forex AILEN Defrauded Investor by Blocking Withdrawal

Anzo Lim · August 13, 2019

Broker: AILEN

Regulatory status: overrun

Complainant: Mr. Jin

Cause of complaint: blocking investor’s withdrawal

Recently, Mr. Jin reported the illegal forex broker AILEN to WikiFX and shared his experience.

Event recap

In early June this year, Mr. Jin signed up at AILEN who claimed to be regulated by NFA(US) and started trading. Coaxed by a signal-provider, he made several deposits that added up to over US$400,000 earlier in his investment; yet the large input failed to bring proportional profits, as he lost approximately US$70,000 in trading. Feeling much discouraged, Mr. Jin began to withdraw his money. Having successfully withdrawn US$200,000 through separate applications, Mr. Jin again applied to withdraw US$5,000 on July 27^th. But unlike before, the application remained “in progress” for 3 days. Completely disappointed, Mr. Jin decided to withdraw his remaining balance on July 30^th, and the application was once again ignored. Mr. Jin tried to contact the signal provider, who offered no solution besides claiming that “he was also a victim", which sounded like a lame excuse. Meanwhile, Mr. Jin also contacted AILEN’s customer service but failed to get any reply. To date, Mr. Jin still has US$16,000 in his account yet to be withdrawn. AILEN has defrauded investor by ignoring withdrawal applications and detaining investor’s capital.

Analysis

AILEN’s regulatory information is inconsistent with its official website

AILEN’s official website claims it holds NFA license with regulatory number 0502205, but upon checking NFA website, the license belongs to a company named ACERICH, which is not in business at the moment.

Strangely enough, AILEN’s information can be found on NFA website and its regulatory number is 0520444. Though the reason for this inconsistency is yet unknown, one thing certain is that AILEN’s information on its website doesn’t match the regulatory information.

Conclusion

WikiFX App shows AILEN holds an NFA(US) license for generic financial services and is currently operating in overrun business. The broker with a WikiFX rating of 1.20 has low credibility, and WikiFX suggests investors to stay away from it.