1. I have a story to tell. Maybe someone will learn a lesson or two from it. In my family, you earn your keep. My story is set in 2006: my very first exposure to Forex trading. Back then in Nigeria, I was visiting a cousin in Port Harcourt. I’ll simply this story the best I can.
2. He was studying Engineering at the University of Port Harcourt. So this cousin (X) was robbing Peter to pay Paul. He devised a method that allowed people to invest in his Forex trading scheme. People are always taken by the “appearance of wealth.”
3. He bought cars, rented a mansion within the Ada George area of Port Harcourt, used very expensive phones, wore nice English suits & expensive perfumes. His bank then was GTB (won’t name the branch). At one time, he threw a lavish birthday party at the Novotel Hotel.
4. He was among the top 10 richest boys in town, a true “Port Harcourt First Son,” at least his appearance was “all fur coat and no knickers.”
He was the Zeus on Olympus, a socialite. And as far as Uniport & Port Harcourt hottest chicks was involved, money wasn’t his problem.
5. Back to my Forex gist, he had 6 boys under his wing at the famous Pretasso hostel, Uniport. I was a little girl back then, but at least, I knew something. From one investor, his scheme grew to hundreds of investors. People from all walks of life knew him.
6. Retirees was his preference, he targeted their gratuity. I knew of one of his friends whom the mother had recently retired from the NNPC. Her son (X’s friend), convinced his mother to invest in the burgeoning Forex trading scheme. X promised her 100% returns on investment.
7. This woman invested N30m. Remember this was N30m in 2005. I wonder how much that is now? Fast forward, by Dec 2005, his Forex trading account had swollen to the tune of N450m. These were people’s monies, EVERY SINGLE PENNY. The case that finally landed him (X) in trouble,
8. was a certain Alhaja with money & influence. X had failed 3x to meet her returns on investment. She had invested N50m & X was supposed to pay her N50m every month. Alhaja wouldn’t listen to any of the stories, she had X arrested & flown to Abuja.
9. Within 3 weeks, the entire network crashed. The army of “hoodwinked souls,” had found out X was arrested, his depleted bank accounts frozen. Word got out he had purchased the rental duplex for N60m earlier. His cars, the duplex, his jewelries, all - seized.
10. The retiree with N30m investment, upon getting the news of what had happened, collapsed. She never recovered from a stroke. Till this day, my cousin is still missing, not a single word, no whisper. Rumor had it he was last spotted at a party in Germany, no one knows for sure.
11. All we know is he got out, lost everything, people lost their life savings. In the end, Forex made him, but it also broke him.

“Forex trading is a full time job, if you are a seasoned trader, hedge fund manager, an investment banker,
12. more importantly; “you live in the Western Hemisphere.” You should never use people’s monies to trade Forex, that’s greed & naivety.

Both the investors & the trader running forex Ponzi schemes, are callous. I typed this in a rush, so forgive any mistake(s).

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