Problem FastBrokers and FXDD case

[Raimundas]

The FPA case becomes the status "Partially solved"

There are some news regarding my case against FXDD. Finally, the Civil Case 12-CV-1796 in the NYSD Court of Law has been dismissed. This week all my funds from the trading account has been transferred into my bank's account in Lithuania. I was shocked by this transfer of funds, because it was made suddenly without my withdrawal-request and without my permission! This withdrawal has been effected against my plans and the FXDD company by doing it clearly expressed the unwillingness to continue business with me and my father...
Rebates are not paid yet and the FastBrokers company still owe us the sum of $1231.25. Thus, I would call the status of this FPA case as "Partially solved". Further, I will make all efforts to exact this liability from the FastBrokers.
At this stage I would like to express my gratitude to the FPA team and all traders' community for valuable recommendations, efforts, support and help. I appreciate the FPA for their experience, objectivity, honesty and fairness. I come out: on the other famous internet forums this FastBrokers/FXDD story has been moderated and even removed just because the FXDD is a big company and advertisement contractor... I think, the FPA is the only place you can trust.
Thank you one more time, and I will anticipate your help in my further fight against FastBrokers.

 

[RP1]

Excelllent news so far , thanks for the update

 

[BigT1]

Congratulations Raimundas! Score one for the little guys.
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Consider yourself fortunate to get a bank transfer and a closed account. There are more than a few MF Global and PFGBest clients that wish they had that result.
The IB will have to follow suite as they too are a regulated entity, and you bet the NFA is watching them and FXDD very closely from now on.
Ironically, they are probably safer to trade with now as a result of this action, then they ever were before it.
FXDD execs are on an even bigger hot seat now as a result of the audits brought on by this action, and may wind up doing some jail time if they don't clean up their act and say thank you NFA for the spanking.
FXDD can you say BACKFIRE?
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Perhaps Raimundas should receive a Special Commendation from FPA Brass for a muckraking well done!
Anthony Ingrassia, CTA

 

[Pharaoh]

Woohoo! Maybe you should get on live chat with FXDD and ask them if they also paid what they owe to FastBrokers. Also, contact FastBrokers, show them that FXDD has dropped the case and given you ALL of your money, so they have no excuse to not pay you now.

Please keep everyone here as well as the NFA updated. See if the NFA will tell you anything about what's going on.

I wonder if the people who settled with FXDD will be refunded the money that FXDD forced them to surrender or not? According to that NFA complaint, I think FXDD will be required to do this.

I can't wait for the final NFA statement on this. I think FXDD is in for a brutal spanking for their actions.

Muckracking? Definitely not. This isn't some outsider digging for dirt. This is a victim doing the right thing - FIGHTING BACK for what's right in the face of a large company that doesn't care about following the rules. Some sort of special citation for heroism under fire is in order.

HEY FXDD! I think you owe Raimundas 2 more things. 1. Interest on the money for all the months you tied it up in violation of a direct order from the NFA. 2. A public apology for all the actions you took against him.

 

[BigT1]

Woohoo! . . . contact FastBrokers, show them that FXDD has dropped the case and given you ALL of your money, so they have no excuse to not pay you now.
I can't wait for the final NFA statement on this. I think FXDD is in for a brutal spanking for their actions.
Muckracking? Definitely not. This isn't some outsider digging for dirt. This is a victim doing the right thing . . .

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Pharaoh, We certainly are on the same page, but FYI, please refer to the proper definition and interpretation of my use of the term 'muckraking" here:
muckraking - definition of muckraking by the Free Online Dictionary, Thesaurus and Encyclopedia.
Muckrakers are heroes.
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Also, recognize that "The Case being Thrown Out of Court by the Judge" is nowhere near equivalent to the plaintiff "dropping the case".
There is a serious difference. Witness:
This immediate reimbursement, that can only be construed as the FXDD Legal Department's demand upon the firm's Executive Management to make this restitution immediately!
You can be damn sure it is FXDD Management's last ditch attempt to save their sorry asses from a crippling fine, public censure, and jail sentences for their compliance officer and operations chief; recommendations likely forthcoming from the NFA/CFTC audit review panel, decision looming.
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Let this be a day of celebration, not one of vitriol. Let's enjoy this rare and sweet moment of victory.
A victory complete, total, and all encompassing; that will play out with scribbling and dibbling detail over the next few weeks.
This landmark case will ring in regulatory history, and act as a benchmark; a landmark to be heeded by those who would dare to attempt the same in the future.
My hat is off to the victorious defendants for their courage, integrity, and for their accomplishment; not only for themselves, but for every man.

