Original FPA Traders Court Submission:
I am submitting the case against: www.falconsfx.com
My Case is: Dear Sir/Madam,
My name is Pensee Aly Fathallah; I am an Egyptian citizen who was recently a victim to an online fraud from an American Forex trade company. I would like to file a complaint on them combined with legal proofs hoping for justice to be applied and for those criminals to receive the judgment they deserve. Following please find detail description of how the scheme was applied.
Company Information
Name: FalconsFx
URL: http://www.falconsfx.com/
Business: Forex
Location: 16192 Coastal Highway , Lewes, Delaware 19958 , County of Sussex.
Tel: +1 315 889 8101 | Fax: +1 866 766 9461 | E-mail: info@falconsfx.com
Contract History
On 30/8/2010 I signed a contract with the mentioned company. Attached please find a copy of their contract [falconsfx_contract.pdf] and a scan copy of my contract [pensee_fathallah_falconsfx_contract.jpg]
I started my online trading directly afterwards with them opening my account with $8,215 deposited on 30/8/2010 [stmnt_1.jpg], followed by another $2,000 deposited on 5/10/2010[ stmnt_2.jpg], followed by another deposit of $1,750 on 7/10/2010 [stmnt_3.jpg] thus making my total deposits in my forex account = $11,965
Fraud Problem
I started trading and let me tell you, I was doing pretty good. When I first signed the contract, I was directly told that I can withdraw the money at anytime but bonuses can't be withdrawn except after t3 months from the start date of the contract. As I started making profit earlier than the 3 months, I requested to withdraw from it putting in mind that my balance will still cover the bonus they gave me, by then their true face started to surface...
They came up with some strange terms that wasn't mentioned in neither the contract nor verbally which they called "required lots", which they explained to me that I need to have to make a certain number of lots before withdrawing the bonus and that if I didn't reach the target required lots the bonus will be deducted from my account!
As you can see that totally doesn't make sense, how come I am forced to make profit or loose money?! When I was faced with this fact I informed them that I don't want the bonus and that they can keep it and that I wanted to withdraw my money. Here came another shock, suddenly they claimed that I was a pip trader and scalper! I didn't understand what they meant at start, Though it isn't my first time doing online business but it was my first forex trials, I was knew to the market and had to google what they meant by these words, I couldn't understand how this was related to my case or why isn't it mentioned in the contract?!
It was obvious to me by then that I am being played! My equity was by then $28,708 [stmnt_4.jpg]. Though that was more than double what I originally invested but I had a strong feeling that I won't see my money again and I was a victim of a well organized online fraud, so I asked them to keep all the profit and just return my original amount of money which is $11,965 and to keep the profit to themselves hoping for this to put an end to it.
But suddenly they took all my profit and informed me that i have to make 298 lots in three month in order to be able to withdraw my original money! of-course i didn't, they never kept a word to start with and there was no guarantee that they will keep this one!
FalconsFx Investigation
I started investigating this company, first I contacted one of my friends working in the internet security business and gave him the company's URL, he returned to me with the following
Here is what he said
1. This company is a fake, nothing is original in their site, all they did is take a gadget from ForexFactory along with some pictures from other sites.
2. The company's address is fake and doesn't exist.
3. The company's phone number is mentioned that it is in a state which it isn't, it's a new york number.
4. The company is registered with godaddy with specific information to hide it's owner.
5. The company's real owner is from an arabian country, most probably Jordan.
6. These guys are professional scammers, they did everything in a smart way.
7. According to Forex regulators this company doesn't exist.
8. This company started as an idea to scam arabian people only making an online ForexArabia facebook group which didn't succeed and continued in their other approach.
I was shocked, I didn't know whether to believe him or not, can this be true and how come I was trading, placing accounts, watching my profit! how did this happen. Frankly, I didn't believe this so I contacted DailyForex asking about FalconsFx regulator and who to contact to get my money back, following is their reply
Hi Pensee,
thanks for contacting DailyForex.
We tried to look at your case with your chosen Broker.
Unfortunately we know nothing of them and from what you describe we would suggest you try and see with which organisation are they regulated by - FSA etc...
Try contacting them with the description of the problem with as much screen shots and documentation you can provide.
In the future we suggest you read as much reviews as possible on brokers you choose to put your hard earned money with in advance.
Good Luck and Good Trading
Adam,
DailyForex Team
Conclusion
It was clear to me now that I was scammed. I don't know what to do but to file a legal complaint with al the history hoping to put a stop to their expanding victim list and wishing to get my money back. It is in your hands now, hope to see justice executed.
Attachments
1. transaciton_statement.zip: Screenshots for transaction history with FalconsFx
2. bank_deposits.zip: Screenshots for bank transfers from my account to FalxonsFx account.
