Oinvest - **** - Be VERY careful - you will loose everything

It is a year since I was massively ****med by this company. Presently they are under investigation by the FSCA - and South African website taken down - they do however still operate globally - and South African accounts are still being opened.

Oinvest proclaimed to be registered with the FSCA - and based in South Africa

The license number they reflect on their website is : Oinvest operated by Basfour 3773 (Pty) Ltd

Subsequently - I have discovered that they are based in the Seychelles - License number : Seychelle SD014

Oinvest also claimed to be the proud sponsers of the South African Kaiser Chiefs - thus winning trust of South Africans.

Website details : https://www.oinvest.co.za/en/regulation

On the 16th June 2020 - I opened a video on Face Book - it featured Charlize Theron speaking about Bitcoin..

My 21 year old business - is in Travel and Tourism - our industry been really hard hit by the travel bans of this pandemic.

Perhaps due to fear of financial constraint, I was interested in Bitcoin and filled in the online form.

Within minutes I was called by Oinvest - NOT the Bitcoin company I had just filled the form in for.

The call was from David - A charismatic, smooth-talking and pushy man, an Israeli with a strong accent, he was calling from London,

David had me disclose where all my funds were - he managed to get all my info regards my credit cards and even that I had an access bond on my home loan.

He created a screen-link to my computer - with fancy graphs, diagrams and fast calculations he convinced me that huge amounts of money were to be made - I was swept away.

I made a small deposit of R 3 500.00 - he quickly asked me to open a small trade and it made an immediate small profit.

He then convinced me to deposit more funds - I lost my sense of logic and took R 80 000.00 out of my savings account.

This was not enough he said - and showed me more calculations and enticements.

I placed R 100 000.00 more into the account..

I was now caught in his web - he spoke of music - family - he drew me into his trust.

I was urged to put more funds into the account

I then deposited another R 100 000.00 - and David then began "guiding me" - telling me which trades to open and what volume size to trade at.

He called me every few minutes - He was constantly asking me to open and close trades - to have a diverse portfolio he called it. I told him I was a complete novice - a beginner - and that I was in no rush - I wanted to learn - to trade conservatively. I was utterly overwhelmed. He never spoke to me of Risk Management/ Leveraging or Stop Losses Trades were opened that immediately exposed my full capital to the market.

It was mere days and all trades he had encouraged were in trouble - in a severe negative - the only way to save the account he said - would be to deposit more money.

I panicked - as everything I owned was in this account - he had promised me he would take care of my money - be my account manager and help the funds grow.

In order to save my initial R 283 500.00 - I was again convinced to place R 200 000.00 into the account.

Oinvest use a bonus or credit system - that they entice you with to place money into the account - they tell you that you will receive a certain number of bonus credits for more cash deposits.

The terms and conditions of these bonus`s are the greatest lie they spin - as these never belong to you

They also reset the date on these credits - by removing them and re submitting them - so that I can never get to the 3 month trading period - to possibly withdraw the bonus

David told me that if I place R 200 000.00 more into the account - I will receive R 200 000.00 in credits and could immediately withdraw my funds and trade only with the credit.

This was a lie - as he exposed the full R 483 500.00 to the market.

It was no more than 3 days and this full amount was in trouble. I then received a call from his superior - Eddy - no last names are ever given in this company - I have asked numerous times - to no avail.

Eddy was even more pushy - presented himself as the savior and a good guy - a more experienced trader and account manager than David - he promised that with another R 500 000.00 - he could save the initial funds - he too said that the R 500 000.00 could be immediately withdrawn - and substituted with R 500 000.00 in credits.

In sheer panic I approached my family - embarrassed and frightened - I humbly asked to borrow this large sum of money - and promised that Oinvest had guaranteed the funds could be immediately be withdrawn and returned - the money was only needed to release the credits - I was told. Eddy and Oinvest were well aware that these funds were borrowed from loved ones. Again I was **** to - The full R 983 500.00 was immediately exposed to the market.

Huge trade volumes were opened and it was only a matter of days until this too was lost.

One trade closed on an automatic stop of - R 889 000.00

On that first fateful day of 16th June - David also contacted my best friend - she too has the same traumatic tale to share - she lost R 500 000.00 to these charismatic *********.

I have attached below the letters I wrote to the Complaint portal on their website for your interest - these were dated :

08 July 2020

26 August 2020

The complaint portal on their website is the only access of actual correspondence regards my grievances I have had to Oinvest - thus these letters are a copy paste of what I sent them.

These letters will also give you a clear time line and break down of the experience made All phone calls I receive are always from different numbers - reflecting as if based in South Africa - but they are calling from London ?

I have also saved all screen shots of the trades I was encouraged to open and the history of this trading account with Oinvest.

I also have all email correspondence I had with Eddy and David - regards a conservative portfolio and clearly stating that I am a beginner.

BUT I have these credits - the total R 319 000.00 in the account - I assumed these credits were my only way to possibly recover my lost funds.

BUT alas - I receive near daily calls of threat from Oinvest - I have had at least 8 account managers and superiors call me - to bully me into making another deposit to bring my balance to zero - or to the positive.,

They threaten me by saying I am trading with their money ( the credits )

They want to remove the credits because I have not traded to the volume size of the credits they gave.

I have recorded today`s phone call - to include in my case as proof of the aggression these brokers display and use.

This evening God smiled upon me - my partner discovered the below FA News article

https://www.fanews.co.za/article/compliance-regulatory/2/financial-sector-conduct-authority-fsca-was-fsb/1059/fsca-withdraws-the-license-of-basfour-3773-pty-ltd-t-a-oinvest-fsp-42020-and-debars-ms-jane-engelbrecht/30448

It seems I am not the only person that has had huge amounts of money ****** by these clever *********.

I would be very happy to see justice done and would be most obliged to assist the FSCA with any further evidence of this ******** activity