At the pace forex scams are moving, it doesn’t seem as if they will not halt anytime soon. Recently, the US authorities have become serious about these forex scammers after a massive scam announced by the Times of Israel. It covers the conviction of a citizen of Israeli who was reportedly driving a Forex deception, and he ended up being three years behind bars.
The website alleged the following:
“Fadi Ewiess, a 39-year-old from an Arabian village known as Reineh, situated near Nazareth, was punished with three years in US prison for administering a fake website named Golden Bridge FX. The website was utilized to solicit funds from investors globally. Instead of implementing investors’ money to trade in real forex markets, Ewiess disburses some of the money on his personal expenses, gambles, and uses the rest to return some investors, in what was essentially claimed as a Ponzi scheme.”
The arrest is a clear representation of the arrests relating to the Ponzi scheme and other irregular scams that are taking place worldwide. It also indicates the financial authorities’ efforts working day in day out to devise a proper mechanism to restrain such crimes and criminals. The traders appreciate these measures, who earn daily income from trading itself. The traders who have misplaced their money are pleased with the announced capture and punishment. They believe it will reduce financial frauds if not completely eradicate them. Such a step will also make defrauders think twice before initiating a new racket.
Unfortunately, many forex scams are still functional, and most countries where they operate seem to be taking no actions to curb them. Much work is still left if one aims to diminish such fraudulent activities completely.
The most important thing about it is awareness, where a trader needs to understand that getting rich fast isn’t possible in forex, and if a trader offers you a get rich quick scheme, there is a big chance it is a rigged one. Another point to comprehend is the insane bonuses that they offer. Forex traders extend perks but not as much as these fraudulent persons display. Whenever the bonus rate appears to be fishy, We recommend you refrain from investing in it.
Until we reveal another scam, stay safe, and Financial Fund Recovery wishes you guys an incredible trading journey.