A former parliamentary staffer says she lost her savings and was left struggling with debt after paying for an automated foreign-exchange trading system promoted online by a trader known as “King David.”
Loice Nyambura Wamburu, a mother of four, said she turned to online forex trading after her husband died earlier this year, leaving the family with unpaid loans, mortgage obligations and debts to informal lenders.
She said she hoped the trading system, marketed as the “Poverty Killer Mastermind”, would help her repay the debts and keep her children in school.
Instead, she said, she lost the money she invested and was left with no meaningful trading support.
The account is based on WhatsApp messages supplied for this article and Loice’s description of events. Allegations against David Mwangi, who is referred to online as “King David”, could not be independently verified from the material provided.
Promises of profits
Loice said she first encountered promotions for the trading system on social media. The marketing described it as an automated trading algorithm capable of generating “consistent, hands-free profits” using real-time market analysis and machine-learning strategies.
One promotional message said the system could identify and execute trades around the clock, including strategies such as scalping, trend-following and mean reversion.
The marketing appealed to Loice at a time when she said she was under severe financial pressure.
“King, please don’t leave me… help a sister,” she wrote in one WhatsApp message. “I’m a single mom of 4, my hubby died this year Feb. I’ve tried small jobs, I’ve tried everything. Depression is real.”
She also referred to claims that Mwangi had helped his bodyguard improve his financial circumstances through forex trading.
“King Sasa, si ata mii unisaidie aki am really struggling,” she wrote in another message, asking him to help her as he had allegedly helped his bodyguard.
Loice said she was subsequently directed to HFM, a forex and multi-asset broker, and was told to create and fund a trading account.
She said the trading system, initially advertised at $3,000, was offered to her for 142,000 Kenyan shillings, or roughly $1,100 at the exchange rate at the time.
She borrowed money from relatives and transferred 142,000 shillings via M-Pesa to Mwangi, according to her account.
Struggling with the system
Loice said she had little experience in forex trading and struggled to understand terms including “demo”, “leverage” and “live account”.
In one message, a person identified in the correspondence as HFM explained leverage as the use of additional funds to control a larger trading position.
Loice said she was instructed to open and fund a live account and configure the trading system through MetaTrader 4.
But she said she repeatedly asked for step-by-step instructions and assistance configuring the software.
According to the WhatsApp messages, she complained about delayed responses and a lack of practical support.
“King, av been asking questions since 8pm n no reply,” she wrote. “You promised to guide me till I get but you’ve lengad all my questions.”
She later complained that she was being repeatedly directed to classes rather than receiving answers to her specific questions.
“You’re not a good mentor. I wish I knew singenunua hii BOT yako,” she wrote.
Loice said she eventually began experiencing losses and asked whether the trading system should be stopped.
“Aki inaleta losses… ama tufunge?” she asked.
The response attributed to Mwangi was: “Wacha bot ifanye kazi.”
In another exchange, Loice said she had started with $200 and questioned why her balance was falling while other traders’ balances appeared unchanged.
“I’m not sure about everyone else cz I dont have access to their accounts to check,” came the response attributed to one of the people communicating with her.
Account wiped out
Loice said her account was eventually depleted after the automated trading system continued executing trades.
She said she then asked Mwangi about the losses and about the absence of what she believed would be adequate risk controls and mentorship.
According to Loice, the exchanges became increasingly strained and she received little practical assistance.
She said the loss had immediate consequences for her family.
After her husband’s death, creditors had already begun pursuing the family’s outstanding debts, she said. She said some household assets, including a car, refrigerator and television, had been seized or were at risk of seizure.
After losing the money she had borrowed for the trading venture, she said informal lenders again pursued her for repayment.
“You scammed me into buying your bot, you refused to give me good mentorship despite several attempts… till I ended up with negatives,” she wrote to Mwangi. “I thought your bot would help me pay off my husband’s debts. Now a shylock has swept my house clean.”
She also accused him of exploiting her vulnerability following her husband’s death.
“I will NEVER EVER FORGIVE YOU for taking advantage of my vulnerable state because I lost my hubby. You led me to depression,” she wrote.
In a final message cited in the correspondence, Loice said she believed Mwangi had wronged her and appealed to God for justice.
Risks of online forex trading
Loice’s experience highlights the risks faced by inexperienced retail traders who are drawn to online forex schemes promising rapid or guaranteed returns.
Automated trading systems can execute trades without direct intervention from the investor, but they do not eliminate market risk. Losses can be amplified when traders use leverage, while inexperienced investors may struggle to understand how trading algorithms operate or how to manage risk.
Regulators in many jurisdictions have warned investors to be cautious about firms and individuals offering investment services without appropriate authorisation, as well as claims of guaranteed or unusually high returns.
Loice said she believes her experience demonstrates the need for greater scrutiny of online forex mentorship and trading schemes in Kenya.
For her, a product marketed as a way to “kill poverty” became, she said, another source of financial hardship.
The case also underscores the importance of verifying the regulatory status of financial service providers, understanding the risks of leveraged trading and being wary of promises of guaranteed profits before committing money.
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