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Thread: OceansideForex

  1. #1
    Join Date
    Jan 2008


    Excellent post Hopeful Cynic. This is just the kind of work scam.com needs.

    As to Broker Jones:

    In his own words he has been involved in numerous questionable programs.
    What he doesnít point out there is to what degree he was actively involved in recruiting and promoting those scams. You need to search the archives of talkgold, moneymarkers group and the other Ponzi boards to get an indication about that. He has spoken about that but the numbers and details seem to change with time and the venue he posts them on. Perhaps his memory of those times is as faulty as his judgment was.

    So itís indisputable that he promoted scams in the past, does that give anyone the right to question him now? It would seem that someone around here doesnít think we should. Be that as it may what can be said for certain about Broker Jonesís current program OceansideForex.com (and oceansidenetwork.com)?

    Well itís disingenuous at best and down right dishonest at worst and it violates so many common sense principles that even if they can provide anything like the return on investment that they claim I would strongly recommend that nobody give them their money.

    The OceansideForex.com website tells you that the minimum deposit to enter the program is $50,000 which is a fairly standard requirement used by many brokerages and hedge funds to insure that only ďsophisticatedĒ investors involve themselves in such complicated financial practices. But if you go to the Ponzi boards (the primary advertising venues for this program, red flag 1) you find out that you can buy in for as little as $250. The fact that there are no clearly written policies and conditions anywhere on the official site and that the information available off site (webinars ect.) contradicts the information on the official site are red flags two and three.

    So when offering to accept investments of $50 to $250k (or above) surely they make all appropriate licensing and registration available for review, a prospectus, audited financials, verifiable disclosures of ownership and business relationships, verifiable identification of principals, and all of the rest of the required standard information that all other legitimate investment offers must make available? No they have none of those things. Letís call this red flag number four with an asterisk, in so far as this one clearly removes any possibility that they are complying with legal regulations.

    The closest I can find to any official statement from these people is the terms and conditions page for oceansidenetwork.com. Which tells us they are a registered company, in the Nevis Islands (I wont count this as a red flag, just to appear fair minded) but it goes on to make the following claim:

    Participation in OFC is available only to residents of those jurisdictions where such participation is legal and not prohibited. A private transaction executed in Nevis Island as conducted in this program is exempt from the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934 and the U.S. Investment Company Act of 1940 and all other rules, regulations and amendments thereof. OFC is not FDIC insured, is not a licensed bank, investment advisor or a securities firm.

    Iím here to assure you that not only does that first sentence contradict the second one but the second one is completely false. Here is a link to a page on the SECís website entitled:

    Re: Use of Internet Web Sites To Offer Securities, Solicit Securities Transactions, or Advertise Investment Services Offshore

    You can read that if youíre intrigued or an excellent (shorter) summery of it here.

    From which we find: Quote:

    Here is paraphrase of the major points you need to be aware of:

    1. If a foreign/offshore company offers investment opportunities via the internet without taking reasonable efforts to insure that U.S. citizens do NOT have access to their offering, they are NOT exempt from registering that offering in the U.S.. Thus, if the company is indeed to be found to be offering an unregistered security, they will be under the jurisdiction of the US SEC, regardless of their offshore status.

    2. By 'reasonable' efforts, the SEC expects the site to take the following such measures, 1)a disclaimer on the site stating it prohibits US citizen participation, 2)requiring potential participants to provide proof of non-US citizenship before being allowed to invest, 3)putting into place technological measures that will prevent non-US surfers from viewing the website, etc.

    I havenít listened to any of Brokerís more than 100 webinars so perhaps someone who has can tell me, has he ever made an emphatic point of explaining that American citizens are prohibited from investing in this program? If not, red flag number five, proof that this program is illegal in the United States.

    Further down on the terms and conditions page we find:

    You agree to hold all principals and unit holders of Oceanside Financial Corp, Nevis Island (OFC), harmless of any and all liability.

    So it doesnít matter what they actually do it you, you agreed not to sue them. How nice.

    Refund Policy: All sales are final. After purchasing from us, you cannot cancel a purchase or receive a refund for a purchase.

    If you do not agree with the above you will not be able to proceed forward to complete your participation agreement.

    By submitting your participation agreement you agree to OFCís Terms and Conditions as summarized above.

    So they could walk away with any and all of your money any time they wanted, and you still couldnít sue them. Again, how nice.

    I could go on, smaller points like Alertpay being the way to fund your account or that a free e-mail account being used to register with that payment processor, thereís hardly any point. I donít need to prove that their jack in a box forex trading robot doesnít work as well as they say, they are illegally marketing unregistered securities, by their own admission (well they claim itís legal). Or that the name the websites are registered under Justin Kaiser (I think he prefers ďJDĒ) is a name that was actively involved in promoting that ďFap TurboĒ forex robot click bank scam, why should that matter? I provided a link to the SECís website clearly explaining how the Oceanside Financial Corp. is violating US laws. If that isnít enough proof to call a company a scam then I donít know what is.

    As to the deletion of the previous thread:

    Our new administrator has indicated a commitment to elevating the tone of discussion in this forum, I for one support this idea. How many useless, back biting posts, how many trivial ad homonym off topic attacks will someone need to read before they stop looking to this place for useful information? Iíve always preferred something of a higher ďsignal to noiseĒ ratio but the instructions the moderators were given called for rolling train wreck threads and thatís what we got. If an effort can now be made to limit the number of ďnon-productiveĒ posts leaving more room for genuine debate, thatís a change I might be able to get behind. But I guess that depends on whatís defined as ďnon-productive.Ē

    Which brings me to the deleted Broker Jones thread. It doesnít really matter if this first part of this post convinced you of the near suicidal foolishness of investing your money in Mr. Jonesís Oceanside Financial Corp. But I think it quite clearly displays why Broker Jones and his company are very legitimate topics for discussion on a forum named scam.com.

    I donít know if the old Broker Jones thread was the first thread MWave deleted, but itís the first one I was aware of. So in a way, it serves as a test case so to speak, an indication of what he finds so objectionable that it must be removed from the site. One small problem, since the thread no longer exists itís very hard for him to point at it and say, ďthis is why I had to delete it.Ē While digging threads out of Googleís cache function is far from perfect, you canít be assured of getting the entire thing and you know you have nothing past a given date, I was able to secure large parts of it, links below.

    And what can be found of page6

    Now if MWave cares to he can point precisely at what sort of posts are no long allowed on this forum. And you can see for yourselves what will get a thread deleted.

    [On edit I see this thread is now closed, it wasn't when I started writing this post.]

  2. #2
    Join Date
    Sep 2009

    Re: OceansideForex

    Thanks. I need to learn about this.

  3. #3
    Join Date
    Aug 2007

    Re: OceansideForex

    Do people really fall for this crap?

    When are people going to realize there are no shortcuts.

    Hey send all your money out of the country so you don't have to deal with all those pesky regulators that shut down scams...

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