Trading in commodities and futures – preventing Fraud and taking action

Empfehlung von Dr. Thomas Schulte wegen großer Erfahrung und erfolgreicher Prozessführung, z.B. Titelbeitrag im Magazin „Capital“, Ausgabe 07/2008.

Schufa jako ośmiornica danych / Pixabay

Berlin based Law Firm Dr. Schulte and Partner Rechtsanwälte mbB concentrate on assisting our clients preventing scams regarding trading in commodities and futures. Plenty of opportunities await the brave investor, but how to take care?  Do dangers persist and what to avoid while searching for solutions.

Before you trade in commodities or futures, know the kinds and signs of fraud and the basics of futures trading. Protect yourself from the many types of commodities fraud that exist in today’s financial markets. Be suspicious of a promise of high profits with low risk. Scams that falsely promise high profits with low risks are everywhere. Be wary of any firm or individual offering to sell you commodity futures or options on commodities, including

– precious metals, such as silver or gold
– foreign currency, such as Euros, Yen, or Deutschmarks, or
– crude oil, heating oil, unleaded gas, or agricultural products such as corn, soybeans, or cattle.

Be wary of any firm or individual offering to trade your money for you in commodity futures or options, or to pool your money with other customers. The commodity futures and option markets are very risky and you can lose your entire investment very quickly. Anyone who claims otherwise might be breaking the law. Always ask for proof.
Check the Background of Financial Professionals
Watch out for These Warning Signs of Fraud (as cited from the U.S. Commodities Futures Trading Commission) – Get-rich-quick schemes that sound too good to be true.
There’s never a free lunch. Be very careful if you recently retired or came into money and you’re looking for a safe investment. You could be a very attractive target for a crook. Once your money is gone, it can be impossible to get it back. Predictions or guarantees of large profits. Always get as much information as you can about a firm or individual’s track record and verify that information—even if you know the people involved or they are recommended by friends or relatives. If you can’t get solid information about your investment and the company, don’t invest. Before you invest, always check it out with someone whose financial advice you can trust.
Promises of little or no financial risk. Be suspicious if the firm or individual says there is little risk. Be suspicious if someone tells you that a written risk disclosure statement is only a routine formality. Written risk disclosure statements are important to read thoroughly and understand. Claims of trading in the “Interbank Market.” If a firm claims that they will trade foreign currency for you in the interbank market, or that you should trade in the interbank market, be cautious. The term “interbank market” refers to a loose network of currency transactions negotiated between financial institutions, usually banks and investment banks, and other large companies.
Unsolicited telephone calls about investing. Be skeptical if someone you don’t know calls you about investment opportunities. Someone asking you to send cash immediately. Be very cautious if someone tries to convince you to send cash or transfer money to them immediately by overnight express, the Internet, mail, or any other method.
Commodity pool operators often solicit investments from friends, neighbors, co-workers, and fellow religious or social group members by using their reputations in the community or their personal relationships. In many cases, however, these investment schemes turn out to be fraudulent, and you can lose your entire investment, in many cases as a result of outright theft.
Individuals and firms that fraudulently solicit funds from investors for commodity futures and options trading are usually not registered with the CFTC. They may operate “Ponzi” schemes in which little or none of the money sent in by investors is ever invested as promised in the commodity markets. Instead, the operator of the scam steals the funds, and creates the illusion of a successful business by using some of the money put in by later investors to pay phony “profits“ to earlier investors. This tactic makes it appear to investors that the investment is actually making money, which in turn attracts additional investors. Be wary of such payouts if you do not fully understand their source.
The banking and finance Lawyers of Dr. Schulte und sein Team Rechtsanwälte mbB recommend to examine every investment opportunity closely to prevent scams.
Before You Trade: Know the Basics of Futures Trading
Consider your financial experience, goals, and financial resources and know how much you can afford to lose above and beyond your initial payment.
Understand commodity futures and option contracts and your obligations in entering into those contracts.
Understand your exposure to risk and other aspects of trading by thoroughly reviewing the risk disclosure documents your broker is required to give you.
Understand what it means to trade on margin: margin trading can make you responsible for losses much higher than the amount you invested.
Know who to contact if you have a problem or question.
Investors who feel concerned should consult a specialist Lawyer to find out what consequences and action need to be taken.
Für unsere deutschsprachigen Leser hier eine kurze Zusammenfassung:
Der oben zitierte Text beschäftigt sich mit den Hintergründen und den Warnsignalen rund um den Komplex Commodity Trading und Futures. Woran erkennt man unseriöse Angebote und welche Warnzeichen gibt es?

Dr. Thomas Schulte

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