I won't go so far as calling Malaysia stupid but it's a combination of (1) lack of financial knowledge, (2) greed and (3) wanting to live a better life.

(1) Lack of financial knowledge
- until recent years, our education syllabus never go deep into basic financial management, primary and secondary students are starting to learn about these issues when the entire world has started much earlier, this is the first step before introducing them to scam, fraud, hack, data security, etc.
- while I am lucky to have learn about various derivatives such as options, swap, swaption, mortgage backed securities, forex, forex swap, interest rate swap, etc, many people don't and they need to rely on financial advisors. Unfortunately they don't have access to certified or qualified financial advisors, they go to their families and friends. BIG mistake because their families and friends are not financial advisors!
- I posted about S&P research about financial literacy previously. Malaysia scored poorly. There is generally very poor financial knowledge, of how the financial world works, the risk involved, the mechanism of investment, etc. You don't just send your money to a third party without having proper protection in case of something goes wrong. How many of the victims read thru the terms and conditions, getting these vetted by maybe lawyer, etc? They don't. They just look at the return numbers.
- Many victims don't know how to do proper due diligence. DrFX has shown proof that trades can be manipulated but how many want to believe. They rather believe their families and friends who showed them the dodgy spreadsheet with great returns. A thief will never admit being a thief. A scammer will always say he is not the scammer!

(2) Greed - common sense, logical thinking, eyes, etc ... out of the window.

(3) Who doesn't want to have a better life with no worry about financial. Does it make sense when this can be achieved without having to work hard! Even the successful YouTubers are working their asses out to create contents to generate million of views, but our victims believe they have found a golden goose (which by the way is only in fairly tales). By the time it's too late, they will be worse off.

Remember, a "good" scammer will always have answers ready for you.

Let me repeat again, you can verify all these yourself at the authorised websites.

First : SFC of Hong Kong

Name: Triumph Global (Asia) Limited/ TFX Global
Type: Unlicensed entities
Address(es): Unit A-C, 25/F Seabright Plaza, 9-23 Shell Street, North Point, Hong Kong
Website: www.tfxglobal.com and www.tfxi.com
Remarks: The companies give the above Hong Kong address but they are not located there.
Add date: 25 Aug 2015

The SFC’s warning was issued back in August 2015. While the company names are different, one of the cited website domains, “tfxi.com”, is the same used by TriumphFX today.

Second : SingliWorld scammers arrested, facing prison time and fines

Leong’s other charges included one count under the Companies Act, in which he allegedly used Singliworld, a company incorporated in Singapore, to conduct fraudulent trading.

The charge sheet stated that he induced customers to invest in a “leveraged” foreign exchange trading scheme with Hong Kong-incorporated Triumph Global (Asia) Limited and New Zealand-incorporated Union Markets Limited, although the two companies were not involved in any genuine foreign exchange trading activities.

They also had no sustainable means of funding the returns to customers.

Third : Triumph Global brings us full-circle back to the SFC’s 2015 warning.

Singaporean authorities cite Leong as a member of Triumph Global’s “management committee”.

It seems after the SFC’s warning, Leong and whoever he’s working with renamed Triumph Global to TriumphFX.

The fictitious corporate address in Singapore was also dropped, in favor of shell company registrations in the BVI and Vanuatu.

Vanuatu recently caught on deregistered “Triumph Int. Limited” back in May 2021. Guess the new name of the company and where they moved to next! There was an article that mentioned the flow of these company names and how it ended up in Cyprus and another African island off the coast of Africa. Will post when I find it.

You think Singapore AG simply bring someone to court without strong evidence?

Read the previous post linking Hermes Leong, Triumph Global, TriumphFX and tfxi dot com.

The charge sheet stated that he induced customers to invest in a “leveraged” foreign exchange trading scheme with Hong Kong-incorporated Triumph Global (Asia) Limited and New Zealand-incorporated Union Markets Limited, although the two companies were not involved in any genuine foreign exchange trading activities.

They also had no sustainable means of funding the returns to customers.

