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Morpheus
14-02-2012, 11:16 AM
Got cold called by a guy trying to sell this fancy foreign exchange programme www.oakfx.com - fully automated he reckons just like what the big Wall Street banks use. Must say I'm pretty dubious ... here's the short blurb ...

"The Full OakFx Package, including our 21 day Capital Guarantee, is priced at just $23,700 NZD. On average, OakFx users earn around $2000-$5000 a month on their trading account investment—all from the privacy and comfort of their home."

Don't even know who runs it but seems to be linked to an outfit called Phoenix Forex Ltd

peat
14-02-2012, 09:55 PM
weird how even in the advertising pages OakFX loses money
http://www.oakfx.com/OakFx.com/Downloads_files/Example%20Daily%20Report%20OakFx%20Axi-Trader%20110810.pages.pdf

roddy
14-02-2012, 10:59 PM
Hi Morpheus and Peat
hey thats a cool user name Morpheus

Peat thats why you are a financial adviser you are able to dig a little further whereas i looked at the figures and thought to good to be true as per my post whereas you proved it from there web site

i know a person who has involvement with somebody who does run a robot in the forex market,from what i can ascertain the programmer watches it for quite awhile before he runs it live and its a case of tweaking it because the market dynamics change so he watches it closely.
there was another person who i used to follow i never invested but he was a news trader and very profitable pre 08
would be interesting to know what was inside the robot and how much it has been curve fitted
did they offer to trade it live for you and show you verified account statements from there broker
over the last 2 years
i had a quick quizz on the link and imagine they are claiming that it will return 2000- 5000 a month on the minimum balance of $25000 therefore in 12 years you would have an account size of 100 mil (not likely)
if you are interested in Robots go to forexpeacearmy and they have a list of third party robots that
they evaluate,not many make money

Chrismac
15-05-2013, 04:05 PM
I’m one of the sad buggers that purchased one of OakFX trading boxes. Long story getting worse by the day. I went to Auckland to have a meeting with David McEwen previously with IRG and now publishing the McEwen report. I was looking to invest money with him via his private wealth facility. Apparently OakFX is a part of, or associated with the Phoenix group, Davids own company. Instead of talking about his wealth management service he wheeled out some Flash Harry salesman(you know the type). He was there to talk me into the OakFX trading box, as I said too good to be true. Anyway after some discussion and a major brain fade on my part I actually purchased the thing, more on the strength of Davids reputation, and he was certainly very effusive of the product with examples of early customers doing extremely well.

An income guarantee was part of the deal which was for 1500 dollars per month for the first 3 months. After sub par performance(quite dramatically) I contacted OakFX to note my concern and question re the guarantee. I was told that 3 months of statements were needed, the trading appeared to ramp up from that phone call but equity started to decline rapidly. To cut a long story short after the three months and equity of circa 17000 pounds equity was down to 12700. Since then I have on numerous occasion contacted the company through email and spoken to them over the phone re the guarantee, each time being told they will get back to me, the persons out of the office, in a meeting etc etc. I have been in contact with the General Manager, same response. You know the routine. I have just closed the account, I had to go direct to the trading company as when I called OakFX again, I couldn’t get past the receptionist who said “someone might get back to you by Friday.” I now have equity left of just under 11,000 pounds plus the loss of the cost of the trading box. A rather expensive lesson, one I can actually afford but nethertheless not good for the ego. Just a reminder to all, if it looks to good to be true!!!!!, This company in particular is incredibly unprofessional if not incompetent with more than a suspicion of dubious practice. In other questions only too happy to help

Joshuatree
15-05-2013, 04:26 PM
Whata bummer mate. McEwen i thought had credibility and morals so can understand your trust in him in a weak moment and good for you your taking responsibility for your actions, thanks for sharing. Any one with something to say in support of McEwen?

Joshuatree
15-05-2013, 09:07 PM
I guess im only going on hazy memorys re reading his stuff( McEwens) occasionally and i have no real idea what sort of person he is, but it doesnt sound good with chrismac's experience.

