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  1. Scam Investigations Committee

    Joined:
    Mar 2, 2008
    Messages:
    248
    Likes Received:
    12
    FPA Scam Finding
    against
    4XP.com

    We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...

    4XP used to be active in the FPA's forums and reviews. Thus resulted in many client issues being resolved. Lately, 4XP became less and less active at the FPA as client complaints increased. Finally, they stopped responding at all, both to the FPA and to their clients who had come to the FPA for help.

    There was a small advertising contract for 4XP. The FPA suspended it as soon as it became obvious how big the issue was. The contract was canceled after 4X Place wouldn't respond to FPA email messages.

    There was a limited alternative response. Over 2 dozen forums accounts were created that kept mentioning 4XP, often in non-commercial areas of the forums. The fact that these accounts were working together became obvious within the first few days of their activities at the FPA. A few got banned for commercial postings outside of approved areas. One tried to assure a 4XP client that there was nothing wrong with 4XP by posting information that could only be accessed by a 4XP employee or associate. At that point most of the rest were banned.

    One very patient client accepted a plan to have his withdrawal be sent in monthly installments. The first payment arrived. He reports that no second payment was received. No one at 4XP would respond to the FPA's request for comments about this.

    In total, there were 7 FPA Traders Court cases filed against 4XP and voted on. The details varied, but all involved failure to pay money legitimately owed to traders. All 7 came in guilty. The FPA sees no sign that 4X Place has any intention to resolve any of those cases.

    Failure to return money legitimately owed to traders is the FPA's first definition of scam.

    Under these circumstances, the FPA has no choice but to declare that 4XP.com is a scam broker. This ruling applies also to any other directly related websites. We offer 4XP the opportunity to have this scam finding lifted by meeting these requirements...

    1. Return all disputed client money from the 7 Guilty cases immediately. Add a 0.5% monthly compound interest payment for each full month starting from the date the problem first began as compensation for taking the money of traders.
    2. A public apology for the fake client accounts set up by 4XP employees or associates along with a public explanation of who was behind these accounts.
    3. Process client withdrawal requests in a timely fashion.
    4. Never ask a client to split a withdrawal up into timed payments again. Every time the FPA has seen something like this, it ended badly.



    4XP.com is hereby blacklisted by the Forex Peace Army. We urge traders not to do business with this company or with any company directly associated with it. For those who already have accounts there, we recommend that you attempt to withdrawal all funds as quickly as possible. If you cannot get your money, we recommend you contact your police and bank for advice on filing fraud charges.



    Discussion Thread for this Scam Finding

    FPA Traders Court Case 1

    Original Complaint Thread for Case 1

    FPA Traders Court Case 2

    Original Complaint Thread for Case 2

    FPA Traders Court Case 3

    Original Complaint Thread for Case 3

    FPA Traders Court Case 4

    Original Complaint Thread for Case 4

    FPA Traders Court Case 5

    Original Complaint Thread for Case 5

    FPA Traders Court Case 6

    Original Complaint Thread for Case 6

    FPA Traders Court Case 7

    Original Complaint Thread for Case 7

    FPA Review Page for 4XP.com
     
: 4xp

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