Jacko's Forex House of Pleasure and Pain | Page 592 | Forex Factory

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Jacko's Forex House of Pleasure and Pain

  • #11,821
  • Aug 17, 2010 6:40am Aug 17, 2010 6:40am
Quoting brijon




SO IF IT IS PROVEN FRAUD WAS INVOLVED FF IN MY OPINION COULD BE LIABLE FOR DAMAGES suffered
You're mistaken.
FF is based in the United States and is protected by Section 230 of Title 47 US Code.

Section 230 says, in part:

Quote
"No provider or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider." This federal law preempts any state laws to the contrary: "[n]o cause of action may be brought and no liability may be imposed under any State or local law that is inconsistent with this section.
http://www.eff.org/issues/bloggers/legal/liability/230
  • #11,822
  • Aug 17, 2010 7:22am Aug 17, 2010 7:22am
Quoting wwwin
That's the only logical conclusion that I have heard so far as to why he is posting. But how do you know he was even trading or using a broker. He may not have traded at all and operated strictly as a Ponzi scheme and all the quaterly statements may have been all made up.
thats why i said its a smoke screen.he never has traded and your correct wwwin its just a newer boiler room type scam,the next step will be contacting the investors and asking them to pay a insurance bond to release their funds as they will be in a escrow account.the money has gone but they have not been as clever as they think things take time watch this space.
student
  • #11,823
  • Aug 17, 2010 7:33am Aug 17, 2010 7:33am
Quoting billbss
You're mistaken.
FF is based in the United States and is protected by Section 230 of Title 47 US Code.

Section 230 says, in part:

http://www.eff.org/issues/bloggers/legal/liability/230
Bill,

That may not necessarily be so. As it is, I don't understand why others are suggesting that FF be held legally liable nor do i understand why you seem to wish to defend them. They are a legal entity. Any member has the right to sue them and in the typical scorched earth policy they and everyone associated with this particular issue would be attached to one suit.

The people who have lost their money have the right and obligation to attempt to get it back.

Part of Section 230 also says:

Wow, is there anything Section 230 can't do?
Yes. It does not apply to federal criminal law, intellectual property law, and electronic communications privacy law.


I am not an attorney and my point in posting this is that a lot of legal advice is being bantered around that will only confuse the people involved. I have no doubt that FF has already had their legal team look at this issue and are seeking ways to protect themselves. It is what I would do with my company.

At the same time the people who have lost money should be seeking legal advice to see how/if they can be made whole. They should also be going through the criminal legal system to ensure that the criminals are caught.
  • #11,824
  • Aug 17, 2010 7:52am Aug 17, 2010 7:52am
Just got done reading the last 30-odd pages of this thread. What a mess... To be honest, the extracted post (http://www.forexfactory.com/showthread.php?t=245624&page=4) (some from a month & a half ago) are even more disturbing. Ponzi schemes offering very high returns tend to unravel quickly, so early warnings were key -- it appears early warnings were disregarded. So far, the copied/pasted commentary from jacko's "private group" appear to be drivel (certainly not worth $700 or even $7) -- But there's nothing illegal about overcharging for services or giving bad advice.

What is illegal is running a fund that isn't registered with the proper authorities, guaranteeing returns, and if things don't work out as planned turning it into a ponzi scheme. Do any of the "investors" care to share the offering docs (I saw the one doc that was posted, but is that the extent of your agreements w/ this guy?? There wasn't anything more official that required multiple signatures, etc?), bank accounts that money was sent to, addresses where money/docs were sent to (although those appear to just be mailboxes)? There seems to be plenty of clues that could easily help the authorities track this guy down -- But has anyone even contacted the FBI/Police etc? Is ForexFactory providing IP addresses and cooperating w/ the Police on the matter? So far, I think i just saw one post regarding the issue.

Anyway, I hope all those affected come out OK - as others have said, DUE DILIGENCE. And never risk more than you can afford to lose...
  • #11,825
  • Aug 17, 2010 8:01am Aug 17, 2010 8:01am
I'm not sure they all start out as fraud or ponzi schemes.
The guy invested with just couldn't trade the way he said he could and his big forum profile and online persona gave him a massive ego which meant he could not admit his losses when things went wrong.
When he lost all his money he went looking for investors.
The intentions were good but the end result is the same. Confused people with no information who have lost money.
The guy I was invested with really believed he could trade and turn the money into gazillions and the bottom line was he couldn't trade.
  • #11,826
  • Aug 17, 2010 8:14am Aug 17, 2010 8:14am
Quoting cloggie
There is one simple rule when investing with anybody. Setup a managed account. Any IM worth their salt would be very happy with that. That way nobody but you has access to the capital. Oh and of course anyone offering a guaranteed return deserves a wide berth.