AI

 

[PipStar]

There are some news regarding my case against FXDD. Finally, the Civil Case 12-CV-1796 in the NYSD Court of Law has been dismissed.

There was no case to answer from day one, it was all a sham from this broker. You can't win a case without producing proof and FXDD had no proof because there is none. Even the NFA said so.

 

[RP1]

out of interest Raimundas did you incurr any costs associated with the case in NY and if so are these recoverable ?

 

[Pharaoh]

I think if Raimundas wants to recover his expenses as well as interest and penalties for the unfair freezing of his funds, he'll have to file a separate court action. I recommend that he do this inside his own country and demand that FXDD's people fly over to give pre-trial depositions.

I am left wondering about a number of issues. (Raimundas and anyone else who was sued, please feel free to forward these to the NFA)

1. What about client privacy? ALL the clients were lumped into 1 lawsuit, so client information of every defendant was shared with every other defendant.

2. What about the clients who didn't respond? Will those summary judgements against them be withdrawn? Will the money the NFA says is owed be sent to them?

3. What about the clients who gave in to legal pressure and settled? Will those settlements be nullified and all funds that the NFA says are owed be sent to them?

4. What's the NFA going to say about these wild claims of server damage that FXDD was making?

5. Does FXDD have enough traces of honor left to come forward, confess exactly what it did, and issue apologies to all the traders involved, or will this end with some sort of "we'll pay what the NFA forces us to, but do not admit to anything" statement?


Personally, I regard Raimundas as a HERO OF THE FPA. He could have just caved in to FXDD's threats and settled for a fraction of the money owed. Instead, he tenaciously fought back against overwhelming odds for 100% of his money and made certain that the NFA heard all about the issue. His efforts exposed the unethical tactics used by one of the biggest brokers out there and will undoubtedly result in a safer trading environment for clients of all NFA regulated brokers.

 

[BigT1]

. . . I am left wondering about a number of issues . . . .
1. What about client privacy?
2. What about the clients who didn't respond?
3. What about the clients who gave in to legal pressure and settled?
4. What's the NFA going to say about these wild claims of server damage . . . ?
5. Does FXDD have enough traces of honor left to come forward, confess . . . ?
Personally, I regard Raimundas as a HERO OF THE FPA . . . [this] will undoubtedly result in a safer trading environment for clients of all NFA regulated brokers.

In light of this court decision, the review committee will most assuredly fine and censure FXDD, possiibly ban the Compliance Officer from practicing in the industry for several years, fine and censure the Chief of Operations, and censure and place the executive staff on notice that any further violations at the firm will result in the extinguishment of their license to practice as a broker-dealer.
At least, that is what the intent and requirements of the legislation would suggest.
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Anything less will itself be viewed as a CFTC in bed with the industry.
FXDD is the perfect scapegoat: too big to ignore and too small to make a difference.
This firm has offered up to the NFA on a silver platter, the perfect opportunity for publicly demonstrating a virulent regulatory environment, not "asleep at the switch" (Despite their being completely complicit or brain-dead for so many years).
I praise and applaud the accomplishment of the defendants, and rejoice in their recovery; but from the larger perspective, it's a little like your house cat proudly catching and presenting you with his fabulous stuffed mouse. In the larger sense, making an example of FXDD helps provide a fig leaf for the mega-frauds at Madoff, MFGlobal, PFGBest, and a host of other embarrassing failures of regulation.
Said fig leaf most desired to help save the dignity of the most guilty.
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Anthony Ingrassia, CTA

 

[FX IT Trader]

Real World

As a result of your off market trading activity, FXDD will return your deposited funds to you and disable your account.
Raimundas

It's about time you heard from the real world about this. Most of what is written here seems to be from some kind of fantasy world.

I am a software engineer. I have 2 university degrees. I have worked for major software companies.

Why does my background matter? Because this allegation by FXDD that the trading software was somehow manipulated is in a field in which I am an expert.

So:

1) It is all but impossible to do what FXDD alleges. Why? Because of software and operating system security. Computer programs have things built into them to stop "foreign processes" (other programs) from doing things to them. Period. Can the security be beaten? Yes, but this would take some of the best programmers in the world; there are ways to do this, but it is so problematic that, practically speaking, it is impossible.

2) Unless this guy who was supposed to have ripped-off by FXDD is a top-flight computer programmer with an IQ of over 180--literally--and has access to highly sophisticated and almost impossible to get "reverse compliation" software, it is clear that he did not do what he is accused of by FXDD.

That's it. Who would agree with what I have written here? Microsoft, IBM, Oracle (world's largest database company), and everybody else in the software industry.

Regarding the FXDD action against you, tell them to shove it. You are obviously innocent.