FOREX 85 % return !!!

[bangface]

The saga continues.....

The company are registered in the UK for salary purposes but the FX part of the scheme were based in the Dominican Republic and loans sent from that company not the UK one. Therefore, it is apparently a legitimate loophole scheme although Sharon did tell me that she doubted that it would be viewed favourably with the Revenue for much longer (that was about two years ago). That's why IT Manage never advertised directly and only dealt with a few contractors not loads like the old bigger FX schemes that did advertise, like Norla.

Why would IT Manage not advertise themselves for a service they are supposed to be providing? I don't understand why a forex broker would advertise this kind of service instead. They don't need dodgy loopholes in a UK tax system to make their money. It's got all the tell tale signs of a connected company.

You say the forex broker was based in the Dominican Republic. Do you have any company details of the brokerage that you could share with us?
ie, employee or director names, telephone numbers, registered address, business and/or mailing addresses, e-mail addresses.

I can't find anything regarding the trading activity or registration of this company, but then that doesn't surprise me. Dominica has a closed registry of the directors and shareholders of it's companies. I did however find a number of companies offering cheap offshore company registration and bank accounts in the Dominica, such as http://www.goccp.com/ENG/offbusiness.HTM http://www.offshore-companies.co.uk/

The FX notices are sent separately when the FX money comes through from Dominican Republic and a loan notice sent to you saying you have to pay the money back after a year with 5% Revenue charges. In effect, the loan has already been paid with the part of your fee used to swap for the FX currency which means you don't need to act on this loan notice or declare this income on your tax returns.

OK, now we know that it's a piece of cake to set up an offshore company and bank account and just maybe the payments were actually being processed by a bank in the Dominca, but were those payments actually initiated from the Dominica or were they initiated by IT Manage Limited? Were your statements posted to you from the Dominica? In which case you could tell they had been administered by a bona fide Dominican employee of the brokerage hence the post marks. I guess not??. So this means you probably received all confirmations and statements via e-mail, in which case, it might be worth checking the properties of your e-mails and the statements to see if they match those of any documents and e-mails you received from IT Manage Limited. It's not rocket science!!

I agree that the loans would not have to be declared, but surely that only applies to legitimate loans? Are you sure the 5% interest levied on the loans was paid to the Revenue? I guess you haven't spoken to the revenue about that?

What guarantee do you have that the currency was actually forward bought at the depreciating value and not fabricated by IT Manage Limited? How do you know that the forward buying transaction actually paid off your loan? Oh wait a minute there never really was a loan to pay off, right???? Well except the ones on your statements of course! I'm sure if IT Manage Limited knew their stuff, they could quite easily knock up a few rather convincing statements? What do think?

Just out of interest, what currency did they use and what was the typical exchange rate on the transactions?

Now the question is...how many of you goons have signed up?

I fear Mr Taxman may be knocking at the door soon....Anyone want to put a bet on how long it is now before Winstoni/IT Manage Limited close down?

[bangface]

yeah a bit sus eh?!

Good research and insight, made a very interesting read.

What would you say about my other posted regarding Global?

Thanks TazMan, I've responded to your other post!!