Victory for Whaleoil – The Truth shall set you free

This blog has extensively covered the dodgy ratbags selling the OakFX system. Last week the FMA warned people about the claims by the company, and other media jumped on board, several months after I alerted people via Truth and my blog to their carry on.

Matt Nippert from Fairfax has had a larrup at them too:

A firm offering controversial computerised foreign-exchange trading is blaming the Financial Markets Authority for causing panic amongst its investors.

The market regulator last week urged investors to use “caution” before putting their money with unregistered company Phoenix Forex, and particularly its trading software OakFX.

The FMA said claims the software, costing up to $25,000 in subscription fees, could generate returns of 50 per cent per year were unrealistic.

Phoenix Forex is directed and majority-owned by Kendall Twigden. Former business journalist-turned stock-tipper David McEwen is also a shareholder.

Former bankrupt Mark Brewer is described as the “sales legend” for the firm, who advertised heavily on radio and paid inducement for accountants to refer their clients. 

The company’s former majority owner, North Shore dentist Craig Campbell, abruptly exited the business late last week after the FMA warning.

In a statement sent by McEwen and said to be from “the team at Phoenix Forex”, the company said the FMA warning had caused chaos amongst its client base.

“A ‘group mentality’ can take hold and … this may be aggravated by FMA restrictions which limit our ability to assist or answer queries in the normal course of business,” the statement said.

The company said the publicity over the FMA warning had led to the withdrawal of its licence to distribute OakFX in New Zealand.

But the company did not respond to questions about the identity of the software’s developer, or whether the claimed licence withdrawal meant OakFX was still being sold here.

Yes and the tipline continues to hum with alarming stories about the activities of Mark Brewer and his unsavoury business practices.

Now it looks like the ratbags at OakFX have bailed…or found another rock under which to hide.

-NOTICE-

Due to the regulatory environment in New Zealand, the developer of OakFx will no longer be selling the product in the market either through its previous distributor, Phoenix Forex Ltd, or any other method.

If you currently have a license for OakFx with the Developer, this will be supported directly via Singapore and Australia.  This site will be updated fully to reflect this shortly.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.

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