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2008 Forex Broker Scam of the Year Nominees

Discussion in 'Forex Scams of the Year' started by AsstModerator, Apr 14, 2010.

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Which of these companies should get the 2008 Forex Broker Scam of the Year Award?

Poll closed May 29, 2010.
  1. ForexGen.com

    13 vote(s)
    68.4%
  2. MoneyForex.com

    4 vote(s)
    21.1%
  3. InstaForex.com

    6 vote(s)
    31.6%
Multiple votes are allowed.
  1. AsstModerator

    AsstModerator FPA Forums and Reviews Admin

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    Other than confirming that the RefCo failure was a scam, the FPA only named 3 brokers as scams in 2008. All three are perfect candidates for this award.

    2008 Forex Broker Scam of the Year Nominees
    (in chronological order)​


    Forexgen.com – 3 Confirmed Scam Findings

    Case 1. Improperly took over $160,000 profits from a trader.

    Case 2. Fake “conversations” between “customers” and potential customers posted in many forums by an IB named Alessandro. ForexGen also provided information from LiveChats and emails sent to the company to Alessandro and permitted this activity to continue. This later escalated into hundreds of anti-FPA hate blogs.

    Case 3. Confiscated about $3.6k in profits from a trader based on inactivity and “hostile activity”. Forexgen provided no evidence of this and shared FPA emails with one of their IBs. Many of the Forexgen hate blogs named the trader in question and told fictional stories claiming he had accounts at other brokers and that the FPA charged him to attack those brokers. This was done to both to discredit the FPA and to make it harder to find the truth of the case by searching the web.

    In 2009, ForexGen contacted the FPA regarding Case #3. They wanted the scam finding lifted. They again provided no evidence of inactivity or hostile activity by that trader. The FPA asked them to remove some of the blogs they or their IBs had posted as a first step toward resolving the issues. ForexGen said this was possible, but broke off communications when presented with a list of only 25 of those blogs.

    Discussion article for all 3 cases against ForexGen

    Complaint for Case 1 against ForexGen

    Complaint for Case 2 against ForexGen

    Complaint for Case 3 against ForexGen

    FPA Scam Finding #1 against ForexGen

    FPA Scam Finding #2 against ForexGen

    FPA Scam Finding #3 against ForexGen


    MoneyForex.com
    A traders account grew and exceeded $100,000. This caused the broker to “upgrade” his account and reduce his margin requirements. The broker then accused the trader of violating the trading rules and confiscated the entire account. Some time later, MoneyForex tried to settle for $5000, claiming that the economic crisis somehow caused them to lose the trader's money.

    Article about MoneyForex case

    Original Complaint against Money Forex

    FPA Scam Finding against MoneyForex


    InstaForex.com
    Accused 2 traders of being the same person and abusing referral bonuses. InstaForex's rep kept demanding that complaints be taken down and promised evidence that the traders tried to scam the broker. Not a single bit of evidence was ever provided. Eventually InstaForex's reps had to be banned from the forums. This was because they would viciously attack anyone who had anything negative to say about the company and never would provide a shred of proof to back up any of their accusations.

    Article about the case against InstaForex

    Original complaint against InstaForex #1

    Original complaint against InstaForex #2

    Additional discussion of the problems with InstaForex

    FPA Scam Finding against InstaForex
     
  2. Pharaoh

    Pharaoh Colonel

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    Wow, ForexGen and InstaForex competing for a scam broker of the year award. That's a tough call.
     
  3. hyper

    hyper Corporal

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    We are now in 2010, so why are we looking back at 2008 for nominees?
     
  4. Pharaoh

    Pharaoh Colonel

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    Read the top post in this folder. In that, our AsstMod says:

    Think of this as catching up. It wouldn't be fair to let such scammy brokerages as ForexGen and InstaFraudex off the hook since they were declared scams back in 2008. Once the 2008 awards are given, then the polls will open for the 2009 awards. I expect that the 2010 awards will be given in early 2011.
     
  5. VisionBusiness

    VisionBusiness Recruit

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    Thank you FPA

    Definatly like your response.
     
  6. Joe K

    Joe K Private, 1st Class

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    Scam broker award for the year 2010, I will definitely be won by Gigfx. :p
     

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