Korean Blogger on NAVER Is Suspected of Forex Fraud

In speaking of investment, broker scams in forex trading seem to be a recurring theme. As with many industries, the fast growing forex industry also has plenty of predators, who look to take advantage of newcomers. The following story is shared by a Korean investor who sought WikiFXs help after being defrauded by Robinhood. He reported the illegal broker to warn other investors against it.

Victim: anonymous

Account balance: 3 million KRW

Illegal broker: Robinhood

Website: www.robinhood.com

IB information:

NAVER blog name: 이동민 전문 개인투자자 (Investment Expert Lee Dong-min)

I got acquainted to a blogger named Lee Dong-min by chance on NAVER, the largest web portal in South Korea, and I was drawn to the content of his financial planning posts. Through chatting online, I learned that he was a professional investment adviser and led a wealthy life. Lee Dong-min chatted with me every day around 12pm, teaching me how to invest and promised that he could help me get rich.

Eventually, I was coaxed into investing on a forex platform called Robinhood, which was recommended by Lee Dong-min. He suggested me to invest 3 million KRW at the beginning for 15 days to 24 days. As I knew little about forex investment, I followed his instructions step by step and deposited 3 million KRW to my account successfully, with the hope of making great profits.

But within a month after I made the investment, my account became unavailable, while Lee Dong-min's blog also disappeared coincidentally. I tried to contact him by phone, but his phone was turned off all the time. Only then did I realized it was totally a scam! Investors should watch out for this illegal broker and beware of its tricks.

Investors conversation with Lee Dong-min

Investors deposit record

Website of the illegal broker Robinhood

According to WikiFX App, Robinhood is unregulated at the moment and is rated at only 1.31. If you feel you are being scammed, contact us at wikifx@wikifx.com for assistance to recover your money. You can also download “WikiFX App”, a broker inquiry app, at Google play or apple store to conveniently check regulatory status of brokers worldwide and better protect your asset safety.