FX Turtle Trader Low-Risk High-Yield Managed Funds / Accounts


What I am about to say is not good news to anyone who has opened a live account with GNTFX. Here is what happened starting 5 weeks ago.

I found out on May 30 that GNTFX had not sent out any withdrawals for four weeks. I had processed a withdrawal for $4,000 back on May 12 which I had not received. It was through my inquiries of my withdrawal and questions I was receiving from other clients asking me for help with their withdrawals that I discovered that GNTFX had not sent out any withdrawals in at least four weeks, and maybe more.

GNTFX came up with this story about their “liquidity provider” having a bank account seized, but the problem was temporary and everything would be back to normal soon.

It is now way past “soon” and despite all the assurances that the problems have been resolved, I have no knowledge of anyone other than two clients, one who has received $4,000 and the other $500.

Moving ahead a month, I contacted GNTFX on Monday, July 3rd by email demanding proof that withdrawals were being processed. I also had grave concerns that contrary to what GNTFX was telling me, they were still accepting new clients. I do know that GNTFX was still accepting new clients along with their deposits even into the month of June, well after they knew they had a serious problem.

In early June, I had removed all direct links from my website to open an account with GNTFX. I also asked Adam at GNTFX to immediately stop opening any new accounts until this problem with their “liquidity provider” was resolved. He agreed and said they were no longer accepting new clients…. This will all tie in together a few paragraphs down.

On Monday, July 3rd I received an email from a client advising me that he and a friend wished to open live accounts…. I’ll let you read the emails that followed:

Name:  Jacob Carey

Tel:  +852-75359298

Time Zone:  +8:00 (Hong Kong)

Best time to Contact:  any time



I am tracking the "Real Trading Results" on your website and am happy with the results.

I want to start investing with FXTurtleTrader.

I have some questions:

1) What country is the brokerage firm & bank I need to wire the funds to?

2) Is there a maximum amount I can get the 30% bonus on?

3) Are you the trader? If not, who is the trader?


Never mind trying to call that phone number he provided, the number doesn’t exist. I answered his email before I tried his number…..


Thank you for your email.

Unfortunately, we are not accepting any new clients at this time because of problems we are having with the broker sending out withdrawals in a timely manner. Even if this problem gets resolved, we will not be dealing with this broker in the future.

At this point we are considering opening our own brokerage, and if we do we will let you know.

Best regards,

Richard Cliche

Mister Jacob Carey then replied:


That's strange, because my friend who is also interested in investing emailed GNTFX directly and they got back to him with this:

"We can set you up for a $50,000 account with a 30% deposit bonus.

To get started with a $50,000 account please wire the funds to

1) Beneficiary Bank details: The Bank of Nova Scotia

2) Beneficiary Bank Address: 7083 Boul. Newman, Lasalle, QC, H8N 1X1, Canada

3) Swift Code / BIC: NOSCCATT

4) Canadian Clearing Code: CC0008 00701

5) Beneficiary Account Name: ICE Investments, LLC

6) Beneficiary Account Number: 00701 08259 88

7) Beneficiary Address: ADDRESS HAS BEEN DELETED, Montreal, QC, H4E 2J9, Canada

8) Note: 6105

It is very important that you include the note 6105 (and no other text) as this is your unique payment ID and it will ensure that the money goes into the correct account.

Step 2) Please reply to this e-mail once you have wired the money. This will make sure that the funds clears as fast as possible with our bank."

Can you please clarify the situation for me? Is GNTFX accepting funds or not?


What is absolutely mind blowing about this email is the bank wire details he was given are MY PERSONAL BANK DETAILS !!!! GNTFX changed the Beneficiary Name from my personal name to ICE Investments LLC, a company I dissolved 9 years ago. Needless to say, I was furious.

Here is an excerpt of my email response to Adam on Monday, July 3rd:

If you are instructing people to send their deposits to other clients who have not received their withdrawals, I want no part of it. That is called a Ponzi scheme, where new client deposits are used to pay off older clients, and people who do that go to jail. Does the name Bernie Madoff ring a bell?

I was working on a complete update on my website when I saw your email come in. If you can't confirm with me that withdrawals are going out in a timely manner, including withdrawals to Rusty Jones, Joshua Jones, P Schoueri, Y Schoueri, David Shapiro, Nancy Headrick, Pierre Cliche, Frank Diaz, Erik DeSpain, Matthew Newport, and others,

everything will be posted on the website by 3:00 p.m. Eastern tomorrow.

I presently get 200 new visitors a day on my website. If you won't stop taking in new clients and put a stop to this Ponzi scheme, I will do it for you. If it's not a Ponzi scheme, show us the money!

I guess it is now obvious that no proof of any withdrawals were forthcoming.

Tune in to this site tomorrow for more information, including possible legal action against GNTFX