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Monex being sued by gringos for vanishing balances

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Expats life savings have been disappearing from Monex accounts. If you have an account at Monex better read this article.  BOTTOM LINE - Financial fraud is exploding in Mexico, and American expats with accounts at Monex appear to be among the latest victims.

Article here

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Protections here in Mexico are nowhere near the US.  Here people that were selling potato chips the other week are now selling investments and banking products with no licensing required.  They are berated and their jobs in danger if they don´t sell the products and if they do then earn good commissions while only reciting the official blurb and having little to no investment experience.  Fraud and theft is very common and the banks will not give you records or video unless forced to and often take unreasonable positions.  Only place in a Mexican institution what you can afford to lose as if you need to go after them it can be a very long and expensive process.  Trust nobody with your money.  In the US people can lose jobs and go to jail, or lose professional licenses so they have incentives to be honest.  

Be concerned about the return OF your money no the return ON it.  

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8 hours ago, Intercasa said:

Protections here in Mexico are nowhere near the US.  Here people that were selling potato chips the other week are now selling investments and banking products with no licensing required.  They are berated and their jobs in danger if they don´t sell the products and if they do then earn good commissions while only reciting the official blurb and having little to no investment experience.  Fraud and theft is very common and the banks will not give you records or video unless forced to and often take unreasonable positions.  Only place in a Mexican institution what you can afford to lose as if you need to go after them it can be a very long and expensive process.  Trust nobody with your money.  In the US people can lose jobs and go to jail, or lose professional licenses so they have incentives to be honest.  

Be concerned about the return OF your money no the return ON it.  

intercasa is right,  be more concerned on the return of your investments, rather then the return on your investments

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1 hour ago, gringal said:

...and even in the U.S., there was the Wells Fargo scandal.

Deposits in the US are insured by the gub'mint.  Wells Fargo didn't just steal the people's money right out of their accounts, as happens frequently in Mexico.

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49 minutes ago, addtocart said:

Deposits in the US are insured by the gub'mint.  Wells Fargo didn't just steal the people's money right out of their accounts, as happens frequently in Mexico.

Here's the story, found after a search in Senor Google:

https://theweek.com/articles/649015/wells-fargos-phonyaccount-scandal-explained

Then, Wells Fargo closed all the accounts involved, leaving the people with no proof of fraud and no return of the fees paid.  As far as I can learn from Google, government insurance wasn't paid to those defrauded.

However, the bottom line with the far worse Mexican situation is:  DO NOT PUT MORE MONEY IN A MEXICAN BANK THAN YOU CAN AFFORD TO LOSE. My loss of $10,000 pesos from a combination of naivete and downright stupidity didn't leave me broke, and common sense had my life savings safely in the U.S.   I wonder what the people were thinking who put their life savings in a bank with no deposit insurance?  The woman who is being accused of being responsible for this scam was a real genius con artist.

 

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8 hours ago, gringal said:

Here's the story, found after a search in Senor Google:

https://theweek.com/articles/649015/wells-fargos-phonyaccount-scandal-explained

Then, Wells Fargo closed all the accounts involved, leaving the people with no proof of fraud and no return of the fees paid.  As far as I can learn from Google, government insurance wasn't paid to those defrauded.

However, the bottom line with the far worse Mexican situation is:  DO NOT PUT MORE MONEY IN A MEXICAN BANK THAN YOU CAN AFFORD TO LOSE. My loss of $10,000 pesos from a combination of naivete and downright stupidity didn't leave me broke, and common sense had my life savings safely in the U.S.   I wonder what the people were thinking who put their life savings in a bank with no deposit insurance?  The woman who is being accused of being responsible for this scam was a real genius con artist.

 

There is deposit insurance but you have to know where it is valid.

Check out Ley de Protección al Ahorro Bancario.

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I have helped several friends of Have Hammer school with  financial help.

Just raised over $2500 US dollars two months ago for the Have Hammers school solar energy installation. Donating the fees for doing US tax returns.

If you are concerned locally her in the lakeside area of your investments, i can help verify them.

or in the United states i can help.

In the last 8 years  helped 3 people file papers and recover part of their investment in  US ponzi schemes.

helped others in many other situations.

I just ask a donation to Have Hammers Will Travel carpentry school. for my efforts.

Can help with back year tax returns.for fee

I personally know the advisers at Actinver, Multiva, Bancomer. Intercam banks. in Ajijic

I have bank accounts in HSBC, Multiva and Bancomer.

Their are certain things you must be aware  of when using Mexican banks , some banks have more fees than others some give better interest than others.

Mexican checking accounts and ATM's have different rules than USA

You must file a FIN CIN 114  (FBAR) banking account form with the  with  USA if you have over 10.000 US dollars aggregate in foreign bank accounts.

I and my wife safely are receiving 8.83% interest on a CD here in mexico. before taxes.

Yes mexico has political risk

country risk

and currency risk

 

Right know the country of Mexico  i feel has less financially risk and political risk the the USA.

there is always a little currency risk, peso fluctuates.

I been here 10 years and will be here forever.

all replies kept strictly confidential.

With Affinity

 H Wayne Renz

 Have Hammer Will Travel A.C.

 Treasurer, Officer of Philanthropy and Major Gifts   

 (AKA Head Honcho for Gifts of Passion and Love for the Kids)

(También conocido como Jefe por los Regalos de Pasión y Amor por los Niños)

taxexpat@aol.com    Mexico 376-766-1860      USA Vonage 718-204-1851

Giving While Living

 

 

 

 

 

 

 

 

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Good post traderspoc.  I am always skeptical of these reported bank fraud activities. I´m sure some are correct but after dealing with Mexican main stream banking institutions for over 40 years without any problem, I just have the gut feeling that sometimes things might have a different spin than just the sensationalized media accounts of the situation, and there might be  more of the story that is not included.

I have never lost any money or sleep over any Mexican banking activity. Of course living in a peso economy and peso earnings, what it is in relation to the US dollar doesn´t concern me in the least.  When the peso had sudden and dramatic loss fluctuations against the US dollar, the interest rates raised in accordance, and prices for the products that were imported, and wages and salaries followed right behind.  In 90+ % of the country where real estate in sold and bought by Mexicans. prices (in pesos) lagged for a little while but eventually came up to the new value of the currency.

A lot of people made a lot of money buying pesos on the future, 18 months out, when we had severe devaluations, before NAFTA. Big foreign corporations doing business in Mexico,  would sell their calculated  future peso profits for a pittance of what they would be worth a year and a half out as they wanted to guarantee some kind of profit. Those days are over for the foreseeable future.

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