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GCI Financial Loses in Court.
The FPA Scam Investigation Committee Commends Sibali
The FPA Scam Investigation Committee Commends Sibali
We can't claim any credit for this one, but wanted to bring this to the attention of all FPA members.
GCI Financial LTD (gcitrading.com) has already been declared a scam by the FPA over an issued with FPA member Capital Trader. After the scam finding was issued, FPA member Sibali had his own problems with GCI. We always advise people to seek legal methods to continue to seek justice after the FPA's negotiations have failed. GCI not only refused to speak to the FPA, but threatened action against us if we tried to communicate with them again. Because of this, we told Sibali that there really wasn't much else we could do.
Both Sibali and Capital Trader complained to the regulators and police in Belize. Later, Sibali was the first to report that GCI Financial had withdrawn its license in Belize.
Sibali did something rare for a case like this. He didn't just threaten GCI with court action. He got a lawyer and went after them. Since they were operating from Belize at the time he had a dispute with them, he took them to court there and won.
The truly terrible part is that Sibali reports that he needed the cash owed to him for medical treatment of his son. The money didn't come and we are greatly saddened to report that his son did not make it. We offer our deepest condolences for his loss. Sometimes taking money owed to a trader can have fatal consequences. The people behind GCI Trading then tried to get Sibali to settle for a small percent of what they owed him. We would think that even the worst scammers would be smart enough to realize that a pathetic offer like that would be rejected under the circumstances.
We commend Sibali on his efforts. He stands as a shining example of how traders should go after scam brokers. If regulators won't fix the problems with the forex industry, then traders will have to do it one court case at a time.
We encourage all victims of scams to band together. File fraud complaints wherever possible. Share the costs of lawyers. Share your successes and your failures in going after scammers so others can learn from your examples. Make sure everyone knows which companies try to take your money. Give scammers no place to hide.
Sibali's legal triumph
Sibali opens his case against GCI Financial LTD
GCI Financial Limited withdraws from Belize
Capital Trader's Case Discussion
FPA Scam Finding against GCI Financial
FPA Review Page for GCI