one. Losses is part of forex. Most people they recruit off the street really don´t understand how trading works.
Crowne Gold, Inc. v. Evolution Market Group, Inc. et al
Plaintiff: Crowne Gold, Inc.
Defendant: Evolution Market Group, Inc., Columbo Asset Management , Inc., Zentrum Biz, Inc., Oceania, S.A., German Cardona and Lina Maria Mantilla Grande
Case Number: 3:2008cv01045
Filed: September 8, 2008
Court: Oregon District Court
Office: Portland Office [ Court Info ]
County: Outside State
Presiding Judge: Magistrate Judge John V. Acosta
Nature of Suit: Contract – Other Contract
Cause: 28:1332 Diversity-Other Contract
Jurisdiction: Diversity
Jury Demanded By: Plaintiff
One friend of mine said that they are going to start to pay again. Someone of you know something more?
Be calm, they pay soon. This is not Scam! I am not the finanzasforex in a contact, but I know it about safe place!
Get paid? Don't count on it. This scam has been wrapped up, and 2-3 just like it have sprung up with, suprise, the same panama address as this last one.
Take your anger out on the people that sold this to you, and report them and FFX to authorities.
As for FFXUSA, to pretend you are not affiliated with this makes you either an idiot, or a morally devoid scammer who deserves nothing less than Madoff.
what happened to cardona? is he based in Miami? has the FBI looked into him? DEA? Latin people are so gullible to believe that % return.. That was their niche, Latins
Just curious, are there any FFX investor here in the USA can contact me? I am interested. My email is nwwlg at yahoo dot com.
I am also interested in AGAPE. So if you are their rep, contact me as well. Thanks.
I am a victim too. I have a colombian friend in love with Finanzas Forex. She still believes we will be paid. She convinced me to invest with them. I live in USA but I am a mexican citizen. I started with Finanzas Forex in October 2008. They never paid a cent. They now say they have the money frozen in the american banks. THe people that invested after October 2009 in finanzas forex european accounts are gaining interest,but I do not because my money came from a transfer from my friend. Are anyone getting paid anything? I do not know what to do. I invested almost 11,000 usdlls. Even they stated the high risk of the investment, they make clear in the statements all over their page they would not loose capitals invested in their traditional accounts. I am sure now it is a scam. It is sad for me to know that maybe I would not see my money back, but if some other people think that way, what we do not get together to fight this? I consider they are buying time. They put in the notices section, they are paying 10% of the frozen accounts. I did not received anything. After reading all the posts, I would like to know if someone are doing anything more proactive that just complain? Could anyone tell me what should I do? What steps follow with the authorities? I do not want this guys to go unpunish. About the card, one friend of my colombian friend got it. It is supposed he is gaining interest, paid 150.00 dlls for the card but he cannot get his interests from the ATM as was promised.
We have to report fraud to FBI, ombudsmen ect. and reqest retun of investment.
No news from FFX? Everything is still frozen?
In September 1st I received 7% of the frozen capital, I had to leave it there for 6 months (like any new deposit) and yesterday I received a return of 5% of that released capital. I was able to transfer the interests to Pacific Mutual. A friend of mine from Colombia withdraw several times from his account using the debit card in a ATM.
Is it a Ponzi scheme fraud? Why then are they giving back money?
Wow, what a great resource for people skeptical about Finanzas Forex, as you should be. I have recently signed a top executive of Finanzas Forex aka their "master distributor" with another Forex company that I have a financial relationship with and this individual has over 100,000 investors in his downline. He has personally brought in millions to Finanzas and yet he is planning an exit strategy with me. Why is he signing with me? Well, for several reasons: 1. The company I showed him has a "conservative" and "sustainable" offer for Forex investors plus a nice referral reward system. A conservative and stable return is a better product to sell right now that dodging investor calls for their money back..
2. This "man on top" of Finanzas is planning a plan B right now for the collapse of Finanzas. IF YOU ARE HOLDING ON TO HOPE WITH THIS COMPANY..please wake up now. They are re-packaging their offer, which is typical of a ponzi scheme that's run its course, and soliciting a new social network that they will charge members to use under the premise that it will provide more value to their referral efforts.. Give me a break!
3. This man basically built this company and now is risking losing all credibility and his downline if he does act quickly and provide a new product to all members still associated with him. He is no fool and realizes that Finanzas has not paid out ROIs in more than 9 months to investors. The company itself has been using "your funds" to purchase new software, acquire new companies and basically "hide the money" in other ventures while it waits to be shut down by authorities. I know this may seem a bit sensational to the readers of this blog, but I guarantee you that it is the truth.
I will respectfully not solicit the name of the "real opportunity" that I am associated with nor the name of the Master Distributor of Finanzas planning to move with me. I will offer my email address for all interested inquiries and interested investors into a real plan that is paying up to 9% PER month and that has consistently made me $20k in four months and growing. Please send inquiries to dustincruzado@gmail.com
I respect the creator of this blog and do not think that providing a signup link for an opportunity is appropriate in this case. If readers of this blog would like the truth from an insider, then please send me an email and will correspond with you directly with full disclosure. Kind Regards and good luck to all Finanzas investors..you will need it unfortunately.
Anonymous above — such a scammer. I´ve seen your copy-paste posts all over. Your scam project is about as real as FFX was.
Hello
I am an investor from french west indies, and I wonder if someone in tnorth America heard about a possible restitution by US justice of frozen funds directly to each investor.
Thanks
PS..many thanks antar37 for your helpfull posts
Does any one kows about "Genius fund" and "Panamoney"
Genius fund & Panamoney,does any one have any experience?