GUILTY Case# 2016-101 | mbreitfelder vs porterfinance.com

[mbreitfelder]

Original FPA Traders Court Submission:

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

My Case is: I have an issue, I have a brokerage account with Porter Finance and I was trading 4/30/16 the USD/JPY OTC and my trading winnings were $2.8 million USD. They took that money back due to a "system failure". Their vendor for their trading web site is XXXXX and they would not let any kind of "system failure" occur. I do believe that Porter Finance is lying to me in order not to pay out my winnings. There are several other traders in the USA who have had the same thing happen to them for their trades on that same day for OTC trades. One issue is that they didn't cancel all of the OTC trades for that day, they missed some on my account. I am very upset and Porter Finance has locked my account and won't let me trade. I can't get to anyone above their customer service people. I need to have my $2.8 million USD put back into my account to keep trading. I want to do good with this money and what Porter Finance has done me, as well as others here in the USA, I think, is wrong.
Also there is a string of companies and locations where things are. Porter Finance is in London and is owned by Oracle Stone LTD out of Mexico with one employee, a broker by the name of Eduardo Rodgriguez Cedillo, the trading platform is provided by Panda in the UK, the web site is built by Skyrunway.com out of Roseau, Dominica with their five servers being in Luxembourg. I have filed a complaint with the Fraud Action Department with the UK Police and have contacted Luxembourg, but I have to wait 30 days before they will act on anything.

New thread in the Scam Alerts Folder:

• https://www.forexpeacearmy.com/community/threads/porter-finance.45207/
  

Review is submitted by mbreitfelder gnrlgus@gmail.com on 05/02/16

The company was first contacted about the issue on 04/30/16 the last contact was on 05/08/16

Details: This is one of about 100 contacts to and from Porter Finance, all saying the same thing...

Dear Mike,

Thank you for contacting the Porter Finance Customer Support Team.

OTC trading is trading according to other trades that are placed on the platform, not according to the market- as OTC trading is only available when the markets are closed.

We apologize for the misunderstanding the technical issue may have caused. Please note that all the OTC trades from last weekend were canceled, and the balance was brought back to the correct amount from before the weekend, for the trades placed during market hours.

Please feel free to contact us if you have any further questions.

Kind regards,
Diana Stevens
Porter Finance Customer Support

Company representatives' emails: Accounting<accounting@porterfinance.com>

 

[AsstModerator]

Am I reading the dates on the statement right? Were you trading currencies on Saturday?

 

[mbreitfelder]

Am I reading the dates on the statement right? Were you trading currencies on Saturday?

I was trading on Friday and Saturday. I worked a trend on the USD.JPY OTC trading paid after midnight on Saturday from 1 am to 2:30 am. I have traded OTC trading plans before and won and the money stayed in my account. Now it is a "technical issue" when it was a "system failure" then I was told that OTC trades are only there for practicing. David Rodriguez (who cannot be found via email or telephone), Head of the Complaint Department, was supposed to get back to me last Thursday and never did. Friday came and went with no contact.
If the trading pair was available to trade and then there was a "glitch", that trading pair should have been pulled IMMEDIATELY. I was not the only one who was trading this paid and all USD/JPY OTC trades were canceled.
I will need to know the who the business insurance is for Porter Finance, the contact name, phone number and address so that I can file a claim for this issue. Porter Finance should have employees on site over the weekend and they didn't. This is not my fault that they didn't have anyone working during this time for them to shut down this trading pair, period. If Porter Finance is advising that they are indemnified by things like this through their Terms and Conditions, then their Business Insurance will certainly be liable.
It is funny now how one cannot find Porter Finance's servers in Luxembourg. They have 5 servers, so if there was a "system failure", then if one went down, then the next one would pick up and work for that failed server. If Panda, their trading platform provider provided Porter Finance with the wrong information, then I need that information. I have worked with Diana many times and have had over 100 contacts with "Live Chat", "Support" and "Accounting". I need to know where this problem occurred...and have my account made whole again, which Porter Finance has closed.
David Rodriguez needs to call me back by 9 am Easter Time USA and have put in two tickets for this to happen.
Thank you,
Mike

 

[mbreitfelder]

If they are showing the pairs to trade, they should honor those trades, period. If they don't and say that their Terms and Agreement indemnify them, then I should be filing a claim with their business insurance. With not being able to find their servers now, that does that say about them?!?!?

 

[mbreitfelder]

Do a quick check where their servers are in Luxembourg...a ton of porn sites are at the same location as Porter Finance. Here is the information to search for through Google or Bing.. BPM 333868, Rue Gabriel Lippman 34

 

[mbreitfelder]

Where is David Rodriguez and his contact information? I need a call from him and he is avoiding me. No one will give me his contact information and he needs to call me to work this out, period. I was promised a call last Thursday and I still have yet to receive a call.

 

[mbreitfelder]

So support@porterfinance.com and accounting@porterfinance.com cannot provide David Rodriguez's contact information? This is just beyond unbelievable.

 

[Pharaoh]

Trading on Saturday when ALL markets are closed. Yo AsstMod! I think it's time for the formal invitation.

 

[mbreitfelder]

OTC trading is still ongoing....people are still trading. I have made money on OTC trading through Porter Finance. Experienced traders are wondering what the heck is going on and why would Porter Finance tell me that there was a "System Failure"?

 

[mbreitfelder]

Saturday at 1 am to 2:30 am Eastern Time. If there is no trading then why are currency pairs allowed to be traded by Porter Finance then?? Don't give me any bull about it isn't between the market and the trader either, I don't accept ANYTHING Porter Finance says after giving me 5 excuses!!