freemexy: Investor’s Losses Snowballed after Trading at Lockwood
Investor’s Losses Snowballed after Trading at Lockwood
Mr. Odai, interested in forex investment, signed up on a forex website named Saudi money and submitted personal information including his name, phone number and email. A few days later, Mr. Odai received a call from a British number. The man who called himself Mustafa Jamal spoke to Mr. Odai in Arabic, telling him about the global stock market and that he should also consider trading because it makes good profits. In an effort to convince Mr. Odai, the man kept in touch with him for a week, and finally talked Mr. Odai into opening an account with US$250 of deposits. A day later, another man, Abdulsalam Rizk, asked Mr. Odai to approve the transaction made from his account. After Mr. Odai did as told, his account profited steadily for the next two weeks. Abdulsalam then advised Mr. Odai to make more money by entering the gold and oil markets, and Mr. Odai accepted the proposal, sending the guy US$250 in hope to increase his profits.To get more news about NAVER, you can visit WikiFX news official website.
Abdulsalam, who gradually gained Mr. Odai's trust, continued to persuade him to borrow money from banks to make better use of his trading account to profit. Mr. Odai again followed the advice and successfully loaned US$3,000 from the bank. According to their previous agreement, he only need to pay half of the loan(US$1,500) while Abdulsalam should pay the other half. After that, Mr. Odai's account balance increased every day and reached US$16,500 a month and a half later. Then, Abdulsalam and the illegal broker Lockwood eventually revealed their true colors. Abdulsalam asked Mr. Odai to transfer US$1,500 to him twice with the excuse of tax avoidance, but irregularity occurred during both transactions, as he got warnings from the bank about his transactions and was asked to pay taxes. Mr. Odai tried to contact Abdulsalam, but the man was already out of reach, leaving him unable to withdraw the balance in his account. What was worse, he still has a bank loan to pay.
As people often say “lookers-on see most of the game”, Mr. Odai, as an “insider” of the investment, failed to notice the many warning signs that would otherwise seem quite obvious. Meanwhile, the unscrupulous Lockwood abused investor‘s trust and coaxed him into making deposits with money borrowed from the bank, which is truly outrageous. Obsessed with the illusive high profits in his account at Lockwood, Mr. Odai failed to take the most crucial step during forex investment - checking the broker’s profile and compliance.
Rated at 1.29 on WikiFX App, Lockwood is an extremely unreliable broker and WikiFX suggests investors to stay away from it.