Original FPA Traders Court Submission by gaban13:
|I am submitting the case against: www.goldermarkets.com|
My Case is:
As IB, i'm providing free services to all my clients as my marketing strategy. i have transfer 7 account to golder markets. i am running all their account in my own server. On Thursday afternoon London time (which was 2 hours before the trade execution), 2 clients out of the 7 clients requested for withdrawal. Funds are also released to these 2 clients on Friday morning. i personally ask my clients to withdraw all their fund from golder markets because i know golder markets have problem.
On the balance 5 accounts, there are close to 15-20 GBPNZD trades executed in less than 15 minutes, all 0.5 standard lots per trade per account. All accounts were stopped out till the stage of negative free margin and even the credit bonus were all lost. for your information, my Expert advisor only trade EURUSD pair which have the lowest spread and never trade GBPNZD.
in journal history which golder markets gave me, they said the ip address who create the order is 220.127.116.11 which is absolutely not my ip address.i know they try to cheat me.
|New thread in the Scam Alerts Folder: www.forexpeacearmy.com/forex-forum/scam-alerts-folder/16939-golder-markets-scam.html|
|Review is submitted by rizal on 09/12/11|
|The company was first contacted about the issue on 09/08/11, the last contact was on 09/16/11|
First of all, we realised that you are holding on to clients' login details and trading the accounts without any Power of Attorney. Even with client permission, you should not be trading client account without MAM or LPOA.
After a thorough investigation, we realised these 5 accounts were all stop out at around 19:00 platform time on Thursday. We looked into our systems and detected that they were multiple GBPNZD trades done on 5 accounts on this IP address 18.104.22.168, which is apparently in Malaysia. In fact, there are apparently 7 accounts concurrently trading on this IP address 22.214.171.124 over the last week including last Thursday incident.
On Thursday afternoon London time (which was 2 hours before these trade executions), 2 clients out of these 7 clients requested for full withdrawal. Funds were also released to these 2 clients on Friday morning - Tan Kah Siong and Ismail Bin Muhammad.
Suspected Churning of Accounts
On the 5 accounts, there were close to 15-20 GBPNZD trades executed in less than 15 minutes, all 0.5 standard lots per trade per account. From the frequency of the trades, it may be an EA that run the trades in a short period of time or perhaps fast finger all executed on 126.96.36.199.
All accounts were stopped out till the stage of negative free margin and even the credit bonus were all lost. We have attached and the log files (showing that IP address and activities in the accounts).
As GBPNZD is a high spread currency pair, the 25% commission you are supposed to receive totaled $2,223.67 with just these trades in 15 minutes.
Due to the seriousness of this issue, we had already informed the affected clients and suspended your IB account. Furthermore, we reserve all rights to pursue this matter.
Customer Service Team
Golder Markets Ltd
Company representatives' emails:
Golder markets<[email protected]> support<[email protected]>