London Gold Trading Scam - Need Help

Posted by kenysl (25 days ago)

Hi everyone,

I am a novice investor and recently, a guy has approached me to invest in London Gold, from what he described, I can make small portions on a daily basis and he never mentioned this is a high risk investment.

In a 2 weeks spell, I have lost over $200K, I was told that I am really unlucky and the market went the opposite way. I was really desperate but got no other choice other then accepting this loss. I happened to read an article in a local news magazine and find that some others are falling into this trap as well.

After reading the article, now I am thinking if I can do anything about this? Report to Police? Contact a Council member? Contact a Lawyer?

Many thanks!!!

(I am based in Hong Kong)

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Posted by punter (25 days ago)

Gold, oil, stocks have gone down in the last few days. You definitely are going to lose money if you bought at high prices. But if you hold on to your gold "investment" and price go up, then you should be able to recoup your paper losses. But who knows where prices are headed?

(I am based in Hong Kong)

Posted by dadda (25 days ago)

sounds to me that this guy put you into a leveraged product. Option, derivative of some sort. If he is licensed as a broker then I suspect you have some chance of fighting it. To lose that in a few days you must have invested quite heavily, and for a licensed broker to put you into that type of trade he should ensure you can be classified as a professional investor.

If you just met him on the street you have been scammed. If he is with a licensed agency then you should contact the SFC immediately.

Good luck

(I am based in Hong Kong)

Posted by cookie09 (25 days ago)

what is london gold for my interest? london gold futures?

(I am based in Hong Kong)

Posted by cookie09 (25 days ago)

btw just a quick google yielded this gem here

http://www.police.gov.hk/pprb/peb/english/042611_e.html

(I am based in Hong Kong)