FPA Forums and Reviews Admin
2008 Non-Broker Forex Scams of the Year Nominees
(in chronological order)
(in chronological order)
Tradeoracle.ch – Forex Software
Sold software that claimed “TradeOracle Pro is Developed specifically for you if you are ready to try a winning system at no risk ” but would not give a refund. The owner of TradeOracle claimed he didn't have time to answer questions. Since the refund was implied rather than explicitly stated, the Scam Investigations Committee decided to run a poll. Somehow, the owner did have plenty of time to leave rude posts attaching FPA members and to try to rig the poll.
Poll about whether or not TradeOracle is a Scam
Original Complaint Against TradeOracle
FPA Scam Finding Against Trade Oracle
Hkforex.com.cn – Managed Forex Accounts
Five FPA members reported losses totaling several hundred thousand dollars when this company disappeared. The scammers behind this one were smarter than average. They had their own fake regulator website set up so that people could see that the company appeared to be regulated.
Original Complaint Against HkForex.com.cn
FPA Scam Finding against Hkforex.com.cn
The Forex Project of Luis Rivas – Managed Forex Accounts
This is the one scam listed by the FPA for a company that didn't have a website. It was declared by a judge to be a Ponzi scheme. It was associated with another project called The Money Tree Foundation that promised new homes to a number of foster parents. The investors and the foster parents all ended up only with broken promises.
Original Complaint Against The Forex Project of Luis Rivas
FPA Scam Finding Against The Forex Project of Luis Rivas
Legendtrader.com – Managed Forex Accounts
Charge large amounts up front for insurance of managed accounts. The insurance didn't ever activate after large losses. Risks were supposed to be limited, but the account took excessive losses in less than one week. Had a lawyer with no legal knowledge threaten the FPA, but nothing came of that. Later reports are that the organizers of this company got deported from Hong Kong and mainland China. Later, one of them popped up at another company, but it looks like he disappeared again.
Article About Legendtrader's Organizers Getting Deported
Original Complaint Against Legendtrader
FPA Scam Finding Against Legendtrader
Tradelite.net – HYIP
Cut off all communications and kept money owed to clients. This is how HYIPS usually end. Then they open up under a new name. This one popped up again in 2009.
Article About Tradelite Case
Original Complaint Against Tradelite
FPA Scam Finding Against Tradelite
Lloydsfx.com – Managed Forex Accounts
Promised stop loss settings to limit drawdown to 10% of the account and then suffered huge losses in a the span of a few days. There was some talk of compensation, then the company went silent. The owner told the FPA that there was only one trader who had this problem and that the company's lawyer wouldn't let the case be discussed unless the FPA gave a large amount of irrelevant information to the company. When confronted with evidence of at least one more victim and a request for the lawyer's contact info, the company went silent.
Article about HSNNA and Lloydsfx Cases
Original Complaint Against Lloyds fx
FPA Scam Finding Against LloydsfX
HSNNA.com – Managed Forex Accounts
Required clients to use them as an IB and tacked an extra pip onto the spread. Then traded so much that these commissions sometimes added up over 10% of the account balance. Client tried to warn them about excess risks being taken, but risky trades continued to eat away at the account balance.
Original Complaint Against HSNNA
FPA Scam Finding Against HSNNA
Coming soon - the 2008 Forex Broker Scam of the Year Nominees.
Once we've deal with 2008, they we'll move on to 2009.