Hi everyone,
I was solicited for investment from Andrew Jeffery Marshall, Forex Investment Management, LLC. NFA ID - 0488774 for an investment into a Forex commodity pool.
The trading was significantly different from what was described to me when being solicited, I was told he rarely has a losing day, has not had a losing week for years, let alone a losing month. In fact 5 out of 10 weeks in my managed account was losing. He was running losses without stops and adding to the losing positions.
I became anxious.
I tried to cash some of my money out, but my request for a cash out was denied citing (LPOA clause).
I did not think this was a valid reason since the drawdown limit set in the LPoA had already been hit. Trading should ceased, I was not even given this option and when I tried to ask just to cash out some of my money they blocked my access to seeing the trades being made and did not send me any statements for me to track my investments.
But he said otherwise upon opening my managed account back in August 2015.
LPOA also cite “the Company will detach Applicant’s trading account and/or equity from the master account within 1 (one) business day.”
But he did not do so.
I also was told just to ignore the minimum investment amount on the LPoA, as my intended investment was not as much as 10,000USD as cited on the LPoA. And also to ignore the performance fees upon opening the account, I would get a different one than contracted. Retrospectively, this was strange but I have very little experience with these things and just went along with it at the time.
When my attempts to get my money were denied I started to do some more research on the company and the trader. I found the company had not even existed at the time when the trader was saying they had been generating the results with which he solicited me. It was a trading statement from March to July 2015, a 500k account with less than 1.4% Max Drawdown
Forex Investment Management, LLC, under registered agent Andrew Jeffery Marshall was only registered on 12 July, 2015 according to the NFA website.
They did not respond to my attempts to contact them and I was worried since I’d found the trading to be reckless in the past and now I had no way of knowing what was happening with my money.
I emailed the broker, Forex.com informing them of the situation and they informed me that the company did not have the correct licence to be trading my money and they have closed the account.
He has now emailed me threatening he is going to take legal action on me.
Last but not least, my trading statement that was captured the day before I requested my withdrawal and before he blocked my access to the managed account on 24 Oct, 2015
Here you can see an example of the running losses without stops being added to.
Drawdown agreement on the LPOA that we both signed
He is a joke.
To sum this up, he has been in breach of the contract I signed (by exceeding drawdown limits), solicited me with results that were not from the company I invested with and it turns out he was not even licensed to do this in the first place.
I have already contacted the NFA, I was wondering if some more experienced people here at the FPA would be able to help me in regards to other things I should do?
Any help would be very welcome.
I was solicited for investment from Andrew Jeffery Marshall, Forex Investment Management, LLC. NFA ID - 0488774 for an investment into a Forex commodity pool.
The trading was significantly different from what was described to me when being solicited, I was told he rarely has a losing day, has not had a losing week for years, let alone a losing month. In fact 5 out of 10 weeks in my managed account was losing. He was running losses without stops and adding to the losing positions.
I became anxious.
I tried to cash some of my money out, but my request for a cash out was denied citing (LPOA clause).
I did not think this was a valid reason since the drawdown limit set in the LPoA had already been hit. Trading should ceased, I was not even given this option and when I tried to ask just to cash out some of my money they blocked my access to seeing the trades being made and did not send me any statements for me to track my investments.
But he said otherwise upon opening my managed account back in August 2015.
LPOA also cite “the Company will detach Applicant’s trading account and/or equity from the master account within 1 (one) business day.”
But he did not do so.
I also was told just to ignore the minimum investment amount on the LPoA, as my intended investment was not as much as 10,000USD as cited on the LPoA. And also to ignore the performance fees upon opening the account, I would get a different one than contracted. Retrospectively, this was strange but I have very little experience with these things and just went along with it at the time.
When my attempts to get my money were denied I started to do some more research on the company and the trader. I found the company had not even existed at the time when the trader was saying they had been generating the results with which he solicited me. It was a trading statement from March to July 2015, a 500k account with less than 1.4% Max Drawdown
Forex Investment Management, LLC, under registered agent Andrew Jeffery Marshall was only registered on 12 July, 2015 according to the NFA website.
They did not respond to my attempts to contact them and I was worried since I’d found the trading to be reckless in the past and now I had no way of knowing what was happening with my money.
I emailed the broker, Forex.com informing them of the situation and they informed me that the company did not have the correct licence to be trading my money and they have closed the account.
He has now emailed me threatening he is going to take legal action on me.
Last but not least, my trading statement that was captured the day before I requested my withdrawal and before he blocked my access to the managed account on 24 Oct, 2015
Here you can see an example of the running losses without stops being added to.
Drawdown agreement on the LPOA that we both signed
He is a joke.
To sum this up, he has been in breach of the contract I signed (by exceeding drawdown limits), solicited me with results that were not from the company I invested with and it turns out he was not even licensed to do this in the first place.
I have already contacted the NFA, I was wondering if some more experienced people here at the FPA would be able to help me in regards to other things I should do?
Any help would be very welcome.