GUILTY Case# 2014-110 | Trader00 vs alphatradingcm.com
- Thread starter Trader00
- Start date
AsstModerator
FPA Forums and Reviews Admin
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- 5,749
Formal invitation issued.
Master Yoda
Captain
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- 2,929
I vote Guilty
P.S. where is BigT?
P.S. where is BigT?
Dermolikesprofit
Sergeant
- Messages
- 158
Alpha Trading CM scam
Sorry to hear about your loss Trader00, looks like another bucketshop scam brokerage to me and will vote accordingly.
When you mentioned that they were operating out of the USA I thought to myself at least you can take your case to the CFTC or NFA but then I looked at their website and under their regulation the have written "Alpha Trading CM is a registered firm and will be looking for regulation from a large regulatory entity towards the end of 2014. At such a time, Alpha adheres to the generally accepted rules and regulations of the larger regulatory bodies." To me that means NO regulation, and we will screw people up to the end of 2014 and do a runner then!
The reason why = that their address is.......Head Office: Noruega E9-51 Y Suiza, Nordland Building, suite 508, Quito, Ecuador EC1701
And the irony, they have a quote on the bottom of the same page
"People don't need laws to tell them to act responsibly and bad people will find a way around the laws.
–PLATO"
What scumbags, If the people that own and run this company reside in the USA I think you should pass the details of your case onto the CFTC/NFA anyway, you have nothing to loose and they are in a better position to advise you than I or anybody on a forum on the net.
Good luck, hope you get your money back. At least to looking on the bright side, you seem to be a very good trader and if you are able to double your account twice over in a few months, with the right broker you will make it all back and more.
Sorry to hear about your loss Trader00, looks like another bucketshop scam brokerage to me and will vote accordingly.
When you mentioned that they were operating out of the USA I thought to myself at least you can take your case to the CFTC or NFA but then I looked at their website and under their regulation the have written "Alpha Trading CM is a registered firm and will be looking for regulation from a large regulatory entity towards the end of 2014. At such a time, Alpha adheres to the generally accepted rules and regulations of the larger regulatory bodies." To me that means NO regulation, and we will screw people up to the end of 2014 and do a runner then!
The reason why = that their address is.......Head Office: Noruega E9-51 Y Suiza, Nordland Building, suite 508, Quito, Ecuador EC1701
And the irony, they have a quote on the bottom of the same page
"People don't need laws to tell them to act responsibly and bad people will find a way around the laws.
–PLATO"
What scumbags, If the people that own and run this company reside in the USA I think you should pass the details of your case onto the CFTC/NFA anyway, you have nothing to loose and they are in a better position to advise you than I or anybody on a forum on the net.
Good luck, hope you get your money back. At least to looking on the bright side, you seem to be a very good trader and if you are able to double your account twice over in a few months, with the right broker you will make it all back and more.
F***X
Sergeant
- Messages
- 237
Does this broker offer a money laundering solution?
By methods of reasonable deduction, this broker could not possibly use any of those fancy liquidity providers listed on their web page, just look at the spreads and minimum account / lots sizes and decide that for yourself.
So this raises the question: Have they ever used any liquidity provider at all?
The term "bucket shop" refers to such practice of not sending your orders directly to the ECN or liquidity provider, so they could not possibly cover your request for withdrawal.
This broker's regulatory statement is questionable and certainly not based in the USA, as they allegedly attempt such misrepresentations.
This broker lists "Liberty Reserve" as a deposit and money laundering option, which should be a red flag in of itself.
This broker allegedly has listed "SIBA" as their regulation authority. There are some interesting articles on http://www.fsaseychelles.sc regarding questionable entities attempting to defraud the public with misleading regulatory statements.
Here is the contact info for inquires regarding, or as necessary for the purpose of reporting questionable practices:
Seychelles International Business Authority’s (SIBA)
Seychelles Securities Exchange
COMPLIANCE AND SURVEILLANCE
For any compliance or surveillance queries please contact us at:
compliance@trop-x.com
CONTACT THE TROP-X REGULATOR: THE FINANCIAL SERVICES AUTHORITY
Regards..
By methods of reasonable deduction, this broker could not possibly use any of those fancy liquidity providers listed on their web page, just look at the spreads and minimum account / lots sizes and decide that for yourself.
So this raises the question: Have they ever used any liquidity provider at all?
The term "bucket shop" refers to such practice of not sending your orders directly to the ECN or liquidity provider, so they could not possibly cover your request for withdrawal.
