Reza Forex was a foreign exchange trading company that was founded in 2003 by Reza Mokhtarian. The company was based in Vancouver, Canada, and offered training programs and trading services to clients looking to invest in the forex market. However, in recent years, the company has been embroiled in controversy, and its founder, Reza Mokhtarian, has been accused of fraudulent activities.
The first signs of trouble for Reza Forex came in 2015 when several clients of the company started to complain about the quality of their trading services. These clients claimed that the company was not delivering on its promises and that they were losing money as a result. The complaints prompted an investigation by the British Columbia Securities Commission (BCSC), which uncovered several irregularities in the company’s operations.
In 2016, the BCSC ordered Reza Forex and its founder, Reza Mokhtarian, to cease trading and pay a $150,000 fine for violating securities laws. The regulator found that the company had made false claims about the profitability of its trading strategies and had misled clients about the risks involved in forex trading. The BCSC also found that the company had failed to disclose conflicts of interest and had engaged in manipulative trading practices.
Despite the BCSC’s order, Reza Forex continued to operate, and in 2017, the company launched a new trading platform called Kaizen Global. The platform claimed to offer advanced forex trading tools and training programs, but it quickly became clear that it was nothing more than a rebranding of Reza Forex’s old services. The company also launched a new cryptocurrency trading program, which was heavily promoted on social media.
The cryptocurrency program, called BitBull, promised to deliver massive profits to investors by trading in bitcoin and other digital currencies. However, investors soon discovered that the program was a scam, and many lost their entire investment. Reza Mokhtarian was accused of using the BitBull program to defraud investors out of millions of dollars, and he was arrested in Thailand in 2018.
In 2019, Reza Mokhtarian was extradited to the United States to face charges of wire fraud and money laundering. The US Department of Justice accused him of running a Ponzi scheme that defrauded investors out of more than $20 million. According to the indictment, Mokhtarian used investor funds to pay for his lavish lifestyle, including a $5 million mansion in Vancouver and luxury cars.
The case against Reza Mokhtarian is ongoing, and he has pleaded not guilty to the charges. However, the collapse of Reza Forex and the BitBull program has left many investors out of pocket, and it serves as a cautionary tale for anyone looking to invest in the forex or cryptocurrency markets. It is essential to do your due diligence and thoroughly research any company or program before investing your money.
