Hello FPA!
Several days ago we have been in contact because of a Scam with Forexone AG in Switzerland. The case is still actual, in the last days we were collecting some content for you to proof the allegation.
Okay, let´s cut things short.
Forexone is or better said was a Brokerage company situated in Switzerland. In the first years they had been an Introducing Broker of ODL Securities, based in the UK – regulated by the FSA.
After doing two years of business with ODL they decided to go forward & they are now working as an independent market maker.
Some weeks ago Forexone moved their company from Switzerland to Cyprus – we think that it will be easier for them to continue their cheating game outside the now more regulated Suisse.
We don´t know how they did handle this movement to Cyprus with the other clients, but I didn´t have to sign anything about the movements of the accounts – or better said, I wasn´t asked for his agreement!
We are able to deliver some insider information because it seems like several employees would like to leave the company.
But now to the case of the fraud.
Forexone posts on their website to offer every client a fixed spread of 2 (1.7pips for larger positions) on every market condition. In addition, they are allowing to hedge the positions – which is now not longer allowed in the US.
By the way, Forexone never had the right to hold funds of the customers, which is perhaps also a important point. It is pretty sad for me not realizing this earlier - this my attorney found out talking to FINMA.
Basically, I was more or less only trading the €/$, using the hedge ability. As I worked as a financial adviser for a long period I even planned to open several managed accounts with them.
More or less I suggest that the potential of dozens of new large accounts was the reason why they didn´t shut down my trading earlier.
Here are the facts – which are can also be seen in the attachments. Attachments are screenshots, a list of all trades and a letter of the attorney from Forexone.
Forexone refuses to pay my € 314000 in gains . They claim, that they were not able to get a fill from their partner banks.
As far as I was told by my insider contact Forexone worked with the UBS as their liquitity provider in the past to find out, that they could make even more money not routing the orders to the UBS - just matching the orders. As I was doing this very large amount of Volume they did need 30 other clients losses to pay my gains. This information was also delivered by my insider contact.
I was also told that they were using Oanda data in the last weeks, but I
don´t know if this is correct.
I was told that there have been 12 cases with a quite similar amount of money, when Forexone refused to pay the gains of their clients.
Through FPA I want to find some of the other victims of Forexone.
I believe that FINMA as also the regulators on Cyprus have to realize that this fraud company should be closed or - their business behaviour has to be investigated closely.
They do know also have an office in Germany - I will also contact BaFin about this.
Rainer Rüttgers, the CEO of the company called me in my holidays that they haven´t been able to place my orders. In fact, I am able to deliver a list of my trades (given from my broker) which shows that my trades have been executed.
I would like to ask every victim of Forexone to contact me -> andreas.girod@tele2.ch .
Several days ago we have been in contact because of a Scam with Forexone AG in Switzerland. The case is still actual, in the last days we were collecting some content for you to proof the allegation.
Okay, let´s cut things short.
Forexone is or better said was a Brokerage company situated in Switzerland. In the first years they had been an Introducing Broker of ODL Securities, based in the UK – regulated by the FSA.
After doing two years of business with ODL they decided to go forward & they are now working as an independent market maker.
Some weeks ago Forexone moved their company from Switzerland to Cyprus – we think that it will be easier for them to continue their cheating game outside the now more regulated Suisse.
We don´t know how they did handle this movement to Cyprus with the other clients, but I didn´t have to sign anything about the movements of the accounts – or better said, I wasn´t asked for his agreement!
We are able to deliver some insider information because it seems like several employees would like to leave the company.
But now to the case of the fraud.
Forexone posts on their website to offer every client a fixed spread of 2 (1.7pips for larger positions) on every market condition. In addition, they are allowing to hedge the positions – which is now not longer allowed in the US.
By the way, Forexone never had the right to hold funds of the customers, which is perhaps also a important point. It is pretty sad for me not realizing this earlier - this my attorney found out talking to FINMA.
Basically, I was more or less only trading the €/$, using the hedge ability. As I worked as a financial adviser for a long period I even planned to open several managed accounts with them.
More or less I suggest that the potential of dozens of new large accounts was the reason why they didn´t shut down my trading earlier.
Here are the facts – which are can also be seen in the attachments. Attachments are screenshots, a list of all trades and a letter of the attorney from Forexone.
Forexone refuses to pay my € 314000 in gains . They claim, that they were not able to get a fill from their partner banks.
As far as I was told by my insider contact Forexone worked with the UBS as their liquitity provider in the past to find out, that they could make even more money not routing the orders to the UBS - just matching the orders. As I was doing this very large amount of Volume they did need 30 other clients losses to pay my gains. This information was also delivered by my insider contact.
I was also told that they were using Oanda data in the last weeks, but I
don´t know if this is correct.
I was told that there have been 12 cases with a quite similar amount of money, when Forexone refused to pay the gains of their clients.
Through FPA I want to find some of the other victims of Forexone.
I believe that FINMA as also the regulators on Cyprus have to realize that this fraud company should be closed or - their business behaviour has to be investigated closely.
They do know also have an office in Germany - I will also contact BaFin about this.
Rainer Rüttgers, the CEO of the company called me in my holidays that they haven´t been able to place my orders. In fact, I am able to deliver a list of my trades (given from my broker) which shows that my trades have been executed.
I would like to ask every victim of Forexone to contact me -> andreas.girod@tele2.ch .
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