MFX Broker associates itself with convicted scammer Jordan Belfort by inviting him to co-host company seminar
The need for retail FX brokers to present themselves to their potential audience as transparent, honest and high quality purveyors of genuine investment products and ethical company policy is paramount these days. A well worn adage advises that a gentleman can be judged by the company he keeps most certainly is apt when it comes […]
The need for retail FX brokers to present themselves to their potential audience as transparent, honest and high quality purveyors of genuine investment products and ethical company policy is paramount these days.
A well worn adage advises that a gentleman can be judged by the company he keeps most certainly is apt when it comes to presenting the corporate image of an FX broker to its audience, especially when security of funds, trade execution practice and commercial longevity are top priorities of investors.
Making a splash is one thing, but in the case of Georgian FX company MFX Broker, associating itself with one of the most high profile fraudsters in the entire brokerage industry has been a recent PR move.
MFX Broker held a seminar in Tiblisi, the capital city of MFX Broker’s native Georgia, which was co-organized by Jordan Belfort, the real Wolf of Wall Street, who is a convicted securities fraudster who makes a living telling his story of how he ran a ‘boiler room’ operation during his time as owner of infamous New York brokerage Stratton Oakmont, selling pink slip penny stocks to unsuspecting investors and scamming 1,513 customers which resulted in his jail sentence and a restitution order of $110 million.
Of the $11.6 million that had been recovered by Mr. Belfort’s victims as of 2013, about $10 million of the total was the result of the sale of forfeited properties.
The event, which was held at the Tbilisi Philharmonic Centre from 10 a.m. till 4 p.m. was followed by a cocktail party after delegates from across the world were subjected to Mr. Belfort’s ‘Straight Line Persuasion” presentation, a mantra from which Mr. Belfort makes his living as part of his motivational speeches that he peddles on various media channels.
The director of the company Margo Zhiznevskaya and the local TV host and marketing guru Otar Kiria were presenting Jordan Belfort on the stage.
Perhaps more remarkably, during the cocktail party after the event, MFX director Ms. Zhiznevskaya had an opportunity to discuss in person with Jordan Belfort the further plans for development of training in the region.
Indeed, whilst it is not any place to make judgements, it is worthy of note that taking tips on how to train employees and provide education to traders from a former con-man who now lives from his high profile image is probably less than salubrious.
An anonymous FX trader posted on a forum with regard to this matter:
“I find it sickening that any broker would brag about working with a convicted scammer. I find it worse that they brag about how famous the guy is without mentioning how he was convicted of crimes and was sent to federal prison. I wonder how long it will take the “Real Wolf of Wall Street” to finish paying back the restitution he owes victims.I wonder why any broker of any sort would want to openly associate itself with Jordan Belfort.”
Publicity is one thing…. ensuring that the right message is sent out, is quite another.