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Overall Rating: (3.167)
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Total Reviews: 20
Last Updated: 2014-09-22
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Website is down. Company seems to be out of business.

2007-12-17 Dear reviewers, we all are watching intensely for the situation development. All the new information is welcome, however repetitive postings will be omitted for clarity.

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FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2007-01-26
Review: We do not have any experience with this company. If you do, please kindly submit your review.

joman, calgary AB

Rating: No Rating
Date of Post:2008-02-18
Review: After speaking with Gem regarding posible investment, we learn they had been former partners with elite fx in Vancourver. After some investagation we also learned their trading reports and earnings were identical. The owner then mentioned the both Horizon and Elite were using the same trader in NY. Any invested with Horizon or Elite may want to ask questions of Elite to be up front on the traders they are using.

JJ, Ontario, Canada

Rating: No Rating
Date of Post:2008-01-17
Review: Yes, the traders that were suppose to be related to Gem somehow or be family friends weren't making trades, they were just buying stuff and living off the money. I'm sure Gem's money is safetly offshore somewhere thanks to this great relationship he had with these traders. If he was so close to them, you would think he would have know one of them had a fraud conviction and that would imply this whole thing was a scam. I think somebody should take Gem (Cem) Ali's passport away, until this is resolved.

Thanks for nothing Gem.

Jon, Vancouver

Date of Post:2008-01-16
Review: Same with me Jay. Horizon is a pertner of Razor Fx according to the letter we received today! Please read below (Yahoo Finance News):

"Man Held in Alleged $68M Forex Scam
Tuesday January 15, 5:48 pm ET
New York Man Arrested in Alleged $68 Million Foreign-Exchange Scam

NEW YORK (AP) -- A Long Island man who pleaded guilty in a notorious "boiler room" case more than five years ago was arrested Tuesday in an alleged foreign-exchange scam that took in at least $68 million, prosecutors said.

Michael Richard MacCaull, a principal at Razor FX, was charged with conspiracy to commit fraud, according to an affidavit unsealed in Brooklyn federal court on Tuesday.

A lawyer for MacCaull didn't immediately have a comment when contacted Tuesday.

MacCaull, 36, was arrested at his residence in Northport, N.Y., by U.S. postal inspectors, said Robert Nardoza, a spokesman for the U.S. Attorney's office in Brooklyn. He faces up to 20 years in prison if convicted of the charge.

At a hearing Tuesday, MacCaull entered a "not guilty" plea and was ordered detained by U.S. Magistrate Judge Ramon E. Reyes Jr. in Brooklyn.

MacCaull was sentenced to 15 months in prison in 2002 after pleading guilty to conspiracy to commit securities fraud, mail fraud and wire fraud in connection with a $200 million fraud at Sterling Foster & Co., a defunct Melville, N.Y., penny-stock brokerage.

More than a dozen former Sterling Foster brokers received jail time after pleading guilty or being convicted at trial in the case. The government alleged that Sterling Foster duped investors out of $200 million by underwriting the initial public offerings of several small-cap companies and then manipulating their stock prices.

In the foreign-exchange case, prosecutors have alleged that MacCaull and his unidentified partner engaged in a conspiracy to defraud investors in Razor FX, a financial-services firm that held itself out as being in the business of trading in the spot foreign-exchange market. Razor FX, which MacCaull and a partner founded in 2000, had offices at various times in Great Neck, N.Y., and Upper Saddle River, N.J.

MacCaull's involvement in the company was concealed from many outside parties because he was barred from the securities industry as part of his prior conviction, according to an affidavit prepared by a postal inspector in the case.

According to court documents, a confidential witness, who also was a principal at Razor FX, told postal inspectors that neither he nor MacCaull have been trading in forex markets on behalf of investors, with the exception of a small number of trades they placed with two foreign-exchange counterparties; that fictitious statements detailing profits and losses were e-mailed to investors; and that investors who withdrew funds were paid out of money submitted by new investors.

MacCaull and the confidential witness gave themselves salaries and other perks out of investors' money, including paying for MacCaull's apartment and his Aston Martin automobile, according to court documents.

Prosecutors have filed seizure warrants for two automobiles purchased by MacCaull for more than $245,000, including the Aston Martin, according to a press release issued by the U.S. Attorney's office.