POSSUM THE CAT
16-05-2013, 10:33 AM
Joshuatree Used to get the McEwen report sent to me free used it to the extent it was a very good investment method to avoid any company mentioned & sell any company you held that was mentioned in the McEwen report

Dmcewen
24-05-2013, 09:15 AM
Hi all, this is David McEwen.
It is apparent that Chrismac did not pay attention when the system was being explained to him. It is a pity he didn’t contact me to discuss any issues he might have had before publicly badmouthing me and my associates from behind the safety of a pseudonym.

Oakfx is a fully automatic foreign exchange trading system that I have had the opportunity to study since it first arrived in NZ nearly two years ago. I have clients who have purchased the software and allowed me to monitor their returns on a daily basis for the past 18 months. I liked what I saw so much that I subsequently became a shareholder in the company that distributes the software. All the clients I monitor have made excellent returns with this product – of around 50% per year on their trading accounts.

Oakfx takes positions on multiple currency pairs and implements ‘take profit’ and ‘stop loss’ limits. Until either limit is reached, the position remains open. An open position is not a loss and does not mean the equity in the account is lower. It is a similar concept to operating a dairy; you have to buy stock before you can trade and make a profit. Equity can go down if a trade is closed at a loss, but this is offset by profits on other trades and the system achieves a profit on around 75% of all trades.

Trading foreign exchange does come with risks, including the potential for losing some, or all of the balance of your trading account. This is explained to all clients in writing, including Chrismac, when the product is purchased and these disclosures are read and singed by all customers before an account can go live. I personally believe Oakfx manages potential risks well and delivers an excellent return to investors on a risk-adjusted basis.

I would love to have a conversation with Chrismac in the office or on the phone and do what I can to educate, help and resolve his issues. We love the product and stand behind it 100%. Whilst I accept we are busy and sometimes hard to get an immediate response from, all enquiries do get answered. I would suggest we are busy because the product works and is in demand, often from word of mouth and referrals. I do accept though that, as hard as we try, we can't please everyone all the time.

With regards to my personal advice and performance analysing markets for over 20 years, I would welcome a healthy debate, face to face, from anyone with a better track record. My numbers speak for themselves and are a matter of record.

janner
24-05-2013, 05:46 PM
Hi all, this is David McEwen.
It is apparent that Chrismac did not pay attention when the system was being explained to him. It is a pity he didn’t contact me to discuss any issues he might have had before publicly badmouthing me and my associates from behind the safety of a pseudonym.

Oakfx is a fully automatic foreign exchange trading system that I have had the opportunity to study since it first arrived in NZ nearly two years ago. I have clients who have purchased the software and allowed me to monitor their returns on a daily basis for the past 18 months. I liked what I saw so much that I subsequently became a shareholder in the company that distributes the software. All the clients I monitor have made excellent returns with this product – of around 50% per year on their trading accounts.

Oakfx takes positions on multiple currency pairs and implements ‘take profit’ and ‘stop loss’ limits. Until either limit is reached, the position remains open. An open position is not a loss and does not mean the equity in the account is lower. It is a similar concept to operating a dairy; you have to buy stock before you can trade and make a profit. Equity can go down if a trade is closed at a loss, but this is offset by profits on other trades and the system achieves a profit on around 75% of all trades.

Trading foreign exchange does come with risks, including the potential for losing some, or all of the balance of your trading account. This is explained to all clients in writing, including Chrismac, when the product is purchased and these disclosures are read and singed by all customers before an account can go live. I personally believe Oakfx manages potential risks well and delivers an excellent return to investors on a risk-adjusted basis.

I would love to have a conversation with Chrismac in the office or on the phone and do what I can to educate, help and resolve his issues. We love the product and stand behind it 100%. Whilst I accept we are busy and sometimes hard to get an immediate response from, all enquiries do get answered. I would suggest we are busy because the product works and is in demand, often from word of mouth and referrals. I do accept though that, as hard as we try, we can't please everyone all the time.

With regards to my personal advice and performance analysing markets for over 20 years, I would welcome a healthy debate, face to face, from anyone with a better track record. My numbers speak for themselves and are a matter of record.

Insert Tui Ad..

