We are not sure that the "Net Deposition" rewarding method, as evil as it is, is a crime in every country. If the agent keeps away from his customers and is not involved in their doing deals, he can only hope the customer will lose the money. Clearly this rewarding method trains him to look for the dumbest and richest people possible. But that is that.
But this was not it with Easy-Forex. Their agents are giving courses in Forex to the people they recruit as clients. How can such an agent teach Forex trading if the better he teaches the more chance he has to lose?
But this is not the end of it. One such agent called Ran Cohen, also told his clients what deals to take. We know this was not a one-agent case and that such tips were given also by other Easy-Forex agents.
Clearly these agents didn’t tell these clients that their loses is their total gain. But this is not the end of it. Ran Cohen recruited people that took part in his three meeting classes, and made them account managers, brought them customers and told them what deals to take.
These are hard accusations, so in order to give few bold proof out of many that are gathered in the book, we start with a transcript of a discussion between Ran Cohen and two of his customers, Avraham and Miriam (1). These customers are husband and wife that took part in one of his 3 meeting classes. This meeting took place in August 1, 2006 at Easy-Forex office in Israel, and Miriam taped it.
RAN: What did you study today?
AVRAHAM: I wanted to finish.
MIRIAM: When he finishes the children are in holiday. Not…
RAN: Oo
AVRAHAM: I wanted to finish. I don’t know what to decide.
RAN: Listen, you are a teacher, my friend. There is nothing one can do about it.
AVRAHAM: I want to end this.
RAN: What, to stop teaching? Do you want to become an account manager?
AVRAHAM: I would like to sit here with the air-condition. Suites me.
RAN: Come to me at Forex-Center (2), do you know what is going on there? They deposited $700,000.
AVRAHAM: I will deposit $700,000
RAN: I gave them a check of $100,000 or something.
AVRAHAM: What do you mean? Explain yourself.
RAN: That is while Soft (3) is still frozen…
AVRAHAM: According to what you are saying
MIRIAM: How do you explain this? Why is it so?
AVRAHAM: They are pair (4)
MIRIAM: They…
RAN: Every thing is being taken care of, let's not mourn over anyone.
AVRAHAM: No, no, it’s not a matter of mourning.
RAN: I think it’s a matter of misunderstanding
MIRIAM: One second, different offices…
RAN: Two different owners. Money-wise they both invested the same, from understanding the business it’s a totally different world. …
RAN: We just started at Forex-Center and already have 750,000$. Nearly one million dollars “net”.
AVRAHAM: How did these people come?
RAN: He brought them. (5)
MIRIAM: From where?
RAN: His relatives, his circle, his people. His recruiting people in a different league; his office manager is in a different league.
AVRAHAM: Where, where are they located?
RAN: In Strauss 26. (6)
AVRAHAM: Strauss.
RAN: American Account managers. (7)
RAN: Today you come to work for me there, you will have an office.
AVRAHAM: And what am I suppose to do there?
RAN: You'll sit there and I bring you customers.
AVRAHAM: And what am I going to do with them?
RAN: I bring you the customers and you trade for them. I will bring them to you
AVRAHAM: Ahhm
RAN: And you will trade for them.
MIRIAM: What do you mean? You will become an account manager?
RAN: Yes.
AVRAHAM: 6% per year?
RAN: Yes, yes, banally.
MIRIAM: You need to send him to an account-managing course. How do you make him an account manager?
RAN: For account-managing course I don’t need him. I will go and take someone else to manage accounts. Account-managing course is one year without training period.
MIRIAM: So what do you think he will do without such a course?
RAN: What does he has to learn? He is doing it today. Besides, he doesn’t move an inch without being told.
AVRAHAM: Yes, I have such instructions.
MIRIAM: Yes.
RAN: That it, I know you are going home and all that, but take this as an option. Listen, I am telling you, this place is ready. If you want tomorrow you are there. The place is ready.
-END-
The discussion continues to other also related things but at this stage it is clear what Ran is telling Avraham. He asks him to become an account manager, he (Ran) will bring him customers and he (Ran) will tell him which deals to make. He, Ran Cohen, that maks his living on his clients loses.
In the book you will find additional proofs, with similar quality.
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(1) These are not their real names. Their names are protected, for reasons that are explained in the book.
(2) Forex-Center is a company that Ran Cohen opened together with two partners: Eli Sofer and Eyal Nisanian. Major part of the money that was used to open this company came from Easy-Forex. Forex-Center recruited customers mostly to trade their money through account managers. Forex-Center drained their customer’s money in 2006 and by doing so made 170,000$, out of the net rewarding method.
(3) Soft is Soft-Forex. Soft-Forex was another company Ran Cohen started with another partner. Major part of the money to open this company came from Easy-Forex. Avraham and Miriam were associated with Soft Forex. They traded for themselves and to few friends. Ran Cohen was trying to convince Avraham to move to Forex-Center.
(4) He is referring to his partner at Forex-Center, Eli Sofer and Eyal Nisanian.
(5) He is referring to Eli Sofer that brought most of the customers to Forex-Center
(6) A name of a busy street in Jerusalem
(7) Forex-Center had two new account managers that came from US. They where both victims to the system as were these couple. These two Americans took a three day course with Ran Cohen. Ran Cohen then, made them account managers, gave them customers to manage their money, and told them which deals to take. Since he is making money out of their losses he made sure they would enter bad deals and lose the money. Also, Ran Cohen was closely connected to people in Easy-Forex dealing room. One of the Americans Ran’s refers to lost all his savings through the process.
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