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    UAG Defrauded Thailand Investors with “Ponzi Scheme”

    Abstract:Ponzi scheme has always been a major threat to forex investors’ asset safety. Recently, several investors from Thailand complained to WikiFX about UAG, an illegal forex broker that defrauded them through a typical Ponzi scheme.

      Exposed broker: UAG Thailand

      Regulatory status: illegal

      Complained by: an investor from Thailand

      Cause of complaint: the investor couldn’t withdraw

      Ponzi scheme has always been a major threat to forex investors’ asset safety. Recently, several investors from Thailand complained to WikiFX about UAG, an illegal forex broker that defrauded them through a typical Ponzi scheme.

      Event recap

      According to a Thailand investor, he was persuaded by someone from LeoNine Global, the IB of UAG THAILAND, to signed up at UAG. From July to August in 2019, the investor made 2 deposits of 129,200 baht(US$4,084.21) and 136,000 baht(US$4,267) through transactions from Kasikorn Bank. For a while, his account remained normal during trading, and he was able to make a US$3,500 withdrawal in early October.

    1-1.png

    1-2.png

      Confirmation of investor’s 2 deposits last July and August

      By the end of October, UAG suddenly announced that due to the broker’s change of LP, investors would not be able to fully withdraw for the next 1-3 months and restricted the maximum amount of withdrawal to US$500 per day. Seeing the notice, the investor decided to eventually withdraw his account balance within the broker’s US$500 restriction. From October 29th to 31st, he withdrew altogether US$1,500, but all his applications afterwards remained unapproved.

    2-1.png

      The notice UAG sent through Line

      As the investor had made some profits at the platform, he further deposited 102,000 baht(US$3224.38) in early November despite the withdrawal applications still in progress. But unexpectedly, his previous withdrawal applications were yet to be approved, so new applications had to wait. The worried investor contacted the customer service, and was told that due to “system issues”, investors could only apply for withdrawal after January, 2020.

    3.png

      Investor’s withdrawal applications remain unapproved

      But until January 31st, 2020, the investor was still unable to withdraw, and this time UAG claimed that withdrawals won’t be available until March. The angry and frustrated investors thus decided to expose this illegal broker, which is suspected of conducting “ponzi scheme”.

      UAG again postponed the time that withdrawals will be available.

      Coming to March 2nd, 2020, the alleged time that investors could make withdrawals, investors contacted the customer service of UAG again about the matter, only to find that the company’s customer service agents had all left and investors’ pending withdrawals remained unavailable. The broker was finally exposed for defrauding investors with “Ponzi scheme”.

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      Investor’s conversation with the customer service and the IB agent’s social media account

      About UAG

      According to WikiFX App, UAG is currently unregulated and has been heavily complained by investors recently. Its unscrupulous illegal practices are considered to be a “Ponzi scheme”, so investors should definitely stay away from this broker. If you’re also a victim to UAG’s trap, you may contact WikiFX and provide more information for our follow-up exposure articles.

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      Conclusion

      “Ponzi schemes” are very deceptive and can be difficult to detect , and it is precisely this type of scheme that inflict heavy losses upon investors. If you notice any irregularities of the broker’s platform during the trading process, please stay alert and immediately check the qualification of the broker on WikiFX to reduce unnecessary losses.

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    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
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