Malik Noureed Awan, the polarizing CEO of MMA Financial lived a lavish life. His story highlights the dangers of using shady forex brokers. MMA Forex promised massive returns prompted many of their investors to take out high interest loans, expecting to double or even triple their money. Instead, CEO Malik Noureed Awan was convicted of fraud by a Dubai court and sentenced to two years in jail, with many of his investors left bankrupt after they put their life savings into his hands. Some raided children’s education funds to put up capital to trade, while others took loans out with their home as collateral, thinking that the opportunity was too big to miss.
MMA Bank GT attempts to distance itself from links to fraud
For the entire duration of the scandal, Malik Noureed Awan has professed his innocence. Now, his company is back. Under the new name MMA Bank GT and lead by the same CEO, MMA Bank GT is attempting to distance itself with the shady past of MMA forex and start anew. We urge our readers to exercise extreme caution when dealing with any Forex broker, and to be even more vigilant when they have a history of fraudulent dealings.
When you research a Forex company, do not take their word that they have accreditation with financial institutes internationally. Take the extra step to verify with the financial institute itself that the company is listed. As well, the story of MMA Forex highlights the most fundamental and important rule when investing – never invest money you cannot afford to lose.