Joshuatree
24-05-2013, 06:51 PM
"yeah....Right" :cool:

janner
24-05-2013, 08:20 PM
Got cold called by a guy trying to sell this fancy foreign exchange programme www.oakfx.com - fully automated he reckons just like what the big Wall Street banks use. Must say I'm pretty dubious ... here's the short blurb ...

"The Full OakFx Package, including our 21 day Capital Guarantee, is priced at just $23,700 NZD. On average, OakFx users earn around $2000-$5000 a month on their trading account investment—all from the privacy and comfort of their home."

Don't even know who runs it but seems to be linked to an outfit called Phoenix Forex Ltd

I am not going to run down the company that contacted you..

I am going to say to you BRAVO !!.. For asking the question..

To which you have had many replies..

That is what we all are trying to ( and have ) establish in this site..

An area for learners .. Asking dumb questions that make us all think..

Keep learning.. You are in the best site in NZ..

winner69
25-05-2013, 06:31 AM
$500 from every sale goes to charity... very generous

I love community spirited companies

http://www.oakfx.com/OakFx.com/Giving_Back.html

janner
25-05-2013, 08:10 PM
$500 from every sale goes to charity... very generous

I love community spirited companies

http://www.oakfx.com/OakFx.com/Giving_Back.html

Tugging at the heart strings to get at your purse strings :-)0

Chrismac
26-05-2013, 11:32 AM
If you want to talk David, I’m sure you have figured out who I am by this stage and am only too happy to receive a call. Firstly lets note that I am not challenging your performance or even acumen as an investor. I have been a subscriber for years, thru the GFC, and have in general agreed with much of your analysis. That was why I arranged a meeting in the first place. Nor am I negating my responsibility in purchasing the product, although I would still debate the sales tactics used and the degree of risk highlighted. If you read my transcript you will see I am challenging the professionalism, come competency of the firm you have aligned yourself with and have only reported the performance as it occurred. We could debate the merits of your comments re equity, and the use of stop losses or otherwise! But I suspect it would serve no purpose. The decision to post comments was not made lightly and only after a considerable period of time had lapsed between my first, subsequent and final contacts with OakFX( re the income guarantee). I felt I was being given at best, the run around. My position is that of a customer, albeit a very dissatisfied customer and I would be only too happy to elaborate my concerns if it would help you provide a better service to others in future.

Morpheus
09-08-2013, 01:15 PM
I am not going to run down the company that contacted you..

I am going to say to you BRAVO !!.. For asking the question..

To which you have had many replies..

That is what we all are trying to ( and have ) establish in this site..

An area for learners .. Asking dumb questions that make us all think..

Keep learning.. You are in the best site in NZ..

Cheers Janner,

I'd forgotten about this ... pretty much dismissed it out of hand.

Interestingly, I did send an email to FMA shortly after I posted this question. I wonder if they uncovered anything?

stoploss
29-08-2013, 11:18 AM
warning ......
http://www.stuff.co.nz/business/industries/9102101/FMA-issues-money-trader-warning

blackcap
30-08-2013, 05:34 AM
Mmmm, wonder if we will see David McEwen back here anytime soon.

I tell you what, whenever I hear financial products advertised on radiosport I am extremely skeptical.

Im a radio sport tragic and as such hear a lot of these things. I always cringe when they come on. I just wonder if Darcy (Waldegrave) et al are actually sucked in and believing this rubbish, or just playing along because it pays the wages.

Jay
30-08-2013, 07:17 AM
I think the latter bc
I notice there are varoius levels on the sports/talkback shows, some ad's the presenter talks about it themselves, telling us or implying that they use/have used the product or service - OakFX is not one of them.

janner
31-08-2013, 08:39 PM
Got cold called by a guy trying to sell this fancy foreign exchange programme www.oakfx.com - fully automated he reckons just like what the big Wall Street banks use. Must say I'm pretty dubious ... here's the short blurb ...

"The Full OakFx Package, including our 21 day Capital Guarantee, is priced at just $23,700 NZD. On average, OakFx users earn around $2000-$5000 a month on their trading account investment—all from the privacy and comfort of their home."

Don't even know who runs it but seems to be linked to an outfit called Phoenix Forex Ltd

If this were true Morpheous..

