View Poll Results: Based on the available evidence, do you believe that GolderMarkets.com is guilty?

Voters
42. You must be logged in to vote on this poll
  • Guilty

    37 88.10%
  • Not Guilty

    5 11.90%
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Results 1 to 10 of 61
  1. #1
    Join Date
    Feb 2010
    Posts
    39

    Default GUILTY Case# 2011-076 | gaban13 vs www.goldermarkets.com

    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 110.159.13.240 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
    Details: Hi Rizal,

    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.


    Our Investigation
    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 110.159.13.240, which is apparently in Malaysia. In fact, there are apparently 7 accounts concurrently trading on this IP address 110.159.13.240 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 110.159.13.240.

    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]>
    Attached Files:
    my log files.zip (3.0 KB)
    golder journal report.zip (33.2 KB)
    Attached Images Attached Images
    Last edited by gaban13; 09-20-2011 at 02:06 AM.
     

  2. #2
    Join Date
    Oct 2007
    Location
    Tropical Locations
    Posts
    11,840

    Default

    I vote we immediately invite the Golder Markets rep into this. The dispute over who really is a client vs. who is a fake client puppet being run by the company makes this very interesting.
     

  3. #3
    Join Date
    Dec 2007
    Location
    Moderationville
    Posts
    2,332

    Default

    I've granted access and issued an invitation.
     

  4. #4
    Join Date
    Feb 2010
    Posts
    39

    Default

    Quote Originally Posted by AsstModerator View Post
    I've granted access and issued an invitation.
    thank you sir..could you please invite along my clients, Tan Kah Siong, the real owner who claim himself TanKahSiong in this forum?he is the best witness who can exposed Golder Markets's fraud.his email is [email protected]
    i am sure Golder markets can verify his email is correct since they have all the information about their clients.
     

  5. #5
    Join Date
    Feb 2010
    Posts
    39

    Default

    it's look like Golder Markets cannot defend themselves for their fraud. dont let this type of broker scam other people.
     


  6. #6
    Join Date
    Oct 2007
    Posts
    19

    Default scammers

    Hello Traders

    As scamming is becoming a very norm way for most brokers, we are traders should be very careful do a thorough due diligence before depositing any money, as much we are going to help one another, loosing any money is painful and probably that would have been avoided if check was done say here in FPA.
    Lets weed out out the scammers forever, and make the list of shorter every day
    Good trading everyone!
    Susan
     

  7. #7
    Join Date
    Apr 2010
    Posts
    224

    Default

    Previous day EURUSD trades come from the same ip address as these in question. Can you explain it?
     

  8. #8
    Join Date
    Jan 2010
    Location
    Pasir Pandak, Santubong
    Posts
    59

    Angry Smell like rats

    i therefore find this 'rats' GUILTY and slap them with zillion euro I vote for GUILTY.
     

  9. #9
    Join Date
    Mar 2011
    Location
    Madrid, Spain
    Posts
    6

    Default

    Based on the presented evidence so far I would not vote guilty. More evidence required I'm afraid.:ooh:
     

  10. #10
    Join Date
    Apr 2010
    Posts
    2

    Default

    I agree. Needs to be looked into further.
     

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