So let me illustrate how the above work via HuatLaiFX which gives similar returns

With withdrawal fees


Without withdrawal fees


Using similar colour as TriumphFX's spreadsheet shared earlier, so it's easier to the eyes of the victims. It's so wonderful to create spreadsheet, use some great colour and put in figures that look good. The best part is no one wants to do due diligence!

By getting someone to buy over to avoid withdrawal fees, there will be no money trail from new victim to TriumphFX. The new victim cannot lodge report against TriumphFX since it never receive any transfer. The only person that the new victim can report against is the person who received the money or transfer. If a police report is made, the authority can freeze the accounts of the receiving party. This is the working of AMLA, to identify the receiving party and to freeze for investigations.

If the victim with largest fund decides to withdraw, you can see that the scammer has no such fund to pay. The Cantonese saying came to mind:- 跑得快 好世界

Earlier post, someone mentioned 30% referral commission being paid. I have not include this into the above but you can imagine how desperate it must be to promote 30% commission! There will be even less money in the fund to earn the high returns.

The charge sheet stated that he induced customers to invest in a “leveraged” foreign exchange trading scheme with Hong Kong-incorporated Triumph Global (Asia) Limited and New Zealand-incorporated Union Markets Limited, although the two companies were not involved in any genuine foreign exchange trading activities.

They also had no sustainable means of funding the returns to customers.

Do you understand the bold statements?

1. There is no trading activities.
2. The indicated funds don't exist.

All the returns in HuatLaiFX above are imaginary numbers. Only capital, withdrawal and fees are real.

When collapsed, victim fund is non-existent and all victims lose their capital minus withdrawals. The only winner is the scammer.

Go and google AMLA if you don't understand what it is for and how it can apply to your case.

The scheme will continue as long as deposits are more than withdrawals. Once this is not the case, something will happen!

Forget about what you were told by them or even what I wrote here.

Think for few seconds.

Top hedge funds in the world can’t even generate such returns. You seriously think TriumphFX returns sensible. Fikir dulu.

The Hong Kong authority specifically warned about Triumph Global with specific reference to tfxi dot com way back in 2015.

It’s the same website that victims are visiting daily now. A company can be renamed easily. Facebook -> META. Yahoo -> Alphabet.

THINK 🤔

As I said, this scheme will continue as long as deposits > withdrawals. The longer it goes the more of our own citizens going to suffer.

If the funds are “actually” there, it won’t burst because money is there to pay off ALL withdrawals.

However due to there is no genuine trades and no means of meeting the liabilities since all returns were plucked from the air, the scammer will use new money from new members to pay off the withdrawals directly to avoid any money trails of both money going in and coming out from their accounts.

No way of telling how long this will last. If you start to see huge promotional commission/rebates/discounts/gifts/bonuses/etc, the end could be near.

Don't think on individual basis.

This scheme will cost losses to a group of victims for the benefits of a few scammers. Within the group of victims, very few will make profits but majority will lose their life savings/education fund/retirement fund. This is just wrong!

Thanks for confirming our suspicion

Readers beware!

Insurance industry is heavily regulated by BNM. Prior to 1 Jan 2018, there are limits on how much total (agent and his/her leader) commission that can be paid out over time (usually six years unless premium term is shorter). After 1/1/18, there has been deregulation to allow more innovation and competition. If BNM past action is used as a guide, BNM won't hesitate to take action if any player starts doing something not in the interests of consumers. Since 90s (could be earlier), BNM has imposed these limits and 2018 is the first time these limits were deregulated. I am using this "deregulated" word because BNM could have imposed other conditions that we may not be aware of (as mentioned it's heavily regulated).

Basic (not including overriding, performance, etc) commission for a 20 or more years premium term could be 35/25/15/15/10/10%. Shorter premium terms have lower rates.

Mr N suddenly has 2.6 billion in his account and claimed he's unaware despite spending some of the fund. A thief will never admit he/she is the thief, but instead spin some stories to distract. What I presented are mostly facts that can be verified by anyone, of course some will still spin that they are not related. Also take some time to think if it's reasonable/sensible. As I told my friend, she should ask someone working in the Investment Department if such returns are possible, since she is working in a large institution managing RM 60 Billions of funds.

Again, just go and google all these info from the official websites and news clips from reputable news agencies.

