Hello new member rubywanda,
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This firm has long been indentified as a a scam operator.
Below is the text of a Letter from the FFMSRC - the Russian Financial Regulatory Authority.
This is the regulator the firm posts on its home page as having issued them a license.
This notice indicates that anyone using a reference to the FMRRC as a licenser for foreign exchange activities, is doing so illegally.
I have today submitted an inquiry to the regulator to alert them and ask for a reply on whether or not they are licensed, they are operating legally, and if they are indeed subject to their regulation.
I will keep you posted.
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Anthony Ingrassia, CTA
NFA ID#: 0278164
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Information letter "About the absence of a legal basis for the use of licences issued by FFMs of Russia, in support of activities in the foreign exchange market"
July 16, 2009
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Securities Market Participants
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The absence of a legal basis for the use of licences issued by FFMs of Russia,
in support of activities in the foreign exchange market.
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In connection with the identification of a number of cases, the posting of information on the available licenses for stock brokers and stock brokers who trade futures and options trading transactions issued by the Federal service for financial markets, as an authorization for the provision of services in the foreign exchange market Forex (Forex), the FFMS of Russia brings to the attention of market participants.
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Relationships related to the Forex market, including activities to raise funds for the implementation of operations in the foreign exchange market (Forex) is not governed by the regulations of the FEDERAL FINANCIAL MARKETS SERVICE of Russia, licenses issued by FFMs of Russia did not provide the right to carry out these activities.
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In connection with the FFMs of Russia drew the attention of legal and natural persons licensed to operate Exchange's brokers and stockbrokers that, in case of detection of misuse of references for relevant licences issued by FFMs of Russia, to support the implementation of such activities in the currency market, including activities to raise funds for the implementation of operations in the foreign exchange market (Forex), The Ffms will consider these facts as misleading and unfair competition.
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Known facts will be sent to the Federal Antimonopoly Service of Russia in order to verify compliance with the legislation of the Russian Federation on the protection of competition and the laws of the Russian Federation on advertising.
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Territorial organs of FFMs of Russia given guidance on identifying those facts.
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