Wednesday, 21 May 2014

Forex, Fraud and Fake Identities

Forex and fraud are very common bedfellows and when you consider the money that is at stake, it' easy to see why.

The Forex market is often touted as a 'get rich quick scheme' and a way to make some quick money. The truth is it's nothing  of the sort and more often than not it's participants will lose all there money. The reason that people tend to lose their money has little to do with the actual market itself, although that accounts for a lot of losses, but rather the scammers and con-artists that prey on the weak and greedy.

One common scam that has been around for years is the 'fake guru' who offers to 'train' losing traders and make them into winners.

The con is as simple as it is outrageous.

First the con-man will set up a false identity and then begin to attribute fake credentials and authority to that identity. They will establish a paper-trail that shows the fictitious person is a competent trader with a wealth of knowledge.

If the con is successful then the thief can make a considerable amount of money which is what makes it so appealing. By using a fake identity the criminals are distancing themselves and ensuring that they will never be held personally liable.

When people lose money or damages are cause as a direct result of the bogus traders advice, the con-man gets away completely unscathed.

One such con that has recently come to light is that involving a Mr. Dale Woods of Woolongong, NSW, Australia who runs the website theforexguy.com

He was recently exposed as a scammer and a fraud on the site www.forexexposed.com and was revealed to be taking money from people under false pretence.

Mr. Woods had created a persona and was using the alias 'Graham Blackmore' to perpetrate his fraud. He had also written a book under the alias to give further credibility and make it even easier to dupe his victims.

It's unknown how many people unwittingly gave him money but it's believed to be in the thousands. When you consider that he charges about $250 per person you can see how lucrative it was for him.

The most shocking fact of all is that at the time of writing this article, it is still going on.

Reports have been made to the NSW Police via their Crimestoppers hotline (https://www1.police.nsw.gov.au/List.aspx) and also the Australian watchdog, Scam Watch (http://www.scamwatch.gov.au/)

If you feel that you have been the victim of this or any other Internet related fraud then you are encouraged to contact the authorities and have these criminals brought to justice.

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