Oh and of course:
Know your IM,
Know where he works,
Know where he lives,
Know he is regulated and where,
Know at least one other client,
Know his broker,
Know his auditor,
Know his accountant,
Know his history,
Know his strategy,
Know his Sharpe and how it compares to similar strategies,
Know...
Trust me when I say I’m not a cloggie fan (AKA clogettes) but he hit the nail square on the head with this post.

Stop and think for a minute:

When we reach a certain level of success in life it is our duty to give back. Typically the method that we use to give back really depends on our level of success. Most people will give back by volunteering for some local charity; others give money to charities while very successful people start charities.
In all cases the results are clearly apparent. However a person willing to teach money hungry investors to make more money for free seems a little ridiculous. So charging them to learn how to make more money is to be expected.

Now ask yourself why would a truly successful forex trader waste his time answering emails and sending text messages to his students? His time would be worth much more by focusing on his trades.

As for giving your money to be managed by what can only be described as a total stranger (individual) is nothing less than total insanity compounded by an insatiable need for greed.

In late 1997 I discovered that FIRST CAYMAN BANK LTD (http://www.fcbliquidation.com/) was bankrupt. Unfortunately I had moved 80K to that bank in 1996. I used the funds to invest in various instruments from around the world. I never thought that I would ever have any problems with the bank. To this day I still don’t understand how a bank located in a tax haven where the only line of business is baking for people attempting to minimize their tax impact could go bankrupt.

6 years latter I was lucky enough to get back 30K. Lesson learned. Greed = Loss.
  • #11,827
  • Aug 17, 2010 8:20am Aug 17, 2010 8:20am
Quoting garrye
the next step will be contacting the investors and asking them to pay a insurance bond to release their funds as they will be in a escrow account.
That certainly would not surprise me. An associate of mine ran a ponzi scheme involving around 80 million euros, he was caught, and eventally jailed.

From the comfort of his prison cell, he wrote under a false identity, to every single victim, suggesting that they make a small financial contribution to a pooled fund, in order to secure the services of a lawyer.

The sales pitch was the money would be used to prosecute directors of the company responsible for the fraud, and to assist in tracking down funds that had been transferred offshore.

Around 40% of the victims sent him additional funds, and many continued to do so repeatedly for a couple of years. I suppose if you've lost 50-100K sending a few hundred euros every now and again in the hope you might see a return, probably seams reasonable.

Eventually, he told his victims that the lawyers had advised him that the prognosis wasnt good, and it was unlikely that anyone would see a return, and that he'd been advised to drop the case.

He then sold the details of the victims to a marketing company, who no doubt sold on those names to others who wished to operate similar schemes.

The manipulation exploits the same weakness that caused the victims the problem in the first place, greed, and abdicating responsibility for their own well being to someone else.
  • #11,828
  • Aug 17, 2010 8:39am Aug 17, 2010 8:39am
Quoting BabeFX
Hi Folks,

It's a real shame some of you didn't turn up earlier to help sort out this scam, rather than act like a pact of Vultures picking over the bones.

As for the administrators, well words escape me !



Intensity, You might want to take a closer look at at a dude that uses the handle Captmildud he hasn't had much to say about these recent developements, it could just be he is too embarrassed to speak up as he was real die in the wold turtle.

Regards,

BabeFX
Take a look at Dan Gilbert, he was the one posting that jacko "was profitable quarter after quarter after quarter for years, even during the financial crisis". He might know where jacko is hiding now.
  • #11,829
  • Aug 17, 2010 8:40am Aug 17, 2010 8:40am
Quoting Razzle
That certainly would not surprise me. An associate of mine ran a ponzi scheme involving around 80 million euros, he was caught, and eventally jailed.

From the comfort of his prison cell, he wrote under a false identity, to every single victim, suggesting that they make a small financial contribution to a pooled fund, in order to secure the services of a lawyer.

The sales pitch was the money would be used to prosecute directors of the company responsible for the fraud, and to assist in tracking down funds that had been transferred offshore....
WOW...I've got to sharpen my criminal thought process.

Something similar to this happened in a town near me. A family lost the land and business to a politician that had loaned them money. Ultimately the politician foreclosed on the property.

The property owners family paid a lawyer to fight for them. After 200K of fees he said forget it and they would never win the case.

The property owners son paid an additional 50K to a person to take care of the politician. That person accepted the money and went to the police.

