A popular currency trading website vanished overnight and $1-billion of investors money disappeared with it

Financial Post | Business

The first time Rajibuddin Mandal, a family doctor in Birmingham, England, tried his hand at trading currencies online, he lost 2,000 British pounds. From that experience, he concluded that the foreign-exchange market was too big, too complex and too hazardous for amateur investors like himself. He decided he needed help from the professionals.

One site he found on the Internet in early 2013 seemed to be speaking directly to him. Called secureinvestment.com, the website acknowledged that currency trading was risky.

“Ninety percent of traders in forex end up losing money,” it said. Secure Investment said it offered something safer: It made trading decisions for investors and guaranteed their principal. That meant, Mandal thought, that even if he didn’t make money, the worst that could happen would be that he would break even, Bloomberg Markets will report in its December issue.

[related_links /]

Bloomberg/Screen shot Bloomberg/Screen shot

Secure Investment said that it traded…

View original post 2,257 more words

Advertisements

Comments are closed.

Spill the beans.

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s