Maxim Trader red flagged by multiple authorities

26 October,, Lagos – Maxim Trader red flagged by multiple authorities, as now the International Financial Services Commission of Belize (IFSC) also has issued a warning against “Maxim Capital Limited”. An act of IFS that is in line with the regulator’s responsibility of ensuring safety on the financial operations in its jurisdiction. Maxim Trader, which is owned by Maxim Capital, claims to be licensed by the IFSC of Belize, which the regulator has now vehemently denied.

The IFSC stated the following:

“We confirm that “Maxim Capital Limited” is not licensed by the International Financial Services Commission of Belize or any other competent authority in Belize to engage in Trading of Foreign Exchange or any other international financial services regulated by the IFSC.”

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Taiwan authorities bust Maxim Trader

Multiple authorities red flagged Maxim Trader, but is Maxim Trader Scam or? As earlier on this year the Taiwan Bureau of Investigation also took steps against Maxim Trader. The Taiwan authorities clarified that the company is alleged of swindling investors out of more than NT$3 billion (US$97.9 million), as Maxim trader red flagged by multiple authorities.

According to a report on China times, raids on 16 locations used by the company by nearly 60 investigators resulted in the seizure of about NT$60 million (US$1.9 million) in cash, a Maserati and a Bentley automobile, a portfolio of real estate deeds and bank accounts and a collection of jewelry.

Investigators are still assessing the amount of financial damage inflicted by the criminal organization and the trail of the money they had swindled.

Suspicious dealings

Maxim Trader operated via the website, but seems to now be inoperative. The firm claims to be a group of savvy expert Forex traders and analysts with many years of experience. The CEO is a Singaporean named Andrew Lim. Over the past few years, Maxim capital has been aggressively marketing and pulling funds from around Singapore, Malaysia, Hongkong, China and Taiwan. They offer clients an eye catching return on investment of up to 8% per month. This ROI is extreme, owing to the fact that to generate such returns, high risk would need to be taken on client funds, a fact that has not been disclosed. Also, a condition is placed that such investors have to have a lock in period. Another technique with which they have managed to grow very fast is through referral system, as they offer generous commissions to people who refer clients to them.

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