InovaTrade may very well be the next forex brokerage scam

Although there were quite a few red flags about this brokerage available all over the internet (forexpeacearmy for instance and others) and even CFTC suing them for accepting American clients I didn't take much notice. This is because I don't think that CFTC should be allowed to impose its requirements on foreign brokers and also that there are bad reviews (sometimes very bad) about the most decent brokers - it's just the nature of this business.

However after becoming aware that InovaTrade are doing their known dirty Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker techniques on one of my contacts I now know that whatever is written about them all over the forex forums is truth. I've received a detailed email exchange and even a phone call recording showing how exactly InovaTrade plays tricks on its clients - basically making up excuses why bank wire is delayed mentioning anything from 'strict' compliance procedures or that their database is down or that they have to update client data again and again and again.

Not only that but I've also received a separate email from one of Inovatrade's ex-client's referencing the following article found here. Excerpt is below.

At this point I can only conclude that InovaTrade owners are scammers and should be stopped. Forex traders are advised against trading with this broker.

"Interestingly, the Madoff’s vile heritage has now created offspring’s of copy-cat bandits that carry-out their financial fraud legacy as Bonnie & Clyde outlaws. The new kids on the block are known as Michael Alcocer Roa & Iricelis Bloise natives of Puerto Rico and presently residing in lavish properties in Florida, Panama, Nicaragua, Uruguay, Peru, Colombia and Puerto Rico. Amazingly, this particular duo of outlaws are more malevolent and wicked that their predecessors and equally dangerous as Bonnie & Clyde. Like so, this particular plot is almost scripted for a Hollywood action movie since the events I’m about to report and disclose defiance common logic and that of human decency. Thus, Mr. Alcocer and Ms. Bloise established a security-exchange and Forex investment firm named, Inovatrade in an up-scale location at 1111 Brickell Avenue, 11th floor,Miami,Florida,33131, Tel: 305-394-3447. No licenses or permits whatsoever!!

The mischievous couple can be profiled as being in their late twenties, sweet personalities, nice-looking, and appealing. As expected from their financial success, they both drive expensive European cars, Mercedes, BMW, Audi, and Ferrari cars. They also own a beautiful mansion valued at over five million in Orlando, condos in Brickell and other properties in upscale international locations. As per Mr. Alcocer declarations to all investors; he is also the sole owner of several gold mines inNicaraguaandPeru, which he frequents with his private liar-yet or yacht. More fascinating is their eye-catching wardrobe and striking Italian jewelry which allures all onlookers, combined with their “charming” personalities and delightful charismatic demeanor! Good old folks from the Caribbean Island.

In this fashion, Mr. Michael Alcocer’s ingeniously makes convincing promises of producing you millions with Inovatrade investments while guarantying your capital with his personal gold mines. Accordingly, this is an appealing proposition to any serious investors, considering that Inovatrade portfolio includes JP Morgan, City, Chase, HSBC, Boston Tech, Merrill Lynch and other reputable Wall Street firms who are associated with Inovatrade on a global scale and capable to reach all commodities! Accordingly to “Michael” and Iricelis, they portray themselves as a firm that can handle bonds, securities, Forex, stocks, and gold since Mr. Alcocer made it clear that he was fully licensed as a broker for all commodities. At the time, there was nothing to doubt from his professional presentation, assets, office or portfolios. So far at the time, everything appeared credible and authentic in documents while their persona also appeared truthful. Fascinatedly, the outlaws claim to have offices inEngland,Panama,Italy, US and New York.

Subsequently, once the investment platform was set, Michael then targeted the gullible investor(s). In this way, the first unsuspecting victim was chosen to be Mr. Gilbert Gonzalez, a reputable executive from Puerto Rico and Orlando who possessed an impeccable reputation with his portfolio clients. As follows, little did Mr. Gonzales suspected that a professional Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term was orchestrated specifically for him and containing all the grandiose elements of a swindle that was about to become a living nightmare. Like so, Mr. Gonzalez, performed his typical due diligence and nothing negative surfaced. Subsequently Mr. Gonzalez proceeded to invest “One Million Dollars” into Michael Alcocer and Iricelis Bloise investment plan; unknowingly this was all part of their rip-off con game of Inovatrade."

Read the rest here.

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