flash

This is exactly what I was thinking as soon as I read about the "refunds".
Honestly, how many times have we seen it before, just off the top of my head, NSFG, FXE, Udachu, and shoot, let's throw in another once popular forum rat...ROG, who had so many cheerleaders beg not to go to any authorities, "give him a chance" ect... The truth is sometimes they refund a portion of your principal, sometimes not. The stories are always just a little different with the same theme. In the end, the program's admin is the only "possible" winner.

allinvain

lol..that's why I always say HYIP's offer high yields only to those who run them!

Schminner

Very true indeed ...

Echo

Hi everybody, I'm new to this forum, although I've kept reading it for a while since I also lost a few hundreds on ClubFx.
What I saw on this forum is a lot of frustration coming out, criticism, determination. But I did not see any practical and realistic projection on how to get the money back. I have no knowledge on the South African or USA law, but I did notice that everybody is ultimately relying on a lawyer's powers and skills presumed infinite. But to start with the basics: do we have the faintest idea on how to overcome at individuals level the acceptance of the risk-related clauses of the Terms of the ClubFx Trader when we signed in ? Here I quote a few sentences:

"Club-fxtrader is a private club, and funds/profits are made through trading in forex. Forex trading by nature has a large amount of risk and there is always a good chance that you could lose some or all of your investment, You agree that by joining and depositing any money in whatever form that you are solely responsible for any losses and hereby relieve club-fxtrader, it's members, management, trader/s, affiliates and any person conected in any wat to the club of any guilt or claim arising from the activities of any of the above mentioned persons or entites.

Club-fxtrader is NOT a licensed bank or security.

Club-fxtrader is a private Club and any and all transactions are exempt from the U.S. Securities Act of 1933 and all amendments; and, you acknowledge and agree that you have not relied on this Act or any other related regulations from any other jurisdictions."

"You are investing at your own risk. You agree to only invest money that you can afford to lose."

Well, I'd like to see some realistic juridical comments on the above.

JoseLeon

It's true that it's a risk but it's "very different" if someone is going to scam you and run away with the money, that is not what that sentence says. And even if the trader has many losses he must prove these losses, and there are not proofs in this case.

The last words are useless because that sentence posted by many hyips are a nonsense and if you accept funds from third parties and from the public you must be licensed or registered.

If you agree with these terms you are not telling the Admin: run with my money, I don't mind. You are telling him: if you have a very bad trade and you lose money you are not a good trader but I understand that I agree when I deposit my money in your program, and if this occur then you must proof those losses.

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ziedariana

Such disclaimers do not hold any weight in court if they are presented by a fraudulent company. Let's assume for one moment they did. The loss was not due to trading, but rather gross negligence in security (if hacking is confirmed).

Club-fxtrader is not a private club. a number of criteria have to be present to qualify Club-FX as a private club: Qualified investors, number of investors, method of joining, investment channels...

Of course, If I didn't I wouldn't have power to access my laptop and type at this moment. Does that mean I will let a scammer off the hook just because I can afford to lose the money ?

IMO this is a classic HYIP scam, it is not a complicated case.

Welcome to the forum, and thanks for saving a copy of the Clubfx site

Echo

OK, I agree that scamming is not explicitly included, but also not explicitly excluded. But I disagree with the license or registration for the majority of the HYIPs. In the case of ClubFX some discussion about registration was only recently brought up, I remember about changing from "investment" to "loan", unfortunatelly I did not save the new Terms listed on the site. But I doubt that there is any license or registration, what do you think about it?

For the other paragraph of you post I think that the quotes below might bring a different view:

"Club-fxtrader will not be liable in any way to any persons in the event of force majeure, or for the act of any Government or legal authority or for the failure of or damage or destruction to, its computer systems, data or records or any part thereof, or for delays, losses, errors or omissions resulting from the failure or mismanagement of any telecommunications or computer equipment or software.

Club-fxtrader reserves the right to amend these rules at any time

By participation in Club-fxtrader, you agree, acknowledge, and accept this disclaimer and agreement.

Risk disclosure
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors, the high degree of leverage can work against you as well as for you. Before deciding to invest you should carefully consider your investment objectives.

The possibility exists that you could sustain a loss of some or all of your initial investment."

Please show me that here we do not have Force majeure or computer system (software) failure...:-(


Also please note that the last sentence is written as a separate new paragraph and I think that it really can be interpreted as completely taken out the forex trading context. What do you think?
I a larger context, what do you think a lawyer would do against this case for opening a legal action at a court of justice: against whom, at which court and on what charges? Would that be on individual basis or on collective (all investors) basis?

Echo

...if the fraud is proven.....This must be the first step!


I agree that it was caused by a security failure and here we start again the whole pile of posts on the GT forum related to this topics....:-(((

How do you know this, what law is this, can you please give more details? In which country is the Club Fx operation registered (if) as business or at least as internet domain?

No, not normally through the legal channels. That is why I'm trying to evaluate our chances. But what if the justice cannot help you in this case? Actually we entrusted our money to this ClubFx accepting all the risks stated there. This is a contract freely accepted by both parts, we can't touch PeterB (too much). Is it really so?

JoseLeon

I think that you should read some more about laws

It's forbidden in almost all jurisdictions to accept funds from third parties without being registered. Exception are private programs with less than 100 members for example in a private club.

But the reason here is that if he says that a hacker has stolen the funds, he must prove it!! It's the less that he should send to all his investors!, how can you know that it's true what he is saying?. And he has all against him being an unregistered program.

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Schminner

It's more like:

"You are investing at your own risk. You agree to only invest money that you can afford to lose or be scammed"