First: SFC of Hong Kong, linking Triumph Global with domain tfxi.com

Name: Triumph Global (Asia) Limited/ TFX Global
Type: Unlicensed entities
Address(es): Unit A-C, 25/F Seabright Plaza, 9-23 Shell Street, North Point, Hong Kong
Website: www.tfxglobal.com and www.tfxi.com
Remarks: The companies give the above Hong Kong address but they are not located there.
Add date: 25 Aug 2015

The SFC’s warning was issued back in August 2015. While the company names are different, one of the cited website domains, “tfxi.com”, is the same used by TriumphFX today.

Second : SingliWorld scammers arrested, facing prison time and fines, linking Hermes Leong with Triumph Global

Leong’s other charges included one count under the Companies Act, in which he allegedly used Singliworld, a company incorporated in Singapore, to conduct fraudulent trading.

The charge sheet stated that he induced customers to invest in a “leveraged” foreign exchange trading scheme with Hong Kong-incorporated Triumph Global (Asia) Limited and New Zealand-incorporated Union Markets Limited, although the two companies were not involved in any genuine foreign exchange trading activities.

They also had no sustainable means of funding the returns to customers.

Third : Triumph Global brings us full-circle back to the SFC’s 2015 warning.

Singaporean authorities cite Leong as a member of Triumph Global’s “management committee”.

It seems after the SFC’s warning, Leong and whoever he’s working with renamed Triumph Global to TriumphFX.

The fictitious corporate address in Singapore was also dropped, in favor of shell company registrations in the BVI and Vanuatu.

Vanuatu recently caught on deregistered “Triumph Int. Limited” back in May 2021. Guess which country it popped up after that! Yes, there are more stories as to why it came about in the new country.

After knowing all these, please go check out DrFX's https://forum.lowyat.net/topic/3774126 too many pages to read, suggest just cover the first three and last three

Pinjam your quote but should extend the curse to their entire family.

Those who continue to promote and perpertuate this scam ...

Starting to see all kinds of innovative ways in selling scams.

Readers beware!

We get it. As long as it doesn't hurt you too much, it's fine. You are willing to lose what you put in and hopefully make some out of it.

For others who lost their retirement fund, lifetime savings or education fund, it's their problems because they invested or gambled on their own choices, after you have told them it's risky.

This kind of mentality is what's keeping the scheme going and when burst then tough luck to those people who lost everything and provided you with the passive incomes.

I am not saying you are wrong but just pointing out all kinds of human characters.

With so many confirmed scams in the past, how many actually brave enough to admit openly? So please, stop saying no one has admitted to being scammed. There will be more scams in future and again only one or two will admit to it.

From XelonicZeph:- TFXI? You don't even know whos behind it. At least in 1MDB, we know Bossku is saying it's JL's fault. MACC is presenting cold hard evidence in court as to who is involved. We know the faces.

No audited account. Some have proven that the registered address is being used by many companies. Why?

Check out DrFX's post. He has proven fake trades!

The biggest winner will be the scammers, next are those FEW that managed to withdraw all their capitals but MANY will lose their life savings, retirement fund and education fund. Yes, I know those FEW won't be bothered by the suffering of MANY. They will continue to sleep well at nights.

DO THE RIGHT THING IN LIFE!

As in many industries, some of these awards are at times more for marketing purposes. Just look at who are the main sponsors of these events and see who are the winners! Not only forex, check out other industries as well, eg properties, etc.

Some of the past confirmed scam schemes that have collapsed also organised fairs, events, visits, special lucky draws, etc. It’s all about getting more people to sign up and to project an image of authenticity.

The victims are inexperienced and mainly depend on words of mouths and don’t have the ability to do due diligence. Once you sell what someone’s wants to see, it’s easy to hook up these victims.

These scammers always prepare responses whenever they are challenged, to convince there’re no issue. We can only present facts and hope that the victims won’t just be blinded by the fake supposedly high returns.

Again, DrFX has exposed that the trades are fake. Multiple countries have warned but these authorities have no jurisdiction to do anything concrete.

Many people are going to suffer, losing their life savings, retirement fund and/or education fund, once this thing goes south.

