PinnacleForexGroup.com Review

July 22, 2014
Forex Trader Sentenced for Defrauding Investors of More Than $400,000

The U.S. Attorney’s Office for the Middle District of Pennsylvania announced today that Christopher A. Engel, 34, formerly of Glen Rock, Pennsylvania, and currently residing in Washington, Utah, was sentenced in connection with his operation of Pinnacle Forex Group (“PFG”), LLC, a currency trading firm that he operated from his home in Glen Rock.

United States District Court Judge Yvette Kane sentenced Engel to 38 months’ imprisonment, $405,500 in restitution and two years’ supervised release. Engel was ordered to surrender to the Bureau of Prisons on August 18, 2014.

According to U.S. Attorney Peter Smith, Engel created PFG in 2010 and advertised it on the Internet as “a full scale currency investment firm” that was “in the top 1% of currency traders.” Between June 2011 and October 2012, Engel allegedly received $411,500 from 21 investors throughout the United States that was supposed to be invested in the Foreign Exchange Market (“Forex”). Engel admitted he only invested $137,000 of the money into the Forex market and later withdrew those funds for personal expenses. The remaining funds were never invested and also used by Engel for personal expenses.

The case was investigated by the FBI and was prosecuted by Senior Litigation Counsel Bruce Brandler.

https://www.justice.gov/usao-mdpa/pr/forex-trader-sentenced-defrauding-investors-over-400000

I would like to know that is going on. They have taken all my money and lost it all!!!!!

Robert H, from California:

Please let me know who you are and when you subscribed to our signals service. First let me explain that I know we are NOT managing an account for you so I am not sure how it is our responsibility for your 15% loss. Second, our signals do come with SL's in them or a support or resistance to where we are looking to get out of the market. You also mentioned something with your broker. If you are trading an account using our signals service then it is your responsibility to make sure your leveraging is appropriate for your account. Please contact me if there are further issues to discuss or if you are mistaken and have gotten the wrong company please remove your post. Again I have searched our records and we do not have a Robert H from California. If this is an attempt to slander our company we will contact FPA and have this comment removed.

They trade without stops. I now have one single trade that has dropped my account by over 15%. They will not close the account until the account has no open trades, which I guess will occur when it is margined out. FinX broker is no help and will not close account.

I took and am continuing my coaching education with Pinnacle Forex Group. I have spent a lot of money elsewhere but when Chris convinced me to get into their lifetime coaching and promised me they can do what they profess I decided I didn't have much to lose. I am doing well, I still have some things to learn but I am well on my way and my account is growing.

Stay away from this service. They trade without stops and have over leveraged lot position sizing. Virtually every trade on my account went against me by over 50 pips and some for hundreds. I can't comment on their education but would you want to be trained by someone who has just margined out a $2500 account?