Polaris Trading Partners – Scam Alert
I opened a managed forex account with Polaris Trading Partners on 13 July 2009 after being introduced by an introducing broker and seeing their track record. (which I now believe may not be true)
Returns were around 5-10% pm and sometimes more according to the information I was sent.
Their information also stated that stoplosses of 30-45 pips were always used and that there was a drawdown limit of 15% loss of original capital, ie 85% remaining at which point all positions would be closed and trading would cease pending further instructions.
The trading agreement I signed included the drawdown limit.
The account performed well initially, growing from $32,000 starting capital to $50,000 at its peak. To safeguard some of my profits I instructed David Rose, account manager at Polaris that my drawdown limit was to be raised to $42,000 account balance, ie $8000 max loss from peak, which was confirmed by David Rose on 23 Sept 2009.
But on Friday 25 Sept 2009 the account hit and breached the $42,000 drawdown limit due to some losing GBPJPY trades. These trades were not closed when they should have been, and the position worsened on Sunday 27 Sept 2009 resulting in a 69% drawdown from peak value or 50% drawdown from original capital when they were finally closed later on Sunday 27 Sept 2009. The remaining account balance is $16,000.
I tried in vain to phone the trader and the broker on both Friday 25 Sept 2009 and Sunday 27 Sept 2009 but my calls were not answered. I did get through to the broker in the morning on Monday 28 Sept 2009, by which time the damage had already been done.
I emailed Polaris on Monday 28 Sept 2009 and several times since, but I have yet to receive a response by email, other than read receipts and a one promise to get back to me.
I have had phone conversations since the drawdown with the chief trader Sean Thacker on Tuesday 29 Sept 2009 and on Wed 7 and Thur 8 October 2009. On each occasion he has attempted to sweet talk me into continuing with the managed account, promising to trade his way out of the drawdown and waive performance and brokerage fees. He has evaded every attempt I have made to discuss compensation.
I have stated in an email and on the phone that I need $26,000 to make good the loss due to Polaris’s failure to honour the drawdown. Should this be paid I would withdraw the scam postings, replace them with positive, and I may even continue trading with the managed account.
I have also stated that I would be willing to accept a lesser figure of $16,000 which would restore my original capital. In this event I would withdraw the scam postings, replace them with only moderately negative ones and cease trading with the managed account.
Main points
David Rose of Polaris failed to pass on my instructions to either the broker or the trading team regarding both the initial drawdown limit of 15% loss of original capital or the revised limit of $42,000 account balance.
Sean Thacker of Polaris traded recklessly in taking large GBPJPY positions without stoplosses and without regard to whole account drawdown limits.
The result was a $26,000 loss to my account.
Contact details for Polaris Trading Partners (the trader)
Polaris Trading Partners
5th Floor 1 – 3 Rue de Chantepoulet
Geneva 1201
Switzerland
Tel: +41 227 412 111 and +41 225 331 275 Fax + 41 227 412 112
Polaris Trading Partners - Home
info@polaristradingpartners.ch
drose@polaristradingpartners.ch David Rose, account manager
sthacker@polaristradingpartners.ch Sean Thacker, chief trader
Contact details for Swiss PB (the broker)
Swiss PB
Löwenstrasse 29
CH-8021 Zürich
Switzerland
+41 44 215 33 33 - Main
+41 44 215 33 43 - Direct
+41 44 215 33 99 – Fax
+41 79 869 50 01 - Mobile
r.nettles@swisspb.com Ryan Nettles, account manager
www.swisspb.com
I hope someone can help and I hope this prevents someone else getting scammed.
Tom Walsh
I opened a managed forex account with Polaris Trading Partners on 13 July 2009 after being introduced by an introducing broker and seeing their track record. (which I now believe may not be true)
Returns were around 5-10% pm and sometimes more according to the information I was sent.
Their information also stated that stoplosses of 30-45 pips were always used and that there was a drawdown limit of 15% loss of original capital, ie 85% remaining at which point all positions would be closed and trading would cease pending further instructions.
The trading agreement I signed included the drawdown limit.
The account performed well initially, growing from $32,000 starting capital to $50,000 at its peak. To safeguard some of my profits I instructed David Rose, account manager at Polaris that my drawdown limit was to be raised to $42,000 account balance, ie $8000 max loss from peak, which was confirmed by David Rose on 23 Sept 2009.
But on Friday 25 Sept 2009 the account hit and breached the $42,000 drawdown limit due to some losing GBPJPY trades. These trades were not closed when they should have been, and the position worsened on Sunday 27 Sept 2009 resulting in a 69% drawdown from peak value or 50% drawdown from original capital when they were finally closed later on Sunday 27 Sept 2009. The remaining account balance is $16,000.
I tried in vain to phone the trader and the broker on both Friday 25 Sept 2009 and Sunday 27 Sept 2009 but my calls were not answered. I did get through to the broker in the morning on Monday 28 Sept 2009, by which time the damage had already been done.
I emailed Polaris on Monday 28 Sept 2009 and several times since, but I have yet to receive a response by email, other than read receipts and a one promise to get back to me.
I have had phone conversations since the drawdown with the chief trader Sean Thacker on Tuesday 29 Sept 2009 and on Wed 7 and Thur 8 October 2009. On each occasion he has attempted to sweet talk me into continuing with the managed account, promising to trade his way out of the drawdown and waive performance and brokerage fees. He has evaded every attempt I have made to discuss compensation.
I have stated in an email and on the phone that I need $26,000 to make good the loss due to Polaris’s failure to honour the drawdown. Should this be paid I would withdraw the scam postings, replace them with positive, and I may even continue trading with the managed account.
I have also stated that I would be willing to accept a lesser figure of $16,000 which would restore my original capital. In this event I would withdraw the scam postings, replace them with only moderately negative ones and cease trading with the managed account.
Main points
David Rose of Polaris failed to pass on my instructions to either the broker or the trading team regarding both the initial drawdown limit of 15% loss of original capital or the revised limit of $42,000 account balance.
Sean Thacker of Polaris traded recklessly in taking large GBPJPY positions without stoplosses and without regard to whole account drawdown limits.
The result was a $26,000 loss to my account.
Contact details for Polaris Trading Partners (the trader)
Polaris Trading Partners
5th Floor 1 – 3 Rue de Chantepoulet
Geneva 1201
Switzerland
Tel: +41 227 412 111 and +41 225 331 275 Fax + 41 227 412 112
Polaris Trading Partners - Home
info@polaristradingpartners.ch
drose@polaristradingpartners.ch David Rose, account manager
sthacker@polaristradingpartners.ch Sean Thacker, chief trader
Contact details for Swiss PB (the broker)
Swiss PB
Löwenstrasse 29
CH-8021 Zürich
Switzerland
+41 44 215 33 33 - Main
+41 44 215 33 43 - Direct
+41 44 215 33 99 – Fax
+41 79 869 50 01 - Mobile
r.nettles@swisspb.com Ryan Nettles, account manager
www.swisspb.com
I hope someone can help and I hope this prevents someone else getting scammed.
Tom Walsh