Forex scams seem as if they are not going to stop anytime soon. Recently, the US authorities have
become deadly serious about these forex scammers after a big scam 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 three 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 globally and the financial authorities’ working day in day out to devise a proper mechanism to curb such crimes. The traders welcome these steps, whose daily income seems to be from trading itself.
The traders who have lost their money are pleased as the capture and punishment will reduce financial frauds if not complete eradication. Such a step will also make scammers think twice before getting started with a new fraudulent scheme.
Unfortunately, many fraudulent forex scams are still in operation, and most countries where they
operate seem to be doing nothing to curb them. Much work is still left if one needs to diminish such
fraudulent scams completely.
The most important thing about that is awareness, where a trader needs to realize that getting rich fast is 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 they offer appears to be out of the blue, We recommend you to stay away from it.
Till then, stay safe, and I wish you guys an incredible trading journey.