37 Responses to “Forex Fraud - AVS Carter Is London Pearson Now… Be Careful!”

1. on 14 Jul 2010 at 8:15 pm1michael

   nice work uncovering these scum bags, reminds me of the same trick by the crown forex scammers

2. on 15 Jul 2010 at 1:44 am2Asaf

   Francesc,

   Seems like you Michael and Yohai are doing a great work exposing these scammers and it seems like a new one is born every day.

   How do you see this being played out? obviously regulation is not the answer as there are so many unregulated territories that become shelters to companies like this and it seems like despite the great work that you are all doing there are a lot of traders that fall for the cheap marketing and end up loosing a lot of money. And the worst thing is that these scams are giving a bad name to the Forex industry.

   – Asaf.

3. on 15 Jul 2010 at 7:01 pm3Francesc Riverola

   Thanks Asaf,

   If regulation is not the answer, then I do not know how we will be able to stop scammers to rip off clients in the Forex industry.

   The easiness to create a Forex firm in certain countries makes impossible to get rid of these people as the day after closing they open up with a different name.

   AVS Carter and London Financial is a clear example of that. They did not better not even to change the offices telephone numbers or addresses… not even their e-mail signatures… It is a shame.

   Any idea about how to stop this without tightening regulation in their very own countries?

4. on 16 Jul 2010 at 4:25 pm4General

   AVS Carter is a scam broker
   You can ask this question from so many traders from Middle East countries and a little in other countries because they can’t give their moneys from AVS Carter from 3 mounts ago. Also NFA and IFSC appears that they can’t help us for giving back our moneys.
   I think this regulation structures are like a scarecrow and toy for jockey us.

5. on 17 Jul 2010 at 8:44 am5Jean-Jaques Goldman

   Hi,

   to find the 2 directors of AVS Carter and now London Pearson just visit their Facebook pages

   Sabyasachi Upadhyay - http://www.facebook.com/profile.php?id=1049988141

   on linkedin http://www.linkedin.com/pub/sabyasachi-upadhyay/5/311/8a6

   Wife of Sabyasachi - http://www.facebook.com/profile.php?id=610216241

   Vivek Reddy - http://www.facebook.com/profile.php?id=855475636

   [ redacted, please don't post personal information ]

   Spread the information to everybody you know who got scammed by them.

   I hope you get your money back guys - Good luck to all

   Jean-Jaques

6. on 19 Jul 2010 at 5:13 am6Mojtaba Ghodsi

   Thank you all for information

7. on 19 Jul 2010 at 11:04 am7Pete Jacobs

   Check this out from July 14th 2010:

   File a Complaint

   Thank you for submitting your complaint to NFA. A member of NFA’s Compliance

   Department will contact you shortly by mail, acknowledging that we have received your complaint and detailing additional steps you can take to help NFA further pursue your complaint.

   If you have included a request for Arbitration information, we have also forwarded your complaint to NFA’s Arbitration Department.

   If you have submitted comments about NFA’s Web site, we have forwarded them to the site administrator.

   If you have any questions regarding your complaint, please contact NFA’s

   Information Center at 312-781-1410 or 800-621-3570.

   http://forum.sarmaye.com/showthread.php?t=4809&page=34

8. on 20 Jul 2010 at 5:36 am8Beata

   There is an other victim sharing her or his story here:
   http://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/10818-avs-carter-scam.html

   Looks like those guys actually manage to do some damage along the way. The interesting part is that most victims are from the middle east I wonder how come?

9. on 20 Jul 2010 at 6:03 am9Govind Dwivedi

   Thank you for this information …
   I have some money stuck here too. A lot of people do not know the real story behind the scam!!! If you guys know .. these guys were three partners .. AHMAD MUKHTAR MIRZA, SABYASCHI UPADHYAY AND VIVEK REDDY. As far as the inside knowledge .. MR AHMAD MIRZA has taken control of the company website, emails and the company funds as most of the funds were deposited in Dubai as they could not do so in US due to legal issues. These were being managed by Mr MIRZA. SABYASACHI UPADHYAY AND VIVEK REDDY has been KICKED OUT OF THE FIRM. They have no control over the matters .. but Mr MIRZA IS ADVERTISING THAT HE OWNS NOTHING, SO HE HAS ALL THE MONEY GUYS!!!.

