I've not heard of them either. After some investigation, my conclusion is that both the Dubai Options Exchange or Dubai Option Exchange, and Cambridge Capital Trading are either very new, or dubious, or bogus, or scam, or not legitimate, or all of the above.
I tried contacting CCT myself with no luck.
There's also something called the United Arab Emirates Commodities Futures Board which CCT/DOE claim is some sort of licensing or regulatory authority for the DOE, but that's another one that looks rather dubious to me (website at uaecfb.com if you're a curious cat).
In the absence of more concrete information, I'd stay away from anything to do with any of the three organisations.
I'll have to eat my hat of course if it turns out this is another new initiative from the Dubai Government along the lines of the Dubai Gold and Commodities Exchange, the Dubai International Financial Exchange, the Dubai Multi-Commodities Centre, and a bunch of other legitimate exchanges.
Contact details from CCT site if you want to try phoning them yourself (I tried 3696554 and 043696554 myself). But I'd suggest you phone the UAE Central Bank to see if they have a license, or to find out who you should contact to ask about that if you want to verify whether or not they're legit...
Who wrote this:
Address : Dubai
Al Attar Business Tower,
30th Floor Sheikh Zayed Road,
Dubai United Arab Emirates
I just phoned Al Atar Business Tower (where Cambridge Capital Trading claim to be based) and they told me there is no such tenant.
Al Attar Tower reception also said I wasn't the first to ask about them - maybe you'd tried them too Leo? _________________ UAE IPO list | posting guidelines
Thanks for your feedback. Yes, it does seem quite dubious, as I can't seem to find any information on them. You have this English sounding guy who claims to be from the company asking you to buy Australian dollar options.
I have come across something similar coming from a different company in the Philipines asking me to invest in some unknown company in the US. Of course, promising you unbelieveable returns.
It's a scam according to investigations by Gulf News, DFSA and ESCA...
Gulf News 14 February 2007:
Trading scam smashed
By Shakir Husain, Staff Reporter
Dubai: The Dubai Financial Services Authority (DFSA) said on Thursday it has broken a global currency trading scam.
The scam invited investors in Australia and Singapore to put their money in fictitious entities which claimed to be based in the Dubai International Financial Centre (DIFC).
One alleged operative, who liaised with potential investors using a UAE phone number, has been arrested in Dubai. At least six fraud victims contacted the DIFC regulator, leading to a four-week investigation.
"At this stage we cannot be certain about the size of the scam or investor losses, but we know that approximately $600,000 [about Dh2.2 million] has passed through a bank account set up by these fraudsters in Malaysia," DFSA chief executive David Knott said.
The probe was conducted by DFSA and with the Emirates Securities and Commodities Authority and involved market regulators from Malaysia, Britain, the US and Singapore.
The racket operated three fictitious entities called the Dubai Options Exchange, the UAE Commodities Futures Board and Cambridge Capital Trading. All claimed to offer services within the DIFC.
The fraudsters used a US-based internet service provider. Australian and Singaporean investors were cold called by representatives of Cambridge Capital Trading to take options on currency movements.
The investors were then directed to the false websites and told to transfer funds into the bank account in Malaysia.
DFSA has obtained injunctions in the DIFC Court against Husam Abu Amara, a French national, and others in the case.
His passport has been confiscated and the case referred to the Dubai prosecution. Abu Amara is the managing director of Globalstar Telecom that provided the phone number.
Police said it is investigating the case. "It is too early to give details or accuse any party at this stage," a police official said.
Dubai: The Dubai Financial Services Authority (DFSA) has broken a global currency trading scam that dupes foreign investors intoputting their money in fictitious entities claiming to be based in the Dubai International Financial Centre.
Here's how the scam works:
Step 1: Criminals create a database of potential victims by stealing personal information. Some criminals bribe bank employees or plant people into banks to help steal information.
Step 2: A professional-looking website is created to fool potential victims.
Step 3: By cold calling people in the database and by manipulating search engines, victims are drawn to the site.
Step 4: The website gives victims the impression that they will be given inside information that will allow them to make money quickly.
Step 5: Once hooked, the victim sends money to a bank account. Victims may be sent "earning statements" to encourage them to send more money.
Step 6: Victims usually discover their money has disappeared only when they attempt to cash out.
