EuroFX is supposedly a forex trading company that started in 2012, has 13 year experience, and promised fat returns. It was shut down as a pyramid scheme in China in 2014, with possibly tens of thousands of victims that spread from the US to Phillippines, with possible amounts exceeding 2 billion USD.
What's interesting is the scope of the fraud: this involved Britons, Aussies, Singaporeans, and possibly more, with possible fake names and dozens of companies registered in UK and New Zealand and Australia.
The alleged head was a Briton by the name of David Byrne, and they promise returns of 6 -16% PER MONTH if you can invest up to 250K. He presented himself as either CEO or Acting CEO. However, when investors caught up with him later after EuroFX's collapse, he claimed either he was only onboard for less than a year, or he's only "consultant CEO".
Whether David Byrne was guilty of collusion was NOT the issue. It's the matter of perception.
Myth: Companies registered in the UK are required to follow all UK law.
Reality: Companies registered in the UK, but not sell to UK citizens, are NOT governed by UK law. In other words, a UK registered company can cheat and scam non-UK people, and UK law enforcement can do NOTHING about it.
That's what happened in EuroFX, were ActionFraud, the UK fraud hotline, received multiple tips about EuroFX, and even investigated, but ultimately determined that it is NOT within UK jurisdiction as it sold nothing to UK residents and citizens.
Basically, UK biz registration is worthless.
Not that you can rely on just a biz registration to determine if a business is legit any way.
But the point that companies can hire temporary CEOs is the other thing to take away... the alleged CEO is just a part of marketing.
Also see following links:
http://fortune.com/2016/08/13/eurofx-pyramid-scheme-china/
https://atozforex.com/news/why-the-west-ignores-british-ponzi-schemes/
http://eurofxvictim.weebly.com/ (Chinese/English site set up by victims to preserve evidence)
a blog about Skepticism, MLM, Scams, and Critical Thinking