   Upadhyay and Reddy is trying to salvage something from their previous business … to a extent i feel bad for them … but I need my money too .. and since Mr Ahmad Mirza is not taking my calls I am pestering Mr Saby and Mr Vivek just like you guys are…but if we bad mouth them .. there will be no business for them at all .. so we will never get money from them … as Mr Miza will never pay .. he has not only cheated his partners .. he has cheated all the clients too

   This also answers why most of the victims are from the middle east .. as all of us deposited the money in Dubai exchanges .. our money has probably never reached the company but has disappeared between Mahmood Miirza (Mr Ahmad’s brother and also the company accountant ) and Ahmad Mirza….

   I think Mr Saby and Mr Vivek were really stupid and they are paying the price

10. on 20 Jul 2010 at 2:07 pm10Govind Dwivedi

    Another news to share … AHMAD MIRZA HAS USED ALL OUR MONEY TO START INA FOREX (INNER ART FOREX)!!!!
    Have you heard about this .. I mean this is total fraud guys!! I keep on calling this guy for my money and he doesn’t bother to reply … and now another company another way to cheat and the funny part is one of INNER ART’S IB calls me up asking for my business …. that is how I found out.

    Have you read the following

    “IMPORTANT NOTICE
    This is hereby confirmed that Mr Ahmad Mukhtar Mirza has left the AVS Carter Group on 19th March 2010 and his other two partners Mr Sabyasachi Upadhyay and Mr Vivek Gopal Reddy are the only directors and are full responsible for all matters onwards including the pending, current or future withdrawals , for any details you may contact admin@avscarter.com.”

    this has been put by MR MIRZA ON THE WEBSITE TO MISDIRECT CLIENTS!!! this is inside information … I believe this rumor is true … otherwise do you think MR SABY AND MR VIVEK WOULD WRITE THIS AND INVITE MORE TOUBLE!!!

11. on 20 Jul 2010 at 2:35 pm11Mazloomi S

    Hello everybody … I follow this blog but has never participated. Mr Govind you are right about this new company by Mr Mirza, but it is IA Forex http://iaforex.com/iafx/
    See the remarkable similarity between his previous company site .. http://www.avscarter.com.
    Btw I had deposited my money in Dubai too . It was received by Mr Mahmood Mirza. I didn’t know it was his brother then.
    I went to claim my money back and it seems there are no records of it! Mr. Mirza had given me a receipt but it is fake. I can’t claim anything! I have been searching for this guy.
    I then called Mr Sabyasachi, at least he received my call and said that he will look in to it and try his best to give me my money back.
    Also please don’t mail Mr Sabyasachi or Mr. Vivek at their avscarter email address as they don’t reply to those emails.

12. on 20 Jul 2010 at 4:23 pm12Govind Dwivedi

    Mr Mazloomi, I hope you get your money back! Btw, the reason they do not reply to avscarter emails is because MR MIRZA HAS TAKEN CONTROL OF THE WEBSITE AND THE EMAILS!!!

13. on 22 Jul 2010 at 2:18 am13Mojtaba Ghodsi

    My money was stolen by Mr Saby nobody else. I make transaction with him and he is also director from AVS Carter Management see this on it is Saby and Vivek changing name from AVS Carter Management to now London Pearson Financial nobody else. If they not directors and in charge of AVS Carter no more how is possible they make that change of name.