Long story short the family lost their property, They own 250K to various people in the community, the hit man kept the money and the police arrested the son for attempted murder.
  • #11,830
  • Aug 17, 2010 8:43am Aug 17, 2010 8:43am
FYI,

Jacko has posted two usual blog entries this morning, 0300 and 0800. Both appear to be thoughtful and realistic. Take it for what it's worth.
  • #11,831
  • Aug 17, 2010 9:22am Aug 17, 2010 9:22am
I had read a bit on Wayne Jackson and his turtles some time back. At that time (some 2-3 years ago) he was starting a second small group. In the time since I have seen posts from people starting in his 2nd small group. How big is a small group? Also to me $700 wouldnt be too much of an investment to loose provided I got some trading HOWEVER I didnt know about the fund management aspect because I just lost interest in the thread.

It blows my mind that people just hand money over to forum members for them to manage. After all the turmoil with Ponzi and rip of scams I thought people would have known better. Has anyone actually met Wayne, face to face and seen what he does? Some of the amount invested aremt too big (that doesnt lighten the burden by the way, just thank yourself that it wasnt your life savings) but there are some that are up there with "WOW first I'd better meet the guy before I hand him my money.

I dont mean to sound harsh but there are so many angry people here and I am wondering why no one (<---- big assumption) has met the guy.

I am also now wondering whether FF will implement some protocols to help protect people from this, although I cannot imagine what could be done to stop it.

An absolute eye opener to say the least.

Best of luck to those who are seeking there money back. I do hope that it all works out for in the end.

RT
  • #11,832
  • Aug 17, 2010 9:31am Aug 17, 2010 9:31am
Don't know how FF threads work. Can Jacko delete this thread? He is the one who created it correct? Just curious? Anybody know?
  • #11,833
  • Aug 17, 2010 9:58am Aug 17, 2010 9:58am
Quoting billparoli
FYI,

Jacko has posted two usual blog entries this morning, 0300 and 0800. Both appear to be thoughtful and realistic. Take it for what it's worth.
hi bill. my real name,smell the coffee strange man he is posting because he has alot more investors who dont read ff. the money folks are sending will go back as that account hsbc is now frozen,
student
  • #11,834
  • Aug 17, 2010 10:09am Aug 17, 2010 10:09am
looks like jackscam and co have joined a few signal services and paid on paypal,credit card details are with the authorities looks like the forex community are helping each other here good stuff
student
  • #11,835
  • Aug 17, 2010 10:14am Aug 17, 2010 10:14am
Quoting wwwin
Take a look at Dan Gilbert, he was the one posting that jacko "was profitable quarter after quarter after quarter for years, even during the financial crisis". He might know where jacko is hiding now.
he is just a guy up his own arse dont worry about him he has no place here. miss imformed cant see the wood for the trees and like i said before a wanker.
student
  • #11,836
  • Aug 17, 2010 10:25am Aug 17, 2010 10:25am
Quoting Razor_trader

I dont mean to sound harsh but there are so many angry people here and I am wondering why no one (<---- big assumption) has met the guy.


RT

I tried to see him twice since 2007, but he never gave me time. That mean he had a plan for scam years and years.
  • #11,837
  • Aug 17, 2010 10:31am Aug 17, 2010 10:31am
Quoting garrye
hi bill. my real name,smell the coffee strange man he is posting because he has alot more investors who dont read ff. the money folks are sending will go back as that account hsbc is now frozen,

HI garrye, How do you know that the Jacko account is frozen?
  • #11,838
  • Aug 17, 2010 10:35am Aug 17, 2010 10:35am
Quoting Nagen
I tried to see him twice since 2007, but he never gave me time. That mean he had a plan for scam years and years.
I tried a few times last year. First, his mom was visiting him and he had no time. Then, something else came up. And something else. And then something else. Blah, blah, blah...
  • #11,839
  • Aug 17, 2010 10:42am Aug 17, 2010 10:42am
Quoting Nagen
I tried to see him twice since 2007, but he never gave me time. That mean he had a plan for scam years and years.
when i said i would give him 5000$ if he would meet me and got flak from dan gilbert sorry for the grammer dan wanker.then dan posted that i was a guy that was down on his luck and tryed to scam jacko and try destroy him on the internet.what was he really saying.dan u asked me for evidence.jacko never posted any evidence he ever traded ever ,when callenged the posts were removed by twee and shot down by all jackos user names,you said he was in profit every 3 months,you say never a member how would you know,,more to the point go and watch fox news glen beck and bill oreilly i bet you never been out your own country .
student
  • #11,840
  • Aug 17, 2010 10:46am Aug 17, 2010 10:46am
Quoting Peter333
HI garrye, How do you know that the Jacko account is frozen?
im in hongkong now the few people i trust on here know. and we will be keeping everyone informed its a little deeper than you think.please hold tight these things take time
student
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