This broker's regulatory statement is questionable and certainly not based in the USA, as they allegedly attempt such misrepresentations.
This broker lists "Liberty Reserve" as a deposit and money laundering option, which should be a red flag in of itself.
This broker allegedly has listed "SIBA" as their regulation authority. There are some interesting articles on http://www.fsaseychelles.sc regarding questionable entities attempting to defraud the public with misleading regulatory statements.
Here is the contact info for inquires regarding, or as necessary for the purpose of reporting questionable practices:
Seychelles International Business Authority’s (SIBA)
Seychelles Securities Exchange
COMPLIANCE AND SURVEILLANCE
For any compliance or surveillance queries please contact us at:
compliance@trop-x.com
CONTACT THE TROP-X REGULATOR: THE FINANCIAL SERVICES AUTHORITY
Regards..
Hashim Raza
Private
- Messages
- 10
Guilty!
Not letting the client withdraw funds is yet another chapter. But not allowing to trade & freezing the account makes it necessary to vote "Guilty".
If the account is under AML scrutiny did this broker provide you the reasons/explanations that caused him to believe that the a/c may be suspicious? Or require you to send any documentary proofs to support your proposition?
Not letting the client withdraw funds is yet another chapter. But not allowing to trade & freezing the account makes it necessary to vote "Guilty".
If the account is under AML scrutiny did this broker provide you the reasons/explanations that caused him to believe that the a/c may be suspicious? Or require you to send any documentary proofs to support your proposition?
I want to thank everbody for advice and support. I did I guess almost everything I could in terms of pressing these scammers legally. I was even talking to an attorney based in MA who was willing to help but he was asking too much for his services so I had to go on by myself.
The main reason for me to start this thread (an open traders court I mean) was to try to bring peoples' attention to this case and to these fraudsters. Apparently people still trade with them and like zombies they even gather in groups in social networks. The managers that I mentioned don't give a ***t and continue robbing people. One of the managers - a dirtbag that goes under name Fred Velez, who insulted me openly in emails and lied multiple times about withdrawals is even posting fitness videos on youtube and has actual fans. Can you believe it? They flooded the net with fake reviews. I have proven that on one of the sites because the reviewer said he/she was trading live with them for the period when they didn't even exist. I repeat that I didn't want to do it but they forced me to open a case finally. I just can't see the fake reviews and wanted another proven guilty case to appear on the review page on FPA. I think that it possibly could open eyes to potential victims and their current clients.
As for the last question, no they didn't explain anything and didn't ask for any proof and documentation. They said my account was flagged and will be locked for up to 6 months during which they will investigate and that's it. The only suspicious behaviour as I understood was that I decided to withdraw funds in less than 2 weeks after account opening. But it turned out they were not going to return funds anyway. It's been more than a year now.
The main reason for me to start this thread (an open traders court I mean) was to try to bring peoples' attention to this case and to these fraudsters. Apparently people still trade with them and like zombies they even gather in groups in social networks. The managers that I mentioned don't give a ***t and continue robbing people. One of the managers - a dirtbag that goes under name Fred Velez, who insulted me openly in emails and lied multiple times about withdrawals is even posting fitness videos on youtube and has actual fans. Can you believe it? They flooded the net with fake reviews. I have proven that on one of the sites because the reviewer said he/she was trading live with them for the period when they didn't even exist. I repeat that I didn't want to do it but they forced me to open a case finally. I just can't see the fake reviews and wanted another proven guilty case to appear on the review page on FPA. I think that it possibly could open eyes to potential victims and their current clients.
As for the last question, no they didn't explain anything and didn't ask for any proof and documentation. They said my account was flagged and will be locked for up to 6 months during which they will investigate and that's it. The only suspicious behaviour as I understood was that I decided to withdraw funds in less than 2 weeks after account opening. But it turned out they were not going to return funds anyway. It's been more than a year now.
parsifal23
Private, 1st Class
- Messages
- 73
GUILTY !
But one question arises : There are so many good Brokers out there which are regulated and have a good reputation, why does anyone still go with a bucket-shop noone has ever heard of ? I don´t understand that !
But one question arises : There are so many good Brokers out there which are regulated and have a good reputation, why does anyone still go with a bucket-shop noone has ever heard of ? I don´t understand that !
F***X
Sergeant
- Messages
- 237
For the purported connections to any US based entities, financial or other; the following link is the official US government site for the purpose of filing complaints and / or reporting the fraudulent activity.
File Complaint or Report Suspicious Activities - CFTC
File Complaint or Report Suspicious Activities - CFTC
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