I agree with you that Senen can be a criminal. I am trading forex for 5 years and during this learning curve I have meet quite a few scamers. This way i have gained a felling about people who are serious about their buissines or just want fill their pockets as fast as possible and run. For now my belive on Senen is that he is very spirutal and honest man who really work hard to provide investment oportunity like forex managed accounts to people wich dont have millions already! There is nothing esotric about forex managed accounts but the catch is that you need to have minimum 1-3 millions for a start that somebody even start discussing with you about the investement.
I agree with you that Senen can be a criminal. I am trading forex for 5 years and during this learning curve I have meet quite a few scamers. This way i have gained a felling about people who are serious about their buissines or just want fill their pockets as fast as possible and run. For now my belive on Senen is that he is very spirutal and honest man who really work hard to provide investment oportunity like forex managed accounts to people wich dont have millions already! There is nothing esotric about forex managed accounts but the catch is that you need to have minimum 1-3 millions for a start that somebody even start discussing with you about the investement.
SonicSunburst
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You are correct
I have asked a question on the support if IIC/Prophet MAX have a AFS license.
The answer was: NO it does not have AFS license because IIC/Prophet MAX is only a membership site.
That gives me ansver that legaly IIC does not need AFS license due to ther buissines structure. The account is held by a NZL broker and that broker is regulated.
Well you're being fed a bull story I'm sorry to tell you. In promoting the services of this NZL broker IIC are "arranging to deal" at the very least. This activity requires an AFSL. While we might not have much information about this phantom broker or the trading accounts, we do know that they are misleading clients about their requirement to have an AFSL. He knows he needs an AFSL as he has enquired with a number of Australian Brokers about becoming an AR.
I've seen this so many times over the years. The usual excuses are, " oh but we're just educators", or "we just provide software". Now it's, "we're just a membership site". This is an unlicensed outfit and that fact alone should cause enough concern to question handing them a cent.
I will investigate about this license subject and i will post all the answers i will get here on forum.
They said that Prophet MAX does not match any of bellow criteria:
provide financial product advice to clients;
deal in a financial product;
make a market for a financial product;
operate a registered scheme;
provide a custodial or depository service;
provide traditional trustee company services.
And my reply to them was that as i see the situation Prophet MAX by my uderstanding matches ther 1st and the 2nd criteria. I am waiting for a reply now.
They said that Prophet MAX does not match any of bellow criteria:
provide financial product advice to clients;
deal in a financial product;
make a market for a financial product;
operate a registered scheme;
provide a custodial or depository service;
provide traditional trustee company services.
And my reply to them was that as i see the situation Prophet MAX by my uderstanding matches ther 1st and the 2nd criteria. I am waiting for a reply now.
Sonic Sunburst how is it possible that IIC has ran souch a big advertisment when going on public with EVG and not been afraid because they do buissines without any license??? Isnt that strange? I would want to stay underground if i would run a company wich operate against the law.
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Digital-Man
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IIC could make the case that they only refer the member to a Managed FX service. In Level 3 of the ProphetMax platform, only contact details for the Managed FX service are offered.
REGULATORY GUIDE 36: Licensing: Financial product advice and dealing
Does an exemption from the requirement to hold an AFS licence apply?
Exemptions under s911A(2)
RG 36.43 The exemptions from the requirement to hold an AFS licence are set out in s911A(2) and regulations made for the purposes of that provision. For example, you do not need to hold an AFS licence for the following conduct:
(m) you provide a financial service that consists only of a ‘referral’—that is:
REGULATORY GUIDE 36: Licensing: Financial product advice and dealing
Does an exemption from the requirement to hold an AFS licence apply?
Exemptions under s911A(2)
RG 36.43 The exemptions from the requirement to hold an AFS licence are set out in s911A(2) and regulations made for the purposes of that provision. For example, you do not need to hold an AFS licence for the following conduct:
(m) you provide a financial service that consists only of a ‘referral’—that is:
(i) informing another person that a licensee (or one of its representatives) is able to provide a particular financial service or class of financial services; and
(ii) giving that other person contact details for the licensee or representative.
Unless you are a representative of the licensee (or a related body corporate of the licensee), you must disclose any benefits (including commission) that you (and your associates) are to receive in respect of, or that are attributable to, the service (regs 7.6.01(1)(e) and 7.6.01(1)(ea));(ii) giving that other person contact details for the licensee or representative.
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No, not that recently there was no connection.
SonicSunburst
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Their choice. The ASIC website is littered with media releases and enforceable undertakings regarding unlicensed financial services. IIC certainly aren't the first to try it on and they won't be the last.
SonicSunburst
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While "mere referrals" are possible under the legislation, my experience is that in the wealth creation space they very rarely are.
An accountant giving a client a financial planner's business card is a referral. A real estate agent passing on the contact details of a mortgage broker and one of their pamphlets to a client is a referral.
For a referral to be just a referral, the person doing the referring must only pass on the contact details of the FSP (Financial Services Provider) to the client. They also must only provide a factual description of the FSP's services or products to the client.
For IIC's activity in this area to be considered a referral, it has to look like this...
"Dear client. Broker XYZ runs a managed FX service called ABC. Their contact details are 123. If this is of interest to you please contact them."
IIC cannot make any further statements of opinion about the service or the broker. If Senna says, "Broker XYZ is making fantastic returns with their managed FX service, I have checked them out and they are 100% legit", then IIC have added value and it is no longer a referral.
The second point to consider, is whether the client would have signed up for the managed FX service had it not been for the activities of ICC. My understanding is that this service is a special deal only available to Prophet Max members. i.e. a client has to first be a member of IIC to get the opportunity to invest in the managed FX program.
This is also a significant point demonstrating that ICC are heavily involved in getting clients to the broker. In fact, if they weren't a Prophet Max member, they would never know who the broker is and even if they did find out, they couldn't invest because this is a special deal for Prophet Max members only. This is not a referral.
It is still my opinion that IIC's activities require an AFSL.
I will ask him why IIC isnt regulated by the AFSL and if he can explain the details behind that. I hope i will get my question answered.
Thank you, Klemen. Much appreciate it.
No problem.
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I just received a disturbing PM.
A daily confirmation email was sent regarding the Managed FX account. The statement shows a 62% LOSS, in 1 single day of trading!
Senen is hosting a live webinar within 15 mins.
PLEASE EXPLAIN!!
A daily confirmation email was sent regarding the Managed FX account. The statement shows a 62% LOSS, in 1 single day of trading!
Senen is hosting a live webinar within 15 mins.
PLEASE EXPLAIN!!
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Senen starts the webinar saying, 'Let's not talk about what happened the last couple days.'
ProphetMax Member
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I have an appointment to go to. I can't listen live. Senen is trying to tell everyone that the 62% loss is a figment of the collective imagination. 'Don't worry about it.'
ProphetMax Member
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Wish I could stay. Someone else will have to post.
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I just got back. Senen is still taking questions from upset Managed FX members. The webinar has been going on for nearly 3 hours!
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streaming live now . . .
Senen keeps saying IIC does not own the company that manages ManagedFX
Senen keeps saying IIC does not own the company that manages ManagedFX
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There is woman on the gathering now that is very angry.
Senen is dancing around her question about if a person invests the min. $10000 into ManagedFX and it falls below that level, the person has to deposit more money to get it back the the $10000 min. to trade again.
Senen is dancing around her question about if a person invests the min. $10000 into ManagedFX and it falls below that level, the person has to deposit more money to get it back the the $10000 min. to trade again.
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In other words you lost 62% of 10K, you have to deposit $6200 to get back to par.
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