You Took The Words Right Out Of My Mouth...
There were certain things about the current FX Experts situation I was unsure I was allowed to share at this point...
However, someone else has come out and said certain things, nice and clearly, so that takes me out of any hot water! (Cos I'm just the messenger now, and the information is now public forum... So Chancer can't get in any trouble.)
Rabbit (his blog) posted the following in HYIP Discussion.
"I received several Yahoo messages from people telling me that folks here are waiting for an update from me. I would expect Marcos to post a detailed update on what is going on. But since communication isn’t his forte, let me post what I know.
Current Situation
As I mentioned the last time I posted in this thread, Marcos has been paying returns and withdrawals from reserves for some months now. A lot of people withdrew funds since I first reported they were paying from reserves, and they have been paying without touching the main trading account (I have seen deposits but no withdrawals from the account over the past few months).
Why the sudden freeze of the program?
Marcos froze the program because the situation has not improved. Thus, he decided to take a different direction (which resulted in him closing out the losing positions he had opened on the main account with a loss). With the hard loss, the program would have been turned into a ponzi if he had continued to pay the daily returns. And with the daily returns set at 0% for a month or so, people would have withdrawn their funds en masse in panic. One of the options he considered was to set the rate at 0% for a few weeks while raising the principal withdrawal penalty to 25%. The idea behind the raise would have been to stem the amount of withdrawal requests from people unhappy with a few weeks of no interest. In the end it seems he decided to freeze the program for a few weeks.
Will we lose our money?
No one should lose any money. We are not being scammed or anything like that. They are currently in the process of moving to several new brokers which will allow them to use the automated trading systems (not the same as those being used as FXEMA) that will replace the human trader they had before. If past, back-testing, and forward-testing results are any indication, they should be fully back on track within about 4 to 6 weeks.
The Future of the Program
There is a good chance that Marcos will decide not to continue with the program, and refund everyone their account balances (principal plus compounded interest) once he gets things back on track. He doesn’t seem to have the passion he once had for the program (which may explain the lousy customer service some people have been complaining about), and want to focus on the Managed Accounts being offered.
Anyway, I hope this post clarify things and put people’s mind at ease. I have cleared out a lot of PMs from my inbox so if you want to send me a PM feel free to do so. Oh and for those of you that are curious, I have several thousand dollars in the program myself – it is my second biggest public high yield investment after ROG’s “Private Limited Time Offer”."
A nice, succinct and informative bit of writing from Rabbit as usual.
However, someone else has come out and said certain things, nice and clearly, so that takes me out of any hot water! (Cos I'm just the messenger now, and the information is now public forum... So Chancer can't get in any trouble.)
Rabbit (his blog) posted the following in HYIP Discussion.
"I received several Yahoo messages from people telling me that folks here are waiting for an update from me. I would expect Marcos to post a detailed update on what is going on. But since communication isn’t his forte, let me post what I know.
Current Situation
As I mentioned the last time I posted in this thread, Marcos has been paying returns and withdrawals from reserves for some months now. A lot of people withdrew funds since I first reported they were paying from reserves, and they have been paying without touching the main trading account (I have seen deposits but no withdrawals from the account over the past few months).
Why the sudden freeze of the program?
Marcos froze the program because the situation has not improved. Thus, he decided to take a different direction (which resulted in him closing out the losing positions he had opened on the main account with a loss). With the hard loss, the program would have been turned into a ponzi if he had continued to pay the daily returns. And with the daily returns set at 0% for a month or so, people would have withdrawn their funds en masse in panic. One of the options he considered was to set the rate at 0% for a few weeks while raising the principal withdrawal penalty to 25%. The idea behind the raise would have been to stem the amount of withdrawal requests from people unhappy with a few weeks of no interest. In the end it seems he decided to freeze the program for a few weeks.
Will we lose our money?
No one should lose any money. We are not being scammed or anything like that. They are currently in the process of moving to several new brokers which will allow them to use the automated trading systems (not the same as those being used as FXEMA) that will replace the human trader they had before. If past, back-testing, and forward-testing results are any indication, they should be fully back on track within about 4 to 6 weeks.
The Future of the Program
There is a good chance that Marcos will decide not to continue with the program, and refund everyone their account balances (principal plus compounded interest) once he gets things back on track. He doesn’t seem to have the passion he once had for the program (which may explain the lousy customer service some people have been complaining about), and want to focus on the Managed Accounts being offered.
Anyway, I hope this post clarify things and put people’s mind at ease. I have cleared out a lot of PMs from my inbox so if you want to send me a PM feel free to do so. Oh and for those of you that are curious, I have several thousand dollars in the program myself – it is my second biggest public high yield investment after ROG’s “Private Limited Time Offer”."
A nice, succinct and informative bit of writing from Rabbit as usual.
posted by chancer at 5:55 PM
0 Comments:
Post a Comment
<< Home