Dear Pharoah,
I have invited them to join the discussion here, and posted a negative review at FPA review section. if they don't respond I hope you clearly mark them in the scam broker section, since I can see from their reviews that I am not the only victim!
what is LPOAs?
First of all, are you a manager and you don't know what's an LPOA?
Second, if you're trading client's money, you have to have an LPOA signed with your clients, I'm a professional Forex trader and this is how it should be done, I know people who don't do because they either don't have a license or if they do really bad trades, no one will be able to blame the manager, since there is nothing written between the manager and the client, it can be a lot of things behind this act.
Now I agree with you, the broker simply couldn't cancel the trades and close the accounts out of a sudden, it has to have a valid reason for that. I checked Nord Fx license and it's in Cyprus, it's not the best place to have a managed account, I only trade with regulated FCA brokers and as a manager, I never had an issues with regards to client's funds.
Third, how are you trading for your clients? They simply handed over their password and login credentials and then you're trading for them? If this is the case, I'm going to be straight forward with you, this is not they right way to manage someone else's account and this is one of the consequences of trading with a broker which doesn't have a strong regulation.
Fourth, go ahead and file a case to Cysec and MiFID if Nord Fx doesn't give the money back. Now how are you going to do that, if you file all your clients case as one case on their behalf and those regulatory bodies find out that you're trading for clients without a license, you can be in trouble. If you want to avoid any problems, you have to recommend every client to file a case individually, since if that's what I understood and you really don't have any sort of agreements with your clients, the broker understands that your clients are actually the traders, not you.
I'd like to know the reasons why the broker cancelled the trades, what type of violation was committed? It could be the way you're trading or a combination of trades between all your clients, same trades, same lot sizes and at the same time and all from different trade accounts and from different clients account? Or it can be something completely opposite of what I said, or actually they are really crocks and are doing this with many clients from time to time. By now nothing is cleared. But it's important to clarify the issues with the broker and regulatory bodies and also check the previous cases on FPA against NordFx.