If you’ve invested in the futures market but are now having trouble making money, you might be a victim of a Futures Scam. These brokers buy and sell oil future contracts. They claim to provide 20 percent returns, but that’s not true. Instead, they send investors fake statements, pay their returns with cash from new investors, and disappear with their money. The U.S. Commodity Exchange Commission, the regulatory body for commodity trading, brought enforcement action against Daley in 2012.
This broker is a scam. Although it looks legitimate, the website of the fictitious firm doesn’t actually belong to it. Customers are supposedly led to a fictitious exchange to wire funds. They then believe that they have opened an online trading account with the fictitious exchange. Once the money is wired, the broker freezes the account and withdraws all the money. The scammer isn’t regulated by any known authority, so it’s best to be cautious and don’t invest with them.
If you’re not familiar with the Futures Scam, you may have gotten conned by a fraudulent broker. The most common type of Futures Scam is where a broker is not regulated. These unregulated brokers have the potential to scam traders. The best thing to do is contact a broker complaint registry and file a complaint. The information there will help you get your money back. So, keep an eye out for a Futures Scam.