4. falconsfx_contract.pdf: FalconsFx contract
3. pensee_fathallah_falconsfx_contract.jpg:My FalconsFx signed contract
4. stmnt_1.jpg: initial deposit
5. stmnt_2.jpg: my second depost
6. stmnt_3.jpg: my third deposit
7. stmnt_4.jpg: statement including my $28,708 equity
Thanks in advance,
Sincerely yours,
Pensee Fathallah
email: p_fathallah@hotmail.com
New thread in the Scam Alerts Folder:
Review is submitted by pensee on 04/01/11
The company was first contacted about the issue on 08/30/10 the last contact was on 12/27/10
Details: Dear Pensee,
We consider scalpers somebody who systematically pip hunts below 3-12 pips on average. Since it is difficult to cover such positions in the market, Falcons FX does not accept clients using Scalping and Pip trading methods. In particular, Falcons FX reserves the right to close or to cancel all open or closed positions of such clients and to close their account(s) and to discount any loses as a banality.
We reviewed your account history and we notes that you are a scalper and pip trader.
After investigation and our accounting and legal departments reviewed your history, your scalping strategy made 2970$ = 297.0 lot loses to our company, 21% from your trade is scalping and 47% from your trade is Pip trading. Instead of discounting these loses as a banality from your account we deiced the following banality:
1- Cancel all open and closed positions.
2- Holding the out going transaction (withdrawal) for 90 days with minimum 297 trade lot as a quota and You have the right to continue trading with us but according to Falcons FX terms and conditions.
Please not that our accounting department opinion is that you are a good trader but unfortunately Scalper.
Please not that if you decide to continue with us and you do scalping one more time you will not be welcome any more.
Choose what suits you better and were glad to assist you.
Kind Regards,
Back Office Department
Falcons Financial Investments, LLC
16192 coastal highway, lewes
Delaware 19958, county of sussex, Usa
Tel : +1-866-766-9461
Fax : +1-866-766-9461
E-Mail : BackOffice@FalconsFX.Com
Website : www.FalconsFX.Com
Dear Pensee,
Your Account is suspended from out going transaction (withdrawal) for 90 days with minimum 297 trade lot as a quota.
Kind Regards,
Back Office Department
Falcons Financial Investments, LLC
16192 coastal highway, lewes
Delaware 19958, county of sussex, Usa
Tel : +1-866-766-9461
Fax : +1-866-766-9461
E-Mail : BackOffice@FalconsFX.Com
Website : www.FalconsFX.Com
Company representatives' emails: <sales@falconsfx.com>
I am submitting the case against: www.falconsfx.com
My Case is: Dear Sir/Madam,
My name is Pensee Aly Fathallah; I am an Egyptian citizen who was recently a victim to an online fraud from an American Forex trade company. I would like to file a complaint on them combined with legal proofs hoping for justice to be applied and for those criminals to receive the judgment they deserve. Following please find detail description of how the scheme was applied.
Company Information
Name: FalconsFx
URL: http://www.falconsfx.com/
Business: Forex
Location: 16192 Coastal Highway , Lewes, Delaware 19958 , County of Sussex.
Tel: +1 315 889 8101 | Fax: +1 866 766 9461 | E-mail: info@falconsfx.com
Contract History
On 30/8/2010 I signed a contract with the mentioned company. Attached please find a copy of their contract [falconsfx_contract.pdf] and a scan copy of my contract [pensee_fathallah_falconsfx_contract.jpg]
I started my online trading directly afterwards with them opening my account with $8,215 deposited on 30/8/2010 [stmnt_1.jpg], followed by another $2,000 deposited on 5/10/2010[ stmnt_2.jpg], followed by another deposit of $1,750 on 7/10/2010 [stmnt_3.jpg] thus making my total deposits in my forex account = $11,965
Fraud Problem
I started trading and let me tell you, I was doing pretty good. When I first signed the contract, I was directly told that I can withdraw the money at anytime but bonuses can't be withdrawn except after t3 months from the start date of the contract. As I started making profit earlier than the 3 months, I requested to withdraw from it putting in mind that my balance will still cover the bonus they gave me, by then their true face started to surface...
They came up with some strange terms that wasn't mentioned in neither the contract nor verbally which they called "required lots", which they explained to me that I need to have to make a certain number of lots before withdrawing the bonus and that if I didn't reach the target required lots the bonus will be deducted from my account!
As you can see that totally doesn't make sense, how come I am forced to make profit or loose money?! When I was faced with this fact I informed them that I don't want the bonus and that they can keep it and that I wanted to withdraw my money. Here came another shock, suddenly they claimed that I was a pip trader and scalper! I didn't understand what they meant at start, Though it isn't my first time doing online business but it was my first forex trials, I was knew to the market and had to google what they meant by these words, I couldn't understand how this was related to my case or why isn't it mentioned in the contract?!
