Forex scams seem as if they are not going to stop anytime soon. Recently, the US authorities have become dead serious about these forex scammers after a major scam that was reported by the Times of Israel. It covered the conviction of an Israeli citizen who was reportedly inciting a Forex fraud and he ended up being 3 years in prison after all.
The website reported the following:
“Fadi Ewiess, a 39-year-old from the Arab village of Reineh, near Nazareth, was sentenced to three years in US prison for operating a website called Golden Bridge FX, which he used to solicit money from investors abroad. Instead of using investors’ money to trade in actual forex markets, Ewiess spent some of the money on personal expenses and gambling and used the rest to pay back earlier investors, in what was essentially a Ponzi scheme.”
The latest arrest is a clear indication about the arrests and other irregular stuff that is taking place everywhere across the world and the financial authorities working day in day out to devise a proper mechanism to curb such crimes. All these steps are now being welcomed by the traders whose daily income seems to be from trading itself.
The traders who have lost their money are really happy as the capture and punishment will definitely reduce financial frauds if not a complete eradication. This will also make scammers think twice before getting started with a new fraudulent scheme.
Unfortunately, a lot of forex fraudulent scams are still in operation and most countries where they operate seem to be doing nothing to curb them . A lot of work is still left if one needs to completely diminish such fraudulent scams.
The most important thing about that is awareness where a trader needs to realize that getting rich quickly is simply not possible in forex and if a trader is offering you a get rich quick scheme there is a high chance of it being a rigged one.
The other one is the insane bonuses that they offer. Forex traders offer bonuses but not as much as one seems to be. Whenever the bonus that they offer seems to be out of the blue, it is recommended to stay away from it.
Till then, stay safe and wish you guys a great trading journey.