Let me guess…
Someone told you how they’re making all of this money with a copy trading system called Whitehat Zone. They even showed you their account on MyFXBook to prove the results were real. Am I right?
White Hat Zone is a scam. If you deposit money into the BluestarFX brokerage, you’ll lose most, if not all of it.
Update Friday, December 13, 2024
White Hat Zone has all but collapsed. As stated in this article previously “When it looks like there will be more money withdrawn than deposited, they’ll show trades that make it look like all the money disappeared.”. As of today this scam is down around 92%. So if you deposited $10,000, you would only have $800 left. This seems to have been blamed on “the trader removing a stop loss”, which is what most of these PAMM or Copy Trading scams blame. Someone named Jimmy Bennet has done this nine times. Ed Zimbardi has done this at least three times. Scott Morris has now blamed the trader in two of his scams and blamed the brokerage in another. What do they all have in common? Investors money disappears.
Why is WhiteHat Zone a scam?
White Hat Zone is a scam because of who owns it and the brokerage they’re using. The owner of White Hat Zone, Scott Morris, is a career scam artist. The brokerage, BluestarFX, is an offshore brokerage owned by people who have been heavily involved in Ponzi schemes and scams.
Who is Scott Morris?
Scott Morris is a fraudster who is under investigation by the SEC. He claims to be a successful guru but he had his personal home and residence in Austin, TX foreclosed on in 2020. He claims to have been the largest real estate wholesaler in Houston, TX before but was really just defrauding people in real estate seminars. At least this is what the online reviews say about him.
Scott Morris has been sued for fraud. He has filed for bankruptcy. He claims to be a trading guru but forum reviews all point to him being a scammer.
He was one of the top promoters of the CryptoProgram scam and friends with career conman, Ed Zimbardi. He has promoted at way more than 10 Ponzi schemes to steal commissions from the people who deposit. Read the full post about Scott Morris for proof of everything.
What is BluestarFX?
BluestarFX is an offshore brokerage owned and operated by scammers. Well, at least a couple of the owners are scammers.
Some of the owners have had run-ins with the SEC. Some of them promoted Karatbars (scam) and USI-Tech (scam). Please read the full post about BluestarFX where I go into details about who they are.
How Does the White Hat Zone Scam Work?
The White Hat Zone scam works because the returns look amazing on the screen and you may even be able to cash out small amounts initially. Scott or the friends who recommended this to you will encourage you to put more money in at some point. Scott will talk about how this is better than a 401k, how the government is bad, and how you’re in the right place at the right time. This gets people to deposit more money than they withdraw.
Here’s a question I get all the time.. “Scott doesn’t control the money. The money is in a brokerage in my own account. How could he scam me?”
Great question, but the people who ask this simply don’t know anything about these scams. The broker is in on scams like this every single time. They have to be for this to work. The broker and the PAMM owner (or copy trader owner) make an agreement behind the scenes. When it looks like there will be more money withdrawn than deposited, they’ll show trades that make it look like all the money disappeared. In fact, Scott Morris has been involved in this exact thing at least twice. The money has disappeared in both cases.
So, to recap…
- There are no trade profits
- The trades are faked with the help of the brokerage
- The payments are paid out in the manner of a Ponzi scheme
- There will eventually be a “crash” or “hack”
- The broker and the program owner will cash out the money and split it
Still Not Convinced It’s a Scam?
Ask yourself a few things…
What is this Ponzi Patrol person’s motivation? What is Scott Morris’s or your friend’s motivation?
I make no money from this. It actually costs me money for the investigative tools I use. I receive death threats (even by Scott Morris). I have a 100% track record in being right about these scams. I have nothing to gain other than simply to warn you.
Scott, the broker, and your friend who referred you to White Hat Zone are all motivated financially. If you deposit money into this scam, they’ll get commissions or will steal your money.
“But, but, but, it’s risk money. I know the risks”. I hear this all the time. It’s not a risk to willingly hand your money over to a fraudster. A scam is not a risk. There is ZERO chance you’ll end up making money from this. A risk is something like skydiving or driving a car. There’s a chance of death but you know the risks and are willing to take them. Depositing money into this scam is more like jumping out of a plane without. a parachute. Or, driving a car at 125mph (200kmh) into a wall. It’s a certain death.
Depositing money into a scam like this is not “gambling” or anything similar. Again, it’s 100% guaranteed you’ll lose it. Rule #1 of investing is “Don’t lose money”. It’s also rule #2 according to Warren Buffet.
Even after reading this, some people think “Even if there’s a 1% chance it’s real I’ll be rich, and it’s a risk I’m willing to take”. Look, if that’s what you’re still thinking, you’re going to donate money to this scam (or another) no matter what. You are in a desperate place and don’t know what you’re doing for retirement, you probably live paycheck to paycheck (or close), and don’t see a way out. Giving your money to a scammer is only going to set you back more.
I’d suggest reading some books on investing or starting up a side hustle to start earning more money but that takes work. If you’re the type to donate money to a scam artist like Scott Morris after reading this post, then you aren’t willing to put in the work necessary to secure your financial future. That’s a shame and you’ll just have to learn the hard way.
Best of luck,
Brandon – Ponzi Patrol