    Company Name Change Details
    New Company Name LONDON PEARSON FINANCIAL LIMITED
    Previous Company Name AVS CARTER ASSET MANAGEMENT LIMITED
    Effective Date 15 July 2010 07:57:48

    http://www.business.govt.nz/companies/app/ui/pages/companies/2365793/13916458/entityFilingRequirement?backurl=%2Fcompanies%2Fapp%2Fui%2Fpages%2Fcompanies%2F2365793%2Fdocuments

    Don’t be fooled by them they are scammers and fraud AHMAD MUKHTAR MIRZA, SABYASCHI UPADHYAY AND VIVEK REDDY

    Now SABYASCHI UPADHYAY AND VIVEK REDDY use this company to scam people again.

    NOBODY IN FINANCIAL INDUSTRY SHOULD DO BUSINESS WITH THEM ANYMORE

    http://www.business.govt.nz/companies/app/ui/pages/companies/2365793

    I have all this information from my friend from USA

    Data of the http://www.iaforex.com - Created: 2008-03-06

    Administrative Info: (FAST-12992816)
    INNERART INTERIOR DESIGN
    AHMAD MIRZA
    SAHRJAH
    SHARJAH, 86187
    United Arab Emirates
    Phone: +971.42724849
    Fax..:
    Email:

    Do not fool us Govind Dwivedi I believe you are friend of Saby and Vivek - to all they are fraud they have more then US$70,000 of my money and do not pay the money back to me

    They are all fraud and scam Miraz, Saby and Vivek

14. on 22 Jul 2010 at 2:25 am14Mojtaba Ghodsi

    2365793 AVS CARTER ASSET MANAGEMENT LIMITED
    Registration Date: 25 MAY 2010 Time: 10:13:04

    Summary of Share Parcel Changes

    Amended Share Parcel(s)

    Current
    Number of Shares 75
    Shareholder(s) • REDDY, Vivek Gopal
    Number of Shares 45
    Shareholder(s) • REDDY, Vivek Gopal
    Number of Shares 75
    Shareholder(s) • UPADHYAY, Sabyasachi
    Previous
    Number of Shares 45
    Shareholder(s) • UPADHYAY, Sabyasachi

    Removed Share Parcel(s)

    Number of Shares 45
    Shareholder(s) • MIRZA, Ahmad Mukhtar

    http://www.business.govt.nz/companies/app/ui/pages/companies/2365793/2676649/entityFilingRequirement?backurl=%2Fcompanies%2Fapp%2Fui%2Fpages%2Fcompanies%2F2365793%2Fdocuments

15. on 22 Jul 2010 at 12:11 pm15Pete Jacobs

    It really looks like this is a massive scam and that they already prepare the next one to go on with the same.

    I don’t get it. Why don’t all the victims of those scammers hire a lawyer all together and file a suit against them to bring them down and maybe get at least some of their money back.

    Good luck to all victims

16. on 23 Jul 2010 at 12:56 pm16Govind Dwivedi

    Mr Ghodsi I am no friend of anybody , I just speak the truth because I am actually concerned about my money!! I want them to be able to pay me back, unlike you who may have some personal grudges.
    I am appreciative of the fact that I have spoken with the US office and they are working on giving me my money back.
    I would like to request you to give the evidence of Mr Saby or Mr Vivek allegedly “stealing” your money. Please post it here so that the world can see if that is true, else please keep quiet and let them run a business so that they can pay the REAL clients back, I guess even a 2 year old can understand that if they cannot do business, they cannot generate money to pay!!!

17. on 23 Jul 2010 at 1:21 pm17Govind Dwivedi

    I would like to correct myself .. I have spoken to Mr Vivek who was in the US then not any US office.I am going to receive my money by next week.

    I had tried calling Mr Ahmad Mirza, he does not even take my calls.

18. on 23 Jul 2010 at 1:30 pm18Pete Jacobs

    Hi Govind,

    using other peoples money to pay back old debts has a name “Ponzi Scheme” ( http://en.wikipedia.org/wiki/Ponzi_scheme )and as it look like your friends Mr Saby or Mr Vivek are preparing the next ponzi scam as you just confirmed it in your posting ahead.

    I hope nobody will trust those guys any more because in my humble opinion (I read everything that was posted in the web over the past weeks about them and I checked all the links posted ahead) they don’t deserve it any more.

