WHAT HAPPENED TO FOREXCOMPANYONLINE?
The following is the full version of the report earlier posted about Forexcompanyonline under PRESS RELEASE.
If all is well with an investment program we just leave its status as it really is and we don't make any news about it. However, if a program begins to misbehave we will not hesitate to reflect the appropriate status and if necessary, follow it up with our justifications.
Forexcompanyonline (forexcompanyonline.com) is an example of a program whiich began to misbehave early this year and can now be confidently classified as a scam.
In its first press release for 2011, Forexcompanyonline reported a very successful 2010 business year and then thanked investors for their cooperation with the company during the preceding year.
However, as far back as late 2010 there have been rumours that Forexcompanyonline (FCO) was doing selective payments. However, as long as these were not substantiated we let the rumours lie low.
During the course of January 2011 the rumours intensified and on February 2, 2011 FCO website first became inaccessible and the reason given was that they were doing some 'modernization' of their website. In the days that followed, when the site became available again, it was available only in certain regions where in many cases it could only be accessed through proxies. We then received a press release from FCO urging us to be patient and that its functionality would normalise 'soon'. Meanwhile a few monitors had given FCO a PROBLEM status and it had become evident that payments were being delayed.
Then in the early hours of Friday February 4th, 2011, we received what turned out to be our last payment from FCO. From that day, all our withdrawal requests in FCO went into PENDING. Over the weekend, we retained a PAYING status for FCO basically because we wanted to give them the benefit of doubt that by Monday February 7th, 2011 working day things would normalise.
However, we were wrong. No payment came on February 7th but instead, later in the day, FCO sent out a news announcing, in a very unintelligible language, that the accounts of members had been FROZEN for two months. FCO's reason? There was no more money in the 'company's account. But how can this be reconciled with their claim, less than 2 months earlier, that the company had been making huge profits? Let’s assume that between the time of the reported huge profits and the time the company decided to freeze investors’ accounts, business truly went bad, what does it speak of the competence of the traders of the company? How can this be reconciled with the daily forex statements on FCO website (which has events later turned out, might have been false statements anyway)? Even if all these claims by FCO are true, does a sudden, arbitrary freeze of investors’ account not constitute a breach of trust, especially against the background of the promise FCO made before the freeze that the work of the company would soon return to normal?
According to the release, investors with up to $2000 and above who want to get their money back before two months are to (re)invest 20% of their Principal which will enable FCO to send them a code by email with which they will be paid. The release was however silent about investors with less than $2000.
In our Press Release entitled ‘THE GAMES OF FOREXCOMPANYONLINE' which we issued soon after that, we issued a warning to both existing and potential investors not to fall for this as we know from experience that this would most likely be a trap. Moreover, as people eventually noticed for the most part, FCO had a very poor customer service. Our contention was that anyone who applied for this exception during that period would most likely not get a reply as FCO had ceased to be replying messages.
Meanwhile we gave FCO a WAITING status. Bending our rules because of the unusual situation (the rule is that a WAITING status should be dispalyed for 48 hours), we retained a WAITING status for FCO for more than a week at the time, with the intention of leaving it like that for 2 months (till April 9, 2011) and see whether they will resume normal payments as promised at the said time.
By that time we have confirmed that FCO was no longer paying anybody – in line with the freeze, as every investor's account had been frozen.
However, 'frozen' in this respect means 'investors' inability to successfully withdraw funds' and not inability to make deposits or login to accounts. This is one of the things that made the situation, which persists till now, very suspicious and dangerous –as interested investors who are unaware of this latest trend can still make deposits only to realise that they cannot withdraw their profits.
Then the final straw that broke the camel’s back came on Tuesday February 22, 2011, when Forexcompanyonline sent out a scam email entitled ‘ForexCompanyOnline pending withdrawals’. In that email, investors were given an instruction to create API in their Libertyreserve accounts in order to receive their pending withdrawals. Those who are experienced in the HYIP industry will know that IT IS ONLY CRIMINALS THAT WILL ASK YOU TO CREATE AN API IN YOUR LIBERTYRESERVE ACCOUNT! If you follow the instruction, all the money in your Libertyreserve account will be gone!
This instruction from Forexcompanyonline represents the last desperate attempt by the admin of Forexcompanyonline to steal the money of unsuspecting investors. Needless to say that Forexcompanyonline will never resume operations again; hence the removal of all their promotional banners from this website.
Today, Forexcompanyonline website is still online, not paying but still capable of receiving deposits; thus waiting in ambush for unsuspecting investors. It is only novices that may fall into this trap.
*Latest: The account of Forexcompanyonline website was evenyually suspended and the website went offline.
You are advised not to have dealings with Forexcompanyonline.
Back to Cash Arena