Why do they not have a warehouse stacked with computors some where in a TAX FREE regime i.e. Virgin islands. ??

Whilst they swanned around the play grounds of the rich and famous..

Instead of worrying about You !!..

Bah !!!.. Humbug !!.

stoploss
03-09-2013, 11:26 AM
more bad press...
http://www.stuff.co.nz/business/industries/9119712/Firm-blames-FMA-for-investor-panic

Chrismac
03-09-2013, 01:40 PM
Well they have finally got their just deserts although I expect a fair amount of other peoples money as well. A dubious bunch of characters to say the least. Just look up Mark Brewer on the web, what a scumbag. I suspect poor old Kendall is just the front for him. If David McEwen had a good reputation previously, them that reputation is taking a huge hit. He has shown by the fact he is donkey deep in cohorts(no matter how much he tries to deny it) with these guys one moment trying to distance himself and then subsequently defending them with a huge amount of b******t.

janner
03-09-2013, 03:47 PM
Well they have finally got their just deserts although I expect a fair amount of other peoples money as well. A dubious bunch of characters to say the least. Just look up Mark Brewer on the web, what a scumbag. I suspect poor old Kendall is just the front for him. If David McEwen had a good reputation previously, them that reputation is taking a huge hit. He has shown by the fact he is donkey deep in cohorts(no matter how much he tries to deny it) with these guys one moment trying to distance himself and then subsequently defending them with a huge amount of b******t.


It is not their fault !!..

" It is apparent that Chrismac did not pay attention when the system was being explained to him. ".

The FMA like yourself, also did not pay attention !!..

See !.. All is explained...

Arseholes !!..

More power to Sharetrader Forum to expose the scum as they appear.

stoploss
03-09-2013, 08:20 PM
Hi all, this is David McEwen.
It is apparent that Chrismac did not pay attention when the system was being explained to him. It is a pity he didn’t contact me to discuss any issues he might have had before publicly badmouthing me and my associates from behind the safety of a pseudonym.

Oakfx is a fully automatic foreign exchange trading system that I have had the opportunity to study since it first arrived in NZ nearly two years ago. I have clients who have purchased the software and allowed me to monitor their returns on a daily basis for the past 18 months. I liked what I saw so much that I subsequently became a shareholder in the company that distributes the software. All the clients I monitor have made excellent returns with this product – of around 50% per year on their trading accounts.

Oakfx takes positions on multiple currency pairs and implements ‘take profit’ and ‘stop loss’ limits. Until either limit is reached, the position remains open. An open position is not a loss and does not mean the equity in the account is lower. It is a similar concept to operating a dairy; you have to buy stock before you can trade and make a profit. Equity can go down if a trade is closed at a loss, but this is offset by profits on other trades and the system achieves a profit on around 75% of all trades.

Trading foreign exchange does come with risks, including the potential for losing some, or all of the balance of your trading account. This is explained to all clients in writing, including Chrismac, when the product is purchased and these disclosures are read and singed by all customers before an account can go live. I personally believe Oakfx manages potential risks well and delivers an excellent return to investors on a risk-adjusted basis.

I would love to have a conversation with Chrismac in the office or on the phone and do what I can to educate, help and resolve his issues. We love the product and stand behind it 100%. Whilst I accept we are busy and sometimes hard to get an immediate response from, all enquiries do get answered. I would suggest we are busy because the product works and is in demand, often from word of mouth and referrals. I do accept though that, as hard as we try, we can't please everyone all the time.

With regards to my personal advice and performance analysing markets for over 20 years, I would welcome a healthy debate, face to face, from anyone with a better track record. My numbers speak for themselves and are a matter of record.