    Good luck to all the past victims of AVS Carter and the future victims of London Pearson.

19. on 23 Jul 2010 at 8:15 pm19Kashif Rathore

    Hi ..I am also victim of AVS Carter and now London Perason(www.londonpearson). From 3 months I am claming for my money.Many times Mr.saby and Vivek said we will pay you in next week.But 3 months has gone, they didn,t pay anything.Now Mr.saby has blocked my account in London person and close my open positions by himself.I have all records of e-mails and phones which My.saby and Vivek sent me and admitted for paying my amount.Now they are not paying .They are the big fraud.I reached to NFA, IFSC, nzd securiets and I met the many victims of them.Victims told me about their amounts.Now we all shud go to the Media like CNN, BBC, Fox news, bllomberg, and many more.So others can know about thease cheaters.We are thankfull Of Mr. Francesc Riverola.

20. on 24 Jul 2010 at 12:48 am20Pete Jacobs

    NFA permanently bars Chicago forex firm AVS Carter Financial, Inc. and sanctions its principal

    National Futures Association (NFA) has permanently barred AVS Carter Financial, Inc. (AVS Carter Financial) from NFA membership. AVS Carter Financial is a Commodity Trading Advisor located in Chicago, Illinois. Shahzad Akram, the firm’s sole principal, is also barred from NFA membership for a period of two years.

    Akram must pay a fine of $5,000 if he reapplies for NFA membership after the expiration of the two-year bar. The Decision, issued by an NFA Hearing Panel, is based on an NFA Complaint filed in August 2009 and a settlement offer submitted by AVS Carter Financial and Akram.

    On August 25,2009, the BCC issued a Complaint against AVS Carter Financial, a commodity trading advisor NFA Member located in Chicago, lllinois. The Complaint also named Akram who, at the time the Complaint was issued, was the sole associated person/principal of AVS Carter Financial and an NFA Associate. The Complaint alleged that AVS Carter Financial was affiliated with several foreign firms which were non NFA Members, viz., AVS Carter Trading, Inc., AVS Carter Asset Management, Ltd., and AVS Carter Investment, Ltd.; and that the parent company of these affiliated firms - as well as AVS Carter Financial - was AVS Carter Group, Inc., which was also a non NFA Member. The Complaint charged AVS Carter Financial with violating NFA Compliance Rule 2-36(bX1) for using a misleading website, as well as misleading customer account documents and account statements, that listed “AVS Carter” as the counterparty/broker for customer transactions, in an attempt to mislead and confuse customers as to the specific AVS Carter entity they were dealing with so as to foster the impression that they were dealing with a U.S. regulated entity, when the only AVS Carter entity that was a U.S. regulated entity was AVS Carter Financial. The Complaint also charged Akram with violating NFA Compliance Rule 2-36(3) for failing to supervise AVS Carter Financial’s promotional material and website.

    The Panel found that AVS Carter Financial used a misleading website as well as misleading customer account documents and account statements. As alleged in the Complaint, all of the U.S. customers with whom NFA spoke expressed confusion regarding the non-regulated “AVS Carter” entity they were doing business with as well as which entities were actually regulated. Only AVS Carter Financial was regulated by the Commodity Futures Trading Commission and NFA. The Panel also found that Akram failed to supervise AVS Carter Financial’s promotional material and website. Along with the permanent bar, AVS Carter Financial must also deactivate, if it has not done so already, all of its websites that promote the firm and websites over which the firm has control.

    Sonn & Erez PLC is a nationally known law firm that concentrates its practice in securities litigation and arbitration, representing investment fraud victims all over the United States. For more information please contact Jeffrey Sonn, Esq. or Jeffrey Erez, Esq.

