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So in essence they get people to create a Monzo account and people pay out from their Monzo account to invest with this company that then trades Forex under a traders agreeement?
From this it is difficult to know if it is illegal it might be classed as fraud though given the orgnaised process of coralling people into taking out cards for investment purposes and presumably not disclosing that as part of the application. With this in mind, an investigation would need to be conducted by the police you could report it on 101. I trust this assists
Let me know if you have questions
The part where they obtaining banking facilities without disclosing the true purpose behind the facilities. An employee might get in trouble yes if they are part of the fraudulent behaviour. I trust this assists
The bank, Monzo bank. As I said above, let us make this simple because I have obviously not explained it so you can understand. I go to HSBC and I say I would like a loan and they say great, what do you want it for and I say a car but then they give me the money for the loan and instead of buying a car I put it on the 3:10 at Kempton you can understand they might feel I mislead them when they advanced the banking facility to me. In the same manner, I go to HSBC and I say look I want a bank account and they say great what for and I say savings and they say great how much will you be putting in and I say I don't know say £1,000 a month and they say great would you like a credit card with that account or a debit card with an overdraft facility and I say I would and they give me the account I take out a £1000 say the overdraft limit in cash over the next few days and go on put it on the 2:40 at Fontwell racecourse I have also deceived them because the account was not for savings and I had absolutely no intention of using it for that purpose I wanted credit to gamble with and that is what they are doing with Forex and having worked for a decade advising the largest financial institutions in the world on these things I can tell you Forex for an amateur is about as successful as gambling on a horserace or putting everything on red in a casino. Most people have absolutely no clue and that includes most people who say they do. Now I hope that explains it a bit better so you understand. Take care.
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