FxWinning, Ltd. (“FXWinning”) is an online foreign exchange brokerage with offices spanning from Hong Kong to Miami, Florida that promoted to its customers “the best prices on the market, trust, and security.” According to FxWinning, customer investments in cryptocurrency would be converted into U.S. Dollars (through a partner cryptocurrency exchange) and would produce high rates of return of 8-15% or more each month. Using that business model, FXWinning managed to lure in hundreds of millions of dollars in customer investments.
Customer Withdrawal Restrictions
In February 2023, FXWinning prohibited customers from withdrawing their funds by nebulously claiming that the company was undergoing a regulatory Know Your Customer/Anti-Money Laundering audit. As weeks dragged into months without further explanation, FXWinning customers were prevented from accessing their funds. By June 2023, FXWinning shut down its business without allowing clients to withdraw the funds that were presumably locked away in their accounts.
Published reports from numerous sources have described FXWinning as a fraudulent investment scheme and have asserted that FXWinning’s founder and owner David Merino led a group of FXWinning insiders who lavished upon themselves huge commissions and ultimately stole tens of millions of dollars from account holders to pay for personal luxuries, including homes in Miami and Miami Beach, Florida. As one report stated, FXWinning, Merino, and his cohorts simply stole investors’ money without any explanation. We are presently investigating claims against FXWinning and Merino, and we are exploring multiple avenues to secure the swift return of investor assets wrongfully withheld or misappropriated by FXWinning and Merino.
Navigating the Legal Process
Silver Miller has established itself as one of the nation’s premier law firms investigating, prosecuting, and resolving claims for victims of financial fraud. As we often say when victims come to us to investigate claims of potential fraud: If it seems too good to be true, it probably is. Upon first blush, it appears FXWinning was indeed running a classic Ponzi scheme as shown by the following hallmarks of such a scheme:
- Unusually consistent returns, irrespective of market conditions
- Overly complex or secretive investment strategies
- Issues with receiving payments or challenges when trying to withdraw investments
Those who perpetrate fraudulent schemes often do so from a distance and hide behind convoluted language or hard-to-track electronic transfers. Our dedicated team of attorneys and support professionals know how to cut through those obstacles and how to maximize our clients’ rights along the path to obtaining justice.
Contact Silver Miller
Silver Miller is an ardent advocate for individuals and businesses victimized by fraud or deceptive practices in various business relationships. We are dedicated to assisting those affected in recovering their money and property on a contingency-fee basis. Our philosophy revolves around understanding that legal challenges have real-life implications, especially in cases of investment losses.
Throughout our legal representation, we prioritize achieving tangible results that directly alleviate our clients’ real-world struggles. We conduct thorough analyses of damages and tailor strategies to swiftly and justly resolve each client’s claim. Our unwavering dedication ensures we employ ethical and professional tactics, striving for the best possible outcomes in every unique case. At Silver Miller, we are attorneys committed to reversing misfortune and achieving justice for our clients. Contact us, today.
If you invested funds with FXWinning and David Merino that you have not recovered, and you would like to discuss your legal rights, please contact us by e-mailing David Silver of Silver Miller at DSilver@SilverMillerLaw.com or by calling (954) 516-6000.