How does this reconcile with " we love the product and stand by it 100 % "

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11118789

blackcap
08-09-2013, 07:52 AM
Article in this mornings stuff...

http://www.stuff.co.nz/business/9138561/Inside-the-OakFX-boiler-room

Calypso
27-09-2013, 07:50 AM
Hello all OAKFX subscribers. We purchased this program at the time Craig Campbell (the wealthy Nth Shore dentist) and Kendall Twigden (Brewers bit on the side) both of whom were directors at the time we purchased - other directors could also be joined like David Mc Ewen depending on when you joined. We have linked with another subscriber and are seeking legal recovery of our losses through class actioon via a very skilled litigation specialist which will be against Phoenix Forex Ltd, its parent and its directors. The action will sight false pretenses, misrepresentation, broken promises, breach of the fair trading act and downright dishonesty. We have already fully informed the FMA and the Commerce Commission. Anyone reading this please advise if your interested in joining the discussions and eventual action?

Dinan
27-09-2013, 12:29 PM
Hi,

Unfortunately I joined this scam less than a month ago, they offered Oakfxlite for around 8000 dollars. An account with trader never been opened and they never got back to me when I tried to contact them.
Now the situation worsened, the legal environment changed that I can't even reach them. All I want is the Licence fee paid to be returned under 1 month money back guarantee. Can some one please help me to get around. My email is dinan_13@yahoo.com

Thanks.

Calypso
27-09-2013, 02:24 PM
Hi Dinan
I have emailed my details - I think the police in your case that's just plain criminal behavour - hope Dave Mc Ewen and the North Shore dentist Craig campbell are reading these emails.

Joshuatree
27-09-2013, 04:40 PM
Best wishes to you guys , i hope justice is served, people are exposed and prosecuted and some monies gets back to you.

Calypso
28-09-2013, 10:32 AM
Thanks Joshuatree - anyone else exposed to OAKFX should make contact, all our cash was hard earned and easily given promises were just as easily were broken. The supposedly respected financial advisers must have been ill informed - see how fast the dentist director and shareholder scappered when the fertilizer hit the fan ! Lie down with dogs and you get up with fleas.

grandma
30-09-2013, 05:20 PM
Hi Calypso
My situation is simalar to Dinan, I had purchased the Lite package but once the fma statement was released and the Oakfx website homepage changed I changed my password on my trading account and the Oakfx program was not activated. The salesman did contact me asking for my new password..... I have requested my money back but have been referred to an email address which is apparently the only contact for Oakfx now - I am not sure where to go from here.

mezzie
18-10-2013, 04:40 PM
Hi Calypso Ive been exposed to Oakfx and now dont know where to from here I would like to join discussions and see if there is anything that can be done to retrieve any of our hard earn money. I am one week away from the 3month trading period and intend to request my 3month guarantee...where do I send it to India!!!! and the email address. Hoping to beable to discuss the many issues.

janner
18-10-2013, 07:08 PM
mezzie.. Hopefully you will find some one on here that can help you..

I see that it is your first post.. Welcome..

Welcome to the " Best " site on the internet to discuss the in's and out's of the NZX.. + the Aussie. exchange..

Personally I am not able to help..

If you do not receive any help from this site .. PLEASE do not write it off .. There is always some one on here to answer your doubts ..

Which you should have had before you invested :-))

Here is where you can learn for the future..

Heck I have lost money.. Long before the internet was here to help..

Best of luck..

mezzie
19-10-2013, 06:42 PM
mezzie.. Hopefully you will find some one on here that can help you..

I see that it is your first post.. Welcome..

Welcome to the " Best " site on the internet to discuss the in's and out's of the NZX.. + the Aussie. exchange..

Personally I am not able to help..

If you do not receive any help from this site .. PLEASE do not write it off .. There is always some one on here to answer your doubts ..

Which you should have had before you invested :-))

Here is where you can learn for the future..

Heck I have lost money.. Long before the internet was here to help..

Best of luck..

Janner thanks for giving some great positive advice....I'm annoyed with myself...I happy to have found this site.

Calypso
20-10-2013, 07:57 AM
Try 021 901 424

Calypso
20-10-2013, 07:58 AM
Mezzie try 021 901424

macduffy
22-10-2013, 03:25 PM
Today's Stuff.

http://www.stuff.co.nz/business/industries/9312257/Reparation-offer-delays-Brewer-sentencing?cid=edm:businessday:dailybrief

overall observer
23-10-2013, 11:22 PM
Hello all OAKFX subscribers. We purchased this program at the time Craig Campbell (the wealthy Nth Shore dentist) and Kendall Twigden (Brewers bit on the side) both of whom were directors at the time we purchased - other directors could also be joined like David Mc Ewen depending on when you joined. We have linked with another subscriber and are seeking legal recovery of our losses through class actioon via a very skilled litigation specialist which will be against Phoenix Forex Ltd, its parent and its directors. The action will sight false pretenses, misrepresentation, broken promises, breach of the fair trading act and downright dishonesty. We have already fully informed the FMA and the Commerce Commission. Anyone reading this please advise if your interested in joining the discussions and eventual action?