About $68 million has been deposited in a bank account held by Razor FX since it was opened in February 2007, according to court documents."


laura, Mexico

Date of Post:2008-01-16
Review: Unfortunately probably old news by now, but Horizon fx has been destroyed by the Razor FX scandal & all investors have now lost their money. We are all reeling from the news just received & have started up a group on both & for anyone (investor/victim)that is interested to receive updates of any information that comes to hand. The members that have joined the groups have all agreed to share any information anyone is able to glean.
To join the group(s) please search & under the heading;
horizon fx razor fx victims of fraud

mc, canada

Date of Post:2008-01-16
Review: this is a scam. I have $200,000. Just received a phony email saying horizon fx was using razor fx for it trading. Supposely, the one of the owners of razor fx was arrested for fraud 2 days ago. I guess everyone with money in horizon fx should say bye bye to their money.

xx, Vancouver

Date of Post:2008-01-16
Review: It looks grim. Looks like the traders in NY stole all the money.

If what this article says in the second last paragraph is true, then there probably isn't any money left to recover:,0,766641.story

Jay, Vancouver, BC

Rating: No Rating
Date of Post:2008-01-16
Review: I personally invest with Horizons and was quite happy with the returns. However, I just recieved this email and am now concerned. If anyone has more information regarding this matter it would be greatly appreciated.

Dear Investor, As you know, reports were not delivered to you yesterday. Horizon FX Investments did not receive any reports from our traders in New York (Razor FX). We became concerned yesterday afternoon after numerous unsuccessful attempts to contact Razor FX. Last evening Horizon received an email from the US Department of Justice informing us that one of the traders from Razor FX had given evidence against his partner, leading to his arrest and arraignment on fraud charges (see attached email below). We want to assure you that Horizon had no knowledge of and was in no way involved in the fraud and is as much a victim as all the individual investors. The information from the Department of Justice was the very first notice that Horizon had about any wrongdoing by the traders. Currently, this is the information we have received from the Department of Justice: > The trader was arrested and pleaded not guilty.> The trader is currently being held without bail pending indictment by a grand jury.> The US Department of Justice is taking steps to seize assets held by the trader and will continue their efforts. Horizons number one priority is to assist investors with the provision of information as it becomes available from the New York office of the Department of Justice. In the meantime, please direct all inquiries to the Victim-Witness coordinator at the US Attorney's Office as they currently have more information than Horizon does. Horizon has engaged local legal counsel and will engage counsel in New York to assist us if necessary. We would like to reassure you that Horizon is using all its resources to investigate means of recovering any available assets from the traders who appear to have defrauded all of us and many other investors from around the world. Updates will be posted on the Horizon website as they become available.

Rajinder, Surrey

Date of Post:2008-01-08
Review: I also know Gem through work (we use to work for the same company) and he is not out to defraud anyone. I know these profits seem insane, but they are very real.

I watched this company for about 6 months, through another coworkers "eyes" before I decided to take the plunge. I took another 4 months before my husband was convinced. We put in the minimum investment of $5000 US in Sept 2007, and watched it grow. We increased this to 2 units ($13900, 1 unit is $69050). We made 32% in 30 weeks. At this point we added another 10 units.

The traders charge $30 per trade per unit. So if 3 trades were made in the week, with 2 units, the traders charged me $30/trade/unit x 3 trades x 2 units = $180

This amount is charged whether the trades were profitable or not:

1. The 3 trades made $500, your profit for the week would be $500 - $180 = $320
2. The 3 trades made $180, your profit is $0
3. The 3 trades made $100, your profit is -$80.

Number 2 & 3 happen very rarely. In 2007 #2 happened once, and #3 happened a couple of times.

We made approximately 58% overall in 2007. As others might have mentioned, the worst year made 30%. Not too bad huh? The years 2005 made approx. 76%, this was the best year. The year 2007 did approx. 66%.

As for the US dollar dropping, it works both ways. It takes less money to make the investment. So my 58% US ROI might be 50% ROI in Canadian dollars. I am more than happy with this.

I gave 4 stars out of 5 because I would like more control on the reporting aspects. As Gem came from a BI background, I know this is possible.

PS I have also withdrawn money, and now make a monthly withdrawal

chad, vancouver

Date of Post:2007-12-04
Review: Here a litle information for you. Take it as you wish. i can say that i do personally know the owner and do not believe hes out to defraud anyone.

"Thank you for your concern regarding HFX's CTO. Hopefully, it will be lifted this week since all the requirements has already been submitted to BCSC. HFX increases the Offering Memorandum due to drastic increase of investments on this currency trading.

Since Nov 16 the lawyer for the company has been working and hopefully they can finish this Monday, Dec 3rd."

Ive been with them for over 2 years and have no complaints
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