shady company, or unpassable opportunity?

[aeolius]

So Im looking to get out of eikaiwa, and I found this company called Tokiwa investments up in higashi ginza.

Basically they dont require experience and offer to train you. The only thing is, its all commission pay

The job is basically getting people to give you 2 million yen to invest in the Forex (foreign currency exchange markets)

As I said, there is no base pay, just commision, and you have to find your own clients. . .

For some reason I have a bad feeling in my gut about this place, can anyone tell me what they know about it?

Are my fears valid? or what?

[senseiman]

I have no idea about the place, but it sounds awful.

WIth the economy the way it is, good luck to anyone trying to sell risky-sounding investments to complete strangers on a commission basis!!

[Wage Slave]

I think you will be struggle to make a go of this in the current climate. What sort of investment are they selling? If it is the carrry trade then it has been poleaxed recently by falls in interest rates and the rise of the Yen.

[aeolius]

yeah im pretty sure people arent gonna respond to any carry trades now(especially after what happened to iceland. . .)

A friend told me that last year they were named Shintoshi investments, in the same building etc. . .so

yeah A company that has to change its name once a year amid shady circumstances. . .I think ill pass. . .

[aeolius]

hmm since I found out there previous name, shintoshi investments, I was able to pull up more information on these guys:

these are quotes from posts on gaijin pot. . .of course the thread was closed. . .thank god it wasnt deleted.


People looking for a job, be careful.
There is a new company called Shintshi Investments hiring people. It´s the old ToyoFX International. They didn´t even change the address!!!!! They are in the same place in Ginza, 4th floor, and the same “managers”.
This what they do:
Currency Scams Often Target Members of Ethnic Minorities
Some currency trading scams (like Shintoshi or Toyo) target potential customers in ethnic communities, particularly persons in the Chinese, latin, amercian and european immigrant communities, through advertisements in ethnic newspapers .
Sometimes those advertisements offer so-called "job opportunities" for "account executives" to trade foreign currencies. Be aware that "account executives" that are hired might be expected to use their own money for currency trading, as well as to recruit their family and friends to do likewise. What appears to be a promising job opportunity often is another way many of these companies lure customers into parting with their cash.
You get no sallary, you are supposed to get comission-based money and you are forced to trade until you waste all the money of your customer (most of time some relative or friend).
Be carefull !!!!!

http://www.cftc.gov/opa/enf98/opaforexa15.htm (this site explains forex trading scams and shintoshi pretty much fits all the aspects of this)
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previous company name-Toyo investments info on THEM below. . .
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Hey peeps....well....if anyone is ever interested in working for Toyo International FX Inc, then my honest opinion is dont even waste your time.....this is based on 6 months experience with Toyo....this company basically burns you out until you have no money in your pocket and tells you to leave...as a manager I have seen many employees leave the company without getting a cent from Toyo....and you may ask why?....this aint a racial or a sexist thing but its runs by a Singaporean women who basically doesnt give a damn about you unless you have money to invest in their company and give it one month, you would have kissed your money goodbye and then she would blame you for the loss and kind of walk off with a smirk on her face....shes arrogant, stingy and thinks low of foreigners in the educational and english sector....also...along with her collegues....they work together to find away to screw you over and then tell you to go....I apologise DON for the bashing of your company....but I do not want to see others go through the same thing...I have more experience than yourself DON and believe you me, you will suffer in the end...my advice to you is to watch your back and never trust anyone....to those who have scheduled interviews with Toyo, please think hard before making any decisions because there are a lot of hidden doors you will not know unless you find out....oh and I thought I would leave you all with a few pointers about this company:

1. They cannot sponsor your visa until next year as they were set up last year in November and they need at to be at least registered for 18 months before being able to sponsor working visa. Watch out, cause they advertise it saying they sponsor visas but they legally cannot do that.

2. Its strictly commission based but you are expected to work long hours doing office work which you dont get paid for. Watch out. They tell you that there is a basic, but its only available to managers so if you are not a manager, then you are commission only. As a manager, your basic salary believe you me, wont even be enough to pay your rent so how are you supposed to live if you cant get any commission.

3. They are only your firend if you have money, orelse they will not even acknowledge you in any way.

4. Working hours are meant to be from 9am to 6pm, but its commission based and they expect you to stay late right up until 10pm and no overtime charge.

Well, I hope I got my message across loud and clear and those of you who are willing to pursue your career with Toyo, please make sure you know what you are getting yourself into...

and to the DON, a million apologies to you cause I know you are a hard worker and have seen you in action but trust me, I know what I am talking about...I have been there, done that...
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From what I've heard from Toyo staff, they're currently being inspected by the Ministry of Finance and have been told to change certain aspects of their business.
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Toyo have finally closed. Even the website's gone.

They've been 'reborn' as Tokiwa.
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post on forex companies in japan:
Most of the forex companies in Japan will not post their performance in terms of returns as they all lose money!

The returns you can make are totally dependant on the ability of the trader. When you consider that trading has been described as on of the most difficult of endeavours, it's plain to see why so much money is lost.*

Many so-called traders are drawn from the foreign population in Japan, mainly Tokyo. None are professional traders from the big banks. They are already in-place and are enjoying good pay and benefits. Small forex firms offer no or little basic salary and promise 'full training'. After a few weeks they are expected to bring in an account and start trading. They usually lose this account after a few weeks and leave the companies. Their first client is usually themselves with their own money or a close friend/relative. Turnover is extremely high.

Come January there will only be a few forex companies left as new licenses are being issued. But that just means that the dishonest ones will have to close. There's still the question about the ability of the trader to trade well enough to make money.
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I hope that helps anyone looking to join these types of companies in the future, if the fact that you have to work 9-5 without any pay (all commission) doesnt give a signal that the company isnt a good one then maybe this would help. . .

Oh and hopefully a mod could move this to the good bad and ugly section. . .under the title (Shintoshi/Toyo/Tokiwa Investment scam")

[Tall Tall Tree]

"Forex" is one of those key words, where, whenever you see it, you should just turn around and walk away (if not run). Of course there are legitimate businesses doing currency exchange, but they're outnumbered by scams like this ten to one, if not more.

[Shawn]

Oh and hopefully a mod could move this to the good bad and ugly section. . .under the title (Shintoshi/Toyo/Tokiwa Investment scam")

Or an enterprising member could start a new thread there...

[Tokyo_Joe]

Seriously, people, like, fall for this?

I remember seeing an ad for a place like this in the paper a few years ago (might have been the same place, even). Damn near laughed out loud.

Hint: If it sounds like there is even the remotest possibilty of something being a scam, it is.

[aeolius]

Oh and hopefully a mod could move this to the good bad and ugly section. . .under the title (Shintoshi/Toyo/Tokiwa Investment scam")

Or an enterprising member could start a new thread there...

ahh ok I didnt know if it would be double posting or not ill take care of it.

[Langslave]

Why, at the point where they tell you there's no basic salary and you use your own money, don't people just stand up and leave?