Original FPA Traders Court Submission:
I am submitting the case against: www.alphatradingcm.com
My Case is: Hello traders.
It upsets me when after all I have been through, after all my efforts people still deal with this fraud company which goes under the name Alpha Trading CM. After I was victimized I did everything I could in the legal field, posted reviews, and wrote countless letters to the company with zero result so far. I didn’t want to open a case here because I thought I could deal with the problem myself. However seeing people still trusting this company with their money like I once did and seeing how forex industry is full of scam and fraud I finally decided to make an input and open a case for your (hopefully fair) judgment.
The case involves a corrupt Forex Broker operating from within the USA.
http://www.alphatradingcm.com/
Phone: 1-617-701-3458
Email: Info@alphatradingcm.com
Fred Velez, CEO
FCV@alphatradingcm.com
Dana O’Keefe, co-conspirator
DOK@alphatradingcm.com
Alpha Trading CM performed unauthorized trades in my account on New Year’s Eve 2013 that were specifically designed to destroy the entire equity in my account, resulting in a total loss of more than $77,000 of my capital.
I opened a trading account with them in June, 2013. My initial deposit was $10,000. I was unhappy with the trading conditions they imposed upon me right from the start. I decided to, and requested a withdrawal of my funds and the closure of my account, but the company denied this action claiming I was now under an AML investigation that has locked and frozen my assets for 6 months! (Please note that opening to a client that he or she is or might be under AML investigation is a criminal offence by itself).
I am an honest individual trader with 9 years experience, and have nothing to do with any money laundering. I considered this a false pretense designed to prevent me from obtaining the return of my capital. Seeking some resolution, I requested they unlock my account so that during this period of investigation I could at least be permitted to trade, and would accept terms to limit withdrawals to only such profits I could generate, if any. To this arrangement they agreed. And along with that they talked me into investing $10 000 more.
So from June to December 2013 I managed to grow my account from $20,000 to over $77,000. When I sent another withdrawal request to them in late November they again rejected it, stating they would not process it until January 1, 2014.
My final trade for 2013 was placed though my VPS on December 19, 2013, prior to the Christmas and New Year holidays during which I choose not to trade. When I logged into my account on January 1, 2014 I was shocked to find a series of high risk, unauthorized losing trades were performed in rapid succession at false prices, each during the final minutes of trade for the year in extremely illiquid conditions and at an hour when nobody would likely notice. These trades were not generated by my CPU or VPS as the log files I retain prove, and were done without my knowledge or consent and solely for the purpose of wiping out my account.
The series of 6 supposed trades were executed and stopped out sequentially all within one 15-minute period just prior to midnight December 31, New Year’s Eve. Each risked 50% of my account, and after 6 losing trades my balance was reduced effectively to zero. Please see the attachments for precise details. When comparing execution prices against other brokers, these executions can clearly be seen to be fabrications, and do not at all resemble any trades I have, or would ever place.
After discovering this erroneous activity in my account I contacted the company repeatedly by email. They refuse to acknowledge the deals were fake, and accused me of performing them myself. I demanded a thorough investigation be performed and transmission to me of a full accounting, including the IP addresses from which these trades were received. They have not complied with any of my demands for accounting records, correction, restitution, and withdrawal. They continue to deny their participation in this activity. In fact, they have never sent any account statement during the entire period I have had an account with them. To date, I have not received any of my funds, nor have they provided any explanations to my questions regarding the AML investigation, or the fatal executions.
There are at least two other clients that I am aware of that were also victimized by this company:
Mr. Casper, South Africa, see
https://www.forexpeacearmy.com/public/review/www.alphatradingcm.com
Mr. Albert Fash, Nigeria.
Here I enclose supporting documents. A print screen, an account statement and a screen shot from alpari with black rectangle indicating were the price was at the time. The red line indicates a price at which they performed those fake deals.
Before pressing guilty or not guilty please study again the unrealistic fake price behavior that occurred and that can be clearly seen from the print screen. Some of you might say that the volatility and spreads differ from broker to broker but check with your own account with any broker and you will see that not only the price was so out of market but I ask you to pay a thorough attention to the price behavior itself (how according to them it moved back and forth 12 times in 15 minutes), not even the rates. If you have any questions regarding this matter please do not hesitate to ask.
Thank you.
p.s. Below attached you will find my own pieces of evidence and I also add files from another person who was victimized.
Please also check videos here:
https://www.youtube.com/watch?v=HTchl2GAr6I
https://www.youtube.com/watch?v=Cr7nI-nZkeE
https://www.youtube.com/watch?v=QQXXYwnUyu0
New thread in the Scam Alerts Folder:
Review is submitted by Askar on 02/12/14
The company was first contacted about the issue on 01/01/14 the last contact was on 05/14/14
Details: There were many meaningless replies. So I will post just the latest one.
Hello,
Your mt4 account is still opened as you still have a balance there. Our compliance department is looking into your case and has closed your dashboard, upon further review.
Regards,
Alpha Information
_______________
This is a reply on why my account was disabled.
Company representatives' emails: Fred Velez <FCV@alphatradingcm.com>
Dana O'Keefe <DOK@alphatradingcm.com>
I am submitting the case against: www.alphatradingcm.com
My Case is: Hello traders.
