GUILTY Case# 2013-165 | CharisTh vs 1LotSTP.com (fxsystems.com)

[Pharaoh]

The broker was invited to come and join the discussion. Votes are based on evidence presented. If the broker chooses to ignore a complaint, then I can vote only on the information presented in this thread and the thread in Scam Alerts. I vote Guilty.

 

[stevesmain]

Actually a pretty simple case.
If a broker/dealer accuses a client of wrongful actions then they should have to prove it.
Otherwise it is basic theft!

 

[LoRio]

Actually a pretty simple case.
If a broker/dealer accuses a client of wrongful actions then they should have to prove it.
Otherwise it is basic theft!

what if the client does that and cant prove it ?

 

[stevesmain]

accusations are just that, they have to be proven!

they may have their suspicions, even ask a trader to move on if they do not like the way they trade
they ought not act without proof, nor go on a fishing trip at the traders expense

 

[Pharaoh]

Considering all the data a broker should have at their disposal to perform these alleged investigations of a trader's wrong doing, proving it BEFORE taking money from a trader should be standard procedure.

 

[Master Yoda]

Straightforward case to me
Guilty it is

 

[CharisTh]

I have opened an account with FXSystems which is a Forex trading company. According to their website their regulators is Nevis financial Services. Although after contacting them, they said that this company is not regulated under Nevis Financial Services and that I should address this issue with ECSRM.
Dear Charis Theocharus,



The Nevis Financial Services Regulatory and Supervision Department writes to further reiterate that FX SYSTEMS LTD and its affiliates are not and were never licensed or regulated by the Department to carry on investment business in or from within the Jurisdiction.



As stated in my earlier email, the Department do not regulate or issue licenses for foreign exchange brokerage activities. However, all corporations are required by law to obtain any necessary licences to conduct business in the jurisdictions in or under which they operate.



The Department thanks you for bringing the issue to our attention and will advise of any updates once we are in a position to do so.



Please be guided accordingly.



Sincerely,





--------

Vanessa Rawlins (Ms.)

Assistant Regulator

Nevis Financial Services

Regulation and Supervision Department

P. O. Box 689

Main Street

Charlestown

Nevis *"
I have contacted them regarding this and their reply was "no comment" and closed that chat for me.


After contacting ECSRC, I got the following response from them

Dear Charis Theocharus: Please be advised that FX Systems is not a registrant of the Eastern Caribbean Securities Regulatory Commission (ECSRC). By copy of this email this matter is being referred to the national regulator on Nevis.



Sharon Welcome (Ms)

Secretary

Eastern Caribbean Securities Regulatory Commission

PO Box 1855

Basseterre

St Kitts

Tel: 1 869 465 2537 Ex. 286

Fax: 1 869 465 7512

URL: Eastern Caribbean Securities Regulatory Commission [ECSRC]
I can provide you with any information or details that you require, since I have saved all my trades before they closed my account! I have numerous small trades and some high risk ones.

 

[LoRio]

Considering all the data a broker should have at their disposal to perform these alleged investigations of a trader's wrong doing, proving it BEFORE taking money from a trader should be standard procedure.

Think of the immense amount of mailing and calls a broker is handling.
Do they really have time for "Scammed Boy doesnt know how to trade?" -OP this does not relate to your case but in general regarding my latest post here as well.

 

[stevesmain]

It is a broker's business to deal with all the issues. That is what they get the big bucks for!
If a broker wants to accuse a trader they should have to prove it before action is taken!

How about being accused of a crime thrown in prison, then they decide to look into the case?

 

[Pharaoh]

Think of the immense amount of mailing and calls a broker is handling.
Do they really have time for "Scammed Boy doesnt know how to trade?" -OP this does not relate to your case but in general regarding my latest post here as well.

I don't think too many other websites issue formal invitations. If a company first ignores questions from the client and then ignores an invitation, they have only themselves to blame.