If a corporation owns a building, it will show up in audited annual report as a fixed asset. I won’t go deeper about filing with relevant authority, property registered in govt database, etc.

When an individual tells me he/she owns a property, I cannot verify by just looking at his/her proof of any document, even he/she has the keys to enter the said property. This is why we have registered agents who act in between to be like a witness and need to check records thru related govt agencies, to ensure no hanky panky. It’s like I tell you this property belongs to me and you believe me! NO. You or your agents must go and verify. Don’t tell me the company name is outside the building. You see Mr DIY name, Toys r Us, etc names outside many shopping centres! They just pay signage fees to display their names.

Coming back to this T. It doesn’t even have audited annual reports to show. Apa tahi pun takda! This is why I didn’t want to deeper to explain about checking with relevant authorities to see if it actually owns the building.

Again, go and check with someone knowledgeable about investment. If u have access to the investment manager of a large corporation, that’s the best. Ask him/her why don’t invest in such high returns opportunity. You can be a hero!

Again, use general common sense before being blinded by what you see, what you told, what you have been told to say. If top hedge funds in the world cannot generate such returns, something must be fishy.

Again and again, no one wants to dispute DrFX findings that they are showing fake trades. How about accepting this fact or proof that he is wrong? If it’s fake, then the target is likely to fake even more areas, like showing they own a building.

Again, again and again, this website tfxi.com was identified way back in August 2015, being related to Triumph Global. This company and people associated with it, are in court now. Don’t play play with Singapore AG and it’s law. This is why we always laugh at Singapore being a FINE country. Why people still want to defend tfxi.com is beyond my poor logic!

DO THE RIGHT THINGS IN LIFE!

You can check my profile and see that all my posts in this lowyat are on this subject only.

Most of the times, I present facts that you can verify yourself but got a bit emo at times against those who were “promoting” it. I admit.

Others have shown difference between scam and gamble, when there are those who claimed this is like gamble.

The facts are most people are not that financially literate. I won’t call myself an expert even though have worked in financial industry for 30 years (with access down to asset data of my clients), as I am still learning new things all the times.

Don’t just listen and believe what you have been told or read. Don’t listen to what I have been saying but do believe me once you have verified by yourself the facts I presented!

Beware that scammers always have answers readily against any queries. This is how good they are.

BIG statement.

Can cause panic withdrawal syndrome. 😂

This is just khabar angin. No way to confirm or to deny for now!

Just re-posting about potential multiple dupes accounts from both sides of the aisle, so genuine readers pls be aware.

I admit that I am anti-scam, hence I presented as many facts as possible so that readers can judge for themselves. Where appropriate, I highlighted that "This is just khabar angin. No way to confirm or to deny for now!".

I also shown proof of the multiple collapsed scams in the past and very few victims came forward to admit openly, only few brave souls who did so.

A scam will never benefit the society as a whole and participating in it will expose more and more victims.

Readers are free to conclude it's not a scam, after going thru all the facts that we have presented. No one stopping you from doing that personal choice.

When anyone tries to defend the scheme, we are happy to listen and to ask for appropriate proof and/or ask why it's so different (secretive owners, no audited accounts, transactions between buyers and sellers rather than directly with TriumphFX, why their Facebook shown multiple comments but can only see one or two of them while the rest are hidden, why deposits being directed to different account numbers as mentioned by one "investor", to be fair I have no proof that he/she is telling the truth but if this has happened to you then you need to ask yourself why like that).

I will continue to highlight the facts that tfxi.com was mentioned way back in August 2015 and linked to Triumph Global, all those related to Triumph Global are being charged in Singapore court now (innocent until proven guilty, to be fair), and the fact that TriumphFX is using tfxi.com!

I will continue to direct all my WhatsApp group chat to this forum, in the hope that they do have the info to make the decision either way.

This is the main forum discussing how to check if forex broker is genuine or scam.

https://forum.lowyat.net/index.php?showtopic=3774126&hl=drfx

Some of the key discussion on TriumphFX can be found on:-

https://forum.lowyat.net/topic/3774126/+4160

https://forum.lowyat.net/topic/3774126/+4180 you can see the promo here