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Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Law
Satisfied Customers: 8286
Experience:  Dual qualified Solicitor and Attorney
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There is a company i know of that basically gets commission

Customer Question

Hello, there is a company i know of that basically gets commission from betting and trading forex and in order to get this commission they must trade and bet in other peoples names they do this by asking people to create a monzo account in their name and then the Company pays the person out (with the person knowing what is going to happen with this card) and then that’s all there is to it. Is this illegal?
JA: Where is the ex? It matters because laws vary by location.
Customer: UK
JA: What steps has the ex taken so far?
Customer: None
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: nope
Submitted: 11 days ago.
Category: Law
Expert:  Virtual-mod replied 11 days ago.

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 10 days ago.
I’m fine with waiting.
Expert:  Jeremy Aldermartin replied 9 days ago.

Hi thank you for your message, please note that I will look to provide an accurate but nevertheless speedy reply to your inquiry. I am sorry to hear about your situation but I will endeavour to help you today.

Expert:  Jeremy Aldermartin replied 9 days ago.

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?

Customer: replied 9 days ago.
the company pays people to create a monzo and give their card to the company (they give permission) then the company uses these cards to earn commissions through forex brokers and bookies
Expert:  Jeremy Aldermartin replied 9 days ago.

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

Expert:  Jeremy Aldermartin replied 9 days ago.

Let me know if you have questions

Customer: replied 9 days ago.
What part would be classed as fraud? If the company had a worker asking people to make monzos for the company would that worker get in trouble
Expert:  Jeremy Aldermartin replied 9 days ago.

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

Customer: replied 9 days ago.
Without disclosing the facilities with whom may I ask.As I know the people who sign up to these monzos and get paid to handover the card know what the card is getting used for.
Expert:  Jeremy Aldermartin replied 9 days ago.

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.

Expert:  Jeremy Aldermartin replied 9 days ago.

I thank you for visiting the website and for the opportunity to assist you with your inquiry. If you have further questions, inquiries or queries let me know post haste and I will attempt to answer them. Otherwise I bid you a good day