A victim emails about the dodgy OakFX ratbags

We have covered the demise of OakFX extensively, but the carnage left behind by these ratbags is starting to emerge.

One victim emails so that the footprint of their damage is larger.

David McEwen

David McEwen

Dear Mr “Whale Oil” “etc”

I’ve just read your remarks on that toxic product OakFX & re: your invitation to any other victims to share their own disastrous experience, may I share ours with you.

First an Oakfx cold call came from Aaron Hinks then later, a followup so decided no harm in having a look as Hinks acted on a referral from David McEwen who gave an address at the NZSA conference 2 years or so ago, where Brian Gaynor also spoke. Impressed, I had since then subscribed to the weekly McEwen MIR & held him in high regard.

So, back to Oakfx, McEwen & Mark Brewer conducted the sales interview. I felt uneasy about Brewer but my existing respect for McEwen & then his “glowing” Oakfx reports in “Investor” magazine etc was the key reason we coughed up NZ$24700, the Oakfx“licence fee”. They repeatedly emphasised the well-proven record (over several years)  of the totally passive (“earn while you sleep”) hands-off computerised algorithmic forex MICRO TRADING system. My wife & I were reassured when they stressed that micro trading meant tiny trades with  small gains& losses with never more than 15% of our capital in the market thus  giving better control over risk. 

Trading began with our AU$15000 account with reputable Sydney Axitraders  who traded strictly according to instructions issued directly from the  Oakfx system.

Ratbag lovers: Kendall Twigden with Mark Brewer on Queenstown’s Skyline gondola

Ratbag lovers: Kendall Twigden with Mark Brewer on Queenstown’s Skyline gondola

It went OK initially but some months later our system went out of control with hugely increasing open trades, some going over AU$2000!

Then came the shock of being informed our trading account was a minus amount & we were stopped out unless we put in more money. Yeah right!

So after 6 months we were cleaned out & down the tubes! At no stage were we contacted by Oakfx except an invitation to start a GBP account (more money in) before we went belly up.

Had they exercised some duty of care to stop this seriously flawed haywire system in time this catastrophic loss to us of NZ$40,000 may have been avoided.

Only afterwards did they admit to our system “needing some calibration”. Apparently Phoenix Group, the promoters, were illegally marketing the (now banned by the FMA) product, & have gone to ground. Any further feedback from you  as to a central contact for any fellow victims, with a view to investigating restorative options would be greatly appreciated.

If you are a victim of OakFX and Phoenix Group or have had dealings with Aaron Hinks, Mark Brewer, or David McEwen then please contact us via the tipline so that you experiences may be posted.

Surely there are some positive stories, after all they had wall to wall advertising of people paying for school feesand having holidays without lifting a finger and all paid for by this totally awesome system.

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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.