1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

GUILTY Case# 2011-076 | gaban13 vs www.goldermarkets.com

Discussion in 'Guilty Verdicts' started by gaban13, Sep 16, 2011.

?

Based on the available evidence, do you believe that GolderMarkets.com is guilty?

Poll closed Oct 16, 2011.
  1. Guilty

    34 vote(s)
    91.9%
  2. Not Guilty

    3 vote(s)
    8.1%
  1. gaban13

    gaban13 Private, 1st Class

    Joined:
    Feb 4, 2010
    Messages:
    40
    Likes Received:
    0
    Original FPA Traders Court Submission by gaban13:

    I am submitting the case against: www.goldermarkets.com

    My Case is: As IB, i'm providing free services to all my clients as my marketing strategy. i have transfer 7 account to golder markets. i am running all their account in my own server. On Thursday afternoon London time (which was 2 hours before the trade execution), 2 clients out of the 7 clients requested for withdrawal. Funds are also released to these 2 clients on Friday morning. i personally ask my clients to withdraw all their fund from golder markets because i know golder markets have problem.

    On the balance 5 accounts, there are close to 15-20 GBPNZD trades executed in less than 15 minutes, all 0.5 standard lots per trade per account. All accounts were stopped out till the stage of negative free margin and even the credit bonus were all lost. for your information, my Expert advisor only trade EURUSD pair which have the lowest spread and never trade GBPNZD.

    in journal history which golder markets gave me, they said the ip address who create the order is 110.159.13.240 which is absolutely not my ip address.i know they try to cheat me.

    New thread in the Scam Alerts Folder: www.forexpeacearmy.com/forex-forum/scam-alerts-folder/16939-golder-markets-scam.html

    Review is submitted by rizal on 09/12/11

    The company was first contacted about the issue on 09/08/11, the last contact was on 09/16/11

    Details: Hi Rizal,

    First of all, we realised that you are holding on to clients' login details and trading the accounts without any Power of Attorney. Even with client permission, you should not be trading client account without MAM or LPOA.


    Our Investigation
    After a thorough investigation, we realised these 5 accounts were all stop out at around 19:00 platform time on Thursday. We looked into our systems and detected that they were multiple GBPNZD trades done on 5 accounts on this IP address 110.159.13.240, which is apparently in Malaysia. In fact, there are apparently 7 accounts concurrently trading on this IP address 110.159.13.240 over the last week including last Thursday incident.

    On Thursday afternoon London time (which was 2 hours before these trade executions), 2 clients out of these 7 clients requested for full withdrawal. Funds were also released to these 2 clients on Friday morning - Tan Kah Siong and Ismail Bin Muhammad.


    Suspected Churning of Accounts
    On the 5 accounts, there were close to 15-20 GBPNZD trades executed in less than 15 minutes, all 0.5 standard lots per trade per account. From the frequency of the trades, it may be an EA that run the trades in a short period of time or perhaps fast finger all executed on 110.159.13.240.

    All accounts were stopped out till the stage of negative free margin and even the credit bonus were all lost. We have attached and the log files (showing that IP address and activities in the accounts).

    As GBPNZD is a high spread currency pair, the 25% commission you are supposed to receive totaled $2,223.67 with just these trades in 15 minutes.

    Due to the seriousness of this issue, we had already informed the affected clients and suspended your IB account. Furthermore, we reserve all rights to pursue this matter.


    --

    Customer Service Team
    Golder Markets Ltd

    Company representatives' emails:
    Golder markets<[email protected]>
    support<[email protected]>

    Attached Files:

    1. my log files.zip
    2. golder journal report.zip

     

    Attached Files:

    #1 gaban13, Sep 16, 2011
    Last edited: Sep 20, 2011
  2. Pharaoh

    Pharaoh 1st Lieutenant

    Joined:
    Oct 3, 2007
    Messages:
    13,819
    Likes Received:
    460
    I vote we immediately invite the Golder Markets rep into this. The dispute over who really is a client vs. who is a fake client puppet being run by the company makes this very interesting.
     
  3. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

    Joined:
    Dec 11, 2007
    Messages:
    3,010
    Likes Received:
    279
    I've granted access and issued an invitation.
     
  4. gaban13

    gaban13 Private, 1st Class

    Joined:
    Feb 4, 2010
    Messages:
    40
    Likes Received:
    0
    thank you sir..could you please invite along my clients, Tan Kah Siong, the real owner who claim himself TanKahSiong in this forum?he is the best witness who can exposed Golder Markets's fraud.his email is [email protected]
    i am sure Golder markets can verify his email is correct since they have all the information about their clients.
     
  5. gaban13

    gaban13 Private, 1st Class

    Joined:
    Feb 4, 2010
    Messages:
    40
    Likes Received:
    0
    it's look like Golder Markets cannot defend themselves for their fraud. dont let this type of broker scam other people.
     
  6. susan

    susan Private

    Joined:
    Oct 25, 2007
    Messages:
    19
    Likes Received:
    0
    scammers

    Hello Traders

    As scamming is becoming a very norm way for most brokers, we are traders should be very careful do a thorough due diligence before depositing any money, as much we are going to help one another, loosing any money is painful and probably that would have been avoided if check was done say here in FPA.
    Lets weed out out the scammers forever, and make the list of shorter every day
    Good trading everyone!
    Susan
     
  7. Teodor Jackson

    Teodor Jackson Sergeant

    Joined:
    Apr 17, 2010
    Messages:
    223
    Likes Received:
    1
    Previous day EURUSD trades come from the same ip address as these in question. Can you explain it?
     
  8. kantungemas

    kantungemas Private, 1st Class

    Joined:
    Jan 22, 2010
    Messages:
    65
    Likes Received:
    1
    Smell like rats

    i therefore find this 'rats' GUILTY and slap them with zillion euro :mad: I vote for GUILTY.
     
  9. sc_trading

    sc_trading Recruit

    Joined:
    Mar 28, 2011
    Messages:
    6
    Likes Received:
    0
    Based on the presented evidence so far I would not vote guilty. More evidence required I'm afraid.:eek:oh:
     
  10. lance60

    lance60 Recruit

    Joined:
    Apr 26, 2010
    Messages:
    2
    Likes Received:
    0
    I agree. Needs to be looked into further.
     

Share This Page