    CONTACT:
    Sonn & Erez PLC
    Jeffrey Sonn, Esq. Jeffrey Erez, Esq.
    1-866-372-8311
    954-763-4700
    http://www.sonnerez.com
    500 East Broward Blvd. Suite 1600
    Fort Lauderdale, FL 33394

    http://blogs.fxstreet.com/francesc/2010/07/14/forex-fraud-avs-carter-is-london-pearson-now-be-careful/

21. on 27 Jul 2010 at 1:43 am21Jorge

    Hi,

    I am one of the victims. If we succeed in getting together a critical mass of victims so that the total amount of funds to be claimed to AVS Carter is enough, we could hire a law firm in the US offering a deal like “20% of what you get back is yours”.

    Any other victims interested?

22. on 30 Jul 2010 at 6:39 am22FXALIREZA2007

    y.Thank you for this information …
    I have some money stuck here too. A lot of people do not know the real story behind the scam!!! If you guys know .. these guys were three partners .. AHMAD MUKHTAR MIRZA, SABYASCHI UPADHYAY AND VIVEK REDDY. As far as the inside knowledge .. MR AHMAD MIRZA has taken control of the company website, emails and the company funds as most of the funds were deposited in Dubai as they could not do so in US due to legal issues. These were being managed by Mr MIRZA. SABYASACHI UPADHYAY AND VIVEK REDDY has been KICKED OUT OF THE FIRM. They have no control over the matters .. but Mr MIRZA IS ADVERTISING THAT HE OWNS NOTHING, SO HE HAS STOLLEN OUR MONEY ,IT IS BIG PROBLEM IN IRAN .I WANT TO GET BACK MY MONEY BY LEGAL AND LOW ISSUES. DONT LET THESE THIVES .. avscarter is london pearson and ia-forex dont let them steal our mone

23. on 31 Jul 2010 at 1:27 am23Pete Jacobs

    I found them also on Facebook with a new Fan Page

    http://www.facebook.com/pages/London-Pearson/101287373262585?ref=ts

24. on 31 Jul 2010 at 1:39 am24Pete Jacobs

    London Pearson new website http://londonpearson.com/ but scam continues like with AVS Carter - don’t be fooled by them the management is still the same, they just changed the name of the companies and re-designed the website

    Be careful

25. on 31 Jul 2010 at 12:13 pm25Pete Jacobs

    Interesting blog about “London Pearson Financial” - http://insidernetwork.tumblr.com

26. on 31 Jul 2010 at 2:05 pm26pipfull

    Every one be carfull
    London pearson Is the former AVS carter which has embezzled the whole money of its clients and now has merged as the name of LondonPearson.

27. on 31 Jul 2010 at 10:28 pm27Pete Jacobs

    New Press Release from London Pearson published by Saby Upadhay - http://www.freepressindex.com/news-london-pearson-reviews-99119.html

28. on 09 Aug 2010 at 1:20 pm28Pete Jacobs

    Can Francesc Riverola put his reputation on the line for a dubious broker like London Pearson when you see the revelations made by “Insider Network” http://insidernetwork.tumblr.com/

29. on 09 Aug 2010 at 2:46 pm29Francesc Riverola

    Sorry Pete

    But I do not understand why you are saying that I’m putting my reputation on the line…. why?

    I’ve been denouncing here the links between AVS and London Pearson and I put at London Pearson disposal my blog if they wanted to defend themselves about what I wrote in it.

    I think that this is a demostration of democracy and transparency, and not of linening for them

    I’m terrible concerned by your words so if you clarify them for me I would be very thankful

    Francesc

30. on 09 Aug 2010 at 11:40 pm30Pete Jacobs

    I agree with you but this article has practically disappeared from Google - only your latest Blog and London Pearson Statement got the entire visibility but I believe people need to see all information to be able to have the entire picture.

    What do you think Francesc?

31. on 09 Aug 2010 at 11:42 pm31Pete Jacobs

    Check out this blog http://insidernetwork.tumblr.com/ Francesc Riverola maybe you won’t get fooled by Mr Saby Upadhyay - CEO London Pearson Ltd. anymore.