The Gulf News says the Cambridge Capital and Dubai Options websites are well designed. I didn't think so - it was full of holes. GN don't appear to appreciate me saying so to them either - I've yet to see my letter printed, although it could be obscured by all those unique and valuable contributions from other readers about Dubai traffic jams and cricket .
Gulf News 17 February 2007:
It's not spam - it's scam
The Dubai Financial Services Authority (DFSA) has smashed an internet currency trading scam that fleeced customers of at least Dh2.2 million. The operation to break up the scam also involved the Emirates Securities and Commodities Authority and involved market regulators from Malaysia, Britain, the United States and Singapore.
The scope of the co-operation is proof the internet is international in nature and an efficient, synchronised response across boundaries, such as this, is vital to combat cyber crime, which is on the increase.
The internet brings many advantages but the user should always be aware that what you see is not what you get. A glossy website with fancy graphics is no guarantee of authenticity.
Certainly the well designed, though fraudulent, website promoting a fictional company lacked for nothing except honesty. Financial transactions are always best carried out with a recognised and reputable financial firm, such as a brokerage or bank.
Malaysian arrests follow DFSA internet investigation
Following the DFSA investigation into an Internet fraud in Dubai, the Malaysian Securities Commission in Kuala Lumpur yesterday made three arrests and froze USD 350,000 after finding a secondary account linked to the fraudsters.
Two were released and one person is currently being questioned by Malaysian authorities. These actions were taken by the Malaysian authorities directly to assist the ongoing DFSA investigation.
The actions relate to the fraudulent investment scheme targeting Australian and Singaporean investors who were cold called by representatives of Cambridge Capital Trading, a fictitious London firm. Investors were directed to websites called the Dubai Options Exchange and a fictitious regulator, the UAE Commodity Futures Board. Cambridge Capital Trading asked investors to transfer funds to a bank account in Malaysia, upon becoming a client of the fictional exchange. The perpetrators took great care to construct realistic web sites, electronic answering services and a bogus facsimile in the UK to fool investors and to conceal their identities. The DFSA has confirmed that the billing address for the web sites is also false.
Civil court orders obtained in the Dubai International Financial Centre Court before the Chief Justice Sir Anthony Evans have now been served on the Internet service providers in the USA and Malaysia. It is expected that the websites will be closed down shortly with the cooperation of the internet service providers.
The DFSA is continuing its investigation, working jointly with ESCA and Dubai Police and our counterparts in the United Kingdom, USA, Australia and Malaysia.
Malaysia's securities watchdog said Monday it has frozen two local bank accounts, shut down two Web sites and questioned several people suspected linked to a global Internet investment scam. The move came after the Dubai Financial Services Authority requested for assistance on the fraudulent scheme operated by Cambridge Capital Trading, the Securities Commission said in a statement.
The racket operators, which have so far targeted Australian and Singaporean investors, have been cold calling the public to put money in a host of products traded on the fictitious Dubai Options Exchange and the UAE Commodities Futures Board, the commission said.
Investors were directed to Web sites and told to transfer funds to a bank account in Malaysia, it said, adding that scam operators also set up fake electronic, answering services, fax and billing addresses in Dubai, Britain and the United States.
Following its own investigations into the scam for possible breaches of the Anti Money Laundering Act, the commission said it has obtained restraining order on signatories of two local bank accounts amounting to 1.6 million ringgit (US$457,000, EU381,000) and closed two Web sites linked to Cambridge Capital.
It said it has questioned several individuals but no arrests have been made. It said it is continuing its investigations and working closely with market regulators in Britain, United States and Australia.
It warned investors to be vigilant and invest only through licensed parties.
The commission didn't say if any one in the country has fallen victim to the scam. Officials could not be reached for further details.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
Disclaimer: Investing in stocks is risky, you can lose some or all of your money and/or other assets. Anything you read on this site should be regarded as the opinion of the author only and is not to be taken as advice to buy, sell, or hold stocks and/or any other investments. Seek professional advice and do your due diligence before making investment decisions. In particular, do not assume anything you read on this site is correct or accurate. You should accept that only you can be responsible for any investing decisions you make.
2008 FY
FAQ
Search
Print-friendly
Profile
Private messages
Register
Log in
.
