Today is a day for celebration. A company that had taken the wrong path has corrected its course. This is the first time a scam finding has been lifted. We hope it serves as a model for other companies to follow.
In May of 2008, the FPA received a threat of legal action if a review talking about a link between InterbankUSA and InterbankGroup wasn't removed. After some investigation, it turned out that there was indeed a link between those companies. There were also links to a 3rd company, FxTrading. Further, there were fake 5 star reviews being posted by company employees on the FPA website and FxTrading has some incorrect information about the NFA status of their clearning house posted on their website. Under the circumstances, the FPA declared all 3 companies to be scam, and blacklisted them.
Last week, the FPA received a communication from Chris Instasi of FxTrading asking how to get the scam finding lifted. We pointed him to the terms laid out in the original scam finding, and he successfully addressed each one.
1. We require that a full, complete, and true statement of any and all relationships between these companies be posted on all 3 company websites as well as on the FPA review pages for each company.
These were separate companies, but all were owned by Brian Johnston, so were related. Interbank??? has since closed. Interbank??? never had a functional website and is also closed. The relationship between the companies has been disclosed. Since there is only 1 company running at this time, we waive the requirement for this relationship to be posted on the website.
2. That all 3 companies and their owners pledge to never again interfere with the integrity of FPA's review system by submitting false reviews or by threatening unfounded legal action against the FPA.
We have received a pledge that FxTrading will not attempt to interfere with our reviews again and that the company and its owner will not threaten any unfounded legal actions against the FPA.
3. That all 3 companies pledge that any information about themselves and any clearing houses they use be kept complete, true, and up to date.
The incorrect information about FxTrading's clearing house has been removed from the website. FxTrading now runs managed accounts and serves as an IB for other brokerages.
4. That the standards for hiring traders be clearly posted on the websites of these companies so that customers will know what sort of traders they might be dealing with.
All forex account managers for FxTrading will require a Series 3 NFA license. This information should be posted on their website soon.
All of the terms laid out by the FPA have been met. The scam finding against these companies is hereby lifted and they are no longer blacklisted by the Forex Peace Army. InterbankUSA and InterbankGroup are no longer in business. We now know of no reasons why anyone should not do business with FxTrading as an IB or as a managed forex company. As with any other forex company, we recommend that you exercise your own due diligence before investing.
We thank the FPA Forums Team for conducting the negotiations from the FPA side. We thank Chris Instasi for dealing with all issues from FxTrading's side.
Official Resolution Finding
Original Complaint
Special Note: FxTrading is NOT related to Fx Trading LLC. InterbankGroup and InterbankUSA are not related to InterbankFX/IBFX.
A Scam Finding is Lifted -
01-26-2009, 03:19 PM
A first alright... -
01-26-2009, 06:56 PM
01-26-2009, 09:18 PM
Linear Mode
