Most of the victims, in their 20s and 30s, end up in debt because of greed, says MCA’s Michael Chong. This tagline is used by unlicensed forex services companies to lure those in their 20s and 30s to invest their hard-earned cash. Experts say these youths are usually blinded by greed or in a hurry to make a lot of money.
They do not mind taking risks investing in offshore forex companies, with some located in the Bahamas, Russia or Bermuda, as long as they get fast returns.
Some youngsters persuade their parents to withdraw money from their Employees Provident Fund or personal savings. He said some of the companies operate on a multi-level marketing level and make money from registration and recruiting fees and the forex investments. They are made to attend free seminars or “webinars”, apparently to give prospective investors an insight into how forex works and “secret techniques to make money”.
MCA Head of Public Services and Complaints Bureau, Michael Chong said he had received a lot of complaints from parents and victims.
He said the victims were convinced by their relatives and close friends to sign up with offshore companies, promising them easy and quick money. Chong has interviewed several victims who admitted signing up for these forex services due to their greed. Chong said there were genuine forex companies supervised by the banks and many investors had made profits.
Chong advised investors to seek financial advice from these banks or Bank Negara at Financial Consumer Alert. As for overseas companies, investors can check with their corresponding regulatory agencies that check the credibility of the forex brokers.
They include the National Futures Association (NFA) and Commodity Futures Trading Commission (CFTC) in the United States, Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in the United Kingdom, Australian Securities and Investment Commission (ASIC), Swiss Federal Banking Commission (SFBC), Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFIN) in Germany and Autorite des Marches Financiers (AMF) in France. Read Full Review Rustic Vintage 50th Birthday Party Invitation It is a quality product lowest price for you. Read Full Review Quinceanera 15th Red Black Gold Diamond Tiara Custom Invitations This Deals today price drop and special promotion.
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