ProphetMax, Senen Pousa - any info?

Are you familiar with the Australian jusrisdiction? Can someone even be imprisoned before trial? Not all countries share similar laws and procedures. So far he has been restricted to not leave the country until further notice, accounts have been frozen.
Moreover, I'm not even sure American regulatory bodies can take action against Pousa unless there is extradition. I might be wrong... I sure wish SEC/CFTC/NFA gets to him as well.
 
pknzip said:
It might have to do with the fact that the SEC has no jurisdiction over an Australian citizen, although I'm not into the technicalities, so not sure about that.
But I spoke to an ASIC agent and he said they are definitely hard on his heels.

Remember, Pousa is not the only one to be responsible in this matter, he introduced us to the bogus trading group run by Kevin Clarke, the Director and head trader of Global Forex Management. There is still a 1% chance that Pousa was fooled into this scam just like the rest, although I certainly don't buy that: a very superficial due diligence should have told him that these people weren't registered neither with the NFA nor the CFTC, so what type of due diligence did he perform? Zero. That makes him as guilty as all the rest to my eyes.
I promise this is the first (and last) time I invest in a managed account. Thanks god I only lost about $6500. I know of people who bet the house into this scam...
Click to expand...

I had two accounts direct with GFM before Pousa introduced Managed FX. I was/am also a PM member. One of the accounts lost 60% on that day and the other account made an 8.5% gain on the same day. So it wasn't just Managed FX subscribers who lost money and not all accounts lost money.
 
Zebedeee said:
I had two accounts direct with GFM before Pousa introduced Managed FX. I was/am also a PM member. One of the accounts lost 60% on that day and the other account made an 8.5% gain on the same day. So it wasn't just Managed FX subscribers who lost money and not all accounts lost money.
Click to expand...

hi Zebedeee welcome to the board.

what was the gfm broker called at that time?

did you have accounts in different currencies?

were your accounts suddenly up a considerable amount just prior to the trading losses?
 
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Zebedeee said:
I had two accounts direct with GFM before Pousa introduced Managed FX. I was/am also a PM member. One of the accounts lost 60% on that day and the other account made an 8.5% gain on the same day. So it wasn't just Managed FX subscribers who lost money and not all accounts lost money.
Click to expand...

Interesting, thanks for sharing your experience.
If possible, this makes me even more angry at Pousa. He basically touted the investment as "exclusive" to ProphetMax memebers like us and demanded the hefty $2000 entry fee to even disclose the trading group, and now it has become clear that GFM was open to every investor instead. He kept big secrecy all the way, and only once we paid this useless fee we were able to 'invest' (so to speak). I also heard the story of people who made money the same day, my take is that it was a glitch in setting up the scam, and/or to make the story of the technical glitches in the master's account a bit more credible. My 2 cents.
 
pknzip said:
Are you familiar with the Australian jusrisdiction? Can someone even be imprisoned before trial? Not all countries share similar laws and procedures. So far he has been restricted to not leave the country until further notice, accounts have been frozen.
Moreover, I'm not even sure American regulatory bodies can take action against Pousa unless there is extradition. I might be wrong... I sure wish SEC/CFTC/NFA gets to him as well.
Click to expand...
Yes, there is an extradition treaty between Australia and the US. Sure, one cannot be jailed before a court order is rendered but the court can sure not jail anyone without the authorities demanding it in their complaint with the court, which is precisely the case here. For some reason, the SEC does not demand Pousa's imprisonment in their complaint: http://www.courthousenews.com/2012/09/19/AboutThat53.pdf - although they did in Madoff's case and many other similar cases.
 
OK... good to know. Although I wouldn't compare a baby scammer like Senen to good ole Bernie, the ultimate godfather of all the scams & ponzies.
 
Lightning McQueen said:
hi Zebedeee welcome to the board.

what was the gfm broker called at that time?

did you have accounts in different currencies?

were your accounts suddenly up a considerable amount just prior to the trading losses?
Click to expand...

Thanks Lightning

IB Capital was the broker, same as Managed FX

Both accounts had previously been converted from USD to GBP so were GBP at the time

Prior to the day of the loss (16 May 12) my first account which was opened in Aug 11 was up 40% and the second account opened in Oct 11, which made 8.5% on the day of the losses, had a total profit of 28% at account close in Jun 12. The first accounts total loss at closing was -44%.

The account that made the losses, on the day while trading the account P/L (based on the previous days balance) ranged from -7% (at 1st trade) down to -39% (at 5th trade) then up to a maximum of +102% (at 33rd trade) then down to -60.6% (at 121st, last trade).

That was an unusual day in respect of the number of trades as prior 10 was the maximum ever made in one trading day with often only 2 or 3.

GFM was open to anyone who found their site and who had sufficient funds, so it was not unique to PM.
 
Zebedeee said:
GFM was open to anyone who found their site and who had sufficient funds, so it was not unique to PM.
Click to expand...

Yep, the only unique thing was Pousa's total absence of due diligence (unregulated managed FX service) and the big fee he put on top to access an open fund. Amazing.

Why did you join PM if you were already a GFM customer, if you don't mind sharing? After all, GFM was the only thing Pousa had to offer aside from a lukewarm EA - I hope you were not into his buddhist crap pardon my French...
 
pknzip said:
Yep, the only unique thing was Pousa's total absence of due diligence (unregulated managed FX service) and the big fee he put on top to access an open fund. Amazing.

Why did you join PM if you were already a GFM customer, if you don't mind sharing? After all, GFM was the only thing Pousa had to offer aside from a lukewarm EA - I hope you were not into his buddhist crap pardon my French...
Click to expand...

There was no lack of due diligence by these guys. They had you all set up from day one. Everything went to plan, $53 million was taken and they move on to the next get rich quick nonsense.
 
pknzip said:
Yep, the only unique thing was Pousa's total absence of due diligence (unregulated managed FX service) and the big fee he put on top to access an open fund. Amazing.

Why did you join PM if you were already a GFM customer, if you don't mind sharing? After all, GFM was the only thing Pousa had to offer aside from a lukewarm EA - I hope you were not into his buddhist crap pardon my French...
Click to expand...

I joined PM before I found GFM and found GFM before Pousa did.
 
pboyles said:
I've no idea, but remember half of you were shouting us down and saying it wasn't a scam until you realised the money was gone. Perhaps when the authorities first investigated it a lot of you said it wasn't a scam and you were happy with your 'investment'. Certainly plenty of you were saying that here.
Click to expand...

I did........
 
I didn't. I wasn't around here. But screaming 'scam' through a forum doesn't go a long way (there are way too many forums doing the same). If you were so sure this was a set scam, why didn't you directly alert the SEC instead? Now THAT would have stopped them from the beginning and saved the investors, just maybe...
 
As much as I dislike Senen, I have to admit I respect him more than that Friant scumbag.
At least he didn't escape to some foreign unknown location like Friant and stood there to face the hard consequences. Come to think about it, GFM has disappeared, IB Capital vanished, etc., while Pousa hung on there for a while, well of course PeophetMax is down as well but it was the last thing to stand.
Not that any of this makes him less guilty, but still...
 
That's all we can do, wait and see... fingers crossed for the many guys who lost 6 figures, I was lucky to enter with the absolute minimum.
 
(y) that was a good find! some proof at last they're bringing the nasty people to book, and by the sound of it finding more of your money. good news!

hey, and when you all get some back, keep it next time. so long as people aren't taken in again by the likes of the idiots that were in charge of promotion, dillard and pousa, the mlm promo squad that got you in this mess by hooking you into easy money schemes. those fools spout complete and utter drivel. remember that and you'll be ok.
 
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