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"I was new to trading, and mislead on many points. Firstly that making money is done through borrowing money. Not using your own money, but borrow money to make money was the way. The broker quoting people like "Warren Buffett" and how they did
this. The next misleading information was referring to "financial partners", who are just lenders. Any consideration I voiced such as high interest on some loans, would be handled or invalidated or nulled, by showing the potential of making money, especially on compound interest, and how quickly ones money would grow, and told I could pay back those loans within a couple months, so the interest rates were not a concern at all.<br />
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The strategy I was lead into was showing me that profits happen, and that they happened easily and regularly. This was shown when the account was still small, so confidence in making money or profits was built in this way.<br />
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NuxTrade have different accounts that have different benefits or features. The bigger the account (money deposited), the more benefits you get. The broker I was in contact with, Sean, he said his full name was "Sean Mcquire", was interested mainly in building this account. How much money it had in it. I was told that trading would happen on "company money", that my money would be in a separate "sup account" or "support account". He said the company would match whatever I put in.<br />
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On deals, he would mention that he would speak to "management" about the deal. He would usually come back and say, yes, management have a agreed to that, and usually involved granting me a deal than was better than usually offered.<br />
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He also told me that my money was 100% safe and would not be used for trading. He encouraged me to put more and more money in so we could get benefits of other bigger accounts. At some point he told me that my money would be earning 7.6% interest. This would be completely separate from the trading account, and that was guaranteed. I mistakenly went for this and put myself in financial danger, taking out more loans than I could repay - simply because it was a total certainty that I would be getting back 7.6% on my investment every month. This was excluding the profits to be made on the trading account. I even went so far as to borrow money from my Wife to get or reach this account.<br />
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Once we reached this account, which is known as "Zenith", this was a huge accomplishment as we would not pay for swap fees (fees charged for overnight trading) and the guaranteed 7.6%. At this point Sean starting making trades that were generating larger and larger losses in PnL (trades that are loosing you money). He contacted me within a week of reaching this Zeneth account, and told me I needed to put more money into the account or we would loose everything. Sean then, without my say, transferred money out of the support account and into the trading account. I was pressured to find more money, bullied into asking my wife for more money, and in short, felt my whole life collapse within one week. Under this pressure, and knowing very little about Trading, my only escape was to close all the open trades he had made, I closed all the loosing trades, just to stop the pressure of the situation. Once I had closed all the trades, I was out of that pressure and trap. I lost around £100,000 in about a month, along with experiencing severe stress, dismay and being verbally abused.<br />
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Reaching this Zeneth account was the main objective for the Account Executive, but my own well being, safety and financial health was not. This is totally clear to me as a conflict of interest.<br />
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What I really hope is that nobody else falls prey to such an entanglement, and that potential investors and the finance industry becomes more aware of such dangers to them and the industry and that we become more equipped in stopping such crimes."
Review date 2023-09-18 18:59:06