Many thanks Calypso- Its great to hear someone is doing something about these rat bags. Like many, we dont know where to go from here, as no phones or emails answered, but there are a number of people in the same position, who would be happy to join in to get this sorted out and hopefully our money back. I agree with all you say about action sighted. Well done and please keep us informed.

Jay
24-10-2013, 07:07 AM
Just out of interest, is the "system" still working/active, that is, is it still making trades on your account, profit or loss, for you or has that stopped as well or have you/can you request it to stop.

I wish you guys and girls well

overall observer
24-10-2013, 01:01 PM
Just out of interest, is the "system" still working/active, that is, is it still making trades on your account, profit or loss, for you or has that stopped as well or have you/can you request it to stop.

I wish you guys and girls well

Thanks Jay. No it seems the people I have talked to are all the same- it has stopped working at a very negative point. I have been in it since early in the year, and it was ok for the first 3 or 4 months, so you feel ok about carrying on rather than pulling out within the 3 months when they promised your money back. Soon after the account became less positive until nothing happening, as now. I am not sure if we can request it to stop but I trusted them to keep it going as all the promises made said it would on a positive level. Would be happy to hear more of what can be done.

overall observer
28-10-2013, 02:07 PM
I want to make contact with "Calypso" who wrote a post about wanting others to be in touch to see what can be done about Oakfx, as there are a number of people very unhappy with their rip off system. Look forward to your contact. Many thanks.

Calypso
29-10-2013, 07:38 AM
Calypso is 021 901 424 to talk

blackcap
29-10-2013, 10:48 AM
More in the paper about this company.

http://www.stuff.co.nz/business/industries/9336964/Controversial-forex-firm-in-liquidation

ruaboy
29-10-2013, 03:12 PM
I have been getting David McEwens news letter and for years it arrived every wednesday nite , then for the last year or so could be anytime but always once a week, the last 3 months maybe every couple of weeks one was sent . the last month none at all ,so I'm picking the news letter bussiness is also stuffed, which is no great loss, but I would have thought it was money for jam. I wish you all luck in getting this sorted.

Calypso
31-10-2013, 01:15 PM
The FMA is finally investigating after saying the were closing their files, and the litigation councel contact is Angus Senior of FMA in Auckland. They are also investigating all associated companies and have acknowledged they are aware the scoundrels are planning sister like operations in Ireland about which they are also concerned. Any actions against Phoenix Forex may be futile as they filed liquidation procedings on the 24th Oct 2013. Best action now would be against the director who was current when you (like us) bought into the deal.

overall observer
14-11-2013, 12:52 AM
I totally agree with Chrismac's words as I too along with a number of others, have been caught in this web and lost a lot of money I can ill afford to do. It seems it is not at all reputable, and I too have got "sorry he's out for a while and will ring you tomorrow" anwers to calls (which of course never happens) which indicates all the more, we have been totally ripped off. It seems Mark Brewer is one behind it all. Just google him.........

mezzie
19-11-2013, 01:11 PM
Hi can you please clarify the 30 day money back capital guarantee....does it mean 3x 30 day. So a 90 day period......capital back or just the 1st 30 days....so $500NZD generated during the 30 day period does it cover the 3month period....I would appreciate if anyone can clarify this....thanks

Banksie
26-02-2014, 07:26 AM
Interesting write up on Whale Oil regarding OakFX. Gives some insight into how the program is constructed to show 'apparent' profits.

http://www.whaleoil.co.nz/2014/02/oakfx-caught/

Jay
26-02-2014, 09:18 AM
Very interesting read

Like the name paymarkautotrader that he has come up with;)