It upsets me when after all I have been through, after all my efforts people still deal with this fraud company which goes under the name Alpha Trading CM. After I was victimized I did everything I could in the legal field, posted reviews, and wrote countless letters to the company with zero result so far. I didn’t want to open a case here because I thought I could deal with the problem myself. However seeing people still trusting this company with their money like I once did and seeing how forex industry is full of scam and fraud I finally decided to make an input and open a case for your (hopefully fair) judgment.
The case involves a corrupt Forex Broker operating from within the USA.
http://www.alphatradingcm.com/
Phone: 1-617-701-3458
Email: Info@alphatradingcm.com
Fred Velez, CEO
FCV@alphatradingcm.com
Dana O’Keefe, co-conspirator
DOK@alphatradingcm.com
Alpha Trading CM performed unauthorized trades in my account on New Year’s Eve 2013 that were specifically designed to destroy the entire equity in my account, resulting in a total loss of more than $77,000 of my capital.
I opened a trading account with them in June, 2013. My initial deposit was $10,000. I was unhappy with the trading conditions they imposed upon me right from the start. I decided to, and requested a withdrawal of my funds and the closure of my account, but the company denied this action claiming I was now under an AML investigation that has locked and frozen my assets for 6 months! (Please note that opening to a client that he or she is or might be under AML investigation is a criminal offence by itself).
I am an honest individual trader with 9 years experience, and have nothing to do with any money laundering. I considered this a false pretense designed to prevent me from obtaining the return of my capital. Seeking some resolution, I requested they unlock my account so that during this period of investigation I could at least be permitted to trade, and would accept terms to limit withdrawals to only such profits I could generate, if any. To this arrangement they agreed. And along with that they talked me into investing $10 000 more.
So from June to December 2013 I managed to grow my account from $20,000 to over $77,000. When I sent another withdrawal request to them in late November they again rejected it, stating they would not process it until January 1, 2014.
My final trade for 2013 was placed though my VPS on December 19, 2013, prior to the Christmas and New Year holidays during which I choose not to trade. When I logged into my account on January 1, 2014 I was shocked to find a series of high risk, unauthorized losing trades were performed in rapid succession at false prices, each during the final minutes of trade for the year in extremely illiquid conditions and at an hour when nobody would likely notice. These trades were not generated by my CPU or VPS as the log files I retain prove, and were done without my knowledge or consent and solely for the purpose of wiping out my account.
The series of 6 supposed trades were executed and stopped out sequentially all within one 15-minute period just prior to midnight December 31, New Year’s Eve. Each risked 50% of my account, and after 6 losing trades my balance was reduced effectively to zero. Please see the attachments for precise details. When comparing execution prices against other brokers, these executions can clearly be seen to be fabrications, and do not at all resemble any trades I have, or would ever place.
After discovering this erroneous activity in my account I contacted the company repeatedly by email. They refuse to acknowledge the deals were fake, and accused me of performing them myself. I demanded a thorough investigation be performed and transmission to me of a full accounting, including the IP addresses from which these trades were received. They have not complied with any of my demands for accounting records, correction, restitution, and withdrawal. They continue to deny their participation in this activity. In fact, they have never sent any account statement during the entire period I have had an account with them. To date, I have not received any of my funds, nor have they provided any explanations to my questions regarding the AML investigation, or the fatal executions.
There are at least two other clients that I am aware of that were also victimized by this company:
Mr. Casper, South Africa, see
https://www.forexpeacearmy.com/public/review/www.alphatradingcm.com
Mr. Albert Fash, Nigeria.
Here I enclose supporting documents. A print screen, an account statement and a screen shot from alpari with black rectangle indicating were the price was at the time. The red line indicates a price at which they performed those fake deals.
Before pressing guilty or not guilty please study again the unrealistic fake price behavior that occurred and that can be clearly seen from the print screen. Some of you might say that the volatility and spreads differ from broker to broker but check with your own account with any broker and you will see that not only the price was so out of market but I ask you to pay a thorough attention to the price behavior itself (how according to them it moved back and forth 12 times in 15 minutes), not even the rates. If you have any questions regarding this matter please do not hesitate to ask.
Thank you.
p.s. Below attached you will find my own pieces of evidence and I also add files from another person who was victimized.
Please also check videos here:
https://www.youtube.com/watch?v=HTchl2GAr6I
https://www.youtube.com/watch?v=Cr7nI-nZkeE
https://www.youtube.com/watch?v=QQXXYwnUyu0
New thread in the Scam Alerts Folder:
Review is submitted by Askar on 02/12/14
The company was first contacted about the issue on 01/01/14 the last contact was on 05/14/14
Details: There were many meaningless replies. So I will post just the latest one.
Hello,
Your mt4 account is still opened as you still have a balance there. Our compliance department is looking into your case and has closed your dashboard, upon further review.
Regards,
Alpha Information
_______________
This is a reply on why my account was disabled.
Company representatives' emails: Fred Velez <FCV@alphatradingcm.com>
Dana O'Keefe <DOK@alphatradingcm.com>
