The Philippines Securities and Exchange Commission (SEC) has issues a fraud alert for a Ponzi scheme called “Professional Forex Union Limited”, operating under the Internet address www.proforexunion.com. The scheme is posting falsified certificates on its website.
Among some other fake certificates there is also a fake certificate which is supposed to be issued by the SEC. Pro Forex Union is a so called “High Yield Investment Program” which is advertising crazy daily interest rates which can not be achieved with forex trading under any circumstances. They also claim to do forex trainings, where you pay the company to learn how to trade. Among the other fake certificates are diplomas of MBAs in Banking and FX Trading from the Academy for Educational Development (AED) and thank you letters from banks the company claims to do services for. The funny part is that the AED has been closed before the issue of the certificate on Pro Forex Union’s website. The thank you letters are even more ridiculous.
One is from a NY food bank which thanks the broker for not only a contribution but also for handling their forex trading. According to their website, Pro Forex Union is located in Shanghai and Italy, where they also claim to own offices. Yet the company claims to be registered in the Philippines. The site also provides several trading statistics which have been identified as a fake after a closer look. According to the whois data of the Pro Forex Union Ponzi scheme, the site owner is based in Barcelona and the website is hosted on the British Virgin Islands. Below are all the fake certificates, which are advertised by Pro Forex Union.
