FX "Investment Club" JL Trading Disappears along with £130 Million of Clients' Funds

It seems the UK investing public has been taken by another FX trading scam. According to reports in the British media, an FX funds manager vanished from his office in Turkey, along with £130 million of clients’ money, after an alleged fraud.

Joe Lewis, a 59 year old man from Yorkshire, is under investigation by police after millions went missing from clients’ accounts as a series of FX trades went against him, according to The Sunday Telegraph. It is speculated professional soccer players and golfers may have been among the British investors that lost money in this case.

Wealthy people were introduced to JL Trading through word of mouth with the promise of FX investing on their behalf, resulting in profits of 1%-3% a month. They were also lured in by Mr. Lewis with opening bonuses such as golf vacations in Thailand and more. Since about 2011, only investors with a minimum of $25,000 (£16,000) were allowed to join his "investment club."

In an email sent to clients this month, Mr. Lewis confessed that his firm, JL Trading, had in reality stopped trading FX in 2009 after suffering disastrous losses. He further admitted in the email that he continued attracting investors for the next five years so that he might somehow recover the business, but he has failed in that.

Dear Investor Letter

In the email sent to clients on December 3rd, Mr. Lewis wrote: "Dear investor, I am writing to inform you that JL Trading is ceasing to carry on business. Contrary to the impression that I have hitherto given, the business has lost almost all of its assets, and there appears no prospect of those assets being recouped.

"JL Trading ceased foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term trading in 2009 following substantial losses and since that time the business has suffered further losses, which I have tried to make good through investments in a number of commercial projects. However, it is now clear that the business will not be able to recover its losses and must cease trading. This means that, contrary to what was reported to you previously, you cannot expect any Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in the future.

"I can only apologise unreservedly for any losses or unfulfilled expectations of profit. I have tried to recover the position for a considerable period of time, but it is now clear that I will be unable to do so. I sincerely regret that I have not been able to do better on your behalf."