It was obvious to me by then that I am being played! My equity was by then $28,708 [stmnt_4.jpg]. Though that was more than double what I originally invested but I had a strong feeling that I won't see my money again and I was a victim of a well organized online fraud, so I asked them to keep all the profit and just return my original amount of money which is $11,965 and to keep the profit to themselves hoping for this to put an end to it.
But suddenly they took all my profit and informed me that i have to make 298 lots in three month in order to be able to withdraw my original money! of-course i didn't, they never kept a word to start with and there was no guarantee that they will keep this one!
FalconsFx Investigation
I started investigating this company, first I contacted one of my friends working in the internet security business and gave him the company's URL, he returned to me with the following
Here is what he said
1. This company is a fake, nothing is original in their site, all they did is take a gadget from ForexFactory along with some pictures from other sites.
2. The company's address is fake and doesn't exist.
3. The company's phone number is mentioned that it is in a state which it isn't, it's a new york number.
4. The company is registered with godaddy with specific information to hide it's owner.
5. The company's real owner is from an arabian country, most probably Jordan.
6. These guys are professional scammers, they did everything in a smart way.
7. According to Forex regulators this company doesn't exist.
8. This company started as an idea to scam arabian people only making an online ForexArabia facebook group which didn't succeed and continued in their other approach.
I was shocked, I didn't know whether to believe him or not, can this be true and how come I was trading, placing accounts, watching my profit! how did this happen. Frankly, I didn't believe this so I contacted DailyForex asking about FalconsFx regulator and who to contact to get my money back, following is their reply
Hi Pensee,
thanks for contacting DailyForex.
We tried to look at your case with your chosen Broker.
Unfortunately we know nothing of them and from what you describe we would suggest you try and see with which organisation are they regulated by - FSA etc...
Try contacting them with the description of the problem with as much screen shots and documentation you can provide.
In the future we suggest you read as much reviews as possible on brokers you choose to put your hard earned money with in advance.
Good Luck and Good Trading
Adam,
DailyForex Team
Conclusion
It was clear to me now that I was scammed. I don't know what to do but to file a legal complaint with al the history hoping to put a stop to their expanding victim list and wishing to get my money back. It is in your hands now, hope to see justice executed.
Attachments
1. transaciton_statement.zip: Screenshots for transaction history with FalconsFx
2. bank_deposits.zip: Screenshots for bank transfers from my account to FalxonsFx account.
4. falconsfx_contract.pdf: FalconsFx contract
3. pensee_fathallah_falconsfx_contract.jpg:My FalconsFx signed contract
4. stmnt_1.jpg: initial deposit
5. stmnt_2.jpg: my second depost
6. stmnt_3.jpg: my third deposit
7. stmnt_4.jpg: statement including my $28,708 equity
Thanks in advance,
Sincerely yours,
Pensee Fathallah
email: p_fathallah@hotmail.com
New thread in the Scam Alerts Folder:
Review is submitted by pensee on 04/01/11
The company was first contacted about the issue on 08/30/10 the last contact was on 12/27/10
Details: Dear Pensee,
We consider scalpers somebody who systematically pip hunts below 3-12 pips on average. Since it is difficult to cover such positions in the market, Falcons FX does not accept clients using Scalping and Pip trading methods. In particular, Falcons FX reserves the right to close or to cancel all open or closed positions of such clients and to close their account(s) and to discount any loses as a banality.
We reviewed your account history and we notes that you are a scalper and pip trader.
After investigation and our accounting and legal departments reviewed your history, your scalping strategy made 2970$ = 297.0 lot loses to our company, 21% from your trade is scalping and 47% from your trade is Pip trading. Instead of discounting these loses as a banality from your account we deiced the following banality:
1- Cancel all open and closed positions.
2- Holding the out going transaction (withdrawal) for 90 days with minimum 297 trade lot as a quota and You have the right to continue trading with us but according to Falcons FX terms and conditions.
Please not that our accounting department opinion is that you are a good trader but unfortunately Scalper.
Please not that if you decide to continue with us and you do scalping one more time you will not be welcome any more.
Choose what suits you better and were glad to assist you.
Kind Regards,
Back Office Department
Falcons Financial Investments, LLC
16192 coastal highway, lewes
Delaware 19958, county of sussex, Usa
Tel : +1-866-766-9461
Fax : +1-866-766-9461
E-Mail : BackOffice@FalconsFX.Com
Website : www.FalconsFX.Com
Dear Pensee,
Your Account is suspended from out going transaction (withdrawal) for 90 days with minimum 297 trade lot as a quota.
Kind Regards,
Back Office Department
Falcons Financial Investments, LLC
16192 coastal highway, lewes
Delaware 19958, county of sussex, Usa
Tel : +1-866-766-9461
Fax : +1-866-766-9461
E-Mail : BackOffice@FalconsFX.Com
Website : www.FalconsFX.Com
Company representatives' emails: <sales@falconsfx.com>