FOREX 85 % return !!!

[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!!

[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?

[Mailman]

Forex is a zero-sum game.

Yep, you can probably make 85% on it, but only because someone else has lost 85% (OK that's not mathmetically correct).

How do you know which group you're going to be in.

tim

Oh look, something else to blame on you tim!

Anyway...we all know how this one will pan out. The group that makes the 85% profit will be the people who own this company while the group that loses 85% will be everyone who signs up!

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

Mailman

[Denny]

Only a bit sus TazMaN?

I've just done a bit of delving into this one after looking at the link you posted

Erm probably the only company, I thought the loophole regarding forex had been closed long ago?

It would be interesting to see what TOP Financial Advisors "approved" their scheme!

How can an offshore company act as a UK limited company?

The web site has no bricks and mortar address, not even a mailing address. Not a good sign when people are dealing with your finances!

What I don't get and this is the really interesting part for me is, if Winstoni Finance are an offshore foreign exchange brokerage, why would it's website be registered to the same address as that of IT MANAGE LIMITED, who is the company they claim handle their invoicing? Company No. 05027841, This company is based in Old Windsor, Berkshire and the owners contact details are a UK mobile number and a slough based landline???

The owner of Winstoni's website is a:

registrant-firstname: Sandy
registrant-lastname: Liddar
registrant-organization: Upton Contracts
registrant-street1: *********, Old Windsor

When you look up IT Manage Limited they are based at the same Old Windsor Address

Company Name:
IT MANAGE LIMITED
Company No: 05027841

Did you note the reference to Upton Contracts in the whois of Winstoni? Well if you look up Upton Contracts you will find that the company was a Berkshire based company that is disolved now and was once under directorship of a Sharonjit Liddar. Any relation to Sandy Liddar by chance? Now it doesn't take Kojak to work out where all this is going now does it?

Hmm, I sense deja vu, anyone familiar with Dignatio? By the way anyone know where Grace Pestano is these days?

From what it appeared Dignatio's forex broker was not an independant forex broker at all, and was simply Dignatio operating under a completely different guise. Now I'm not saying that Winstoni is operating in the same capacity, however just have a look at the facts for yourself. All seems a bit dodgy to me.

Anyone who is a member of Winstoni should seriously look at their circumstances and anyone looking at joining a company like Winstoni should try and find out as much as they can about the forex broker that company says it uses and I would strongly suggest they talk to the broker directly!

C'mon lets face it 85% return? £8,500 minimum salary>?>? And this wouldn't fall to the scrutiny of the revenue?

I dealt with this company too at one point for a couple of my assignments. So I know about all of the above set up. When I spoke to the contact - Sharon recently (just before Christmas) - she claimed that they no longer operate a FX scheme and that IT Manage (Upton Contracts) are now regular Paye brollie. Clearly she was lying when she said she no longer has dealing with FX.

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. The old Director was a woman called Pam Liddar who apparently has nothing to do with IT Manage anymore (according to Sharon). Presumably that's why IT Manage have gone PAYE. However, if Wistoni are still operating a FX scheme then the information she conveyed to me was incorrect because I know that Sharon is still the contact for this Wistoni FX scheme too.

When I went through this scheme they gave me a regular employee contract that states that you have four weeks holiday, sick pay, grievance procedures etc. That makes you look like a normal employee of IT Manage as if you work for them directly on site and they send you payslips on the salary part of your income. 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.

After my dealings with them, I would give them (IT Manage) and Wistoni a very wide berth indeed. Whether the scheme is legit or not, the company treated me very badly just before I left them.

[ChimpMaster]

yeah a bit sus eh?!

Good research and insight, made a very interesting read.

What would you say about my other posted regarding Global?

[bangface]

Dodgy or what?

http://www.winstoni.com/

anyone fancy diving in to Dominica??

Does sound a bit sus eh.

Only a bit sus TazMaN?

I've just done a bit of delving into this one after looking at the link you posted

http://www.winstoni.com/"This mechanism is utilizing a little known loophole hence enabling the contractor to gain maximum returns. Winstoni Finance is one of the only Umbrella companies offering this benefit."

Erm probably the only company, I thought the loophole regarding forex had been closed long ago?

http://www.winstoni.com/"The scheme has been fully approved by TOP Financial Advisors."

It would be interesting to see what TOP Financial Advisors "approved" their scheme!

http://www.winstoni.com/"Winstoni Finance is a offshore company which acts as a UK limited company for UK Contractors."

How can an offshore company act as a UK limited company?

The web site has no bricks and mortar address, not even a mailing address. Not a good sign when people are dealing with your finances!

What I don't get and this is the really interesting part for me is, if Winstoni Finance are an offshore foreign exchange brokerage, why would it's website be registered to the same address as that of IT MANAGE LIMITED, who is the company they claim handle their invoicing? Company No. 05027841, This company is based in Old Windsor, Berkshire and the owners contact details are a UK mobile number and a slough based landline???

The owner of Winstoni's website is a:

registrant-firstname: Sandy
registrant-lastname: Liddar
registrant-organization: Upton Contracts
registrant-street1: *********, Old Windsor

When you look up IT Manage Limited they are based at the same Old Windsor Address

Company Name:
IT MANAGE LIMITED
Company No: 05027841

Did you note the reference to Upton Contracts in the whois of Winstoni? Well if you look up Upton Contracts you will find that the company was a Berkshire based company that is disolved now and was once under directorship of a Sharonjit Liddar. Any relation to Sandy Liddar by chance? Now it doesn't take Kojak to work out where all this is going now does it?

Hmm, I sense deja vu, anyone familiar with Dignatio? By the way anyone know where Grace Pestano is these days?

From what it appeared Dignatio's forex broker was not an independant forex broker at all, and was simply Dignatio operating under a completely different guise. Now I'm not saying that Winstoni is operating in the same capacity, however just have a look at the facts for yourself. All seems a bit dodgy to me.

Anyone who is a member of Winstoni should seriously look at their circumstances and anyone looking at joining a company like Winstoni should try and find out as much as they can about the forex broker that company says it uses and I would strongly suggest they talk to the broker directly!

C'mon lets face it 85% return? £8,500 minimum salary>?>? And this wouldn't fall to the scrutiny of the revenue?

[Lucifer Box]

As you are now a full time employee of a offshore company the monies you receive are out of the jurisdictions of the UK Tax system.

[John Galt]

We would encourage contractors to claim as much expenses as possible. The claim is processed the day the claim has been received. There is no deduction on this.

Oh dear dear dear dear dear

[tim123]

Forex is a zero-sum game.

Yep, you can probably make 85% on it, but only because someone else has lost 85% (OK that's not mathmetically correct).

How do you know which group you're going to be in.

tim

[ChimpMaster]

Can you believe they let this be advertised on Jobserve?!

You'd think Jobserve would have SOME dignity.

[G8_Summit]

HA HA HA HA

A bit sus !!!! Thats the understatement of the year.

Would you sign up to this knowing that you had to contact linus@winstoni.com

I'll give them 5 minutes before they go "bust" taking all the gullible contractors income with them !!!

[ChimpMaster]

http://www.winstoni.com/

anyone fancy diving in to Dominica??

Does sound a bit sus eh.