    They claim in their statement http://blogs.fxstreet.com/francesc/2010/08/03/london-pearson-ltd-says-liquidity-problems-a-malicious-rumor-while-claims-its-independency-from-avs-carter/ they have nothing to do with I quote “. . . we would like to clarify that London Pearson Ltd. is an independent firm. AVS Carter Asset Management Ltd (Belize) is fully owned and controlled by Ahmad Mirza and Niladri Shekhar and has no ties or mutual owners with London Pearson Ltd. whatsoever”

    check this out - http://s3.amazonaws.com/data.tumblr.com/tumblr_l6vw8lLJKQ1qd2q89o1_1280.jpg?AWSAccessKeyId=0RYTHV9YYQ4W5Q3HQMG2&Expires=1281446853&Signature=43et937YSUystkHrXJP7o6RqTmw%3D

    and let me know if you still believe the lies they spread around . . .

    They scammed people at AVS Carter and they will do it again with London Pearson . . . Beware

32. on 10 Aug 2010 at 9:09 am32Francesc Riverola

    Hi Pete

    I can not control what Google does or does not do, but what I did in order to not mislead no one was to put a link to this article in the one you are referring to

    http://blogs.fxstreet.com/francesc/2010/08/03/london-pearson-ltd-says-liquidity-problems-a-malicious-rumor-while-claims-its-independency-from-avs-carter/

    So anyone reading it can see that I made a previous post warning about the links between both companies

33. on 11 Aug 2010 at 12:50 pm33morteza

    From: Avs Client [mailto:avsclient2010@yahoo.com]
    Sent: Tuesday, April 06, 2010 9:20 PM
    To: saby@avscarter.com; ahmad@avscarter.com
    Cc: compliance@avscarter.com
    Subject: some of the AVS clients

    Mr.Ahmad Mirza and Mr.Subyasachi Upadhyay,

    We are some of the AVS clients.We are really sorry for ourselves that we have chosen avs as our broker.You make us soooooooooo many problems and troubles with your bad services.We dont know how you can play with peoples lives who trust you???????Its not only the matter of money.You play with people’s private life and our children’s futures.How you can do this to people?

    Mr. Ahmad Mirza ,When we chose avs as my broker ,it was just because of YOU ,that we have heard that you are a respectful and trustable moslim.But is it response of the people trust?

    You think if you can fraud and cheat people ,you can hide?There is a lord ALLAH that always look at you and your acts.I am really really sorry for you.

    And Mr.Subby I m speaking with you also.There is a god who always look at you.Shame on you.

    If you think you can do any fraud and then you can hide ,its better you know that world is not so big and when its about someone’s life , his honesty , his pride and the rest of his life that he had made and you now are ruined it, he can do anything.
    someone who has lost can do anything coz he dosent have anything to lose again.
    Even if you hide under the ground,we will find you.Dont forget it.
    Its better you change your tricky manner.

    Its better you give back all the things that you have bought with our money and give back our money.

    some of the AVS clients

34. on 25 Aug 2010 at 1:55 pm34Victims

    http://insidernetwork.tumblr.com has been disabled by Tumblr, maybe one of our scammers is behind this

35. on 16 Sep 2010 at 6:08 am35Mojtaba Ghodsi

    I report me case AVS Carter and London Pearson to

    http://sfo.govt.nz/Serious_Fraud_Office.html

    All others do same please

36. on 30 Oct 2010 at 4:02 pm36Forex Broker Review

    Anybody can tell me how forex options affect forex market? Do they actually affect the market only when they are exercised? Does an exercise of a forex option occur at the same time as a sell-off of the option? (My understanding is that when an option expires, you have to exercise it then sell it to make profit)

37. on 14 Dec 2010 at 1:10 am37nadobait

    Hi,

    I too have been a victim of Saby, Vivek, and the AVS Carter / LondonPearson groups. However I have been in contact with them over these last few months and have uncovered a great deal of information about their activities and am preparing legal action against them.

    I would like to get teh contact information from any and all other victims so we can pool our claims into a single large claim. I also believe their actions can be documented to include personal fraud and liablility.

    Please contact me at:

    nadobait@yahoo.com

    Thanks.

Theme by Forex Street Powered by Wordpress