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Biggest forex market scammers

Biggest forex market scammers
Many scams in the forex market are no longer as pervasive due to tighter regulations, but some problems still exist. One shady practice is when forex brokers offer wide bid-ask spreads on certain currency pairs, making it more difficult to earn profits on trades.
Be careful of any offshore, unregulated broker. Individuals and companies that market systems—like signal sellers or robot trading—sometimes sell products that are not tested and do not yield profitable results. If the forex broker is commingling funds or limiting customer withdrawals, it could be an indicator that something bad is going on.
Keith Simmons and Deanne Salazar
These 2 individuals were responsible for the elaborate Black Diamond forex scam that ran from 2007 to 2010. The pair operated several hedge funds, together with other partners in crime, which solicited clients to invest in the Forex market. From 2007 to 2010, more than 240 clients had invested a total of $35 million.
Toward the end of the scam, they were unable to pay their investors because they were running a pyramid scheme and had never actually invested any money. After the CFTC investigations ended in 2011, Simmons was imprisoned for 40 years while Salazar got 4.5 years after confessing.
Trevor Cook
Cook founded Universal Brokerage Services, a forex trading company, in 2003 and started advertising his services through radio. He was arrested and imprisoned in 2010 when investors were unable to get their money back during the 2008 financial crisis. It turns out that Cook had invested the clients’ money through Crown Forex SA, but the company had trouble with Swiss regulator. In the end, over 1,000 investors lost more than $190 million in one of the largest Forex scams.

Adrian Shiroma
This was a scammer whose scheme was uncovered by the Forex forum Trading Heroes last year. In the website, he claimed to have had success in the industry since 2009, urging investors to trust him with their money. The same scammer later started promoting a Forex brokerage by the name MitsuiFX, which was also found not to be regulated or even have a permanent address.

What is forex market?

What is forex market? Forex market is the market where traders can purchase, sell, and hypothesize on currencies.  This market is consists of trading companies,

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