We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
FPA Member Jimbo911 had a forex account managed by LloydsFx.com (Lloyds Captial Group). His account suffered an excessive drawdown over a short period, despite prior assurances of a reasonable risk management plan. After some initial discussions of compensation for his losses, LloydsFx cut off all comminications.
FPA Investigator Lt. Gerard contacted LloydsFx. They refused to negotiate with Jimbo911. After Gerard questioned the truth of one of their statements, they created new excuses to not communicate with the FPA and still refused to communicate with Jimbo911.
We consider failing to follow promised risk management to be unethical. We can not force any company to communicate directly with us, but find the refusal to communicate with a trader who had suffered excessive losses due to the actions of LloydsFX to be unethical. We find the claim that LloydsFX never had another unhappy customer to be false, and therefor unethical. On this basis, we consider FPA member Jumbo911's scam complaint to be confirmed.
Thus, we officially find that LloydsFx is a scam. We urge traders to not allow LloydsFX to manage their forex accounts. We urge any current clients to revoke their POAs with Lloyds as soon as possible.
We offer LloydsFx the chance to resolve this issue by returning to the negotiating table and working out a reasonable compensation for Jimbo911 and others who suffered losses in this way.
We extend our deepest sympathies to Jimbo911 and anyone else who lost money due to the actions of LloydsFX. We thank Lt. Gerard for his efforts confirming this scam.
Discussion thread for two managed account scams
Jimbo911's original complaint about Lloyds Capital Group LLC
LloydsFx - Lloyds Capital Group LLC -
12-23-2008, 08:44 PM
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