Mr. Odai, interested in forex investment, signed up on a forex website
named Saudi money and submitted personal information including his name,
phone number and email. A few days later, Mr. Odai received a call from
a British number. The man who called himself Mustafa Jamal spoke to Mr.
Odai in Arabic, telling him about the global stock market and that he
should also consider trading because it makes good profits. In an effort
to convince Mr. Odai, the man kept in touch with him for a week, and
finally talked Mr. Odai into opening an account with US$250 of deposits.
A day later, another man, Abdulsalam Rizk, asked Mr. Odai to approve
the transaction made from his account. After Mr. Odai did as told, his
account profited steadily for the next two weeks. Abdulsalam then
advised Mr. Odai to make more money by entering the gold and oil
markets, and Mr. Odai accepted the proposal, sending the guy US$250 in
hope to increase his profits.To get more news about
NAVER, you can visit WikiFX news official website.
Abdulsalam, who gradually gained Mr. Odai's trust, continued to
persuade him to borrow money from banks to make better use of his
trading account to profit. Mr. Odai again followed the advice and
successfully loaned US$3,000 from the bank. According to their previous
agreement, he only need to pay half of the loan(US$1,500) while
Abdulsalam should pay the other half. After that, Mr. Odai's account
balance increased every day and reached US$16,500 a month and a half
later. Then, Abdulsalam and the illegal broker Lockwood eventually
revealed their true colors. Abdulsalam asked Mr. Odai to transfer
US$1,500 to him twice with the excuse of tax avoidance, but irregularity
occurred during both transactions, as he got warnings from the bank
about his transactions and was asked to pay taxes. Mr. Odai tried to
contact Abdulsalam, but the man was already out of reach, leaving him
unable to withdraw the balance in his account. What was worse, he still
has a bank loan to pay.
As people often say “lookers-on see most of the game”, Mr. Odai, as an
“insider” of the investment, failed to notice the many warning signs
that would otherwise seem quite obvious. Meanwhile, the unscrupulous
Lockwood abused investor‘s trust and coaxed him into making deposits
with money borrowed from the bank, which is truly outrageous. Obsessed
with the illusive high profits in his account at Lockwood, Mr. Odai
failed to take the most crucial step during forex investment - checking
the broker’s profile and compliance.
Rated at 1.29 on WikiFX App, Lockwood is an extremely unreliable broker and WikiFX suggests investors to stay away from it.
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