We invested in what was represented to be a low risk, relatively high return managed FX trading account. In one day of trading, we lost 63% of our account when over 225 reckless "trades" were executed. This violated all representations of how the trading was to occur (2-3 days per month of trading, with 5-8 trades, only 1-3% risk of capital per trade). Australian Regulators are now investigating this company, Senen Pousa, and other entities involved in this scam, and the courts have frozen bank accounts. This is from the ASIC website (Australian SEC Equivalent)
Email from ASIC:
If you are on this email list then you have made a complaint to ASIC at some stage regarding
Investment Intelligence Corporation. I am the project manager for this investigation.
Attached is a link to the ASIC website showing a Media Release made today by ASIC outlining court
action ASIC took yesterday to freeze funds held in bank accounts held by Investment Intelligence Corporation.
The media release summarises the action ASIC has taken and refers to our ongoing investigation
regarding Investment Intelligence Corporation.
It is important that you note that this investigation is complex spanning several countries and it
will still take some time to complete.
Investigations are continuing regarding IB Capital, Global Forex Management, The Elevation Group,
Investment Intelligence Corporation and individuals relating to those entities.
ASIC and authorities in the USA have been working to determine what has happened to all funds
transferred to ING Bank in The Netherlands.
Please feel free to forward this email to other ProphetMax members who may require this
Please be aware that ASIC is dealing with multiple complaints regarding this matter however, do not hesitate to contact me if you have any questions.
12-175MR ASIC freezes suspect funds held by unlicensed financial mentoring company
Friday 27 July 2012
ASIC has acted to secure funds invested with an online financial mentoring company, Investment Intelligence Corporation Pty Ltd (Investment Intelligence) while it investigates concerns that the company and its sole director, Mr Senen Pousa, are carrying on a financial services business without holding an Australian financial services (AFS) licence.
ASIC has also obtained a prohibition of departure order against Mr Pousa of Byron Bay in New South Wales. July 2012, ASIC obtained interim orders, by consent, in the Queensland Supreme Court over $3,092,799 held by St George Bank and $313,136 held by American Express Australia in
the accounts of Investment Intelligence.
The matter will return to the Queensland Supreme Court for further hearing at a later date.
Investment Intelligence sold financial
mentoring memberships through an internet platform called ProphetMax. The membership involves a number of web-based modules that include general financial literacy, life coaching and foreign currency trading advice.
ASIC understands there are over 3,000 members worldwide, including Australia.
Investment Intelligence recommended that
members engage in foreign currency trading through a broker called IB
Capital registered, in New Zealand.
Members were then instructed by IB Capital to transfer their funds into an account with ING Bank in the Netherlands. It is believed that members were told that these funds would then be used for foreign currency trading by a company in the USA called Global Forex Management.
ASICs investigation has revealed that Global Forex Management is not registered with the Commodities Futures and Trading Commission (CFTC) in the US to trade in foreign currencies.
Neither Investment Intelligence or Mr Senen Pousa hold an AFS licence under the Corporations Act 2001.
ASICs investigation is continuing in conjunction with authorities in the US, New Zealand and the Netherlands.