Tahoe Futures
Ripoff Futures Brokers

Tahoe Futures is one of many scam companies "selling" unleaded gas and oil futures. Their web site gives their address as Denver, CO, but the operators of this scam are actually based in Switzerland, and probably also Hong Kong.

Surprisingly, this outfit was, until recently, listed as a member of the New York Mercantile Exchange on the NYMEX website.

The Tahoe Futures scam is based on professionally sounding cold - callers (often called "boiler room" operators) outlining how fast money can be made through the unleaded gas or oil futures market. These guys are very persistent and don't take no for an answer. A personal "trading" account is set up with a fictitious exchange called the New Yorks Options Exchange (The NYOEX website has recently been shut-down). Once you relent and decide to buy options, a NYOEX "compliance officer" calls to confirm the trade. Funds are wired via a Hong Kong based clearing house account under the name of International and Continental Trading. This is the last time you see your funds, although the NYOEX trading account shows the funds have been entered and the options purchase has been made.

After your first purchase, your initial contact at Tahoe Futures will pass you on to a "senior adviser" because you are "an important client". This senior advisor will put even more pressure on to "make you lots of money" by investing even more funds in purchasing options. However, once they realise that there are no more funds to be extracted, that is the last you hear from Tahoe Futures.

Since being stung by this outfit in July I have been contacted by at 4 other cold callers (usually saying they are ringing from New York) attempting the same scam. The Australian government agency, ASIC, lists many scammers on the following link. Http://www.asic. Gov.Au/fido/fido. Nsf/byheadline/Cold calling? OpenDocument

Because these criminals are based overseas, it is very diffciult for the US or Australian security commissions to take action.

Be very wary should you be contacted by a cold caller purporting to represent an oil futures broker. My advise is to just hang up.

Phil
Adelaide
Australia

Company: Tahoe Futures
Country: USA
State: Colorado
City: Denver
Phone: 8888229416
Site: www.tahoefutures.com

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